Yanolja, South Korea’s leading hotel reservation operator, recorded revenue growth of more than 70% for the fifth consecutive year, the company said on March 20.
The company, one of 11 Korean unicorn startups valued at over $ 1 billion, reported $ 260 million in revenue, up 78.8% from the previous year . Its domestic revenue reached $ 234 million, up about 68% from the previous year. Global revenue has more than quadrupled from US $ 5.9 million in 2018 to US $ 26 million last year, emerging as a new growth engine for Yanolja.
Last year, the total transaction exceeded $ 3.5 billion, with more than $ 1 billion coming from the B2C market.
The company said that such improvement in overall performance is attributed to the strong growth in the business of accommodation, leisure and activity booking platforms in Korea and abroad. In addition, Yanolja’s hotel franchise business, which also grew in the South East Asian market, and the global hotel solutions business acquired or invested by Yanolja also contributed to the success. Last year, Yanolja carried out a series of mergers and acquisitions. It acquired property management system provider eZee Technosys and Dailyhotel, a reservation application dedicated to high-end accommodation establishments. In addition, it becomes the largest shareholder of ZEN Rooms, a budget hotel operator in Southeast Asia.
Yanolja said he aims to double its global business to generate 50% of its total revenue from global business in the next 5 years.
Yanolja became the first and only travel tech unicorn in South Korea, attracting $ 200 million from global investors, including Singapore sovereign wealth fund GIC Private Limited, the global travel platform Booking Holdings.
“This year, despite COVID-19, we will build solid and sustainable growth momentum through active investments in R&D capacity. On this basis, Yanolja will take a leap forward to become a No. 1 hotel company in the world and strengthen our unmatched position as a Super App in Travel, ”said Lee Su-jin, CEO and Founder of Yanolja.
By Park Ga-young ([email protected])