"Baemin B Mart Watch Out"... Kurly Enters Quick Commerce 'Market'
Trademark Application for 'Cullinau' Filed with KIPO
MFC Secured at Major Seoul Hubs
Kurly announced on the 22nd that it will launch 'Kurly Now,' a quick commerce service that delivers products, including Home Meal Replacements (HMR), within about an hour of ordering.
To this end, Kurly filed a trademark application for 'Kurly Now' with the Korean Intellectual Property Office on the 17th, and is securing urban logistics centers (MFCs) at major hubs in Seoul to coordinate the service coverage area. Currently, the areas around Mapo-gu, Seodaemun-gu, and Eunpyeong-gu in Seoul are considered likely. A Kurly representative stated, "The Kurly Now service will be similar to Baemin B Mart, delivering immediately upon order."
Following its 'Morning Delivery' service, which allows customers to receive products by 7 a.m. the next day if ordered before 11 p.m., Kurly aims to enhance its delivery service level through its quick commerce business. The goal is to meet customer demand for receiving items immediately after ordering. Kurly expects the number of customers receiving Home Meal Replacements (HMR) and other products via delivery to increase through this service.
Earlier, Kurly identified quick commerce as one of its new business ventures last year. Since then, it has been scouting locations for MFC installations and forming partnerships with delivery agencies as part of its preliminary preparations.
The background for Kurly's business expansion appears to be its recent trend of improving performance. Kurly recorded an operating profit of 525.7 million KRW on a separate basis in the first quarter of this year, marking its first profit in nine years since the company's establishment in 2015. Earnings before interest, taxes, depreciation, and amortization (EBITDA) also reached 7.1 billion KRW, achieving a quarterly profit for the first time.
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Industry insiders predict that Kurly, having posted its first profit, will attempt to go public (IPO) again after expanding its business. Kurly passed the Korea Exchange review in 2022 but indefinitely postponed its IPO in January last year. It is reported that the reason for the IPO delay was a decline in the company’s valuation, which was about 4 trillion KRW during the pre-IPO investment round.
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