Korean grocery delivery platform Kurly has raised 33 billion won from Naver through a third-party allotment paid-in capital increase, further cementing the strategic partnership between the two companies.
Kurly will issue 498,882 new common shares at 66,148 won per share, with Naver acquiring the entire allotment. Following the transaction, Naver’s stake in Kurly will expand to 6.2%, and the implied valuation of Kurly stands at approximately 2.8 trillion won.
The investment comes on the heels of a significant milestone for Kurly: the company posted its first-ever annual operating profit, recording revenue of 2.3671 trillion won and operating income of 13.1 billion won. Total gross merchandise volume grew 13.5% year-over-year to 3.5340 trillion won, with fourth-quarter GMV growth accelerating to 16.2% — the highest in three years.
Kurly plans to deploy the fresh capital toward logistics infrastructure expansion and new business initiatives. The two companies have been steadily deepening their commercial ties since launching “Kurly N-Mart,” a dedicated fresh grocery storefront on Naver Plus Store. Since its debut, monthly GMV on Kurly N-Mart has grown more than sevenfold, with average monthly transaction volume rising over 50% each month. The storefront has also added same-day delivery, complementing its existing dawn delivery service.
Kurly’s logistics subsidiary, Kurly Next Mile, already handles dawn delivery for products sold through Naver’s Smart Store and Brand Store, creating a mutually reinforcing supply chain between the two companies. CEO Sophie Kim said the two companies plan to further strengthen their strategic partnership and achieve meaningful synergies and accelerated growth off the back of this investment.
