🚀 New Food Delivery App
Hy, a leading South Korean retail company, will enter the food delivery app market with the launch of Knowk in June. This announcement was made on May 20. Hy aims to differentiate itself by offering free delivery services without any minimum order requirements. The company is actively recruiting restaurant partners, promising to handle promotions while restaurants focus on preparing food.
💼 Partner Benefits
Hy’s strategy focuses on collaborating with local businesses. They will not charge fixed fees, advertising costs, or registration fees to partner establishments. The commission rate for restaurants will be set at an industry-low of 5.8%. This approach is designed to minimize platform usage costs for restaurant owners, making it an attractive option.
📈 Expanding Network
To support the Knowk app, Hy plans to utilize its network of over 11,000 “Fresh Managers” to recommend and introduce popular eateries to customers. This extensive network will help drive customer engagement and restaurant visibility. Hy is positioning itself to compete with major delivery apps like Baedal Minjok, Coupang Eats, and Yogiyo by offering competitive services.
🔗 Strategic Acquisition
Last April, Hy acquired Meshkorea, the operator of the Vroong delivery app, for $58.5M. This acquisition gave Hy a 66.7% stake in Meshkorea, making it the largest shareholder. Hy plans to integrate Meshkorea’s logistics system with its own to enhance competitiveness and create new business models that leverage synergies between the two companies. Hy’s goal is to transform into a comprehensive distribution company through these strategic moves.
Will Knowk's low commission rate attract more partners?
