The funding helps Kurly achieve a valuation of $2.2B ahead of its planned IPO in Korea. Here are the top-line bullets you need to know.
Kurly, an online grocery delivery startup, has raised $200M in a Series F. The round drew participation from Sequoia Capital China, DST Global, Hillhouse Capital Management, and Millennium Management, among others.
HOW’S THE COMPANY PERFORMING?
- South Korea-based Kurly is a next-day grocery and food delivery company that offers fresh food items and related logistics services through its brand, Market Kurly.
- The company claims to have achieved $845M in sales in 2020, up 124% from 2019. It also posted revenue of $831.4M (KRW 952.3B) in 2020, and expects to triple that this year.
- As of May, Kurly had doubled the number of deliveries to 440,000 orders per day, operating through 4 distribution centers and catering to 8M customers in Korea.
WHY DOES THE MARKET MATTER?
- The global logistics market is projected to grow at a CAGR of 6.5% and reach a value of $7.641T by 2027, according to Allied Market Research.
- The pandemic had accelerated the growth of online retail in 2020 and caused an increase in demand for consumer packaged goods, medical supplies, and other consumer goods. This has had a positive impact on the global logistics industry.
- The global supply chain and logistics technology segment has witnessed more than 400 deals in 2020.