Market Kurly's losses widen as it seeks IPO

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Market Kurly's losses widen as it seeks IPO

Published: 18 Mar. 2021, 17:17

Market Kurly truck at the company’s logistics facility in Songpa District, southern Seoul, last year, [YONHAP]

Market Kurly, which hopes to go public this year, lost money for another year.

Its operating loss last year was around 116.2 billion won, the company losing 15 percent more than in the previous year. Its accumulated loss is now around 260 billion won.

The figures were disclosed in a letter sent to its shareholders ahead of its scheduled shareholder meeting later this month.

In 2020, the e-commerce operator generated around 952.3 billion won in consolidated revenue, up 123.5 percent from a year before.

Market Kurly also runs Fresh Solutions, a logistics firm, and Next Kitchen, a shared kitchen, as its subsidiaries.

The company’s sales jumped as more people dined indoors due to the pandemic, according to a spokesperson for the company. Food and groceries account for 80 percent of the company’s total goods sold.

Sophie Kim, Market Kurly CEO, is discussing with bankers its plans to go public before the end of the year, according to a report from the Wall Street Journal, following Coupang’s initial public offering last week.

Other than Market Kurly, TMON is planning to go public in the second half of the year.

BY JIN MIN-JI [jin.minji@joongang.co.kr]