Japanese telecommunications company SoftBank Corp has invested US$1 billion into South Korea’s largest online retail group, Coupang, often described as “Korea’s Amazon”.

Founded in 2010 by a Harvard university dropout Bom Kim, the business promotes daily online deals. Its sales have grown 80 per cent in the last 12 months.

Coupang and Softbank say the investment represents the largest private quity deal globally this year.

SoftBank has been increasingly focusing on offshore investment opportunities in tech start-ups, spending more than $2 billion in less than 12 months in companies ranging from GrabTaxi to Alibaba.

“SoftBank aims to grow by investing in internet companies around the world and supporting disruptive entrepreneurs who share a common vision to contribute to people’s lives through the Information Revolution,” said SoftBank chairman and CEO Masayoshi Son in a statement.

“SoftBank looks forward to supporting Coupang as they further revolutionise eCommerce.”