Kurly, a Korean online grocery business, has raised $210 million in a pre-IPO round from single backer Anchor Equity Partners, a Hong Kong-based private equity firm, almost half a year after its last Series F round announcement.
The latest fundraising round takes the total amount raised to $761 million, valuing the company at $3.3 billion. The Seoul-based firm, which offers next-day grocery delivery services across the country, will utilize the new funding to expand its data infrastructure and logistics service and hire more employees.
Kurly anticipates the company’s valuation of around $5.8 billion following the IPO. The company intends to file an initial public offering (IPO) application early next year to go public in the first half of 2022. Kurly claims a total of 10 million subscribers, with more than 2.4 million being monthly active users, according to a Kurly representative.
According to a press release, Kurly’s sales have increased by more than 100 percent since its debut. According to reports, it made $845 million in revenue and a $97 million operating loss in 2020.
When Kurly officially debuted in 2015, it was the first company in South Korea to serve gourmet cuisine early the following day. Local competitors later adopted the overnight delivery service.
DST Global, Sequoia Capital China, Hillhouse Capital, Aspex Management, MiraeAsset Venture Investment, and Korea-based strategic investors CJ Logistics and SK Networks were its prior supporters.