이 기사는 2022년 04월 25일 08:07 thebell 에 표출된 기사입니다.

South Korean fashion ecommerce platform Musinsa may raise additional funds at a valuation of about 4 trillion won ($3.2 billion).

Musinsa is considering whether to raise funds, according to industry sources, a year after it raised 130 billion won in March 2021.

The company has been valued at approximately 4 trillion won, but the valuation could increase to up to 5 trillion won during the fundraising process thanks to rosy earnings projection, sources said. The fundraising amount is unknown.

Last year, Musinsa raised 130 billion won from Sequoia Capital and IMM Investment in a Series B funding round at a valuation of around 2.5 trillion won. The 4 trillion won valuation would mean about 1.5 times increase in the company’s value in just one year.

“Musinsa has been valued on its strong financial performance in the first quarter,” an industry source said, adding, “It has always raised funds in the form of pre-initial public offering (pre-IPO) placement although the company won’t go public anytime soon.”

Musinsa posted record consolidated revenue of 466.7 billion won, up 41% from the previous year. It also passed the 2 trillion won gross merchandise volume (GMV) milestone last year, reaching 2.3 trillion won. Its operating profit increased by 19% to 54.2 billion won. The platform has about four million monthly active users.

The proceeds from the latest funding round are expected to be used to strengthen its competitiveness. The fashion ecommerce platform acquired StyleShare and 29CM to enhance its presence in the women’s fashion market. It has also started to sell beauty, golf, luxury and pet products.

The proceeds will also be used to for overseas expansion. Musinsa plans to acquire Japan-focused rival fashion platform Dholic Commerce for its foray into the global market.

Musinsa has grown into a unicorn worth more than 1 trillion won about 10 years after its launch in 2009. It was valued at more than 2 trillion won when it raised 190 billion won from Sequoia Capital in 2019. The company is expected to go public next year.

A Musinsa official said the company is not planning fundraising now. (Reporting by Yong-bi Yang)