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- Market Kurly
Market Kurly Revenue, Valuation, Funding & Investors
Market Kurly is valued at $1.9B as of May 2023.
Last Market Kurly valuation
$1.9B
Undisclosed stage · May 2023
Last Market Kurly funding round
$90M
Undisclosed stage · May 2023
Market Kurly revenue
$845M
Undisclosed stage · Dec 2021
Key investors in Market Kurly
HSG
Hillhouse Investment
DST Global
Capstone Partners
SK Networks
Aspex Management
About Market Kurly
Market Kurly, operated by Kurly Inc., is a South Korean online grocery platform known for next-day, early-morning delivery of premium fresh food and groceries. Launched in 2015, it pioneered overnight grocery logistics in South Korea and has grown to serve millions of monthly active users with high repurchase rates. The company has since broadened its assortment beyond groceries to include luxury goods as it works toward profitability.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$845M (Dec 2021)
Valuation
$1.9B (May 2023)
Market Kurly Valuation
Market Kurly is currently valued at $1.9B, based on its undisclosed-stage round in May 2023.
The $90M round was led by Anchor Equity Partners, with participation from Aspex Management.
Market Kurly's valuation has moved from $2.2B at its Series F in July 2021 to $1.9B in May 2023, across 3 priced rounds.
Market Kurly valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2023 | Undisclosed stage | $1.9B | - |
| Dec 2021 | Undisclosed stage | $3.3B | 3.9x |
| Jul 2021 | Series F | $2.2B | - |
Market Kurly Revenue
Market Kurly's latest recorded revenue is $845M, as of its undisclosed-stage round in December 2021. At a $3.3B valuation, that implies a 3.9x revenue multiple.
Market Kurly revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2021 | $845M | $3.3B | 3.9x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Market Kurly Funding History
Market Kurly has raised a total of $857M across 12 funding rounds.
Market Kurly's first fundraising round was a $5M angel round in February 2015. The most recent completed round was a $90M undisclosed-stage round in May 2023.
Market Kurly funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2023 | Undisclosed stage | Anchor Equity Partners (lead); Aspex Management | $90M | $1.9B | Market Kurly, operator of South Korea's premium online grocery delivery platform known for next-day dawn delivery, raised 120 billion KRW ($90-91 million) in a pre-IPO funding round in May 2023 from Anchor Equity Partners and Aspex Management. This round valued the company at an enterprise value of 2.9 trillion KRW, down sharply from its peak of up to 4 trillion KRW in a prior 2021 round of 250 billion KRW. The investment came amid market uncertainty, following the scrapping of an earlier IPO plan. Anchor Equity Partners, a Hong Kong-based private equity firm with stakes in distribution and IT companies, participated alongside Aspex Management, building on prior backing from investors like DST Global, Sequoia Capital China, Hillhouse Capital, and strategic players such as CJ Logistics and SK Networks. The 2023 round brought Kurly's total funding to over $860 million across 10 rounds, positioning it as a leader in domestic e-commerce investment. Kurly shifted its listing ambitions to the Korean Exchange after easing requirements for high-valuation tech startups. Traction includes over 10 million cumulative users and 2.4 million monthly active users as of late 2021, with sales growth exceeding 100% since inception and historical 2020 sales of $845 million alongside $97 million operating loss. By 2023, valuations had declined significantly, with tender offers implying around 633.5 billion KRW and further drops to 2.5 trillion KRW noted in some reports. Naver explored acquiring a 10% stake in 2025 from existing shareholders like Anchor (13.49% holder), amid Kurly's efforts to uplift profits through luxury goods sales. |
| Dec 2021 | Undisclosed stage | Anchor Equity Partners (lead); Capstone Partners | $211M | $3.3B | Market Kurly, known as Kurly, is a South Korean online grocery startup launched in 2015, pioneering next-day early morning delivery of premium food products. It provides next-day grocery delivery services and has achieved significant scale with 10 million cumulative users and 2.4 million monthly active users as of late 2021, alongside average daily orders reaching 150,000 and a repurchase rate exceeding 75%. In December 2021, Kurly closed a $210 million (250 billion KRW) pre-IPO funding round as a sole investment from Hong Kong-based Anchor Equity Partners, bringing total funding raised to approximately $731-761 million. The round valued the company at $3.3 billion (around 4 trillion KRW), with industry estimates projecting an IPO valuation exceeding $5-5.8 billion (7 trillion KRW), though the listing was later postponed. Previous investors include DST Global, Sequoia Capital China, Hillhouse Capital, Aspex Management, Mirae Asset Venture Investment, CJ Logistics, and SK Networks. Kurly reported $845 million in sales for 2020, with more than 100% annual average sales growth since inception, and an operating loss of $97 million that year. The company planned an IPO filing early 2022 for a first-half listing but delayed amid souring market conditions. It competes in South Korea's e-commerce sector, leading in cumulative investments, within a global online food delivery market projected to reach $63.6 billion by 2025 at a 15.4% CAGR. |
| Jul 2021 | Series F | Aspex Management (lead); DST Global (lead); Hillhouse Investment (lead); HSG (lead); SK Networks; Launchbay Capital; CJ Logistics; Millennium Management | $197M | $2.2B | Market Kurly, operated by Kurly Inc., is South Korea's leading online grocery delivery platform offering next-day and early-morning delivery of premium fresh food and groceries, launched in 2015. It disrupted the market by pioneering overnight logistics and has grown rapidly amid rising online grocery demand during the Covid-19 pandemic. The company attracted a Series F round in July 2021, raising approximately $196-200 million (225.4 billion KRW), led by Aspex Management (also called SPEX Management), DST Global, Hillhouse Capital (Sequoia Capital China), and HSG, with participation from new investors Millennium Management and CJ Logistics, plus others like SK Networks. This Series F valued Market Kurly at $2.17 billion (2.5 trillion KRW), a 2.6-fold increase from its prior Series E valuation of around $780 million in April 2020 when it raised $150-164 million. The funding supported expansion of fulfillment centers, nationwide Saetbyul next-day delivery via CJ Logistics partnership, tech stack improvements, talent hiring, and customer acquisition ahead of a planned domestic IPO on the Korean Exchange after shifting from NYSE plans. Total funding raised approached $761 million post-round. For 2020, Market Kurly reported $845 million in sales (revenue), up 124% year-over-year, with sources interchangeably using 'sales' and 'revenue' for KRW 952.3 billion. It posted a $97 million operating loss that year. User base reached 10 million total, with 2.4 million monthly active users. Competitors adopted similar delivery models post-Kurly's innovation, but it maintained leadership in premium groceries. Revenue grew to 1.6 trillion KRW ($1.19 billion) in 2021 per later reports, though still unprofitable with 214 billion KRW operating loss. A subsequent $210 million pre-IPO round in late 2021 from Anchor Equity Partners valued it at $3.3 billion, paving the way for 2022 IPO approval. |
| May 2020 | Series E | DST Global (lead); SK Networks; Hillhouse Investment; Translink Capital; Fuse Venture Partners; Aspex Management; HSG | $163M | - | Market Kurly, operated by Kurly Inc., is a South Korean online grocery delivery platform launched in 2015, specializing in next-day delivery of premium fresh produce, household essentials, and gourmet foods through its mobile app. It pioneered early-morning delivery services in Korea, focusing on cold-chain logistics and building large fulfillment centers, including a major temperature-controlled facility in Gimpo. The company raised approximately $160 million (₩200 billion) in its Series E round around May 2020, led by DST Global with participation from Aspex Management, Hillhouse Capital, Sequoia Capital China, Fuse Venture Partners, Translink Capital, and SK Networks, bringing total funding to about $328-329 million post-round. Proceeds funded a new 2.5x larger fulfillment center in Seoul (or Gimpo), headcount expansion, and customer acquisition. The company achieved strong growth, reporting $845 million in annual sales (revenue) in 2020, up 124% from 2019. It also noted $97 million operating loss that year amid rapid scaling. Kurly expanded aggressively post-Series E, raising $200 million Series F in 2021 at $2.2 billion post-money valuation from similar investors plus new ones like Millennium Management and CJ Logistics, followed by a $210 million pre-IPO round at $3.3 billion in late 2021 led by Anchor Equity Partners. By then, it claimed 10 million total users and 2.4 million monthly actives, planning a Korean IPO initially targeted for 2022 with up to $5.8-5.9 billion valuation. The startup competed in Korea's fast-growing mobile grocery market against later adopters of overnight delivery. |
| May 2019 | Series D | Hillhouse Investment (lead) | $30M | - | Market Kurly, operating as Kurly, is a South Korean e-grocery platform launched in May 2015, specializing in next-day delivery of premium fresh produce, household essentials, dairy, and other groceries via advanced cold-chain fulfillment. It targets urban customers with orders placed until 11pm for 7am delivery, differentiating through curated products and infrastructure. In May 2019, it closed an upsized Series D round totaling $113 million, starting with $88 million led by Sequoia Capital China and extended by $25 million from Hillhouse Capital, with other participants including SK Networks, Fuse Venture Partners, and Translink Capital. Total funding post-round was approximately $328-329 million. Funds supported fulfillment expansion, supplier relations, and customer experience improvements. For 2019, Market Kurly reported sales of ₩429 billion ($23.8 million USD equivalent per contemporary reports), marking 173% year-on-year growth from prior year. Customer repurchase rate reached 61.2%, double the industry average of 29%. Operating losses expanded 193% to ₩98.6 billion from ₩33.7 billion in 2018, reflecting heavy investments in growth amid competitive grocery delivery market with rivals like Coupang, SSG.com, and GMarket. Revenue tripled year-on-year to $131 million in 2018 per announcement. Following the 2019 round, Market Kurly raised a Series E in April-May 2020 of $160 million led by DST Global with Hillhouse and others, potentially achieving unicorn status (reports ~$780 million valuation), used for a larger Seoul fulfillment center, hiring, and acquisition. Sales exceeded ₩1 trillion in 2020. Later rounds included 2021 Series F ($200 million) and private equity ($210 million at $3.3 billion valuation). |
| Apr 2019 | Series D | Fuse Venture Partners (lead); HSG (lead); Canaan Valley Capital | $88M | - | Market Kurly is a South Korean online grocery e-commerce platform specializing in fresh produce with dawn delivery service, offering next-morning delivery for orders placed until 11 pm. The company secured 100 billion KRW ($89.7 million) in investment in April 2019 from a consortium including Sequoia Capital, with the queried investors Canaan Valley Capital, Fuse Venture Partners, and HSG likely part of this or a matching round, led by Fuse Venture Partners and HSG. The investment supported expansion in a rapidly growing sector, with Market Kurly positioning itself as a leader in fresh food e-commerce. In 2018, the year before the round, Market Kurly achieved revenues of 157 billion KRW, representing a threefold year-on-year increase, highlighting strong growth in the dawn delivery market, estimated at 400 billion KRW by industry insiders, up from 10 billion KRW in 2015. Later developments show sustained scaling; by 2023, sales revenue reached roughly 2 trillion KRW, escalating to 2.37 trillion KRW in 2025 alongside first-ever annual operating profit of 13.1 billion KRW and GMV of 3.53 trillion KRW, driven by core fresh food, diversification into beauty, fashion, and fulfillment services. |
| Jul 2018 | Series C | DST Global; HSG | $45M | - | - |
| May 2018 | Series C | Korea Investment Partners; UTC Investment; Mirae Asset Venture Investment; Translink Capital; Capstone Partners | $7M | - | - |
| Feb 2018 | Series C | SK Networks (lead) | $8M | - | Market Kurly is a South Korea-based online grocery delivery platform specializing in next-day and early-morning delivery of premium fresh produce, dried goods, drinks, hygiene products, pet food, and small appliances. The company pioneered overnight delivery services in Korea since its 2015 launch. SK Networks made its first investment in Market Kurly in March 2018, injecting 8.1 billion won as a direct investment in the fresh food delivery innovator. Market Kurly achieved revenues of 157.1 billion KRW in 2018, reflecting strong growth from 46.5 billion KRW in 2017 and prior years. The company's compound annual growth rate reached 3.7 times from 2015 to 2019, with revenues climbing to 428.9 billion KRW ($388 million) in 2019. SK Networks continued its support with additional investments of 7 billion won in 2020 and 8.3 billion won later. Following the 2018 investment, Market Kurly raised further capital, including a Series E round in early 2020 led by DST Global with participation from SK Networks and others, totaling over $160 million at the time when the company was reportedly valued around $780 million. SK Networks realized an $80 million valuation gain on its Kurly stake by 2022. |
| Dec 2016 | Series A | Translink Investment (lead); Korea Investment Partners; UTC Investment; DS Asset Management; LB Investment; Capstone Partners | $14M | - | - |
| Mar 2016 | Seed | IBK Capital | $400K | - | - |
| Feb 2015 | Angel | DSC Investment | $5M | - | Market Kurly is a South Korean premium online grocery delivery platform founded in 2015, pioneering early morning dawn delivery services. The company attracted an early seed investment of approximately 4 billion won from DSC Investment in August 2015 at a post-money valuation of 52.5 billion KRW. Market Kurly subsequently became one of Korea's unicorn companies, growing to approximately 1 trillion won in annual revenue by 2020. The platform expanded significantly through subsequent funding rounds, raising 200 billion won at a 900 billion won valuation in April 2020, and eventually raising $210 million in pre-IPO investments from Anchor Equity Partners in December 2021, with plans to pursue an IPO listing on the Korea Exchange. |
Who has invested in Market Kurly?
21 investors have backed Market Kurly across its funding rounds, including HSG, Hillhouse Investment, DST Global, Capstone Partners, SK Networks and Aspex Management.
Lead investors include Anchor Equity Partners, Aspex Management, DST Global, Hillhouse Investment, HSG and 3 other investors.
Market Kurly Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Jul 2018 | ||
| 3 | Lead | Feb 2018 | ||
| 3 | Lead | May 2019 | ||
| 3 | Participant | Dec 2016 | ||
| 3 | Lead | Jul 2018 | ||
| 3 | Lead | May 2020 | ||
| 2 | Lead | Dec 2021 | ||
| 2 | Participant | Dec 2016 | ||
| 2 | Participant | Dec 2016 | ||
| 2 | Participant | May 2018 | ||
| 2 | Lead | Apr 2019 | ||
| 1 | Participant | Feb 2015 | ||
| 1 | Participant | Jul 2021 | ||
This data is available for Pro users. Sign up to see all 21 Market Kurly investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Market Kurly
Market Kurly has acquired 3 companies to date.
Last acquisition by Market Kurly was on January 21st 2022. Market Kurly acquired Hey Joyce for undisclosed valuation.
Latest Acquisitions by Market Kurly
| Description | Hey Joyce is an online platform connecting professional women for career advancement consulting and problem-solving sessions. The service facilitates peer-to-peer mentoring, skill-building workshops, and networking events tailored to challenges in leadership, work-life balance, and industry transitions. | Paybot is a ManyChat template for e-commerce and restaurants featuring shopping carts and automated checkouts. It integrates with platforms like SuperEasy for seamless payment processing within chat interfaces. Designed for quick deployment, the template enables businesses to sell products directly in messaging apps. | Paybot is a payment solutions provider offering gateways, processing, and related services. Its platform supports online transactions for merchants in multiple currencies through secure APIs. Based in an undisclosed location, the company emphasizes developer-friendly integrations for e-commerce sites. |
| HQ Country | |||
| HQ City | Seoul | Kyiv | Seongnam |
| Deal Date | 21 Jan 2022 | 6 Sep 2021 | 6 Sep 2021 |
| Valuation | undisclosed | $510K | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Market Kurly acquisitions and their M&A valuation multiples. Start Free Trial | |||
Investments by Market Kurly
Market Kurly has invested in 2 companies to date.
Latest investment by Market Kurly was on December 19th 2023. Market Kurly invested in Redrob in their $4M Seed round.
Latest Investments by Market Kurly
| Description | Redrob is a software development firm providing custom engineering and outsourcing services. Specializing in web and mobile applications, it serves clients in Europe and North America with agile teams delivering full-stack solutions in JavaScript, Python, and cloud architectures. | Rokya is a South Korea-based agritech company that develops agricultural products and sustainability solutions powered by big data analytics. Focused on precision farming, Rokya processes data from sensors and satellites to optimize crop yields, resource usage, and environmental impact for rice, vegetables, and fruits. The firm collaborates with Korean farming cooperatives and provides platforms for real-time monitoring of soil health, weather patterns, and pest detection. Rokya's tools support government-backed smart farm initiatives across Jeolla and Gyeongsang provinces. |
| HQ Country | ||
| HQ City | Seoul | Chuncheon |
| Deal Date | 19 Dec 2023 | 29 Apr 2022 |
| Round | Seed | Series A |
| Raised | $4M | $8M |
| Investors | Yanolja; Murex Partners; MUSINSA; DS&Partners | - |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Market Kurly investments and their VC round multiples. Start Free Trial | ||
Market Kurly Competitors
Market Kurly competitors include listed companies like Dingdong (Cayman) and HelloFresh, and private ones like Farfetch China, Licious, Misfits Market and Saks.com.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $3.6B | $34M | $485M | 0.1x | ||
| Publicly listed | $7.8B | $246M | $452M | 0.0x | ||
| Private | - | - | $2B | - | ||
| Private | $45M | - | $2B | - | ||
| Private | - | - | $2B | - | ||
| Private | - | - | $2B | - |
Market Kurly Public Comps
Market Kurly is still privately-owned, but its public comps include Polibeli Group, momo.com, ACV Auctions, Modivo, Blibli, Beijing United, Suning.com, DeNA, Ocado Group and Revolve Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $26M | ($4M) | 76.5x | - | (495.5x) | - | |||
| $3.4B | $148M | 0.6x | 0.6x | 13.2x | 12.2x | |||
| $760M | ($19M) | 2.3x | 2.1x | (89.6x) | 24.8x | |||
| $2.9B | $224M | 1.0x | 0.9x | 12.8x | 7.3x | |||
| $1.3B | ($83M) | 1.9x | 1.6x | (28.2x) | (21.5x) | |||
| $7.6B | $373M | 0.3x | 0.2x | 5.9x | 5.5x | |||
| $7.3B | $893M | 0.6x | 0.6x | 5.1x | 18.1x | |||
| $950M | $177M | 1.1x | 1.1x | 5.8x | 6.5x | |||
This data is available for Pro users. Sign up to see all Market Kurly competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Market Kurly
| When was Market Kurly founded? | Market Kurly was founded in 2015. |
| Where is Market Kurly headquartered? | Market Kurly is headquartered in South Korea. |
| Is Market Kurly publicly listed? | No, Market Kurly is a private, VC-backed company. |
| What is Market Kurly's valuation? | Market Kurly was last valued at $1.9B in its undisclosed-stage round in May 2023. |
| How much funding has Market Kurly raised? | Market Kurly has raised $857M across 12 funding rounds. |
| What was Market Kurly's last funding round? | Market Kurly's last funding round was a $90M undisclosed-stage round in May 2023, led by Anchor Equity Partners. |
| Who are Market Kurly's investors? | Market Kurly's investors include HSG, SK Networks, Hillhouse Investment, Capstone Partners, DST Global, Aspex Management, Anchor Equity Partners, Korea Investment Partners, UTC Investment, Translink Capital and 11 others. |
| What is Market Kurly's revenue? | Market Kurly's latest recorded revenue is $845M (December 2021). |
| What is Market Kurly's revenue multiple? | Market Kurly's latest valuation implies a 3.9x revenue multiple ($3.3B valuation on $845M of revenue). |
| Which companies are comparable to Market Kurly? | Companies comparable to Market Kurly include Dingdong (Cayman), HelloFresh, Farfetch China, Licious, Misfits Market and Saks.com. |
| How many companies has Market Kurly acquired? | Market Kurly has acquired 3 companies, including Hey Joyce, Paybot and Paybot. |
| What was the largest acquisition by Market Kurly? | The $510K acquisition of Paybot in September 2021 is the largest acquisition Market Kurly has made to date. |
| How many companies has Market Kurly invested in? | Market Kurly has invested in 2 companies, including Redrob and Rokya. |
| What was Market Kurly's last investment? | In December 2023, Market Kurly invested in Redrob's $4M seed round alongside Yanolja, Murex Partners, MUSINSA and 1 other investor. |
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