Kakao Mobility Revenue, Valuation, Funding & Investors
Kakao Mobility is valued at $2.7B as of July 2021.
Last Kakao Mobility valuation
$2.7B
Undisclosed stage · Jul 2021
Last Kakao Mobility funding round
$55M
Strategic investment · Dec 2021
Kakao Mobility revenue
$159M
Strategic investment · Apr 2021
Key investors in Kakao Mobility
TPG
Carlyle Group
Alphabet
GS Retail
GS Energy
LG Group
About Kakao Mobility
Kakao Mobility is a Seoul-headquartered provider of ride-hailing and navigation services under the Kakao T brand. It operates Kakao Taxi for on-demand cabs, Kakao T Bus for real-time transit, Kakao Driver for chauffeur services, and Kakao Navi mapping with traffic avoidance. The company partners with Hyundai for electric vehicle fleets and GS Caltex for parking solutions, serving major cities like Busan and Daegu since its 2017 launch.
Founded
2017
HQ
SeongnamWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Revenue
$159M (Apr 2021)
Valuation
$2.7B (Jul 2021)
Kakao Mobility Valuation
Kakao Mobility is currently valued at $2.7B, based on its undisclosed-stage round in July 2021.
The $26M round included GS Energy and GS Caltex.
Kakao Mobility's valuation has grown 1.9x from $1.4B at its undisclosed-stage round in July 2017 to $2.7B in July 2021, across 6 priced rounds.
Kakao Mobility valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jul 2021 | Undisclosed stage | $2.7B | - |
| Jul 2021 | Strategic investment | $3.5B | - |
| Jun 2021 | Undisclosed stage | $3.2B | - |
| Apr 2021 | Strategic investment | $3B | 18.8x |
| Feb 2021 | Undisclosed stage | $3.1B | - |
| Jul 2017 | Undisclosed stage | $1.4B | - |
Kakao Mobility Revenue
Kakao Mobility's latest recorded revenue is $159M, as of its strategic investment round in April 2021. At a $3B valuation, that implies a 18.8x revenue multiple.
Kakao Mobility revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Apr 2021 | $159M | $3B | 18.8x | Strategic investment |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Kakao Mobility Funding History
Kakao Mobility has raised a total of $1B across 8 funding rounds.
Kakao Mobility's first fundraising round was a $442M undisclosed-stage round in July 2017. The most recent completed round was a $55M strategic investment round in December 2021.
Kakao Mobility funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2021 | Strategic investment | GS Retail (lead) | $55M | - | Kakao Mobility is a South Korea-based mobility-as-a-service (MaaS) startup operating Kakao T, a leading ride-hailing app with over 30 million registered users and 230,000 taxi drivers. In December 2021, it raised $55 million (65 billion won) from GS Retail, acquiring a 1.3% stake, which valued the company at more than $4.2 billion post-money. This followed prior rounds including $84.9 million from LG Corp in July 2021 at $3.4 billion valuation, $200 million from Carlyle Group in February 2021, $478 million from Google in March 2020, and $111 million led by TPG in June 2020, bringing total funding to about $941.4 million. The GS Retail investment supports expansion into AI-powered mobility, autonomous driving, logistics, last-mile delivery via Kakao Mobility's transportation management system, and a planned pet taxi service. GS Retail aims to leverage Kakao Mobility's technology for new mobility infrastructure experiences. Kakao Mobility posted $237 billion in revenue as of 2020 and expected profits in 2022, per industry sources. Previous collaborations include partnerships with GS Caltex and GS Energy, who invested 30 billion won ($26 million) for 0.73% stake in July 2021 to integrate gas station infrastructure with mobility services like EV charging and autonomous driving tech. Kakao Mobility, majority-owned by Kakao Corp (about 57-69%), continues attracting strategic investors amid growth in Korea's mobility sector. |
| Jul 2021 | Undisclosed stage | GS Energy; GS Caltex | $26M | $2.7B | Kakao Mobility is a South Korea-based mobility-as-a-service (MaaS) platform operating the Kakao T application, which offers ride-hailing, taxi services, parking reservations, designated driver services, and navigation features. The company was spun off from Kakao Corp. in 2017 and has grown to become a leader in Korea's mobility sector following the introduction of the country's first taxi-hailing app in 2015. In July 2021, Kakao Mobility attracted a combined 130 billion won from multiple strategic investors including LG Corp. (100 billion won), GS Energy (5 billion won), and GS Caltex (25 billion won), valuing the company at 4.09 trillion won ($3.4 billion). These strategic partnerships enabled synergies across sectors: GS Caltex planned to leverage Kakao Mobility's autonomous driving technology and data to enhance its network of 2,300 gas stations and electric vehicle chargers, while Kakao Mobility gained access to GS's offline infrastructure for service expansion. By the time of the July 2021 round, Kakao Mobility had raised approximately $941.4 million (1.11 trillion won) in total funding, with previous major backers including the Carlyle Group ($200 million in February 2021), Google ($478 million in March 2021), and TPG Capital ($111 million in June 2021). The company was preparing for an initial public offering expected between 2022 and the first half of 2023, with investment banks projecting a valuation exceeding 6 trillion won at IPO. |
| Jul 2021 | Strategic investment | LG Group (lead) | $87M | $3.5B | Kakao Mobility, a leading South Korean mobility-as-a-service provider and Kakao subsidiary, operates the Kakao T app for taxi-hailing, navigation, public transport info, and related services, with over 30 million registered users and 230,000 taxi drivers by late 2021. In July 2021, LG Corp., holding company of LG Group, invested 100 billion won ($87.9 million) by purchasing 1.56 million new shares at 63,770 won each, acquiring a 2.5% stake. This valued Kakao Mobility at $3.4 billion (4.09 trillion won), as confirmed post-investment, enabling synergies in electric vehicles, batteries, and mobility platforms with LG affiliates like LG Energy Solution and LG Electronics. The LG investment followed prior rounds, including Carlyle Group's $200 million in February 2021 at 3.42 trillion won ($3.09 billion) valuation and Google's $50.1 million earlier that year. Kakao Mobility's total funding reached about $941 million by December 2021. The company reported $237 billion in revenue for 2020 and anticipated profitability in 2022, supporting its growth in IT platforms, big data, and autonomous driving amid EV expansion. Post-LG round, Kakao Mobility continued fundraising, securing $55 million from GS Retail in December 2021 at over $4.2 billion valuation and earlier TPG/Carlyle commitments. Ownership included Kakao at around 60%, TPG consortium at 30.7%, Carlyle at 6.6%, and Google at 1.6%. The firm eyed an IPO between 2022 and mid-2023, positioning as a top mobility player in South Korea with ambitions in ecofriendly vehicles and new business models. |
| Jun 2021 | Undisclosed stage | National Pension Service (lead); TPG (lead); Carlyle Group | $125M | $3.2B | Kakao Mobility, a subsidiary of Kakao Corp, operates South Korea's largest ride-hailing and mobility app Kakao T with around 28 million registered users, providing services like taxi hailing, parking, and plans for car cleaning, EV charging, and delivery expansion. In June 2021, it secured approximately 140 billion KRW ($125 million) in a shares offering from a TPG-led consortium including National Pension Service ($100 million contribution to $116.8 million consortium total) and Carlyle ($8.2 million), raising its valuation to 3.6 trillion KRW ($3.2 billion) and total external funding to 920 billion KRW ($826 million). This followed Carlyle's earlier February 2021 investment of 222.4 billion KRW ($200 million) at a 3.42 trillion KRW valuation and TPG's prior 2017 investment of 500 billion KRW ($437 million) for 30% stake, with Google adding 56.5 billion KRW ($50 million) strategically. The round positioned Kakao Mobility as the highest-funded mobility provider in South Korea, supporting TaaS goals including Q3 2021 delivery services and EV platforms for 20+ million users. TPG became a major shareholder (later noted at 14-29%), alongside Carlyle (6.2%) and others, with Kakao holding majority control (57%). Investors eyed overseas expansion and synergies, though regulatory pressures later impacted IPO plans and growth. Post-round, analysts adjusted valuations amid delays: Hanwha to 4.1 trillion KRW ($4.3 billion), Korea Investment to 3.3 trillion KRW. TPG explored bolt-ons like Lotte Rental to boost enterprise value from 5.5 trillion KRW toward 8 trillion KRW for exit, extending beyond original 2022 plans due to prolonged hold and regulatory risks including Fair Trade Commission sanctions on market practices. |
| Apr 2021 | Strategic investment | Alphabet (lead) | $51M | $3B | Kakao Mobility, South Korea's dominant ride-hailing app owned 69.3% by Kakao Corp, is a mobility-as-a-service platform spinoff founded in 2017. The company operates Kakao T, which had more than 30 million registered users and 230,000 taxi drivers on its platform as of December 2021. In April 2021, Google purchased 1.7% of Kakao Mobility for 56.5 billion won ($50 million) in a strategic investment announced as the company's first partnership-driven funding round. This transaction was distinct from earlier financial investments, as Google and Kakao Mobility committed to comprehensive cooperation on AI technology development using cloud services and operating system software to enhance user experience. According to industry sources, Kakao Mobility posted 237 billion won in revenue as of 2020 and expected to generate profits in 2022. The broader funding context includes Carlyle Group's 200 million dollar investment in February 2021, followed by Google's investment in March/April 2021, with subsequent rounds from LG Corp, TPG, and GS Retail bringing total raised to approximately 941.4 million dollars (1.11 trillion won) by December 2021, valuing the company at over 4.2 billion dollars. Kakao Mobility has strategically expanded beyond ride-hailing into logistics, last-mile delivery, autonomous driving technology, and pet transportation services through partnerships with investors and ecosystem partners. |
| Feb 2021 | Undisclosed stage | Carlyle Group (lead) | $200M | $3.1B | Kakao Mobility, South Korea’s largest Mobility-as-a-Service platform launched in 2015, operates the Kakao T app offering cab-hailing, chauffeur services, bike-hiring, parking, train tickets, and navigation, with over 28 million registered users and 500+ employees as of early 2021. The company dominates the taxi-hailing market via Kakao Taxi and has expanded into autonomous driving platforms. In February 2021, Carlyle Group invested $200 million (221 billion won) by purchasing newly issued shares, raising the company's valuation to 4.3 trillion won (USD 3.9 billion), though other reports valued it at around 3-3.42 trillion won (USD 3.1 billion) for this pre-IPO round. Carlyle was the lead investor, securing approximately a 10% stake in some reports, with the funds aimed at accelerating growth in smart mobility technologies, data analytics, and new business opportunities leveraging Carlyle's networks. Analyst projections highlighted strong growth potential, with affiliated taxi licenses expected to triple to over 46,000 by 2025 from 16,000 in 2020, and sales from Kakao Taxi's affiliated taxis reaching 538 billion won in 2020, forecasted to exceed 3.33 trillion won by 2025. Kakao Mobility planned an IPO around 2022, targeting additional 332 billion won ($300 million) including from Google, which invested $270-478 million shortly after in March. Post-Carlyle, Kakao Mobility raised more funds: $84.9 million from LG Corp in July 2021 at $3.4 billion valuation, $111 million led by TPG in June (implied earlier), and $55 million from GS Retail in December 2021 at over $4.2 billion, bringing total funding to ~$941 million. The company had 30 million users and 230,000 drivers by late 2021, focusing on big data, autonomous driving, and partnerships like with Waymo. |
| Feb 2018 | Undisclosed stage | Hong Kong Monetary Authority (lead); TPG (lead) | $46M | - | Kakao Mobility is a South Korean mobility-as-a-service startup operating Kakao T, a leading ride-hailing app with over 30 million registered users and 230,000 taxi drivers. TPG led an investment in Kakao Mobility around June 2017 or 2018, acquiring a minority stake, with participation from Hong Kong Monetary Authority. Later valuations include $3.4 billion in July 2021 from LG Corp investment and over $4.2 billion following a $55 million raise from GS Retail in December 2021. A Mirae Asset report references 'valuation of TPG' for Kakao Mobility as of June 2017 at 1,179 (likely in billions of KRW), used in Kakao Corp's SOTP analysis with Kakao's 69.3% stake. KB Securities valued Kakao Mobility at 3,415 (likely billions KRW, ~$3.4B USD) with 47.1% Kakao stake in 2022 analysis. Subsequent funding includes $200 million from Carlyle Group in February (year unspecified), $478 million from Google in March, and $111 million led by TPG in June (likely 2021), bringing total raised to about $941.4 million by late 2021. The company was preparing for an IPO expected between 2022 and mid-2023, potentially at over 6 trillion won ($5.1 billion). |
| Jul 2017 | Undisclosed stage | TPG (lead) | $442M | $1.4B | Kakao Mobility, the transportation unit of Kakao Corp (operator of South Korea’s most popular chat app KakaoTalk), was spun off in 2017. Its app Kakao T offers South Korea’s leading taxi-hailing service along with bus ticket reservations, shuttles, and bicycles, serving 28 million registered users as of later reports. In March 2017, TPG Capital Asia invested 500 billion KRW (~$441.8 million), valuing the firm at around 1.6 trillion KRW; this was TPG's re-entry into the Korean market, acquiring a significant stake (noted as 30% in one source, though exact percentage unspecified in primary valuation quote). This marked Kakao Mobility's first major external funding post-spin-off, preceding later rounds like Carlyle's $200 million investment in 2021 at 3.42 trillion KRW valuation and subsequent investments from TPG consortium, Carlyle, LG Corp, Google, and GS Retail, with total raised reaching about $941 million by late 2021 at over $4.2 billion valuation. |
Who has invested in Kakao Mobility?
9 investors have backed Kakao Mobility across its funding rounds, including TPG, Carlyle Group, Alphabet, GS Retail, GS Energy and LG Group.
Lead investors include GS Retail, LG Group, National Pension Service, TPG, Alphabet and 2 other investors.
Kakao Mobility Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 San Francisco, CA | 3 | Lead | Jul 2017 | |
| Washington, DC | 2 | Lead | Feb 2021 | |
 Hong Kong | 1 | Lead | Feb 2018 | |
| Seoul | 1 | Participant | Jul 2021 | |
| South Korea | 1 | Lead | Dec 2021 | |
| Seoul | 1 | Lead | Jul 2021 | |
| Jeonju | 1 | Lead | Jun 2021 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Kakao Mobility
Kakao Mobility has acquired 5 companies to date.
Last acquisition by Kakao Mobility was on November 15th 2023. Kakao Mobility acquired FREE NOW for $388M.
Latest Acquisitions by Kakao Mobility
| Description | - | Splyt is a London-headquartered B2B mobility marketplace connecting ground transportation supply with institutional demand through a unified API. It aggregates inventory from suppliers for seamless access by travel agencies, corporations, and platforms without additional registrations. Founded in 2015, Splyt facilitates bookings for taxis, shuttles, and private transfers across Europe and beyond. | Today's Pickup is a South Korea-based delivery plug-in platform connecting businesses with on-demand courier services for same-day logistics. The service enables e-commerce merchants and retailers to integrate seamless pickup and dispatch options into their operations. | Seoul-based Stryx develops full-stack HD mapping technologies, including multi-sensor data collection devices and machine learning algorithms for extracting geospatial information into high-definition maps. The company's digital twin platform supports autonomous driving, AR/VR applications, localization, AV simulation, and ADAS systems with 3D datasets. | |
| HQ Country |  |  | | | |
| HQ City | - | London | Seongnam | Seoul | |
| Deal Date | 15 Nov 2023 | 22 Mar 2023 | 25 Jan 2022 | 11 Nov 2021 | |
| Valuation | $388M | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Investments by Kakao Mobility
Kakao Mobility has invested in 7 companies to date.
Latest investment by Kakao Mobility was on October 10th 2023. Kakao Mobility invested in Autonomous a2z in their $25M Series B round.
Latest Investments by Kakao Mobility
| Description | Autonomous a2z is a South Korea-based platform for autonomous driving services incorporating perception, decision-making, and control technologies. The company deploys mobility solutions for urban transport applications. | Daedong Mobility is a South Korean producer of industrial chains, gardening equipment, and leisure vehicles transitioning to electric mobility platforms. With 40 years in factory automation, the firm leverages transit and work technologies at daedongmobility.co.kr. | ThorDrive is a Finland-headquartered developer of autonomous vehicle platforms and software for unmanned operations. The company supplies retrofit kits and IP for mining trucks, tractors, and port equipment. ThorDrive's system enables teleoperation and full autonomy in GPS-challenged environments. Deployed at sites in Finland and Sweden, it partners with Sandvik for underground mining applications. | Autonomous a2z is a South Korea-based platform for autonomous driving services incorporating perception, decision-making, and control technologies. The company deploys mobility solutions for urban transport applications. | |
| HQ Country | | | | | |
| HQ City | Gyeongsan | Anseong | Cincinnati, OH | Gyeongsan | |
| Deal Date | 10 Oct 2023 | 17 Aug 2022 | 17 Feb 2022 | 13 Sep 2021 | |
| Round | Series B | Strategic investment | Series A | Series A | |
| Raised | $25M | $8M | $17M | $14M | |
| Investors | KB Investment; KB Securities; Korea Development Bank; Hana Securities; Xplor Investment; K and Investment Partners | - | Nousbo; POSCO CAPITAL; CJ Logistics; Mirae Asset Capital | KB Investment; Korea Investment Partners; Enlight Ventures; K and Investment Partners; Kakao Investment | |
| Valuation | undisclosed | $190M | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Kakao Mobility Competitors
Kakao Mobility competitors include listed companies like Strive, Grindr and Goto Gojek Tokopedia, and private ones like Miaopai, ofo and Rapido.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Publicly listed | $4M | ($21M) | $2.7B | 316.5x | |
| United States | Publicly listed | $440M | $145M | $2.7B | 6.0x | |
 Beijing | Private | - | - | $3B | - | |
| China | Private | - | - | $3B | - | |
 Bangalore | Private | $112M | - | $3B | 26.8x | |
 Indonesia | Publicly listed | $1B | ($16M) | $3B | 1.7x |
Kakao Mobility Public Comps
Kakao Mobility is still privately-owned, but its public comps include Strive, Grindr, Goto Gojek Tokopedia, Via Transportation, Life360, Meitu, Lime, GO, Opera and Ireader.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4M | ($21M) | 878.1x | 316.5x | (149.8x) | (64.9x) | |||
| $440M | $145M | 7.0x | 6.0x | 21.1x | 13.8x | |||
| $1B | ($16M) | 2.0x | 1.7x | (125.5x) | 13.1x | |||
| $434M | ($83M) | 4.5x | 3.8x | (23.4x) | (113.3x) | |||
| $489M | $32M | 6.4x | 5.0x | 97.0x | 25.6x | |||
| $575M | $137M | 3.0x | 2.6x | 12.5x | 9.6x | |||
| $887M | $87M | 2.2x | - | 22.2x | - | |||
| $266M | $49M | 5.4x | 5.3x | 29.4x | 24.7x | |||
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Common questions about Kakao Mobility
| When was Kakao Mobility founded? | Kakao Mobility was founded in 2017. |
| Where is Kakao Mobility headquartered? | Kakao Mobility is headquartered in Seongnam, South Korea. |
| Is Kakao Mobility publicly listed? | No, Kakao Mobility is a private, VC-backed company. |
| What is Kakao Mobility's valuation? | Kakao Mobility was last valued at $2.7B in its undisclosed-stage round in July 2021. |
| How much funding has Kakao Mobility raised? | Kakao Mobility has raised $1B across 8 funding rounds. |
| What was Kakao Mobility's last funding round? | Kakao Mobility's last funding round was a $55M strategic investment round in December 2021, led by GS Retail. |
| Who are Kakao Mobility's investors? | Kakao Mobility's investors include TPG, Carlyle Group, Hong Kong Monetary Authority, GS Energy, GS Retail, LG Group, National Pension Service, GS Caltex and Alphabet. |
| What is Kakao Mobility's revenue? | Kakao Mobility's latest recorded revenue is $159M (April 2021). |
| What is Kakao Mobility's revenue multiple? | Kakao Mobility's latest valuation implies a 18.8x revenue multiple ($3B valuation on $159M of revenue). |
| Which companies are comparable to Kakao Mobility? | Companies comparable to Kakao Mobility include Strive, Grindr, Miaopai, ofo, Rapido and Goto Gojek Tokopedia. |
| How many companies has Kakao Mobility acquired? | Kakao Mobility has acquired 5 companies, including FREE NOW, Splyt, Today's Pickup, Stryx and LUXI Co. Ltd.. |
| What was the largest acquisition by Kakao Mobility? | The $388M acquisition of FREE NOW in November 2023 is the largest acquisition Kakao Mobility has made to date. |
| How many companies has Kakao Mobility invested in? | Kakao Mobility has invested in 7 companies, including Autonomous a2z, Daedong Mobility, ThorDrive, Mobility Technologies, JapanTaxi, easi6 and MARS Auto. |
| What was Kakao Mobility's last investment? | In October 2023, Kakao Mobility invested in Autonomous a2z's $25M Series B alongside KB Investment, KB Securities, Korea Development Bank and 3 other investors. |
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