South Korean online grocery delivery service Market Kurly, which has been mulling a U.S. IPO, will instead seek a domestic stock market debut. 

The platform's operator Kurly said Friday that it raised 225-point-four billion won, or 196 million U.S. dollars, in new investments in the latest round of Series F funding.

Startups go through multiple rounds of funding before listing their shares, starting with Series A, B, C and so on. Series F is usually the last round investments before the shares go public.

Kurly said its investors estimated its corporate value at two-point-five trillion won, about two-point-six times the value of a year ago, in recognition of its growth potential.

Kurly's sales more than doubled on year in 2020 to 953 billion won while the total number of its customer surpassed eight million as of the end of May.

The firm says though it continues to post an annual net operating loss, its contribution margin, which excludes floating costs from sales, shifted to a surplus more than three years ago.

Kurly said the new investment will go towards enhancing efficiency and accuracy in its overall logistics services and also towards boosting infrastructure.