E-commerce platform Cafe24 said Thursday that it has recorded at least 1.83 trillion won ($160 million) of gross merchandise volume in the first quarter, about a 22 percent jump on-year.

Influenced by the continued expansion of e-commerce platforms, Cafe24 said its quarterly gross merchandise volume has been showing an average of 20 percent growth for the last three years. 

“Given that such an upward trend continues, Cafe24’s 2018 yearly gross merchandise volume is projected to reach about 8.4 trillion won,” said Cafe24 in a statement.

Cafe24, an e-commerce technology provider dedicated to online fashion malls, has shown stellar growth in the market since it went public in February as the first company to be listed on Kosdaq without meeting profitability requirements via “Tesla policy.”

It has been providing internet solutions to some 1.5 million online shopping malls as of 2017, while some 67,500 of them are devoted to foreign customers who directly buy fashion products.

By Kim Da-sol (ddd@heraldcorp.com)