Fri. Jan 21st, 2022

Only half a year later the latest announcement of the Series F round, Korean online grocery startup Kurly has closed $210 million in a pre-IPO round from some financier Anchor Share Partners, a Hong Kong-based private equity firm.

The latest financing brings the total amount raised to approximately $761 million and values ​​the company at $3.3 billion.

The Seoul-based startup that delivers next-day groceries across the country will use the fresh capital to improve its data infrastructure and logistics service and recruit talent.

The news comes on the heels of announcing its local IPO, shifting the NYSE’s listing location. The Korean Exchange has relaxed listing requirements for a startup valued at more than $854 million (1 trillion won) to attract technology startups.

Kurly expects the estimated post-listing company valuation to be approximately $5.8 billion. The company plans to file an IPO application early next year, aiming to go public in the first half of 2022.

Kurly claims a total of 10 million users, of which more than 2.4 million are monthly active users, a Kurly spokesperson said.

Kurly’s turnover has improved by more than 100% since its inception, according to the press release. It generated $845 million in revenue in 2020 and $97 million in operating loss, as reported.

Kurly was the first company in South Korea to deliver first-class food early in the morning the next day when it launched in 2015. Local competitors later took over the overnight delivery service.

Past backers have included DST Global, Sequoia Capital China, Hillhouse Capital, Aspex Management, MiraeAsset Venture Investment and Korea-based strategic investors CJ Logistics and SK Networks.

Leave a Reply

Your email address will not be published. Required fields are marked *