[StartupRecipe] 12 Korean Unicorn Startups Reveal 2024 Financial Results

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12 Korean Unicorn Startups Reveal 2024 Financial Results

The 2024 financial disclosures from South Korea’s unicorn startups reveal a sharp split between those on a path of sustained growth and others still struggling to exit the red. Startups that turned a profit are leveraging strong core businesses, global expansion strategies, and improved monetization efforts to accelerate momentum. Meanwhile, others are showing promising signs of recovery, with reduced deficits and bold investments setting the stage for a return to profitability in 2025.

Viva Republica, the fintech firm behind Toss, posted its first annual profit—marking a major step forward in its monetization strategy. Key contributors included a rise in user-driven advertising services and new offerings from subsidiary businesses operating under Toss’s superapp framework. Consumer services were the primary engine of this growth. Danggeun Market, operator of the hyperlocal platform Karrot, expanded its targeted advertising business, growing ad revenue by 48%. This growth was driven by the platform’s deepened focus on small and medium-sized business advertising and new professional marketing solutions for enterprise clients. Oasis Market, which has remained profitable for 13 consecutive years, saw a 15% increase in online sales. Its continued success is credited to its operational efficiency and expertise in early morning delivery—a core differentiator in the e-commerce space.

Unicorns also cited diversification and international expansion as key growth levers.

Bucketplace, the company behind OHouse, attributed its financial turnaround to a surge in overall commerce sales, with both direct and intermediary product transactions rising across multiple categories. Its interior construction division and a second year of rising ad revenue also fueled profitability. Looking ahead, the company plans to expand commerce operations in Japan and explore investment opportunities in the United States. Musinsa maintained strong revenue growth, supported by the success of domestic designer brands, the offline expansion of its in-house label Musinsa Standard, and increased category offerings in beauty, sports, and home goods. Strategic investments in offline retail and international markets further bolstered its position. Danggeun Market also made strides globally, surpassing 2 million subscribers in Canada. The company is actively investing in overseas markets and has announced plans to expand across North America.

Startups that remain in the red are making strategic moves to improve performance, with many citing preemptive investments as the reason behind their current deficits. Ably Corporation and Kream both reported losses driven by aggressive growth strategies. Ably’s deficits were primarily due to increased spending on new services and international expansion, while Kream focused on customer acquisition and seller support. Despite the loss, Kream showed a notable improvement, recording consolidated EBITDA of 1.9 billion KRW. Kurly, though still operating at a loss, cut its annual deficit by 125.3 billion KRW and posted its first-ever EBITDA surplus. The online grocery platform emphasized a balanced approach to growth and profitability, expanding into new categories such as beauty and fashion.

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