Mathpresso’s QANDA Hits Record KRW 17B Revenue, Targets Global Growth
Korean startup Mathpresso, the force behind the AI-driven learning platform ‘QANDA,’ announced on the 8th that it achieved a record revenue of KRW 17 billion on a consolidated basis in 2023. This marks a 60% increase from the previous year’s revenue of KRW 10.7 billion, setting an all-time high for the company. QANDA has experienced significant growth, especially since the second half of 2021, when it began to monetize more aggressively. Year-over-year, revenues recorded were KRW 0.5 billion in 2020, KRW 2.1 billion in 2021, KRW 10.7 billion in 2022, and KRW 17 billion in 2023, with advertising revenues through the platform increasing by 46% compared to the previous year.
Operating losses were reduced by 38%, from KRW 38.8 billion to KRW 24.1 billion. A notable 34% reduction in advertising and promotional expenses compared to the previous year contributed to more efficient marketing spending.
Initially, QANDA focused on user acquisition and monetization through a strategic platform approach, emphasizing traffic growth until the first half of 2021. It improved the accuracy of its search engine by securing users and data through its solution search service, creating a virtuous cycle that enhances search results with the accumulated data. Since expanding into markets such as Vietnam, Indonesia, and Thailand in 2019, it has become Asia’s leading educational service with 92 million registered users, 8 million monthly active users (MAU), and 6.5 billion cumulative problem searches.
QANDA is pushing forward with business diversification and service enhancements, aiming for profitability by the end of 2025. The company is refining vertical services like ‘QANDA Tutor’ (a 1:1 non-face-to-face tutoring service) and ‘QANDA Math Coach’ (a tablet-based adaptive learning solution), and has boosted its profitability by introducing a ‘Q-Tutor’ feature based on LLM to its paid subscriptions.
The company is also expanding globally. Last month, QANDA debuted ‘Prep.Pie‘, a service aimed at college exam preparation, breaking into the US market. Beginning with prestigious institutions such as the University of California, Los Angeles (UCLA) and the University of Southern California (USC), it plans to extend its services to the western US in the first half and nationwide in the second half of the year.
Yong-Jae Lee, CEO of QANDA, expressed excitement about the growth, highlighting the significant improvement in profitability alongside continued investment in future-oriented projects like MathGPT. “As a leading AI entity in the educational sector, we are committed to transforming the learning journeys of more students,” he remarked.
- LOGIBROTHERS Secures Strategic Investment from Grand Ventures to Expand AI Education Globally
- Glorang Secures Strategic Investment for Talent Tech from Tokyo Broadcasting System
- TEAMSPARTA Achieves Record-Breaking First Quarter Revenue, Targets Global IT Leadership
- [Korean Startup Interview] POSTMATH: Revolutionizing Math Education Globally with Innovative Solutions ‘Math Assistant’
- MockingBird, AI-Powered CSAT Preparation Platform, Attracts Seed Investment
- ULIFT Raises Series A funding for Expansion of Innovative Mobile Coding Education Platform
- TestBank’s Solve Platform Gains KRW 2.3 Billion in Pre-Series A Funding
- Korea’s Edutech Firm YAHO LAB Chosen for Singapore’s ‘EduSpaze’ Startup Program
- Mathpresso Launches Prep.Pie, AI Tutoring Service Tailored to US College Students
- [Korean Startup Interview] EZContentsLab: Enjoying AI-Based 3D Korean Learning for Foreigners Like a Game
