案例库 · 产品与设计 · 产品决策 · 2010–2025
这条还没译成中文，下面是英文原文。
Baemin digitized Korea's restaurant flyers — and won delivery on experience, not subsidies
Baemin (2010) digitized Korea's restaurant flyers in the phone-order era, won delivery with UX and own logistics rather than burn, and reached ₩5.28T revenue
Woowa Brothers (Baemin)
那一手
Woowa Brothers (Kim Bong-jin) launched Baemin in June 2010. Its early differentiator was cost discipline: a flyer-digitization app needed no inventory and no couriers, and word of mouth spread it while the first big cheque (Goldman Sachs, $35.6M) came only in 2014. By 2018 The Investor recorded Woowa as a 'unicorn' after a $320 million round; in December 2019 Delivery Hero bought 87% of the company for about $4 billion (Yonhap).
Under Delivery Hero the economics improved: FY2023 revenue ₩3.42 trillion with operating profit of ₩699.8 billion (+65%) — its first profitable years; FY2025 (calendar 2025) revenue reached ₩5.283 trillion (+22.2%, first above ₩5 trillion) with operating profit of ₩592.9 billion (−7.5%). Its June 2025 fifteenth anniversary counted 6.5 billion cumulative orders and ₩153 trillion in transactions (Asiae).
Competitive dynamics: Baemin's app share sat around 59% in 2024, with Coupang Eats and Yogiyo contesting; in 2026 Delivery Hero and Woowa were reported exploring exits and a sale to Uber — a reminder that even a category winner's ownership can change hands.
为什么管用
- Zero-burn cold start: starting as a flyer directory let Baemin build the two-sided network before it funded couriers — the phone-order era kept operating costs near zero.
- Experience over subsidy: the playful brand and reliable fulfillment created retention that price-burning rivals could not buy cheaply.
可以搬走什么
In local marketplaces, start with the artifact that already exists — the flyer, the listing, the directory — then add operations layer by layer; distribution won on experience outlasts
后来呢
Baemin stayed Korea's delivery leader with ~59% app share (2024) and FY2025 revenue ₩5.28T (operating profit ₩592.9B); Delivery Hero's 2019 acquisition (~$4B for 87%) was followed in 2026 by exit reports — the flyer app of 2010 evolved into a five-trillion-won business with a changing owner.
资料来源
- Woowa Brothers becomes 'unicorn' after raising US$320m
- Delivery Hero buys food delivery app Baemin in US$4 bln deal
- 우아한형제들, 역대 최대 실적…작년 매출 3조4천억·영업익 7천억 (FY2023)
- Baemin operator tops W5tr revenue for first time (FY2025)
- 15th Anniversary of Baemin: Surpasses 6.5 Billion Orders and 153 Trillion Won in Transactions
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