Kurly, a Korean online grocery business, has raised $210 million in a pre-IPO round from sole backer Anchor Equity Partners, a Hong Kong-based private equity firm, almost half a year after its last Series F round announcement. The current round of fundraising takes the total amount collected to $761 million, valuing the firm at $3.3 billion.
The Seoul-based firm, which offers next-day grocery delivery services across the nation, will utilize the new funding to expand its data infrastructure and logistics service, as well as hire more employees. The news follows the company’s announcement of a local IPO, which will replace its NYSE listing. To encourage technological startups, the Korean Exchange has relaxed listing standards for companies valued at moreover $854 million (1 trillion won).
Kurly anticipates the firm to be valued at around $5.8 billion following the IPO. The business intends to submit an initial public offering (IPO) application early next year, with the goal of going public in the first half of 2022. Kurly claims 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 deficit in 2020. When Kurly officially debuted in 2015, it was the first firm in South Korea to serve gourmet cuisine early the following morning the next day. Local competitors eventually copied 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 among its prior supporters.
DST Global, Sequoia Capital China, Hillhouse Capital, Asspecs Management, Mira Airset Venture Investment, and South Korean strategic investors CJ Logistics and SK Networks have all previously backed the company. Kurly raises $210 million in a pre-IPO round with a valuation of $3.3 billion, barely months after its last investment round –Link to the original source Kurly raises $210 million in a pre-IPO round with a valuation of $3.3 billion, barely months after its last investment round.
