GroundK Records 206% Revenue Growth to 3.03 Billion Won Last Year... Turns to Profit

Achieving Business Recovery and Revenue Growth Driven by Tourism Industry Recovery

Business mobility solutions provider GroundK (CEO Dong-won Jang) announced on the 9th that it achieved record-high revenue and turned to profit in the previous year's financial results.

GroundK's 2022 revenue increased by 206% year-over-year to 3.03 billion won, and net profit turned positive at 70 million won. Additionally, despite the somewhat unstable domestic vehicle supply chain due to social distancing measures, the company achieved a 57% reduction in operating losses compared to the previous year.

This is analyzed as a result of the recovery in business travel demand, including MICE (Meetings, Incentives, Conventions, and Exhibitions), ahead of the end of the global pandemic. GroundK recognized this market trend and capitalized on growth opportunities by expanding customized mobility services for businesses and institutions by combining IT technology and global networks.

Particularly this year, riding on an even steeper recovery in the tourism industry, the company achieved its highest first-quarter revenue of 700 million won. This result is attributed to securing new momentum through its proprietary IT solution 'T-RiseUp' and shuttle bus-based travel platform 'RIDEUS', in addition to favorable market conditions.

'T-RiseUp' is an industry-first SaaS-based transportation asset management system developed in 2019 using cloud technology. Transportation operators who previously managed operations through handwritten records, blackboards, and radio communications can now manage their assets including reservations, dispatching, and drivers through PC and mobile in one stop after implementing 'T-RiseUp'. 'RIDEUS', launched in 2022, is a shuttle bus platform created using 'T-RiseUp'. It has expanded its items to include tourism shuttle bus products linked with ski resorts, concerts, and theme parks, as well as shuttles in living areas connecting residential areas with transportation hubs and corporate/institutional commuting. As a result, 'RIDEUS' achieved cumulative results of 20,000 users and 200,000 usage cases in 2022.

Regarding these business results, GroundK CEO Dong-won Jang stated, "Rather than being evaluated simply as a company that increased revenue, we want to be recognized as an innovative company that overcame extreme depression," and expressed his ambition saying, "We will continue to show more solid growth with our own technology and know-how."

Active Participation in Various Mega Events Including Louis Vuitton Collection and ADB Annual Meeting

GroundK plans to increase its influence in the B2B mobility sector this year as well. Earlier in April, it contributed to the successful completion of events by participating in the Louis Vuitton Pre-Fall Collection and the Asian Development Bank (ADB) Annual Meeting. The company collaborated with multiple passenger transportation operators to mobilize hundreds of vehicles and operated and managed customized mobility services with its own technology and expertise. With the successful completion of both events, GroundK's global recognition and reliability have been evaluated to have increased significantly.

CEO Dong-won Jang emphasized that "GroundK is a specialized partner connecting overseas clients' mobility needs with domestic passenger transportation operators" and expressed expectations for future growth, stating "2023 will be a year to showcase our true capabilities in various industrial sectors including international conferences, exhibitions, and concerts."