ONDA, a Korean hospitality tech company, announced on the 2nd that it has surpassed KRW 1 trillion ($770 million USD) in accommodation booking transactions. From January 1st to July 25th, 2024, the company recorded a cumulative transaction volume of KRW 211.5 billion ($162.7 million USD), bringing the total cumulative transactions since its founding to over KRW 1.015 trillion ($780 million USD). The cumulative number of bookings has reached 5.4 million.

ONDA has shown rapid growth, surpassing KRW 100 billion ($77 million USD) in annual transactions in 2021, KRW 200 billion ($154 million USD) in 2022, and KRW 300 billion ($231 million USD) last year. The company is aiming to exceed KRW 400 billion ($308 million USD) in annual transactions this year.

The success can be attributed to the diversification of accommodation products and the expansion of sales channels. Initially relying on small and medium-sized accommodations and a few sales channels, ONDA now supplies a variety of accommodations, from pensions to 5-star hotels, to over 65 domestic and international accommodation sales channels.

In 2024, small and medium-sized accommodations such as pensions and villas accounted for about 60% of ONDA’s accommodation booking transaction volume, while hotels and resorts accounted for 40%.

Securing over 65 diverse sales channels is another significant achievement for ONDA. Domestic OTAs and portals (38%) account for the largest share, and the company has successfully diversified its sales channels to include overseas OTAs (20%), D2C connections (10%), and closed malls (4%). Overseas OTAs have shown the fastest growth in sales, increasing by 44% year-on-year.

Beyond accommodation booking, ONDA is growing into a comprehensive hospitality tech company. Its subsidiaries, Onda And Song and Onda Management, are successfully operating hotel and residential accommodation facilities, and Oa-tech, a subsidiary that provides unmanned operation solutions for small and medium-sized hotels, has surpassed 300 hotels using its service in the first half of this year.

As a result, the revenue model, which previously relied solely on brokerage fees, is diversifying into SaaS (Software as a Service) PMS (Property Management System) subscription models and consignment operations.

Oh Hyun-suk, CEO of ONDA, said, “Since its founding, ONDA has been committed to helping all members of the accommodation industry grow sustainably. Today’s achievements were possible thanks to our partners who believed in our vision.”