Baemin (Woowa Brothers)
Seoul's top food delivery app, owned by Delivery Hero, mid Uber buyout.
On the record
Checkpoint: Uber's acquisition of parent Delivery Hero expected to close, pending antitrust review in Korea and EU
The call
Baemin still leads Korea's delivery market but keeps losing profit margin to a subsidy fight with Coupang, all while its ownership is mid-transfer to Uber.
Baemin is South Korea's biggest food delivery service, with nearly 23 million monthly users and about 58% of the market. It is hard to replace because it has trained over 350,000 restaurants on its platform, built a large rider network, and locked in customers through its subscription club program. However, Coupang Eats is pushing back by bundling delivery into its broader shopping and entertainment membership, which is squeezing Baemin's profits even as its sales grow. The company is also being acquired by Uber's parent company (Delivery Hero) in a deal closing in late 2027, which could change everything depending on how Uber integrates it and whether regulators approve the purchase.
Why
01
AI pressure: None apparent. No AI agent or ordering bot currently threatens Baemin's order flow or merchant relationships. Could AI do the core job? Unlikely.
02
Bigger players: Coupang Eats. Coupang bundles Eats with Wow shopping and OTT, undercutting Baemin on price while Baemin's own margins keep shrinking. Could a giant copy it? Probably.
03
What protects it. 22.7M monthly users, 350k+ trained merchants, and a subscription plan covering half of all orders keep switching costs high.
What would change this call
Coupang Eats MAU crosses Baemin's, or Baemin MAU falls YoY in future app-usage reports. Would show Coupang breaking the flat duopoly and taking absolute share from Baemin.
Baemin's FY2026 operating profit report, due around April 2027. Would confirm whether margin decline extends to a fourth straight year.
Korean or EU antitrust ruling on the Uber, Delivery Hero merger. Could force divestitures or ownership changes affecting Baemin's market position.
Baemin's FY2026 operating profit report, due around April 2027. Would confirm whether margin decline extends to a fourth straight year.
Korean or EU antitrust ruling on the Uber, Delivery Hero merger. Could force divestitures or ownership changes affecting Baemin's market position.
Key numbers
- Revenue ₩5.283tn, up 22.2% YoY
- Operating profit ₩592.9bn, down 7.5%, third straight decline
- 22.69M MAU vs Coupang Eats 12.99M
Named risks
- Three consecutive years of operating profit decline (FY2023 to FY2025) despite revenue growth.
- Ownership uncertainty from Uber's $14.8bn Delivery Hero acquisition pending antitrust review, closing H2 2027.
- Subscription and discount war with Coupang's bundled Wow ecosystem pressuring margins.
- Regulatory constraints on delivery robot (Dilly) scaling limiting automation cost savings.
- Ambiguity over whether standalone Woowa Brothers sale process and the Uber-Delivery Hero deal conflict or reconcile.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Coupang Eats | contesting | Coupang Eats MAU grew to 12.99M (+2.7% YTD) vs Baemin's 22.69M (+1.4% YTD) as of June 2026 |
| Coupang Eats | gaining on | Bundled Wow ecosystem forcing Baemin into subscription price war, annual Baemin Club plan launched Feb 2026 |
| Uber Eats | losing to | Uber Eats exited Korea in 2019 after losing to Baemin and Yogiyo, per May 2026 reporting |
| Yogiyo and Ttenggyeoyo | gaining on | Smaller rivals reportedly shrinking as market polarizes toward Baemin and Coupang Eats, May 2026 |
Questions people ask
- Is Baemin profitable in 2025?
- Yes, but margins are shrinking. Baemin operator Woowa Brothers posted FY2025 revenue of 5.283 trillion won (+22.2% YoY) and operating profit of 592.9 billion won, down 7.5% YoY, marking a third straight annual profit decline as of April 2026.
- Who owns Baemin now?
- Baemin is operated by Woowa Brothers, majority owned by Germany's Delivery Hero since 2019. On 16 July 2026 Uber Technologies agreed to acquire all of Delivery Hero for $14.8bn, taking 50 markets including Korea; the deal is expected to close in H2 2027 pending antitrust review.
- Is Baemin losing market share to Coupang Eats?
- Not yet decisively. As of June 2026 Baemin had 22.69 million MAU versus Coupang Eats 12.99 million, and Momentum Works put Baemin at roughly 58% share versus Coupang Eats' 35% in July 2026, though Coupang is growing faster (+2.7% YTD vs Baemin's +1.4%).
- Could AI replace Baemin's delivery business?
- Unlikely to replace it outright. Baemin's moat is its two-sided network of 22.69 million users and 350,000+ merchants trained via Baemin Academy as of June 2026, plus rider logistics; AI is being used to augment dispatch, support and its self-built delivery robot Dilly, not to substitute the marketplace.
- What is Baemin's biggest competitor?
- Coupang Eats, backed by Coupang's bundled 'Wow' ecosystem of shopping, OTT and delivery. As of May 2026 the two held a combined 88.3% of Korea's delivery market, with Coupang Eats growing faster in active users than Baemin.
- How big is the Korean food delivery market Baemin operates in?
- South Korea's food-delivery market was estimated at about $28 billion in 2025 according to Momentum Works (July 2026 report), with Baemin holding roughly 58% share and Coupang Eats about 35%, making it a near-duopoly.
Timeline
- 2026-07-16Uber agrees to acquire Delivery Hero for $14.8bn, taking Baemin and 50 other markets
- 2026-06-02Baemin Academy surpasses 350,000 cumulative trained merchant owners
- 2026-05-21Baemin and Coupang Eats reach combined 88.3% weekly active user share in Korea
- 2026-05-19Delivery Hero reportedly shops Woowa Brothers standalone for about 8 trillion won via JPMorgan
- 2026-04-24Baemin Academy launches free AI Sales School for restaurant owners
- 2026-04-10Woowa Brothers reports FY2025 revenue of 5.283tn won, operating profit down 7.5% YoY
- 2026-04-10Woowa Brothers signs first-ever company-wide wage and collective agreement
- 2026-02-26Baemin introduces discounted annual Baemin Club subscription plan
- 2025-10-28Baemin unveils AI and robotics roadmap at Woowacon 2025
- 2024-09Baemin Club becomes a paid subscription at 1,990 to 3,990 won per month
Revision history
26 July 2026
First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Baemin Posts Record 5 Trillion Won Revenue, Burns Parent's Shares (2026-04-10)
- 우아한형제들, 지난해 매출 4조 첫 돌파 (2025-04-04)
- Delivery App Ecosystem Solidifies into Two Major Players Amidst Stagnation (2026-07-23)
- Baemin, Coupang Eats Near 90% Combined Share (2026-05-21)
- East Asia food delivery market hits $38.6b in 2025 (2026-07-20)
- 배민, '반값' 연간 구독권 승부수 (2026-02-26)
- 우아한형제들 배민아카데미, 누적 수강생 35만명 돌파 (2026-06-02)
- 우아한형제들 배민아카데미, 'AI 장사스쿨' 모집 (2026-04-24)
- Woowa Brothers' Revenue Soars Despite Profit Decline (2025-04-04)
- Who is the next owner of Korea's biggest food delivery platform? (2026-05-19)
- Uber Announces Acquisition Offer for Delivery Hero (2026-07-16)
- Uber to buy Germany's Delivery Hero in $14.8bn global deal (2026-07-16)