South Korean journey tech startup Yanolja has acquired a 70% stake in a listed South Korean e-commerce pioneer, Interpark, for about $250 million.
The corporate plans to make use of the acquisition to make additional inroads into the abroad tourism trade. Interpark gives on-line journey reserving companies and worldwide delivery to greater than 230 international locations, and targets Korean, English, Chinese language and Japanese-speaking prospects.
International journey tech platforms dominate the worldwide tourism trade, however Yanolja is hoping to compete by scaling up, and constructing a “tremendous app”, incorporating extra of the approach to life companies that Interpark has constructed over time alongside Yanolja’s present companies, which embrace reserving lodges, vehicles and associated journey experiences. Interpark’s companies cowl procuring, restaurant reservations, journey tickets, points of interest and dwell performances, a spokesperson at Yanolja advised TechCrunch.
The acquisition comes on the heels of Yanolja elevating $1.7 billion from SoftBank Imaginative and prescient Fund 2, in July. The most recent funding for Yanolja was Softbank’s second-largest funding in South Korean firm after Coupang, which had acquired about $3 billion from the Japanese VC earlier than ultimately going public.
Yanolja is estimated to be valued at greater than $8.4 billion (10 trillion KRW). In line with experiences, it plans to pursue a twin itemizing within the U.S. and South Korea round 2023. Regardless of the large cloud that has hovered over the journey and tourism industries over the past 20 months, the corporate has been on a serious progress tear. In 2019, Yanolja was valued at over $1 billion after closing a $180 million Sequence D spherical. Yanolja declined to touch upon its valuation and IPO plans.
South Korea’s largest journey tech startup was based by former motel supervisor SuJin Lee, CEO and founding father of Yanolja, in 2005.
Yanolja stated it has been utilizing its most up-to-date funding to spend money on its international journey platform (GTP) and to strengthen its automated options via synthetic intelligence, with the purpose of constructing tech to offer extra personalised options for customers.
In July, Yanolja launched a brand new function, Yanolja Cloud, a B2B operation answer, to strengthen its digital transformation as demand for contactless service grows by the pandemic. Yanolja Cloud automates on-line and offline operations and helps resort operators generate extra revenues by providing personalised service to friends at a decrease price. The corporate claims that it offers Yanolja Cloud to about 30,000 shoppers in 170 international locations, together with throughout Southeast Asia and Africa, in 60 totally different languages.
Yanolja introduced at this time that Yanolja Cloud recorded 170% progress in revenues within the abroad market, together with the U.S., Indonesia, the Philippines, India and Africa as of September, yr on yr.
Yanolja has been making different acquisitions to scale up: in 2019, it picked up South Korea’s Dailyhotel and Indian lodging administration platform eZee Technosys; in 2018 it acquired Southeast Asia-based resort chain Zen Rooms.