SEOUL, 15 July (Yonnhap) – Yanolja, one of South Korea’s leading travel platform operators, announced on Thursday that it has received a 2,000 billion won ($ 1.75 billion) investment from Softbank’s Vision Fund, the second largest investment in a South Korean company. after $ 3 billion for e-commerce giant Coupang Inc.
Yanolja, who has sought to go public, plans to use the funds for business expansion, digital transformation and the like, the company said.
In 2019, Yanolja received $ 180 million in funding from GIC, Singapore’s sovereign wealth fund, and US travel company Booking Holdings, bringing Yajolja’s valuation to just 1,000 billion won.
But with Vision Fund’s investment led by billionaire Softbank founder Masayoshi Son, its valuation could exceed 10,000 billion won, industry sources say.
Founded in 2005 as an information portal for ‘love hotels’, Yanolja has grown into a large-scale enterprise which now also operates its own hotel brands and provides design and construction services for other accommodation companies. .
Since 2019, Yanolja has been offering cloud-based booking and room management services.
Last year, Yanolja posted operating profit of 16.1 billion won and sales of 192 billion won in South Korea despite the pandemic crisis in the tourism industry.
When its overseas sales are counted, overall sales for the last year are estimated at 300 billion won.