Online Grocery Service Kurly Plans for an IPO as Company Continues to Grow Rapidly

By Thomas Price Friday, March 12, 2021

As the COVID-19 pandemic pushed more people to stay at home, companies and businesses offering delivery began seeing a major boost in demand. In South Korea, online grocery company Kurly was one of those businesses. Their success along with the growing enthusiasm for online grocery services has led the company to plan an IPO for later this year. Considering the positive climate for IPOs recently along with the growth of ecommerce businesses as a whole, Kurly could easily become a major player across all of South Korea.

A smartphone and grocery delivery basket in a living room.

Kurly’s Services and Current Success

Kurly is an online grocery delivery company based in Seoul, South Korea, that offers a wide variety of food products readily available for delivery. One of the major hallmark of the company is offering overnight delivery for nearly all of their products, allowing customers to order groceries at night and have them delivered by the next morning. In conjunction with the COVID-19 pandemic, the company saw a major boost in business over the course of last year as more consumers decided to use online services instead of shopping in person.

The online grocery delivery company saw a record high year in 2020, with transactions totaling an impressive $1.06 billion. This success for the company led to several upper level members of the business looking to take Kurly public. The plans to take the grocery delivery business public have also been exacerbated by Kurly’s large competitor Coupang, seeing major success after going public yesterday. In fact, Coupang raised $4.6 billion in their debut alone, pushing the total valuation for the grocery delivery service up to $109 billion.

While Kurly does not do nearly as much business as Coupang, the company could still make a major splash by going public, especially on the back of their own recent success.

Kurly’s Planned IPO

Based on the current favorable IPO climate along with the growth trajectory of the business, Kurly recently announced that it would be planning its own IPO later this year. As it currently stands, the grocery delivery business has a public valuation of about $880 million, making prospects for the IPO look incredibly positive. The soft plans are to debut on the New York Stock Exchange, though the company is still largely undecided.

When commenting on the plans for the upcoming IPO, spokesperson for Kurly, Song Cheol-wook, said, “We received positive statements from our accounting consultants about going public within this year. We are open to all options.”

About the Author

Headshot of Thomas Price

Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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