Qoo10 was once a go-to online marketplace in Singapore, known for its variety, competitive pricing, and seller-friendly model. Launched with strong backing and early success, it rapidly expanded across Asia. But behind the growth were risky acquisitions, payment delays, and internal strain that led to its eventual collapse. From its bold beginnings to a court-ordered shutdown, these 30 facts break down the full arc of Qoo10’s rise—and its abrupt fall.
Founding and Origins
1. Qoo10 Was Founded in 2010
The company launched in Singapore, spearheaded by South Korean entrepreneur Ku Young-bae. His goal: build an accessible e-commerce platform for SMEs.
2. Joint Venture with eBay
Initially, Qoo10 operated under a partnership between Ku’s Giosis Group and eBay. This allowed the brand to scale fast using eBay’s infrastructure and reach.
3. Roots in Gmarket
Before Qoo10, Ku had created Gmarket in 2000 under Interpark in South Korea. Gmarket laid the foundation for Qoo10’s operational model.
4. The Founder Sold Gmarket to eBay
In 2009, Ku sold Gmarket to eBay for a significant amount. He used this exit as a springboard to start Qoo10 in Singapore.
5. Rebranded in 2012
The name “Qoo10” came from “quest” and “shopping,” with “10” symbolizing completeness. It replaced the Gmarket branding officially in May 2012.
Business Model and Product Strategy
6. Platform for SMEs
Qoo10 focused on enabling small and medium-sized businesses to sell online. It provided tools for merchants with limited digital presence.
7. Localized Marketplaces
Each country—Singapore, Malaysia, Japan, Indonesia—had its tailored site, optimized for local trends and buying behavior.
8. Massive Product Variety
Shoppers could find everything from gadgets to skincare. The wide inventory came from both domestic and overseas sellers.
9. Commission-Based Income
Qoo10 generated revenue by charging merchants a percentage of their total sales instead of fixed subscription fees.
10. One of Southeast Asia’s Earliest E-Commerce Leaders
Before Shopee or Lazada became dominant, Qoo10 had already earned a loyal following and widespread recognition across Singapore.
11. Expanded to China and Hong Kong
Beyond Southeast Asia, the company ventured into bigger markets, aiming for reach in Greater China through Hong Kong.
12. Gamified Features to Boost Sales
Flash sales, timed deals, auctions, and group buys added an element of urgency and social buying, boosting daily activity on the platform.
Funding and Acquisitions
13. Raised Over $82 Million in 2015
Giosis secured a massive Series A round with investors including Singapore Press Holdings and eBay. It was among the region’s largest e-commerce investments at the time.
14. eBay Retained Only the Japan Arm
In 2018, eBay bought full ownership of Qoo10 Japan and exited all other operations under Giosis. This marked the start of Giosis going solo.
15. South Korean Buying Spree
To expand its ecosystem, Qoo10 acquired platforms like TMON, WeMakePrice, and Interpark Commerce. These moves strained its balance sheet.
16. Acquired ShopClues and Wish
The acquisition streak stretched to India and the U.S. with ShopClues and Wish. These global deals didn’t translate into strong returns.
17. Built a Logistics Arm: Qxpress
Launched in 2016, Qxpress handled deliveries in-house to improve fulfillment speed and cut reliance on third-party carriers.
Early Signs of Financial Trouble
18. Delayed Payments to Sellers in 2024
In mid-2024, merchants began reporting late payments on TMON and WeMakePrice. It signaled deeper financial instability.
19. Owed Over 76 Billion Won
Qoo10 and its South Korean units had racked up debts exceeding US$54 million. Many small businesses were directly affected.
20. Liquidity Crisis Tied to Qxpress IPO Hopes
Analysts believed the company overextended itself trying to boost Qxpress’s valuation for a Nasdaq listing.
21. Unusual Seller Payment Terms
Sellers sometimes had to wait 60 days to receive funds after a sale. This practice broke trust with vendors relying on cash flow.
22. Mass Layoffs Hit Singapore HQ
In August 2024, over 80% of Qoo10’s Singapore workforce was cut. The downsizing affected operations across the board.
Regulatory and Legal Fallout
23. Monetary Authority of Singapore Stepped In
By September 2024, MAS ordered Qoo10 to suspend all payment services after receiving a flood of merchant complaints.
24. Police Investigation Began
Singapore’s law enforcement launched probes based on vendor reports and missing payouts, pointing to suspected corporate misconduct.
25. Court-Ordered Liquidation in November 2024
The Singapore High Court found Qoo10 insolvent and ordered its shutdown. The once-thriving marketplace came to a halt.
Industry and Market Impact
26. SMEs Left Scrambling
Thousands of small businesses that depended on Qoo10 for revenue were suddenly left without an online storefront or access to payouts.
27. Stiff Competition Accelerated Decline
Qoo10 struggled to keep pace with heavily funded rivals. Lazada and Shopee offered deeper discounts and stronger logistics.
28. Japan Operation Still Successful
Unlike its Southeast Asian arm, Qoo10 Japan was thriving—especially among younger women shopping for Korean beauty products.
29. Invested Heavily in Mobile Experience
Qoo10 prioritized mobile shopping with dedicated apps, adapting early to customer shifts in browsing and buying behavior.
30. Multiple Payment Methods Supported
Credit cards, PayPal, and bank transfers were all accepted—helping Qoo10 cater to diverse customer needs across regions.
The Fall of a Once-Promising Giant
Qoo10’s journey from industry frontrunner to liquidation serves as a cautionary tale in e-commerce. Strong beginnings, regional dominance, and ambitious growth couldn’t offset the consequences of financial missteps, delayed payments, and mounting debt. The collapse disrupted thousands of merchants and left a void in the online shopping space it once helped shape. Its Japanese arm may still thrive, but in Southeast Asia, Qoo10’s story now stands as a reminder that scale without stability can bring even the biggest platforms to an abrupt end.
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