Online Alcohol Ordering Platform 'Kihya' Secures Pre-Series A Investment

Seoul National University Technology Holdings Company and TBT Participate
Expanding Alcohol Pickup Stores in Seoul, Preparing Nationwide Service

[Asia Economy Reporter Kwangho Lee] Online liquor ordering platform Kihya announced on the 9th that it has secured pre-Series A investment. This round included participation from four investors, including Seoul National University Technology Holdings, the TIPS operator under the Ministry of SMEs and Startups, and venture capital (VC) TBT Partners (TBT).

Kihya’s business became possible following the revision of the National Tax Service’s delegated ordinance on liquor telecommunication sales on April 3, 2020, aimed at enhancing convenience for consumers and small business owners and promoting startup creation. It is an online liquor ordering service where customers can order liquor via phone or app and pick it up directly at stores licensed to sell alcohol.

In this market, commonly called liquor smart order, companies such as Emart24, GS25, Daily Shot, and Dalli quickly entered the market following the ordinance revision, and Kihya officially launched its service last month to join this market.

Kihya allows liquor orders via mobile and PC without app installation, and users can access the service after identity and adult verification upon membership registration. It offers a variety of liquors including whiskey, wine, vodka, as well as exclusive products that are hard to find, such as Pravda Vodka. Currently, liquor pickup is available at 25 stores in the Seoul and Gyeonggi regions through the Kihya platform.

With the pre-Series A investment, Kihya plans to expand its service nationwide, including Seoul and the metropolitan area. Additionally, it is preparing to strengthen its product lineup and expand imported and distributed products to introduce unique items desired by customers. The company intends to target the online liquor distribution market through collaboration with renowned breweries to develop proprietary products and provide traditional liquor delivery services.

Mok Seunghwan, CEO of Seoul National University Technology Holdings, explained, "We invested with the belief that innovation in the online liquor market will ultimately benefit society." Furthermore, Lee Ram, CEO of TBT, stated, "Kihya’s founders have extensive experience from startup to M&A, and especially with their deep understanding of platform businesses, we expect them to successfully transform the new online liquor market in a short period."

Park Youngwook, CEO of Kihya, said, “Despite operating with pickup stores only in parts of Seoul and Gyeonggi, special offer products have sold out within one minute just one month after launch, showing strong customer response.” He added, “With this investment, we will expand to offer more diverse products and increase pickup locations, aiming to quickly extend our service nationwide.”