https://techcrunch.com/2021/03/10/how-coupang-is-out-amazoning-even-amazon-according-to-goodwater-capital/

Korean e-commerce giant Coupang is expected to hold one of the biggest tech IPOs of the year on March 11. The company disclosed earlier this month that it is seeking up to $3.6 billion at a potential $51 billion valuation on the New York Stock Exchange. Founded in 2010, Coupang is sometimes described as the Amazon of South Korea, but for years it has managed the impressive feat of achieving an even higher dollar retention rate than Amazon, according to a report by Goodwater Capital.

Goodwater’s S-1 teardown of Coupang, released today, is based on a combination of proprietary consumer research and information from Coupang’s S-1 filing. Before launching Goodwater, co-founder Eric Kim was managing director at Maverick, an early investor in Coupang, and served on the company’s board from 2011 to 2017. Neither he nor Goodwater have holdings in Coupang, however, and are releasing the teardown as third-party research.