Kurly, operator of grocery delivery platform Market Kurly, said Friday that its revenue soared but losses mounted last year.
The South Korean startup best known for its dawn delivery logged 328.9 billion won ($267 million) in revenue in 2019, jumping 173 percent from the previous year. Its operating loss also soared by 179 percent to 97.5 billion won on-year as the company carried out aggressive investments in expanding logistics and marketing capacities.
Kurly opened three additional logistics centers to cope with increasing orders, it said.
“We will maintain our fast growth this year by investing in various channels that could help improve customers’ experience,” Sophie Kim, founder and CEO of Kurly, said in a statement.
Founded in 2015, the company had 3.9 million users as of end-2019, rising from 1.4 million in 2018.
By Park Ga-young (firstname.lastname@example.org)