Alibaba Invests 100 Billion Won ($71 Million) in Ably for 5% Stake, Valuing Company at $2.1 Billion

Dec 3, 2024, 09:46 AM

South Korean e-commerce platform Ably has secured a 100 billion won (approximately $71 million) investment from China's Alibaba Group. This investment grants Alibaba a 5% stake in Ably's parent company, ABLY Corp., which is now valued at $2.1 billion. This funding marks Ably as South Korea's first unicorn of 2024. The investment is part of Alibaba's strategy to expand its presence in the South Korean e-commerce market.