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[Asia Economy Reporter Minwoo Lee] Oasis Market, a dawn delivery company, is currently pursuing an additional investment of 20 billion KRW following a recent 50 billion KRW funding round. As the only company in the industry recording profits and experiencing rapid growth, attention is focused on whether it will become a unicorn (a private startup valued at over 1 trillion KRW) ahead of its IPO.

According to the investment banking (IB) industry, a 20 billion KRW investment in Oasis Market is underway. A total of 14,677 existing shares held by other shareholders are being offered, and investors are expected to be recruited within this month. The corporate valuation is anticipated to be higher than before. Less than a month ago, private equity firm Unison Capital invested 50 billion KRW in new shares of Oasis Market at a valuation of 700 billion KRW, and the release of existing shares into the market has attracted strong investor interest.

Since Unison Capital’s investment, Oasis Market’s valuation has surged to 750 billion KRW, approximately 2.5 times higher than the 315 billion KRW valuation in April. Considering that the initial investment in April last year valued the company at around 150 billion KRW, the valuation has increased fivefold within a year. This rapid growth positions Oasis Market as a fast follower behind Market Kurly, which has already surpassed a valuation of 2.5 trillion KRW and achieved unicorn status. Notably, Oasis Market is highly regarded for being the only peer company consistently generating operating profits. Last year, it recorded sales of 238.6 billion KRW and an operating profit of 9.7 billion KRW, representing a 67.7% increase in sales and an astonishing 870% increase in operating profit compared to the previous year.

The industry expects the dawn delivery market to continue growing steadily amid the ongoing COVID-19 situation, indicating ample room for future growth. The combined sales of the four companies?Market Kurly, Oasis Market, Hello Nature, and Cookit Market?reached approximately 1.2732 trillion KRW last year, doubling annually. Oasis Market holds the second-largest market share in dawn delivery and is recognized for its brand awareness and loyal customer base. Its strengths include efficient inventory management through about 40 offline stores and direct delivery without intermediate distribution stages, facilitated by 20 product buyers who discover producers. This year, Oasis Market began dawn delivery services targeting the metropolitan areas of Pyeongtaek, Osan, Anseong in Gyeonggi Province, and the Chungcheong region, with plans to expand to the Gyeongsang region by the first half of next year.

The IB industry anticipates that Oasis Market’s valuation will reach at least 1.5 trillion KRW at the time of its IPO, potentially doubling from its current level. Oasis Market is preparing for a listing targeted for the first half of next year, with NH Investment & Securities and Korea Investment & Securities acting as joint lead managers. An IB industry official commented, "Among peer companies, Oasis Market is the only one maintaining operating profits and operating without debt, with a solid financial structure that allows capital expenditures to be funded through operating cash flow."