Woowa Brothers, the operator of food delivery app Baemin, said Friday it surpassed 5 trillion won ($3.4 billion) in annual revenue for the first time last year, on the back of growth in its core businesses.
The company’s revenue rose 22 percent from a year earlier to 5.28 trillion won in 2025, while operating profit fell 7 percent to 592.9 billion won from 640.8 billion won.
The company attributed its top-line growth to strong demand for customer-focused services, including those for single-person households, along with its Baemin Club subscription service and steady expansion in quick commerce.
Profit declined as operating expenses rose 27 percent to 4.69 trillion won, largely due to higher outsourced service costs, primarily driver-related, which reached 3.15 trillion won.
Revenue from its core food delivery and marketplace commerce businesses, including grocery and shopping services, rose 26 percent to 4.5 trillion won. Sales from its quick commerce segment, led by its in-house service Bmart, edged up 3.2 percent to 781.1 billion won.
The company highlighted robust growth in its marketplace segment, where offline retailers participate, with revenue surging 84 percent on-year and store numbers rising elevenfold from 2,200 in 2022 to around 24,000 in 2025. Bmart also posted solid growth, with order volume and transaction value up about 30 percent from a year earlier.
“We have continued to invest in delivery quality and service competitiveness to better serve customers and merchants,” a company official said, adding it will keep advancing technology and innovation to support sustainable growth.
minmin@heraldcorp.com
