Hotel-booking app Yanolja logs 78.8% jump in 2019 revenue
Yanolja, South Korea’s leading hotel booking operator, saw a revenue growth of more than 70 percent for the fifth consecutive year, the company said on March 20.
The company, one of Korea’s 11 unicorn startups valued at more than $1 billion, logged a revenue of $260 million, up 78.8 percent from the previous year. Its domestic revenue reached $234 million, up approximately 68 percent from the previous year. The global revenue more than quadrupled from US$5.9 million in 2018 to US$26 million last year, emerging as a new growth engine of Yanolja.
The total transaction last year exceeded US$3.5 billion including more than $1 billion from the B2C market.
The company said that such an upturn in the overall performance is attributed to the strong growth of the accommodation, leisure and activity booking platform business in and outside of Korea. In addition, Yanolja’s hotel franchise business, which advanced into the Southeast Asian market as well, and global hotel solutions business acquired or invested by Yanolja also contributed to the success.Last year, Yanolja carried out a series of M&As. It acquired property management system provider eZee Technosys and Dailyhotel, a booking app devoted to high-end accommodation facilities. Also, it become the largest shareholder of ZEN Rooms, a budge hotel operator in Southeast Asia.
Yanolja said it aims to achieve an over two-fold growth of its global business to generate 50 percent of its total revenue from the global business in the next 5 years.
Yanolja became the first and only travel tech unicorn in South Korea, by attracting $200 million from global investors including Singapore’s sovereign wealth fund GIC Private Limited, global travel platform Booking Holdings.
“This year, despite COVID-19, we will build a robust and sustainable growth momentum through active investment into R&D capability. Based on this, Yanolja will leap forward to become a global No.1 hospitality company and strengthen our unrivaled position as a Super App in travel,” said Lee Su-jin, CEO & Founder of Yanolja.
By Park Ga-young (firstname.lastname@example.org)