Ex-janitor becomes a billionaire, Pandemic recovery boosts his Korean travel super-app

Published: June 8, 2022
Updated: June 8, 2022
Ex-janitor becomes a billionaire

Ex-janitor becomes a billionaire

Ex-janitor becomes a billionaire:- As the world opens back up and enterprises from movement to lodgings bounce back from the profundities of the Covid-19 pandemic, South Korean travel super-app Yanolja posted solid first-quarter deals development in quite a while very first quarterly report as it gets ready to open up to the world. 

The report, delivered last week, likewise uncovered organizer Lee Su-jin’s stake in the organization, formally making the previous Ex-janitor an extremely rich person.

Lee, who turned 44 in February, is CEO and the second-biggest investor, with a 16.54% stake. His significant other, Park Jung-Hyun, and little girls Lee Ye-nim and Lee Ye-ra each own a 5.18% stake in Yanolja. 

The biggest investor in SoftBank’s Vision Fund 2, which purchased a 25.23% stake in July last year for $1.7 billion, valued Yanolja at $6.7 billion. At that valuation, Forbes gauges Lee and his family’s total assets at $2 billion. (Forbes applies a 10% markdown to privately owned business valuations.)

Established in 2005, Yanolja — and that signifies “Hello, how about we play” in Korean — has extended from short-stay lodgings to transportation and, all the more as of late, distributed computing programming that helps lodgings and travel organizations digitize business processes.

The organization announced that first-quarter income rose 19% year over year to 100.5 billion won ($80 million), while net gain diminished marginally to 8.8 billion won from 9 billion won during a similar period.

Ex-janitor becomes a billionaire

Lee Su-jin, the organizer behind Yanolja, models for a photo inside a model inn room at the organization’s central command in Seoul, South Korea.

Also Read SpaceX CEO Elon Musk tells employees an IPO of Starlink’s satellite internet business is still “3 or 4 years” away

Yanolja makes the vast majority of its cash by taking a cut from appointments and charging lodgings and travel organizations to publicize its foundation. 

As of late, Yanolja has been extending its cloud-based business, for example, the executive’s frameworks that assist lodgings with overseeing reservations and enormous information investigation that anticipate client conduct. Income from its cloud business contributed 20.5% to Yanolja’s absolute deals in the principal quarter, up from around 8.5% in the year 2021.

travel super-app

The organization said in its first-quarter report that non-up close and personal computerized administrations have been spreading across the relaxation business starting from the beginning of the pandemic. It additionally noticed that more lodgings are utilizing programming to decrease expenses and increment effectiveness during the pandemic.

Neighborhood media announced in April that Yanolja is wanting to list on the Nasdaq in the second to last quarter of this year. 

Notwithstanding SoftBank, Yanolja’s different financial backers incorporate Singaporean sovereign-abundance reserve GIC, online travel goliath Booking.com, and SkyLake Investment, a Korean confidential value firm driven by previous Samsung Electronics leader Chin Dae-Je.

Lee is the most recent to join a developing gathering of independent extremely rich people in South Korea, where family-possessed combinations have customarily overwhelmed its economy. 

Lee Seung-firearm, for instance, who took off from home to send off a startup against his folks’ desires, joined the three-comma club last year, following a $410 million subsidizing round that esteemed his startup, fintech super-app administrator Viva Republica, at $7.4 billion.

Related Posts