Kurly pulls out of IPO

Kurly IPO

Kurly, a South Korean startup that provides next-day grocery delivery service, just announced that it has called off its plan to go public amid worsening economic situations that have put startups’ market debuts on hold.

“We have decided to postpone listing on the Korea Exchange (KOSPI), considering market sentiment remained weak amid the global market uncertainties,” the company said in an emailed statement.

The startup passed the preliminary listing screening on August 22, 2022. In South Korea, a private company must complete the initial public offering (IPO) process within six months after it receives the initial approval for listing. Hence, the IPO deadline for Kurly is on February 22. Kurly will have to start from scratch should it wants to resume its listing.

“Kurly will resume the IPO at the optimal time when we can fully evaluate our valuation in the future,” the company said in its statement. “We have enough cash to carry out the new business we were planning.”

TechCrunch covered Kurly’s $210 million pre-IPO funding at a $3.3 billion valuation in December 2021. But now the online grocery startup is reportedly valued at approximately $669 million, which dropped about 78%.

Kurly lands $210M pre-IPO at a $3.3B valuation months after its last funding

Founded by Kurly CEO Sophie Kim, a former investment banker, the company expanded to non-grocery products like cosmetics, personal care products and health supplements as part of an effort to increase its revenue or gross merchandise volume (GMV) before listing. In an interview with Bloomberg in March last year, Kim said its non-grocery products account for more than 20% of Kurly’s total GMV.

Last August, Kurly made its first overseas foray into Singapore, enabling consumers in Singapore to buy ready-to-eat and ready-to-cook meals via an app called RedMart, owned by Alibaba’s Lazada.

Kurly has raised a total of about $761 million since its 2015 inception. Its investors include DST Global, Sequoia Capital China, Hillhouse Capital, Aspex Management, MiraeAsset Venture Investment, Anchor Equity Partners and strategic investors such as CJ Logistics and SK Networks.

About the Author

Victor Koch

Mr. Koch — serial entrepreneur, wall street worker and late-stage investor specializing in secondary shares.

Previously: Twilio, Xiaomi, iQiyi, PinDuoDuo, Tilray, Livongo, Agora, Bandwidth, Kuaishou Technology, DataRobot, Robinhood, Chime, TransferWise, Oatly, Hims, Wise, Stripe, Kopi Kenangan, Toss, Coursera.

Currently: Enflame, Intercom, Horizon Robotics, FaDaDa, Wise, Epic Games, Hai Robotics, Automattic, Fiture, TigerG, and other

Contact — here, If you are a startup building in this space — email or DM me to be included in this article.

The content was collected from various open sources, approved by companies, and does not provide any one-stop recommendation for the purchase of shares. All data was used for only informational purposes and does not contain insider information that may be malicious or refuted by the company and SEC.

This communication does not represent an offer or solicitation to buy or sell securities. Such an offer must be made via definitive legal documentation by the buyer or seller of securities, please check the SEC rules before buying shares from any stock-suppliers.

Previous years and Insight articles:



Serial entrepreneur, accredited investor, and hedge fund manager. Ex-General Partner of Koch Fund

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Victor Koch

Serial entrepreneur, accredited investor, and hedge fund manager. Ex-General Partner of Koch Fund