Alibaba invests $71 million in parent company of South Korean e-commerce platform Ably

Chinese tech giant Alibaba is doubling down on artificial intelligence to spur the growth of its e-commerce division. Credit: 123RF

South Korean e-commerce platform Ably announced that its parent company, Ably Corp., has secured a KRW 100 billion ($71 million) investment from Alibaba. The investment gives Alibaba a 5% stake in Ably Corp. Following the deal, the company’s valuation rose to KRW 3 trillion ($2.1 billion), making Ably Corp. South Korea’s first unicorn startup (a startup valued at $1 billion or more) in 2024. According to Korea Economic Daily, Ably Corp. operates several e-commerce platforms, including the women’s fashion site Ably, the men’s fashion marketplace 4910, and the Japanese fashion platform Amood. Its transaction volume has grown significantly, from KRW 700 billion ($499.8 million) in 2021 to approximately KRW 2 trillion ($1.4 billion) this year. The company plans to use this investment as a springboard to raise an additional KRW 100 billion ($71 million) from Silicon Valley and overseas sovereign wealth funds. [Korea Economic Daily]