SEOUL -- BGF, the operator of South Korea's largest convenience store chain CU, joined hands with a unit of top mobile carrier SK Telecom to launch a joint venture in the country's fast-growing online grocery market.
BGF said Monday it agreed to buy new stocks of Hello Nature, owned by SK Planet, an internet platform development company, operates a service that delivers organic eco-friendly products to consumers.
BGF will take part in the recapitalization of Hello Nature to purchase a 50.1 percent stake and run it as a joint venture. Management will be controlled by BGF, which aims to establish a leading online grocery platform.
Hellow Nature has about 500,000 members and a network of 1,000 affiliated farms. The online grocery market is led by Market Kurly, a start-up which delivers fresh food to the doorstep of households with one or two people living in Seoul and nearby areas.