Woowa Brothers, the pioneering operator of South Korea’s dominant food delivery app, Baemin, announced a significant financial milestone last Friday. The company proudly surpassed 5 trillion won (approximately $3.4 billion USD) in annual revenue for the first time in 2025, driven by robust performance across its core business segments.
The leading food delivery platform reported a substantial 22 percent increase in its annual revenue, reaching 5.28 trillion won in 2025. However, the company’s operating profit experienced a 7 percent dip, falling to 592.9 billion won from 640.8 billion won in the previous year.
Woowa Brothers attributed its impressive top-line growth to several key factors, including strong consumer demand for its customer-centric services, particularly catering to single-person households. The success of its exclusive Baemin Club subscription service and the steady, strategic expansion of its quick commerce offerings also played a crucial role.
The slight decline in operating profit was primarily due to a significant rise in operational expenses, which increased by 27 percent to 4.69 trillion won. This surge was largely driven by higher outsourced service costs, predominantly related to delivery driver expenses, which amounted to 3.15 trillion won.
Revenue generated from its core food delivery and expansive marketplace commerce businesses, encompassing popular online grocery and shopping services, saw a healthy 26 percent rise to 4.5 trillion won. Meanwhile, sales from its rapidly evolving quick commerce segment, anchored by its in-house service Bmart, edged up 3.2 percent, reaching 781.1 billion won.
The South Korean tech giant highlighted extraordinary growth within its marketplace segment, which facilitates participation from a wide array of offline retailers. This segment witnessed an astonishing 84 percent year-on-year revenue surge, with the number of participating stores skyrocketing elevenfold from 2,200 in 2022 to approximately 24,000 in 2025. Bmart also demonstrated solid growth, reporting an increase of about 30 percent in both order volume and transaction value compared to the previous year.
A company official affirmed Woowa Brothers’ forward-looking strategy, stating, “We remain committed to continuously investing in delivery quality and enhancing service competitiveness to optimally serve our valued customers and merchant partners.” The official further emphasized the company’s dedication to advancing technology and fostering innovation to ensure sustained, long-term growth in the competitive online delivery market.
