Fresh profit, new strategic alliance fuel hopes of long-delayed listing
Market Kurly’s long-stalled ambitions to go public are edging back into view following a deepening e-commerce alliance with tech giant Naver, in a coalition that could challenge e-commerce leader Coupang in the nation's crowded online retail market.
Earlier this month, Kurly launched its own external storefront, Kurly N Mart, on Naver’s artificial intelligence-powered shopping platform, tapping into the tech giant’s vast user base as it shifts toward a more everyday grocery model with daily essentials.
“By combining Naver’s vast data and 40 million users with Kurly’s strengths in fresh food and overnight delivery, we aim to deliver a grocery shopping experience unlike anything that’s come before,” said Market Kurly founder and CEO Sophie Kim at a commerce event on Tuesday.
Kurly’s logistics affiliate, Kurly Nextmile, has joined Naver’s fulfillment network, enabling merchants on the platform to offer early-morning delivery using Market Kurly’s logistics infrastructure.
As for a potential public listing, Kim said the company remains open to the idea, though the decision will depend on market conditions and continued business momentum.
“We want to make sure our core business is performing well before we return to the market,” Kim said. “It would be great if it happens, but it’s not just up to us. The market environment and other external factors also need to align.”
According to industry insiders, the recent developments could mark an inflection point for Kurly’s prospects for an initial public offering. “If the Naver partnership drives sustained growth and the profit trend continues, the IPO window may reopen sooner than expected,” one official noted.
Kurly secured preliminary approval for an IPO in 2022, but withdrew the plan months later, citing unfavorable market conditions that made it difficult to justify its desired valuation. Investor concerns about the company’s ability to achieve sustained profitability also weighed on the decision.
This year, that narrative is showing signs of change, as Kurly’s fundamentals begin to stabilize.
The company reported its first-ever semiannual profit of 3.1 billion won ($2.23 million) on revenue of 1.16 trillion won this year. This followed a solid second quarter, extending Kurly’s streak to two straight quarters of profitability.
“Growth in core categories like food and beauty, expansion into new business areas and the continued scaling of our overnight delivery service contributed to our return to profitability,” a Market Kurly official said.
Kurly is turning its attention overseas as well. In late August, the company launched Kurly USA, a cross-border platform offering delivery of Korean goods to US customers within 48 hours.
minmin@heraldcorp.com
