South Korean hospitality tech startup ONDA reported a 100% increase in gross merchandise value (GMV) to $154 million in 2022, with net revenue up 88% year-over-year to $9.2 million.
The company attributed its rapid growth to its focus on digitally transforming hotels and resorts in South Korea.
In just one year, ONDA’s share of hotel transactions increased to 30%, and resort transactions more than tripled.
ONDA’s core business, ‘ONDA HUB,’ benefits from robust partnerships with global distribution channels such as Google, Trip.com, and Home & Villas by Marriott Bonvoy.
As the largest global distribution network in South Korea, it processes over 800,000 transactions annually through more than 40 domestic and international channels.
The company saw a 95% year-on-year increase in transactions through global OTA channels such as Airbnb and Agoda, with growth expected to continue as international travel resumes. Direct-to-consumer transactions also grew 47% in 2022.
In 2023, ONDA aims to expand its impact on the digital transformation of the global hospitality industry.
Its ONDA PMS “Dive” system, which has already proven successful in premium South Korean hotels, is now being rolled out to international markets.
ONDA commands approximately 70% of the domestic online accommodation booking market in South Korea and has established strong partnerships with major technology companies.
As the first Airbnb Preferred Partner and Google Hotel Partner in South Korea, ONDA has already been recognized in the Financial Times and Skift rankings.
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