Yello Mobile

Yello Mobile
옐로모바일
IndustrySoftware industry
Founded2012 in Seoul, South Korea
FounderSanghyuk Lee
Headquarters
South Korea

Yello Mobile is a South Korean mobile software company based in Seoul.

History

Yello Mobile was founded in 2012 by Sanghyuk Lee. The company began as startup incubator, utilizing a variety of equity-based investments to consolidate software businesses in South Korea.[1] Yello Mobile's approach was new for South Korea in 2012.[2] It was also considered one of South Korea's first unicorn startup companies.[3] Over a period of 6 years, the company acquired over 94 startup companies in their SMATO (Shopping, Media, Advertisement, Travel and Online-to-Offline) categories.[4]

Revenue increased from 68 million won (US$60,463) in 2012 to 527 billion won (US$468 million) in 2017. It also faced lawsuits and with investors over Lee borrowing from partners and affiliates without paying them back.[5][6] The company pulled their initial public offering from the KOSDAQ,[3] and in February 2019, the company announced that Lee had resigned as CEO[7] amidst rumors of bankruptcy proceedings and embezzlement accusations.[7][8]

References

  1. ^ "Yello Mobile's value questioned". Korea JoongAng Daily.
  2. ^ "It's buy and conquer for South Korea's Yello Mobile". Nikkei Asian Review.
  3. ^ a b Cervantes, Steve (7 May 2020). "The rise and fall of South Korea's one of the first unicorn startups – Yello Mobile". Korea Tech Desk. Retrieved 4 October 2024.
  4. ^ "The imminent fall of Korea's first unicorn Yello Mobile". www.theinvestor.co.kr.
  5. ^ "In brief: South Korea's 'first startup unicorn' on the brink of collapse". Tech in Asia. 28 February 2019. Retrieved 4 October 2024.
  6. ^ "Macquarie-backed Korean unicorn Yello Mobile on verge of collapse: Report". DealStreetAsia.
  7. ^ a b "이상혁 옐로모바일 대표 연임...가능성 타진 '안간힘'". www.econovill.com. 1 April 2019.
  8. ^ "[피치원단독]옐로모바일,1400억원 CB상환못해,파산초읽기,이상혁 CEO사법처리임박".