Grocery e-commerce startup Kurly raises US$113 million
Korean grocery delivery service Kurly has closed an upsized Series D round that hit US$113 million.
The round was announced last April at $88 million, but has since attracted an additional $25 million funding from China’s Hillhouse Capital.
Kurly delivers all orders placed by 11 pm before 7 am the following morning, prioritising convenience over cost savings and focusing closely on self-branded produce and groceries. This distinguishes its service from competing retail giant Coupang’s moves in the sector, which uses a marketplace platform to connect retailers and consumers.
“The latest round of investment is a major endorsement of the progress we’ve made differentiating ourselves in the market through our cold-chain fulfillment infrastructure and unique offering of premium, curated products,” said company founder Sophie Kim. “Our focus is on further strengthening our relationships with our suppliers, developing our fulfillment infrastructure and continually improving our customer experience.”
Kurly’s revenue tripled year-on-year to hit $131 million last year, although the firm did not release its profit-and-loss figures.
Hillhouse Capital has offices in Hong Kong, Beijing, Singapore and New York. It focuses on investments in Asia.