Korean e-commerce giant Coupang logs record sales in 2021

SEOUL, March 4 (UPI) -- South Korea's top e-commerce company, Coupang, brought in record sales last year, according to the company's latest New York Stock Exchange listing.

The company's 2021 revenue amounted to $18.41 billion, up 54% from a year ago, as the number of customers increased from 14.95 million to 17.93 million during the period, according to the Thursday listing.

However, the Seoul-based company also saw a $1.54 billion loss last year, larger than its $463 million loss in 2020.

Coupang's founder and CEO Kim Bom said the company had maintained its momentum over the past decade.

"Our revenues are nearly three times what they were two years ago. Even at this scale, the spendings for every single annual cohort -- even our oldest from 2010 -- grew roughly 30% or more in 2021. This shows that we're still far from our full potential," Kim said in a statement.

"It's a testament to the groundbreaking customer experience we've pioneered over the years," he said. "We're excited to continue delivering innovations that customers find indispensable in their lives."

Observers point out that Coupang is set to record a loss this year as well.

"The size really matters in the e-commerce business, which is a winner-take-all market. Hence, Coupang will try to jack up its turnover this year despite its losses," South Korean business tracker Leaders Index CEO Park Ju-gun told UPI News Korea.

"Over the long haul, the company will be required to tap into the global market, including Southeast Asian markets, to maintain the fast growth of its sales,"" he said.

This month, Coupang went public on the New York Stock Exchange to raise $4.6 billion through its initial public offering, the biggest after Uber's IPO in 2019.

SoftBank's Vision Fund is the biggest shareholder of Coupang. Sequoia Capital and BlackRock have also invested in the company.