“The company has also been successful in bringing merchandises to the customers at a reasonable price through service technology empowered by the use of its proprietary data analytics. “This funding round is a testament to Kurly’s contributions in transforming customer’s everyday habit of conducting grocery shopping at physical stores into a more convenient way of shopping online by offering a superior selection of products through its innovative delivery service,” said Seul-A Kim, also known as Sophie Kim, the CEO and founder of Kurly, in a statement. Kurly said the funds will be used to build out its tech stack, talent recruitment, and to expand its coverage of its next-day services. Whatever the reason for the shift, this latest round is an interesting signal to the market that investors are keen to continue supporting the company on the back of more market potential. Its market cap is currently just under $70 billion and so that might also invite unfavorable comparisons. market, on the NYSE after going public earlier this year. It’s worth noting too that Coupang, Kurly’s much bigger rival, is traded in the U.S. Others have reported that the company was facing issues with some existing private backers wanting to cash out, concerned over the company’s growth potential - which might have hastened an IPO while also putting more pressure on the company to produce better returns. Some have reported that Chinese transport giant Didi’s rocky start as a public company on the NYSE this month gave Kurly pause on the performance of Asian companies on U.S. After reviewing detailed conditions such as its business model and stock market conditions both at home and abroad, Kurly has decided to go ahead with an initial public offering in the Korean stock market,” it said in a statement to Korea Economic Daily.
“Kurly had explored both overseas and domestic IPO options. later this year instead it announced this week that it would instead seek to list in its home market instead. Kurly had been planning an IPO in the U.S. This latest funding comes right on the heels of a significant U-turn for the business in recent days.
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