Kurly Secures 33 Billion Won Investment From Naver Through Third-Party Allotment

Retail tech company Kurly is strengthening its strategic partnership with Naver, its collaborator in the e-commerce sector, by securing a 33 billion won investment from Naver.

Seula Kim, CEO of Kurly (left), and Suyeon Choi, CEO of Naver.

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On May 6, Kurly announced that it has decided to issue new shares worth 33 billion won through a third-party allotment to Naver. The planned issuance includes 498,882 common shares, with an issue price of 66,148 won per share.

Naver will acquire the entire allotment of new shares, further solidifying its partnership with Kurly. The issue price was determined by mutual agreement between the two companies, based on Kurly’s most recent investment round. As a result, Kurly’s corporate valuation is recognized at approximately 2.8 trillion won. Naver’s stake in Kurly will increase to 6.2%.

With the funds raised through this capital increase, Kurly plans to secure about 33 billion won, which will be used as resources for medium- to long-term growth, including expanding logistics infrastructure and pursuing new business ventures.

Seula Kim, CEO of Kurly, stated, “With this investment as a turning point, the two companies will further strengthen their cooperative relationship as strategic partners and aim to generate practical synergies and achieve remarkable growth.”

Meanwhile, Kurly and Naver signed a strategic partnership in April last year and subsequently launched the online grocery specialty store ‘KurlyNMart’ on the Naver Plus Store in September of the same year. Kurly’s logistics subsidiary, Kurly Nextmile, is also responsible for delivering Naver Smart Store and Brand Store products through its signature ‘Saetbyeol’ next-day delivery service.

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