Naver Becomes Largest Shareholder of Wallapop, the 'Spanish Carrot Market'

[Asia Economy Reporter Moon Chaeseok] Naver has become the largest shareholder of Wallapop, the Spanish version of the online secondhand marketplace 'Danggeun Market'.

According to the IT industry on the 11th, Naver recently completed a strategic investment of 75 million euros (approximately 1.0003 trillion KRW) in Wallapop.

In February 2021, Naver invested 115 million euros (approximately 155 billion KRW) to acquire about 10% of the shares. After about two years, with an additional investment, it secured a total stake of 30.5%.

Naver surpassed the previous largest shareholders, the founders and management of Wallapop, becoming the largest single investor.

Naver has recently been expanding its footprint in the global consumer-to-consumer (C2C) market. It is recognized for building a C2C business portfolio connecting the North American, European, Japanese, and Korean markets.

On the 6th, it completed the acquisition of Poshmark, the largest C2C community in North America. On the 12th (local time), it plans to hold a press conference in the United States to announce its business vision after the acquisition.