COMPANY PROFILE / PUBLIC INFORMATION
Kurly
Profiles are based on public information. Inclusion does not indicate an available investment opportunity or an offer to buy or sell securities.
What They Do
Kurly operates Market Kurly, an online grocery and prepared-food service known for its early-morning delivery, alongside the Beauty Kurly cosmetics platform. It also supports third-party merchants through its marketplace and fulfilment services. [2][3] Its partnership with Naver extends this offering through Kurly N Mart within Naver Plus Store. Naver invested approximately ₩33bn in new Kurly common shares in May 2026 and held 6.18% of issued common shares at 30 June 2026. [2][4]
Competitive Edge
A SPECIALISED RETAIL AND LOGISTICS PLATFORM Kurly combines product selection, cold-chain logistics and early-morning delivery. Its marketplace and fulfilment services broaden the business beyond buying and reselling inventory directly. [3] DISTRIBUTION THROUGH NAVER Kurly N Mart creates another route to customers through Naver’s commerce platform. The equity investment reinforces the relationship; the commercial test is whether this expands demand on sustainable terms. [3][4] IMPROVING OPERATING RESULTS Consolidated operating results improved from a ₩143.6bn loss in FY2023 to a ₩13.1bn profit in FY2025. H1 2026 operating profit reached ₩51.6bn, although the second quarter benefited partly from a VAT reversal that reduced cost of sales. [1][2][3]
Why We’re Watching
Kurly offers a case study in the move from growth-led e-commerce to sustainable operating profit. It recorded its first full-year operating profit in 2025, while still reporting a net loss. H1 2026 brought ₩1.480tn of revenue, ₩51.6bn of operating profit and ₩45.7bn of net profit. We are watching how much of that improvement persists as its marketplace and Naver partnership expand. [1][2][3] Naver’s May 2026 investment provides a company-reported valuation reference of approximately ₩2.8tn. It is a negotiated strategic transaction, not a current secondary-market price. The 2023 convertible shares later received an adjusted conversion ratio, so matching headline issue prices do not imply matching economic terms. A future IPO would test both the durability of profits and investors’ willingness to pay for them. [2][4]
Key Risks
QUALITY AND DURABILITY OF EARNINGS FY2025 operating margin was only 0.6%, and the company still recorded a ₩15.4bn net loss. H1 2026 was profitable, but the Q2 VAT reversal means the entire improvement should not be attributed to recurring operating efficiency. [1][2][3] BALANCE-SHEET PRESSURE At 30 June 2026, total liabilities were ₩793.4bn against ₩160.5bn of equity: approximately 494% on a calculated liabilities-to-equity basis. This includes all liabilities and is not a measure of interest-bearing debt alone. [2] COMPETITION AND PARTNER DEPENDENCE Grocery delivery and online retail are competitive and operationally demanding. Greater reliance on Naver may broaden reach while increasing exposure to a partner’s commercial terms and platform priorities. CAPITAL STRUCTURE AND EXIT TIMING Historical funding rounds used different instruments and conversion terms. A private financing valuation does not establish a future IPO price or an executable secondary price. The June 2026 ownership snapshot is historical and is not fully diluted. [2] RELATED-PARTY TRANSACTIONS AND INTEGRATION Kurly announced a proposed share exchange to make Next Kitchen a wholly owned subsidiary, scheduled for 7 December 2026. Approvals and completion remained pending as of this profile’s review date. The exchange terms, proposed new shares and subsequent integration warrant monitoring. [5]
Publicly Reported Metrics
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[1] Kurly — official consolidated financial information. Annual FY2023–FY2025 figures, rounded by the company to KRW100m; reviewed 26 October 2026: https://newsroom.kurlycorp.com/ir/financials/ [2] Kurly — H1 2026 report, filed 12 August 2026. Consolidated interim results, balance sheet, issued shares and shareholders at 30 June 2026, and historical convertible-share terms: https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260812000464 [3] Kurly — 2Q26 earnings presentation, 12 August 2026. Operating developments and VAT reversal affecting second-quarter cost of sales: https://img-newsroom.kurlycorp.com/wp-content/uploads/2026/08/Kurly_Earnings_2Q26_Kor.pdf [4] Kurly — Naver partnership and new-share investment announcement, 6 May 2026. Approximately ₩33bn invested at ₩66,148 per new common share; company-reported valuation reference of approximately ₩2.8tn: https://newsroom.kurlycorp.com/kurly-naver-kurlynmart/ [5] Kurly — proposed small-scale comprehensive share exchange notice, 16 October 2026. Next Kitchen transaction scheduled for 7 December 2026; completion pending as of 26 October 2026: https://newsroom.kurlycorp.com/ir/ir-notice/소규모-주식교환-공고-2/ Annual and interim financials are consolidated and shown separately; half-year results are not a full-year forecast. Ownership chart widths are calculated from the filing’s share counts divided by 42,911,707 issued common shares, including treasury shares. Displayed percentages are rounded; this is a historical, non-fully-diluted snapshot. Treasury shares are identified separately and Other holders is the residual. The 2023 convertible issue’s conversion ratio was adjusted from 1:1 to 1:1.8462343, effective 1 January 2024; its headline issue price is not directly comparable with the 2026 common-share investment. Valuation references describe specific transactions, not current market prices or an available investment through LASQUAD.