American multinational investment banking firm Goldman Sachs-led group of investors is set to invest KRW40bn ($36.1m) in South Korea's largest online and mobile food ordering service.
The country's most popular food-delivery service is operated by Woowa Brothers, a Baedal Minjok service owned firm.
Reuters reported citing Goldman's statement that this investment will allow the company to expand internationally and develop new technology.
Woowa's 'Baedal Minjok' or 'Delivery Nation' service has processed about 4 million food-delivery orders from 145,000 registered restaurants last month.
The company also started a joint venture with Line chat App Company to launch a food delivery service in Japan during last month.
The present investment will be a Series D investment, typically the fourth significant round of venture capital funding, WSJ said.
In 2013, Woowa Brothers reported KRW470m ($424,000) in net income on KRW10.7bn ($9.7m) in revenue.
Goldman Sachs also invested in New York-based food-delivery service Seamless.
