SoftBank injects $1.7bn into South Korea’s largest travel app ahead of IPO

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The app has also been growing its offering to include leisure activities and transport along with hotel bookings, as it anticipates the post-pandemic travel frenzy (REUTERS/Kim Hong-Ji)

SoftBank’s Vision Fund II is injecting around $1.7bn in South Korea’s largest travel app ahead of its initial public offering and a worldwide travel boom.

Seoul-based startup Yanolja, South Korea’s largest travel app said it plans to use the funds to expand geographically and to widen its digital technologies in the travel and hospitality industry.

The Japanese bank’s second venture capital fund has been gearing up its investments in the second quarter of this year, dishing out around $13bn according to reports.

Yanolja has been mulling a dual listing in Seoul and overseas, according to Bloomberg, with a goal to float this year.

The startup is still exploring the size and location of its IPO, which have not yet been finalised.

The app has also been growing its offering to include leisure activities and transport along with hotel bookings, as it anticipates the post-pandemic travel frenzy – both domestically and globally.  

SoftBank’s Vision Fund II’s investments have been marking a hefty payoff, with its Flipkart rallying a $37.6bn valuation earlier this week after reports it was looking at an around $300m to $400m investment.