] Kakao Investment, the investment arm of Korean mobile messaging giant Kakao, on Jan. 19 said it has sold 25 percent stake in local auto repair app Cardoc to private equity firm Keistone Partners.
Industry sources estimate the deal to be worth around 6 billion won (US$5.62 million).
With the latest sale, Kakao’s stake in Cardoc has declined to 29 percent from 54 percent, although it still remains the largest shareholder, followed by Keistone Partners. Kakao said its latest divestment is part of an investment strategy for Cardoc to diversify investors for its development and growth.
Cardoc, which was launched in 2013, has over 850,000 drivers using the app to compare repair estimates in real-time from auto shops. Kakao Investment, formerly K Venture Group, acquired Cardoc in 2015. Cardoc also received strategic investment from the nation’s major oil refinery GS Caltex in 2016.
By Ahn Sung-mi (email@example.com