Market Kurly operator renamed ahead of IPO
[THE INVESTOR] The Famers, operator of the popular grocery-delivering platform Market Kurly, has recently changed its company name to Kurly as it seeks to make a KOSDAQ debut next year, a company spokesperson confirmed on May 14.
“We have changed our name considering our brand awareness and business direction,” the official told The Investor.
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Established in 2014, the firm started with the name The Farmers as it was specialized in home delivery of organic food early in the morning. As the business is fast growing, now its delivery items include processed food and other kitchenware products.
Thanks to the unique concept, its sales almost tripled to 46.5 billion won (US$43.50 million) last year from 17.3 billion won in 2016. Its monthly sales have exceeded the 10 billion won mark as of March this year.
Largely buoyed by the upbeat performance, the firm is seeking to launch an initial public offering next year. Industry watchers predict the market value could reach about 100 billion won.
Investors are also paying keen attention to the stake purchase. The firm has received a total of 26 billion won funding from multiple investors, including SEMA Translink Investment, UTC Investment and LB Investment. More recently, Hong Kong-based Anchor Equity Partners is reportedly considering about 20 billion won funding before the IPO.
By Song Seung-hyun (firstname.lastname@example.org)