[THE INVESTOR] Yanolja, the nation’s No. 1 motel-booking app operator, has recently secured a fresh 60 billion won (US$53 million) funding from Sky Lake Investment, a private equity fund led by former Telecom Minister Jin Dae-je, industry sources said on June 9.

The company issued redeemable convertible preference shares to be purchased by the equity firm on condition that it will go public in five years. 

Yanolja CEO Lee Su-jin/THE INVESTOR

Related:
[INTERVIEW] Yanolja app changing thinking about motels


Yanolja, which operates a network of more than 30,000 motels and guesthouses in and out of Korea, has seen a stunning growth in recent years. The company posted 68 billion won in sales last year. This year the figure is expected to more than double.

Industry watchers estimate the company’s market value could reach more than 400 billion won.

“The latest investment proves our growth potential,” said Yanolja CEO Lee Su-jin. “We will continue our global push through advanced services.”

Yanolja -- “Let’s play” in Korean -- debuted in 2005. Before the latest funding, the company had secured more than 20 billion won funding from multiple investors. The company is also pushing hard on its global expansion especially in South Asian countries.

By Lee Ji-yoon (jylee@heraldcorp.com)