Lee Su-jin founded Yanolja in 2005. (Picture credit: Bloomberg)
45-year-old Lee Su-jin, the founder of Yanolja-- a South Korean travel app-- has made his debut on Korea's list of top 50 Richest people, Forbes reported. Mr Su-jin, who is no 26 on the list, has a net worth of $1.2 billion.
What sets Lee Su-jin apart is his story. Orphaned as a child, Lee Su-jin has spent his early 20s working as a janitor at a short-stay hotel that caters to couples.
Lee Su-jin founded Yanolja in 2005 and since then it has become a household name in Korea. It provides hotel and travel bookings. According to Forbes, Yanolja which means "Hey, let's play" in Korean has benefited from the post-pandemic rebound in global travel. The company reported revenue of 444.3 billion won ($345 million) in the first nine months of 2022. It was up 87 per cent from the year-earlier period, while net profit rose 22 per cent to 23.5 billion won. The company also expanded its cloud-based business in recent years.
Not just that, the sales of its software also doubled from 2021, making up 16 per cent of total revenue. The software helps hotels manage reservations and predict customer behaviour.
The app makes most of its money by taking a cut from bookings and charging hotels and travel companies to advertise on its platform.
Undoubtedly, Su-Jin has an extravagant rag-to-riches story, and it is all about sheer perseverance which has made him a self-made billionaire today.
According to Bloomberg, Su-Jin holds a bachelor's degree in engineering from South Korea. He used his connections with toilet paper suppliers and hotel owners to launch Yanolja in 2005.