Onul-hoi

About Onul-hoi

Onul-hoi, operated by Today Table Co., Ltd., is a South Korean e-commerce platform specializing in the delivery of fresh seafood. The company was founded in March 2017 by CEO Kim Jae-hyun. Kim's journey into the seafood delivery market was driven by her own personal need to solve the inconvenience of buying fresh foods without a driver's license, and an initial desire to create a service similar to the American grocery delivery platform, Instacart. An opportune request from a fisherman in Geoje to sell his seafood in Seoul served as a stepping stone, prompting her to focus on the challenging, high-spoilage category of fresh fish.

The business operates as a mobile-first, internet restaurant that connects consumers with seafood producers and vendors from across the nation. Onul-hoi curates a selection of approximately 100 exclusive items, including seasonal raw fish, sea urchins, shrimp, and dried fish, eliminating the need for customers to visit traditional fish markets. The platform's business model hinges on a sophisticated demand-forecasting and logistics system. Orders placed by a certain time, such as 3 p.m., are guaranteed for same-day delivery by 7 p.m. in designated areas like Seoul and Seongnam, a key feature that differentiates it in the market. To achieve this, the company predicts order volumes and places bulk orders with its partner suppliers in advance. This approach attempts to minimize inventory risk while ensuring product freshness.

The company experienced rapid growth, reaching an annual revenue of 13.5 billion won in 2020 and attracting over 300,000 members. This growth was supported by significant investment, including a seed round of 800 million won in December 2018 and a larger round of $10.9 million (approximately 12 billion won) in January 2021 from investors like KTB Network, Mirae Asset Venture, and Hana Ventures. However, in September 2022, Onul-hoi faced a severe liquidity crisis, leading to a temporary service suspension and a company-wide notice of recommended resignations. This was attributed to an aggressive expansion strategy—including increased delivery frequency and diversification into non-seafood products—that outpaced profitability and strained financial resources amid a tightening investment market. The service has since undergone restructuring to navigate these financial challenges.