KakaoEntertainment subsidiary acquires fantasy fiction platform Wuxiaworld – TechCrunch

South Korean startup Kakao Entertainment announced today it has acquired Wuxiaworld, an Asia fantasy fiction platform, via its serialized fiction app subsidiary Radish to bolster the mobile storytelling business. The transaction size is $37.5 million.

Wuxiaworld, which has grown through word-of-mouth, claims it is now the largest English-language Asia fantasy platform in the U.S. in terms of the number of users. The fans have translated more than a 100,000 Chinese and Korean fiction chapters into English. Approximately 30% of its users are from the U.S and Canada, while 30% and 20% are from Southeast Asia and Europe. The rest are scattered across the globe.

The announcement comes nearly seven months after Kakao Entertainment’s two U.S-based storytelling platform acquisitions, Radish and Tapas Media.

Wuxiaworld was founded in 2014 by Jingping (JP)…