– Sales increased by 16% in 2023, while operating losses decreased by 48%
– Achieved monthly profitability in November last year, with profitability expected in the second quarter of this year
– KDB Capital appoints former president Koo Dong-hyun and Myongji University business professor Kim Jae-gu as outside directors as it prepares for listing
Life design funding platform Wadizannounced it will pursue an initial public offering (IPO) within the year, based on improved performance last year.
Wadizcompleted its 2023 designated audit and appointed former KDB Capital President Koo Dong-hyun and Myongji University Business School Professor Kim Jae-gu as outside directors, marking the start of its full-scale preparations for an IPO.
Wadizrecorded KRW 237 billion in transaction volume and KRW 39.7 billion in revenue in 2023, representing a 16% year-over-year increase. Its operating loss decreased by 48% year-over-year to KRW 17.3 billion. Following the achievement of a monthly operating profit in November last year, the company is poised to return to profitability in the second quarter.
Wadizcited diversification of its business model, including funding, stores, and advertising, as the reason for its improved performance.
Last year, we achieved qualitative improvements in sales revenue through growth in our advertising business and expansion of client partnerships. We maintained steady growth while reducing marketing expenses by over 70%, resulting in improved profitability. The launch of BizCenter, which provides targeted marketing solutions based on Wadizcustomer data, offered new opportunities to our key clients—startups and small business owners—and propelled our leap into the retail media business.
The number of crowdfunding intermediary projects, our flagship business model, increased by approximately 60% year-over-year, while the number of makers grew by 33%, demonstrating the crowdfunding business's sustained growth. The number of projects, which stood at 1,000 per month early last year, has now significantly increased to around 2,000 per month.
Additionally, the performance improvement ofWadiz,' celebrating its second anniversary, is also noteworthy. Despite the fierce competition in the e-commerce market, Wadizplans to continue its success this year by offering Wadizdifferentiated services, rather than focusing solely on ultra-low prices and discounts.
Additionally, subsidiaries Wadiz Wadizare expected to contribute to improved performance in 2024 by achieving tangible results through investments in approximately 20 next-generation brands (promising startups). Wadizis participating as an operator in the Ministry of SMEs and Startups' newly established LIPS program. Recently, Wadizwas selected as the top-rated operating institution for the Ministry of SMEs and Startups' private investment-linked matching loan program (LIPS).
Meanwhile, Wadiz, which expanded and reorganized its categories earlier this year, is confident it will achieve an annual profit by attracting more domestic and international makers and projects. This is also expected to give momentum to its push for an initial public offering (IPO).
