이 기사는 2021년 12월 22일 07:59 thebell 에 표출된 기사입니다.

Kurly Inc, an operator of South Korea's leading online grocery delivery service Market Kurly, has raised 250 billion won ($210 million) from Hong Kong-based private equity firm Anchor Equity Partners in a pre-initial public offering (pre-IPO) funding.

The investment process has been completed in just two weeks after the PE firm approached the Korean unicorn startup about the investment. It normally takes more than a month for a PE firm to finalize its investment decision.

Anchor Equity has shown continued interest in the gourmet food delivery platform, which is preparing for the IPO slated for the first half of next year.

Anchor Equity’s interest in Kurly has continued even after its attempt to make an investment failed in 2018 due to backlash from existing shareholders. Kurly has maintained its competitive edge in the midst of competition from e-commerce giants, with its revenue doubling every year.

Anchor Equity’s first attempt to invest in Kurly was one step faster than other foreign PE firms as they started to make investments in earnest in 2019. Kurly’s existing shareholders include DST Global, Sequoia Capital China, Hillhouse Capital, Aspex Management, and Millennium Management.

Kurly is valued at 4 trillion won in the latest pre-IPO funding, meaning its corporate value grew 1.5 trillion won in just four months since July.

Anchor Equity’s latest investment is expected to heighten expectations for Kurly’s growth potential. The PE firm, which is considered to have a deep understanding of the domestic market, has invested in a wide range of sectors, including pharmaceutical wholesale, e-commerce, food materials, health supplements, waste management, and contents.

Anchor Equity has also successfully made a series of exits in recent years, including sales of A Twosome Place, Geo-Young, Health Balance, and Eco Green Holdings.

It invested 250 billion won in Kakao Bank at the end of 2020, ahead of the digital bank’s stock market debut. After Kakao Bank’s listing earlier this year, the value of Kakao Bank shares owned by Anchor Equity increased to more than 600 billion won.

The PE firm is also estimated to have some 17.6% stake in Kakao Entertainment, which was formed after the merger of Kakao Page and Kakao M. Anchor Equity invested 125 billion won in Kakao Page in 2016 and 209.8 billion won in Kakao M in 2020.

Kakao Entertainment is preparing for its IPO by hiring NH Investment & Securities, KB Securities, and Citigroup Global Markets Securities as lead underwriters. Its corporate value is estimated to be nearly 10 trillion won, which will push up the value of Anchor Equity’s equity holding to over 1 trillion won. (Reporting by Seok-cheol Choi)