Is Baemin (Woowa Brothers) profitable in 2026?

Yes but weakening. Woowa Brothers posted revenue of KRW 5.283 trillion in 2025, its first time over KRW 5 trillion, but operating profit fell to KRW 592.9 billion, the third straight annual decline from KRW 699.8 billion in 2023, as price war with Coupang Eats compresses margins.

Who owns Baemin (Woowa Brothers)?

Delivery Hero SE owns 87 to 88 percent of Woowa Brothers, acquired in December 2019 for about $4 billion. On July 16, 2026, Uber announced a deal to acquire all of Delivery Hero for about $14.8 billion, meaning Baemin would come under Uber ownership once the deal closes, targeted for H2 2027.

Is Baemin losing market share to Coupang Eats?

Baemin still leads with 15.24 million weekly active users versus Coupang Eats' 8.45 million as of May 21, 2026, but Coupang Eats is gaining faster, growing WAU 5.7 percent in H1 2026 versus Baemin's 4.6 percent, aided by bundled free delivery for Coupang's Wow subscribers.

Could AI replace Baemin's core business?

No. Baemin's moat is a dense marketplace of restaurants, riders and consumers plus physical last-mile logistics, including delivery robots deployed since February 2025. AI is used internally for coding agents and merchant training (AI Business School launched April 2026), not as a substitute for the delivery network itself.

Who is the CEO of Woowa Brothers?

Kim Beom-seok, founder of Trendyol Go in Turkey, was named Woowa Brothers' new CEO in September 2024 and took office around January 2025, succeeding Lee Guk-hwan, who abruptly resigned in July 2024.

What is Baemin's market share in South Korea?

As of May 2026, Baemin and Coupang Eats together held 88.3 percent of Korea's delivery app market, with Baemin at 15.24 million weekly active users versus Coupang Eats' 8.45 million, according to WiseApp Retail data reported May 21, 2026.

Consumer platforms · acquisition pending · South Korea

Woowa Brothers (Baedal Minjok)

woowahan.com ↗

Baemin, South Korea's top food delivery app, majority owned by Delivery Hero.

Losing its protection

Assessed 26 July 2026 · Evidence as of 26 July 2026

The structural protection is eroding.

On the recordSince 26 July 2026 · Checkable from H2 2026 to H2 2027 · Every call on the record Checkpoint: KFTC formal decision on rejected settlement and Uber-Delivery Hero deal regulatory review

The call

Baemin leads Korea's delivery market but is losing margin to Coupang Eats' subscription bundle while its parent gets absorbed into Uber.

Baemin delivers food and handles about 58% of South Korea's food delivery orders. It is hard to replace because it has the most restaurants signed up, the strongest brand, and its own delivery network. But Coupang Eats, the number two player, is catching up fast by offering free delivery to Coupang's 15 million subscribers as part of their membership, taking customers away and squeezing Baemin's profits. What could change everything: Baemin's parent company Delivery Hero is being bought by Uber, which means Korean regulators will review whether Baemin should be sold off or split up, similar to what they have done before in this industry.

Why

AI pressure: None apparent. No AI agent or model is named as eating Baemin's order volume; the fight is Coupang's subscription bundle, not AI. Could AI do the core job? Unlikely.

Bigger players: Coupang Eats (Coupang Corp.). Coupang Eats is closing the WAU gap by bundling free delivery into its 15M-subscriber Wow membership, squeezing Baemin's margin. Could a giant copy it? Probably.

What protects it. Baemin still holds 58% WAU share and the densest rider and merchant network in Korea, hard to replicate fast.

What would change this call

Coupang Eats' WAU share crosses 40% in a future half-year report. Would confirm Coupang Eats is durably converting Baemin's customer base, not just temporarily gaining.
Baemin's operating margin for 2026 or 2027 falls below 12%. Would show the price war with Coupang Eats is structurally compressing profitability, not a one-off dip.
KFTC issues a ruling forcing unbundling or divestiture tied to the Uber-Delivery Hero deal. Would show Korean regulators are constraining Baemin's structure the way they did with Yogiyo in 2019.

Key numbers

Baemin WAU share 58% vs Coupang Eats 35% (H1 2026)
Operating profit fell to ₩592.9bn, third straight yearly decline (2025)
Uber to acquire Delivery Hero for ~$14.8bn, ~53% stake (2026-07-16)

Named risks

Operating profit down three consecutive years (2023 to 2025) amid price war with Coupang Eats. Severity: high
KFTC rejected consent-decree settlement June 2026, formal antitrust penalty could follow. Severity: high
Uber-Delivery Hero deal requires regulatory approval across roughly 99 markets, risk of forced Korean divestiture or remedies. Severity: medium
Coupang Eats WAU growth outpacing Baemin's, narrowing market share gap. Severity: medium
March 2026 data breach via outsourced call center exposed customer data. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Coupang Eats	gaining on	WAU grew 5.7 percent vs Baemin's 4.6 percent in H1 2026, bundling free delivery via Wow membership
Yogiyo and Ttenggyeoyo	losing to	Distant #3/#4 apps as Baemin and Coupang Eats reached 88.3 percent combined share, May 2026
Naver	contesting	Adjacent local-commerce incumbent referenced alongside Baemin/Coupang Eats in 2026 delivery war coverage
Uber and DoorDash globally	contesting	Global consolidation via Uber-Delivery Hero deal (Jul 2026) and DoorDash's Wolt/Deliveroo absorption

Questions people ask

Is Baemin (Woowa Brothers) profitable in 2026?: Yes but weakening. Woowa Brothers posted revenue of KRW 5.283 trillion in 2025, its first time over KRW 5 trillion, but operating profit fell to KRW 592.9 billion, the third straight annual decline from KRW 699.8 billion in 2023, as price war with Coupang Eats compresses margins.
Who owns Baemin (Woowa Brothers)?: Delivery Hero SE owns 87 to 88 percent of Woowa Brothers, acquired in December 2019 for about $4 billion. On July 16, 2026, Uber announced a deal to acquire all of Delivery Hero for about $14.8 billion, meaning Baemin would come under Uber ownership once the deal closes, targeted for H2 2027.
Is Baemin losing market share to Coupang Eats?: Baemin still leads with 15.24 million weekly active users versus Coupang Eats' 8.45 million as of May 21, 2026, but Coupang Eats is gaining faster, growing WAU 5.7 percent in H1 2026 versus Baemin's 4.6 percent, aided by bundled free delivery for Coupang's Wow subscribers.
Could AI replace Baemin's core business?: No. Baemin's moat is a dense marketplace of restaurants, riders and consumers plus physical last-mile logistics, including delivery robots deployed since February 2025. AI is used internally for coding agents and merchant training (AI Business School launched April 2026), not as a substitute for the delivery network itself.
Who is the CEO of Woowa Brothers?: Kim Beom-seok, founder of Trendyol Go in Turkey, was named Woowa Brothers' new CEO in September 2024 and took office around January 2025, succeeding Lee Guk-hwan, who abruptly resigned in July 2024.
What is Baemin's market share in South Korea?: As of May 2026, Baemin and Coupang Eats together held 88.3 percent of Korea's delivery app market, with Baemin at 15.24 million weekly active users versus Coupang Eats' 8.45 million, according to WiseApp Retail data reported May 21, 2026.

Timeline

2026-07-16Uber announces deal to acquire Delivery Hero for about $14.8 billion, gaining control chain over Baemin
2026-06-18Korea's KFTC rejects Baemin and Coupang consent-decree settlement over dominance abuse allegations
2026-05-21Baemin and Coupang Eats reach 88.3 percent combined WAU share of Korea delivery market
2026-05Delivery Hero seeks buyer for Woowa Brothers stake at about KRW 8 trillion valuation
2026-04-24Baemin Academy launches free AI Business School training for restaurant owners
2026-04-10Woowa Brothers signs its first-ever wage and collective bargaining agreement with labor union
2026-03Data breach traced to outsourced call center worker leaking customer data
2025-10-28Woowa Conference 2025 showcases AI agents, MCP servers, and robot delivery development
2025-02-25Baemin launches Dilly autonomous delivery robots for B Mart in Gangnam, Seoul
2024-09-30Kim Beom-seok, founder of Trendyol Go, named new Woowa Brothers CEO

Revision history

26 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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