The South Korean Travel Super-app Yanolja disclosed its report of first 3 months earlier this month according to which the hike of the sales of the company was very strong and the founder Lee Su-jin of Yanolja is precisely turning into a billionaire.
Su-jin who is the CEO and founder of the travel Super-app owns about 17% of the total shares of the company which is second highest after Softbank’s Vision Fund 2 which owns about 26% of the frime. Out of the 17%, Sui-jin’s wife and daughter holds around 1/3rd of stakes each.
The Softbank’s Vision Fund 2 bought the shares in mid 2021 for around $2billion, therefore calculating the valuation at approx $7billion. Considering this valuation, Forbes has evaluated the net value of the chief and his family as $2 billion.
The CEO started his journey by working as caretaker of hotels. In mid 2000s Su-jin launched Yanolja. Since then the company has inflated from tavern to transportation. the company has its own electronic operating website helping it as e-commerce.
Yanolja has given an account that with every passing year the returns of the company saw a rise of 20% . Although there was a minor drop in the net income at the similar time.
Most of the revenue generated for the firm comes from the additional taxes it levies on the hotel bookings. Apart from this the company also charges hotel and travel firms for their advertisement on Yanolja.
Recently, the Travel Super-app has also been expanding its cloud business one of which is its management system. It allows hotels to regulate bookings and data interpretations that foretell customer behavior.
The income form cloud business of the firm made up 8.5% of Yanolja’s total sales while in the first quarter report of 2022 it peaked at 20.5% of the total sale.
After the outbreak of Covid-19, the world moved into digitalization. Large industries and markets have started the use of digital services in their business to survive in the market. The leisure industry is one of them. Since the beginning of the pandemic, the leisure industry has begun to use digital services, as reported by Yanolja.
The company says that this measure was also adopted by the industry to cut down costs and give more efficient service during the pandemic. It is now that the world is finally coming back to its normal and the hotel and travel market are bouncing back from the downturn they faced during the pandemic.
