The company, founded in 2009, currently caters to 2.5 million users with about 175 million e-books on its platform.
In December 2014, it raised a $8-million Series B round led by NeoPlux. Other investors in the round included Company K, Mirae Asset Venture Investment and Atinum Investment.
Ridibooks’ main competitors include Kyobo Books and Yes24, the two biggest bookstore chains in the country that sell paper books and e-books on their websites.
Korea is one of the world’s top ten largest book markets. According to The Publication Industry Agency of Korea, the country’s publishing industry posted $6.6 billion in sales in 2015, down nearly 4 per cent from 2014. Meanwhile, e-book sales increased by 25 per cent to over $110 million in 2014 and $113 million in 2015.
The agency said e-book sales are likely to rise to $120 million in 2017.