ONDA Hits KRW 48.4 Billion in Q1 2024 Transactions, Predicts Rapid Growth
South Korean hospitality technology company ONDA reported on April 17 that its transaction volume for the first quarter of 2024 surged to KRW 48.4 billion, a 36% increase from KRW 35.6 billion in the same period last year. Similarly, revenue grew by 35%, and operational losses were reduced by 33%.
The impressive performance in the first quarter was primarily driven by the success of its room distribution services, ‘Pension Plus‘ and ‘HOTEL Plus,’ which manage the distribution of an average of 4,000 rooms daily. Notably, ‘HOTEL Plus’ recorded a growth of approximately 200% compared to the previous year. Both services enable accommodation providers to manage online sales across more than 50 channels, including domestic and international online travel agencies (OTAs), e-commerce platforms, and portals, efficiently solving the issue of double bookings with a single contract.
ONDA has been aggressively investing in the development and distribution of solutions for hotel and resort rooms since 2022. The company has begun to see the fruits of these investments since the latter half of last year and anticipates further accelerated growth.
Hyun-seok Oh, CEO of ONDA, commented, “The profitability improvement during the first quarter, which is typically a slow season for the travel industry, holds great significance. We aim to reach the break-even point this summer and simultaneously demonstrate enhanced profitability and growth.”
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