Kurly has resumed plans for an initial public offering following stronger financial results and a strategic partnership with Naver, which has strengthened its financial position and valuation. The online grocery platform, which had postponed its IPO in 2023 due to challenging market conditions, is now engaging in regular discussions with underwriters such as Korea Investment & Securities, NH Investment & Securities, and JPMorgan about a potential listing.
A company representative confirmed the ongoing talks but stressed that operational improvements and valuation remain the top priorities. The move comes as Kurly reported significant financial progress: in 2023, the company achieved revenue of 2.37 trillion won and an operating profit of 13.1 billion won, marking its first annual profit since its founding. Through the first half of this year, revenue reached 1.08 trillion won, with an operating profit of 51.6 billion won and a net profit of 45.7 billion won—a figure nearly four times higher than the full-year 2023 operating profit.
The company’s valuation has stabilized following Naver’s 33 billion won investment in May, which placed Kurly’s worth at approximately 2.8 trillion won. This aligns with the valuation set by Anchor Equity Partners in 2023, providing clarity for existing investors, including Hillhouse Capital, HongShan, DST Global, and Aspex Management, who have held shares for more than five years. The delayed listing has prolonged their investment horizons, making Kurly’s improving profitability and valuation particularly important to their eventual returns.
One investor, speaking on condition of anonymity, described Naver’s investment as a “pre-IPO round, helping restore confidence in Kurly’s valuation and potentially improving exit prospects for existing investors.” The company has also overhauled its leadership structure, adding 18 unregistered executives by April 1, a departure from its previous centralized management under CEO Sophie Kim. A preliminary review could occur by the end of this year, with a potential market debut in early 2027.
“Previously, Kurly’s case rested on revenue growth and the potential to expand its platform. This time, its improved earnings, logistics efficiency and business diversification are supporting a stronger profit structure,” an investment banking official said. “Its second-quarter and second-half results will be key, but recent trends look encouraging.”
Kurly’s shift toward profitability and Naver’s involvement represent a marked change from its 2021 pre-IPO valuation of 4 trillion won, which had declined amid weaker market conditions.
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