Market Kurly
Unicorn Β· $3.3B11 known investors
South Korean online grocery platform Kurly (formerly Market Kurly), pioneer of 7 a.m. "dawn delivery" of fresh food.
Also known as Beauty Kurly Β· Kurly Β· Kurly Inc. Β· The Farmers
Investors Β· 11
Also in the syndicate Β· 5
Valuation Β· disclosed
Disclosed eventsSource: SEC prospectus filings, and round valuations the company or its investors disclosed β follow each entry's link for the claim.
Company profile
researched Aug 2026Kurly Inc. is a South Korean e-commerce company that operates the online grocery and gourmet food platform originally branded Market Kurly. Its core service is next-morning "dawn delivery" (also referred to as Saetbyeol or Morning Star delivery): orders placed before 11 p.m. are delivered by 7 a.m. the following morning, supported by cold-chain logistics centers built for fresh produce. The platform launched with a small assortment of curated products and grew into a broader retailer of premium groceries, including private-label and chef-collaboration ready-to-cook and ready-to-eat meals developed with Korean restaurants and chefs.
The company has progressively diversified beyond fresh food. It began selling cosmetics in 2017, and in 2022 added cosmetics manufacturing and sales to its corporate business purpose. In late 2022 it renamed the platform from Market Kurly to Kurly, creating sub-platforms Market Kurly for fresh food and Beauty Kurly for beauty products. It subsequently added fashion and living goods, and in December 2024 began offering luxury fashion items through Seoul-based third-party luxury retailer Reebonz. Other reported initiatives include a paid membership program, Kurly Members, and packaging changes toward paper materials.
Kurly has pursued a public listing for several years. It received preliminary approval from the Korea Exchange in August 2022, called off the listing in January 2023 amid weak markets, revived plans in 2024 at a targeted valuation of about $2.3 billion, and, per May 2026 reporting, moved toward the IPO market again following an investment from Naver Corp.
Founding story
Founder and CEO Sophie Kim (Kim Seul-ah, born 1983 in Ulsan) studied at Wellesley College, graduating cum laude in political science in 2006, then worked at Goldman Sachs in Hong Kong, McKinsey & Company, Temasek Holdings and Bain & Company's Korea office. After returning to South Korea she found that obtaining premium-quality groceries required visiting multiple markets, and identified a gap for a quality-driven e-commerce player serving busy consumers. She founded The Farmers in 2014 and launched the online grocery service in 2015 with roughly 30 products.
Business model
Kurly operates an online retail platform that sells curated fresh groceries, prepared foods, cosmetics, fashion and living goods to Korean consumers, fulfilling orders through its own cold-chain logistics centers and overnight delivery operation. It combines first-party curated retail with third-party sellers in higher-margin categories such as luxury fashion, and offers a paid membership program (Kurly Members).
Revenue is generated from product sales on its platform, supplemented by higher-margin non-grocery categories (cosmetics, fashion, living goods) and a paid subscription membership. Reported 2022 sales were 2.04 trillion won, up 30.5% year on year, against an operating loss of 233.5 billion won driven by delivery, packaging and cold-chain costs.
Traction
Reported figures include 2022 sales of 2.04 trillion won (up 30.5% year on year), a 2022 operating loss of 233.5 billion won, cash reserves of 195.6 billion won at the end of Q1 2023, a consolidated operating loss of 12.8 billion won for the first nine months of 2024, positive EBITDA of 13.7 billion won in 2024, and a first quarterly operating profit of 1.76 billion won in 2025. Kurly Members surpassed 1.6 million subscribers, fashion sales from January to November 2024 nearly quadrupled year on year, and cosmetics sales grew close to 200% annually after their 2017 launch. Cumulative venture funding was reported at $761 million as of 2024.
Latest developments
In December 2024 Kurly added luxury fashion through third-party retailer Reebonz to lift margins ahead of a renewed IPO attempt. In 2025 it reported its first quarterly operating profit of 1.76 billion won. As of May 2026 reporting, Naver Corp. invested 33 billion won via convertible preferred shares, restoring Kurly's valuation to 2.8 trillion won ($1.9 billion) and reviving its IPO prospects; the two companies had also signed a strategic partnership, with Naver reported to be considering acquiring around a 10% stake.
βΈFull profile β market position, technology, go-to-market, geography, history, risks & controversies
Market position
Kurly is described as the pioneer of South Korea's dawn delivery market and one of the country's leading online grocery platforms, though smaller than Coupang. It has faced intensifying competition from Coupang, SSG.COM, Emart and Lotte, and from logistics entrants such as CJ Logistics, while carrying cumulative losses that pressured its valuation from a 2021 peak of about 4 trillion won.
Differentiation rests on curation of premium, quality-driven products rather than lowest price, an in-house cold-chain and overnight fulfillment network enabling 7 a.m. delivery, exclusive chef- and restaurant-developed prepared foods, and brands described as difficult to find on other Korean marketplaces.
Technology
The business is built on cold-chain logistics infrastructure, optimized delivery routing and inventory management for perishables, and overnight fulfillment operations; the company has also stated plans to use AI for personalized, curated shopping experiences.
Go-to-market
Kurly sells directly to consumers through its own app and website in South Korea, expanding category coverage through supplier and brand partnerships, chef and restaurant collaborations, and third-party sellers. Internationally, it entered Singapore in August 2022 by listing more than 40 products on Lazada's RedMart rather than launching its own storefront, with stated exploratory interest in the US market and flagship stores in Hong Kong and Singapore.
Korean online grocery shoppers, with a core base described as women in their 30s and 40s who shop for their families and themselves; the customer base has been extended to beauty, fashion and living goods buyers.
Geography
Operations are centered on South Korea, with dawn delivery coverage including the Seoul metropolitan area and Gyeonggi Province and stated plans to extend into suburban and rural areas. Its first international presence was product distribution through RedMart in Singapore.
History
The company was founded as The Farmers in 2014 and launched its grocery service in 2015, introducing dawn delivery that year. It was renamed Kurly Inc. in 2018. Cosmetics sales began in 2017. It reached unicorn status, and in December 2021 raised 250 billion won in pre-IPO funding at a valuation of 3.7-4 trillion won. In 2022 it acquired Plannery, operator of the women's career-community platform HeyJoyce, expanded internationally by listing products on Lazada's RedMart in Singapore, obtained preliminary Korea Exchange IPO approval, and rebranded the platform to Kurly with Market Kurly and Beauty Kurly sub-platforms. It cancelled the IPO in January 2023, sought new funding at roughly half its peak valuation, and in May 2023 raised 120 billion won in pre-IPO funding at about 2.5 trillion won. It launched the Kurly Members membership in 2023, added luxury fashion via Reebonz in December 2024, reported its first positive EBITDA (13.7 billion won) in 2024, and posted its first quarterly operating profit (1.76 billion won) in 2025. In May 2026 Naver Corp. invested 33 billion won, restoring the valuation to 2.8 trillion won.
Risks & controversies
Kurly has accumulated substantial losses driven by cold-chain investment and rising delivery and packaging costs, and industry observers have questioned whether a low-margin fresh-food dawn delivery model can be profitable at scale. Its enterprise valuation fell sharply from a 4 trillion won peak in December 2021, its IPO was postponed in January 2023 when the implied value dropped below 1 trillion won and financial investors declined to exit, and mounting losses generated public controversy around the planned listing. Its Beauty Kurly expansion was reported to have made limited progress after failing to attract premium cosmetics brands, and competition from larger retail and logistics groups continues to pressure market share. There was also market speculation about a possible sale to a large retail group.
Compiled by commissioned research from 8 cited public sources β announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed β not independently audited.
Timeline Β· 16
launches, deals, and filingsNaver Corp. made a 33 billion won investment that restored Kurly's valuation to 2.8 trillion won ($1.9 billion), reviving its IPO prospects. Amount in USD field reflects the stated valuation, not the investment size.
$1.9B source β
Naver and Kurly signed a strategic partnership involving a potential stake acquisition, with Naver reported to be considering taking about a 10% stake to counter Coupang.
Kurly invited Seoul-based online luxury goods retailer Reebonz to sell luxury fashion items on its marketplace, its first offering of luxury fashion, as part of a margin-improvement push ahead of an IPO re-attempt.
Kurly informed shareholders of a new share issuance plan to raise 100 billion won ($76 million) at an estimated corporate value of 2.5 trillion won, offering new shares in the mid-to-high 60,000 won range per share.
$76M source β
Kurly cancelled its planned Korea Exchange listing after its valuation fell, with financial investors declining to exit below a 1 trillion won corporate value.
A low-price paid membership program that reportedly surpassed 1.6 million subscribers.
The company dropped 'Market' from its platform name and created two sub-platforms: Market Kurly for fresh food and Beauty Kurly for beauty products.
Market Kurly launched more than 40 products, including ready-to-cook and ready-to-eat meals, on Lazada's Singapore online supermarket RedMart, targeting Southeast Asia.
The Korea Exchange granted preliminary approval for Kurly's initial public offering, which the company had planned to complete by year-end 2022.
Market Kurly acquired the South Korean company Plannery, which runs HeyJoyce, a career-building services platform for women.
Reported as 250 billion won raised at a valuation of 3.7-4 trillion won; TechCrunch reported $210 million at a $3.3 billion valuation.
$210M source β
The award recognizes leaders under 40 and carried a prize of 50 million KRW.
The company started selling cosmetics products, with sales reported to have grown nearly 200% annually thereafter.
Kurly launched its next-day early morning delivery service, delivering orders placed before 11 p.m. by 7 a.m., backed by investments in cold-chain logistics and overnight staffing.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
βΈResearch sources Β· 8
primary sources listed
- Market Kurly drops Market from platform name to expand business scope - KED Globalkedglobal.com Β· web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Market Kurly do?
- South Korean online grocery platform Kurly (formerly Market Kurly), pioneer of 7 a.m. "dawn delivery" of fresh food.
- Who are Market Kurly's investors?
- Market Kurly's investors include Digital Horizon, Digital Horizon VC, LaunchBay Capital, TransLink Capital, DST Global, Sequoia Capital.