Facebook acquired WhatsApp for $19 billion this month so analysts are looking at other messaging apps with dollar signs in their eyes. Kakao is especially popular in South Korea and other Asian countries. After a second round of funding, Kakao is now valued at $2.4 billion and is looking at picking banks to oversee an IPO next year.
“We will be going public in May next year. Who knows how much the value will be in a year from now?” stated Kakao co-CEO Sirgoo Lee at Mobile World Congress this week. Kakao has around 130 million monthly users and revenues went from $46 million in 2012 to $200 million last year.
“We have been growing very fast. We got out of the red about a year and half ago after launching games ? that brought in a lot of revenue for us. Last year, we made $65m in profit, and year before that it was about $60 million to $70 million,” Lee added.