Kakao will pull out of some businesses that compete with small, independent stores, taking seriously the government’s recent rhetoric against big internet companies.
The tech company behind instant messenger Kakao Talk will phase out a service delivering flowers, desserts and salads that have been offered through its taxi-hailing affiliate Kakao Mobility.
The service has been considered tough competition for mom-and-pop retailers.
Founder Kim Beom-su vowed fundamental changes to Kakao's approach to business Tuesday.
"We received a powerful alarm from our society," said Kim in a statement Tuesday. "As such, Kakao Corp. and its key subsidiaries have resolved to boldly abandon the growth method we have pursued for the past ten years. We are aiming to make a fundamental change that will enable socially responsible growth."
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