South Korean grocery delivery platform Oasis has acquired full ownership of ecommerce platform TMON for 18 billion won (US$13 million), following approval from the Seoul Bankruptcy Court.

The court announced the decision on June 20, finalizing the acquisition under Oasis’s rehabilitation plan.

TMON filed for court receivership in July 2024 due to delayed payments to vendors. The court began seeking a new owner in October and appointed EY Hanyoung as the lead manager.

Oasis was designated the preliminary bidder in March 2025. A spokesperson confirmed the deal, pending creditor and court approval.

Oasis plans to run TMON as a separate brand to strengthen its online retail presence.

Oasis, founded in 2011, operates the e-grocery platform Oasis Market, which focuses on private-label organic products. It also runs 49 offline stores and three logistics centers in the Seoul metropolitan area.

🔗 Source: The Korea Times

🧠 Food for thought

1️⃣ South Korea’s e-commerce sector consolidates amid challenging economics

Oasis’s acquisition of TMON for $13 million represents a continuing trend of consolidation in South Korea’s highly competitive e-commerce landscape 1.

This price tag is particularly notable when considering that TMON once had over 5 million active users, reflecting the significant devaluation that occurs when e-commerce platforms lose operational stability 1.

The contrast with market leader Coupang, which generated $24.4 billion in revenue in 2023 alone, illustrates the winner-take-most dynamics in South Korea’s $115.1 billion e-commerce market 2, 3.

This acquisition follows the broader trend seen in 2023, where traditional retailers acquired e-commerce platforms to enhance their digital capabilities, as exemplified by Shinsegae’s earlier acquisition of eBay Korea 4.

With WeMakePrice also in receivership and seeking a buyer, the market appears to be correcting after a period of unsustainable growth, forcing smaller players to consolidate or exit 5.

2️⃣ Vendor trust proves critical to e-commerce platform survival

TMON’s downfall stemmed primarily from a payment crisis involving over 230,000 small business sellers, highlighting how vendor relationships are foundational to marketplace platforms 6.

The rehabilitation plan’s proposal to repay only 0.76% of creditor claims in cash demonstrates the severe financial consequences when payment systems fail, essentially destroying the trust ecosystem necessary for marketplaces to function 6.

This challenge isn’t unique to TMON. Maintaining healthy cash flow while balancing rapid growth has proven difficult for many e-commerce platforms, particularly as they compete with dominant players like Coupang, which leverages its 100+ fulfillment centers for operational efficiency 2.

For Oasis, rebuilding vendor trust represents perhaps the most critical aspect of any turnaround strategy, as indicated by their emphasis on stability in their acquisition announcement 5.

South Korean consumers’ high engagement rate, with 81% shopping online in the past six months, suggests the potential for recovery exists if vendor relationships can be restored 3.