Yogiyo - RGP Korea

Yogiyo operates as a prominent online food ordering and delivery platform in South Korea, connecting users with a wide array of local restaurants. The company was established in 2012, originally as RGP Korea, the South Korean branch of the German-based global delivery company, Delivery Hero. Na-Jewon, a graduate of Seoul National University and a former consultant at McKinsey & Company, was a key figure in Yogiyo's early development and served as CEO. Another co-founder, Jihye Park, was also instrumental in shaping the initial stages of the delivery app ecosystem in the country.

The platform functions as an e-commerce marketplace, earning revenue through a commission-based model on the orders facilitated between consumers and restaurants. This contrasts with a purely advertising-based model, as Yogiyo's income is directly tied to the transaction volume it generates for its restaurant partners. The service is accessible via mobile applications on both Android and iOS platforms, allowing users to search for restaurants by location and food type, browse menus, place orders, and complete payments seamlessly. A key feature from its inception was the ability to order and pay without needing to make a phone call, a significant convenience for users.

In a significant market shift, Delivery Hero, after acquiring the top domestic delivery app Woowa Brothers (operator of Baedal Minjok), was required by the Korea Fair Trade Commission to sell its entire stake in Yogiyo to prevent market monopolization. Consequently, in October 2021, a consortium led by GS Retail, alongside private equity firms Affinity Equity Partners and Permira, acquired 100% of Yogiyo for approximately 800 billion won. Following the acquisition, the operating company, Delivery Hero Korea, was rebranded as 'We대한상상' (pronounced We-dae-han-sang-sang). This acquisition aims to create synergies between Yogiyo's online platform and GS Retail's extensive network of over 16,000 retail outlets, including GS25 convenience stores.

Yogiyo has continued to evolve its services, notably with the introduction of 'Yogipas X,' a subscription service offering free delivery for a monthly fee, which has been pivotal in driving profitability. The company also serves its restaurant partners as clients by offering advertising solutions. By leveraging machine learning, Yogiyo provides a performance-based ad service, allowing restaurants to reach relevant users and only pay when an order is generated through the ad, which has significantly grown its advertiser base.

Keywords: food delivery, online ordering, South Korea, RGP Korea, Delivery Hero, GS Retail, e-commerce platform, restaurant delivery, mobile application, food tech, commission model, Yogipas, online marketplace, We대한상상, Baedal Minjok, Affinity Equity Partners, Permira, food delivery app, restaurant marketplace, quick commerce