Kurly, a startup that operates a grocery delivery service in Korea, received $ 150 million in a new round of funding, months after reports that the company may be heading for an acquisition.
Sequoia Capital, Hillhouse Capital and Digital Sky Technologies invested in the series E financing round of the Korean startup, which, according to Korean Investors, was valued at around $ 780 million.
The five-year-old startup that raised $ 113 million in its Series D round, according to CBInsights, has raised approximately $ 346 million last year.
The new round of financing for Kurly, also known as Market Kurly, is taking place at a time when e-commerce sales in Korea have increased as people are becoming cautious.
Local media reports have been following for the past few months noted that rivals Shinsegae and CJ Corp were considering the acquisition of Kurly.
Launched in 201
Kurly also competes with Coupang, who has SoftBank's Vision Fund among its investors. Coupon, often referred to as the "Amazon of Korea" and valued at over $ 9 billion, enables delivery to "millions" of its customers on the same and the next day.
Kurly differentiates itself through its own brands, which are operated via a marketplace, model to connect retailers with consumers. Kurly also focuses on convenience versus cost savings.