Online grocery store operator Kurly attracts $163 mln investment

11, May. 2020

Photo by leonie wise on Unsplash
Photo by leonie wise on Unsplash

SEOUL, AJU - Despite a COVID-19 pandemic that has drastically dampened global consumption and economic activities, the operator of South Korea's one-day online grocery delivery service Market Kurly has successfully attracted 200 billion won ($163 million) from multi-national investors.

Market Kurly, favored by housewives and businessmen who have no time to shop for groceries at offline stores, has gained popularity in recent months. The online store quickly delivers fresh grocery items to doorsteps early in the morning.

Kurly said in a statement on Friday that it has drawn a new investment from SK Networks, a trading and retail arm of South Korea's third-largest conglomerate SK Group, Hillhouse Capital Group, a multi-national private equity firm that focuses investments in Asia, and others. In the past five years, 420 billion won has been funneled into the company.

"This investment attraction is the largest in the startup industry this year," Kurly said, adding it holds a significant meaning because venture investment sentiment has plummeted around the world due to the COVID-19 pandemic.

Kurly said the investment would be spent on upgrading the logistics system of a mega-sized logistics warehouse in Gimpo, a western satellite city of Seoul, and expanding the base of customers and its workforce.