Balaan secures Series B funding and reveals the BNPL plan.
Summary
Balaan, an e-commerce platform for luxury products, has secured KRW 32.5 billion in Series B funding.Shinhan Capital, Company K Partners, KTB Network, K-Growth, Naver, Kolon Investment, SBI Investment, and Mega Investment participated in the funding round.The post-money valuation will not be disclosed to the public.The team will expand its category to include second-hand luxury goods, watches, beauty, and jewelry with the funding secured.In addition, the company will leverage its expertise to strengthen its fulfillment capabilities.With the help of Shinhan Capital, which has made a significant investment in this Series B, the company plans to launch various financial products in collaboration with Shinhan Financials subsidiaries (Shinhan Bank, Shinhan Card, etc. ).Examples include Buy Now Pay Later service for high commitment customers, PLCC card alliance, and Quick Settlement service for Balaan partners.In the future, the team plans to introduce services for customers and partners gradually.Currently, the size of the South Korean luxury goods market is estimated at around KRW 15 trillion.Naver invested in Balaan, and Kakao invested in MustIt to create indirect competition.Balaans business is vital in the Seoul metropolitan area in the 30- to 50-year-old age group.The company stated in its press release that the number of monthly active users is increasing by 15% on average, and the weekly GMV is KRW 10 billion.Understand how the luxury fashion eCommerce market is