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  • South Korean e-grocery startup Kurly scraps IPO plan

    South Korean e-grocery startup Kurly scraps IPO plan

    Kurly Corp. the operator of South Korean e-grocery platform Market Kurly, said Wednesday it will postpone the initial public offering (IPO) originally planned for early this year, due to harsh market conditions.

    “We decided to push back our planned IPO with the Korea Exchange (KRX), considering the contracting investor confidence amid global economic uncertainties,” the company said in a statement.

    “Kurly will resume our public listing at an optimal moment when the company can be fully valuated for its worth.”

    Kurly received preliminary approval for its public listing in August last year.

    The e-grocery giant originally sought to complete its public listing in the second half of 2022, but the review process had been delayed amid worries over its “unstable” ownership structure in which its founder has a small stake, along with continuing losses from its business.

    The company reportedly promised in its IPO plan that its financial holders will maintain their stakes in the company for a certain period after the KOSPI debut.

    Founded in December 2014, Kurly has appealed to customers by providing early morning deliveries of fresh food through its e-grocery platform, Market Kurly.

    The company has been expanding business to other areas, such as cosmetics, ahead of its market debut originally planned for last year.

    Following its decision, Kurly will have to undergo a preliminary review again should it hope to push ahead with the public listing again in the future.

    Various companies had withdrawn their IPO plans last year due to harsh market conditions.

    CJ Olive Young, South Korea’s largest health and beauty store operator, refinery Hyundai Oil Bank Co. and SK shieldus, a securities subsidiary of SK Group, also gave up their IPO plans in 2022.

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  • South Korean grocery-delivery startup Kurly wins IPO nod

    South Korean grocery-delivery startup Kurly wins IPO nod

    Kurly Corp., the operator of South Korean e-grocery platform Market Kurly, received preliminary approval for its push for an initial public offering (IPO) Monday.

    The approval by the Korea Exchange (KRX) came about five months after Kurly filed for a preliminary review of its IPO plan in late March.

    Kurly earlier sought to complete its stock listing in the first half, but the review process has been delayed apparently due to worries over its “unstable” ownership structure in which its founder has a small stake, along with continuing losses from its business.

    Kurly reportedly included in its IPO plan with the KRX the promises from its financial investors to maintain their holdings in the company for a certain period.

    Launched in December 2014, Kurly has appealed to customers by providing early morning deliveries of fresh foods through its e-grocery platform, Market Kurly.

    Last year, Kurly posted sales of 1.56 trillion won (US$1.16 billion) and an operating loss of 213.9 billion won. But it reported a net loss of around 1.28 trillion won.

    Concerns are high over its IPO process, as the stock market conditions remain unfavorable. Some experts say Kurly could have trouble in the process of setting the IPO price it sees as satisfactory.

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  • South Korea’s Kurly wins funds for expansion

    South Korea’s Kurly wins funds for expansion

    Kurly, a South Korea-based grocery-delivery startup, has netted Series E funding totaling KRW200 billion (US$160 million).

    The funding round for the five-year-old company was led by DST Global, with additional participation from several existing backers – including Hillhouse Capital, Sequoia Capital China, Fuse Venture Partners, SK Networks, and Translink Capital. Newcomer Aspex Management also contributed to the new financing.

    Total funding in Kurly has now reached KRW420 billion won ($328 million), confirming unicorn status for the venture. The company expects to use the funding to set up a new fulfillment center in Seoul, more than twice as large as its current facilities.

    “Kurly has been showing incomparable growth in the fast-expanding online grocery market,” said DST Global investment partner and head of Asia Pacific John Lindfors, “and as the first to establish morning deliveries, has demonstrated its ability to disrupt the logistics industry and change the grocery shopping habits of Korean consumers”.

    The firm recorded annual average revenue growth of 3.5 times since opening, and extended its fulfillment capability area by a factor of 4.9 last year, with a 2.9 times increase in total deliveries.

  • Online grocery-delivery startup Kurly wins US$150m funding

    Online grocery-delivery startup Kurly wins US$150m funding

    South Korean premium grocery-delivery firm Kurly has procured funding of US$150 million from its existing investors.

    Backers contributing to the Series E funding round were Sequoia Capital, Hillhouse Capital, and Digital Sky Technologies, placing the firm’s valuation at roughly $780 million, according to Deal Street Asia.

    Despite the positive outlook as a successful attraction of more than KRW400 billion ($329 million) over five rounds, the firm remains in the red as labor and operational costs drain profits while competition intensifies. It is expected that the coronavirus epidemic may yield a positive benefit to the firm as South Koreans stay home to avoid infection and order their food online.

    The Market Kurly app introduced the “full cold-chain” temperature-controlled supply chain system to the country, allowing users to order fresh produce in the evening to be delivered to the home by dawn.

     

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  • Grocery e-commerce startup Kurly raises Millions

    Grocery e-commerce startup Kurly raises Millions

    Korean grocery delivery service Kurly has closed an upsized Series D round that hit US$113 million.

    The round was announced last April at $88 million, but has since attracted an additional $25 million funding from China’s Hillhouse Capital.

    Kurly delivers all orders placed by 11 pm before 7 am the following morning, prioritising convenience over cost savings and focusing closely on self-branded produce and groceries. This distinguishes its service from competing retail giant Coupang’s moves in the sector, which uses a marketplace platform to connect retailers and consumers.

    “The latest round of investment is a major endorsement of the progress we’ve made differentiating ourselves in the market through our cold-chain fulfillment infrastructure and unique offering of premium, curated products,” said company founder Sophie Kim. “Our focus is on further strengthening our relationships with our suppliers, developing our fulfillment infrastructure and continually improving our customer experience.”

    Kurly’s revenue tripled year-on-year to hit $131 million last year, although the firm did not release its profit-and-loss figures.

    Hillhouse Capital has offices in Hong Kong, Beijing, Singapore and New York. It focuses on investments in Asia.