As the world opens back up and industries from travel to hotels rebound from the depths of the Covid-19 pandemic, South Korean travel superapp Yanolja posted strong first-quarter sales growth in its first-ever quarterly report as it prepares to go public.
ForbesFounded in 2005, Yanolja—which means “Hey, let’s play” in Korean—has expanded from short-stay hotels to transportation and, more recently, cloud-computing software that helps hotels and travel companies digitize business processes. The company reported that first-quarter revenue rose 19% year over year to 100.5 billion won , while net income decreased slightly to 8.8 billion won from 9 billion won during the same period.
Lee Su-jin, founder of Yanolja, poses for a photograph inside a mock-up motel room at the company's headquarters in Seoul, South Korea.Yanolja makes most of its money by taking a cut from bookings and charging hotels and travel companies to advertise on its platform. In recent years, Yanolja has been expanding its cloud-based business, such as management systems that help hotels manage reservations and big data analytics that predict customer behavior.
The company said in its first-quarter report that non-face-to-face digital services have been spreading across the leisure industry since the start of the pandemic. It also noted that more hotels are using software to reduce costs and increase efficiency during the pandemic.in April that Yanolja is planning to list on the Nasdaq in the third quarter this year. In addition to SoftBank, Yanolja’s other investors include Singaporean sovereign-wealth fund GIC, online travel giant Booking.
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