Woowa Brothers: Start-up's Growth Dilemma

In this case, Woowa Brothers (hereafter Woowa), a food delivery business that raised multiple financing rounds of venture capital, faces an opportunity to be acquired by Delivery Hero (hereafter DH) in a part-cash, part-stock deal, or to turn down the offer and plan for an IPO, or to continue operating as a private company. Kim, the founder CEO, needs to make the decision as he turns to a set of accompanying issues, including the interests of the investors and other stakeholders, the business expansion plans, the valuation and deal structure, the IPO market landscape, and his own motivations as an entrepreneur.