BlueBasket’s Joint Venture With Yanolja Cloud

K&L Gates Straits Law advised BlueBasket on the deal.

Singapore e-commerce company BlueBasket announced its cross-border joint venture with Yanolja Cloud, a Korean leisure platform that was the recipient of US$1.7 billion in funding from SoftBank Vision.

The transaction involved the injection of a portfolio of shares, hard assets and IP into a Singapore-based FoodTech joint venture, Gusto X.  Under the agreement, Gusto X will utilize innovative technologies such as AI, IoT and blockchain to develop projects and solutions in the global FoodTech industry.

BlueBasket is a food-specialized e-commerce company established in Singapore by Yeojin Kim, the founder of Gongcha Korea and Bounce. Based on the mission of combining the Korean color ‘blue’ and ‘basket’, the symbol of shopping, Korean food, ingredients, and lifestyle products are introduced locally at reasonable prices.

As an AI-based global SaaS (Software-as-a-service) company, Yanolja Cloud leads the digitalization of various spaces such as accommodations, leisure, F&B, and residences. Based on the advantages of SaaS with installation and operation efficiency, the range of solutions has been expanded, and the solution is currently being provided in more than 60 languages to 43,000 hotel consumers in 170 countries around the world. 

The K&L Gates team was led by Singapore corporate partner Marius Toime (Picture) with assistance from Singapore associate Jean Gan.

Involved fees earner: Jean Gan – K&L Gates; Marius Toime – K&L Gates;

Law Firms: K&L Gates;

Clients: BlueBasket;