Seoul, South Korea - Daangn(Karrot), a South Korean startup based on local communities and trading used goods, has reported its first annual profit since its founding.
The company's revenue jumped 156% to KRW 127.6 billion ($94.6 million) in 2023, up from KRW 49.9 billion ($37.0 million) in 2022.
Daangn(Karrot) also recorded an operating profit of KRW 17.3 billion ($12.8 million) last year, marking its first-ever annual profit.
With nearly 36 million cumulative users and 19 million monthly active users, Daangn(Karrot) has established itself as a national app in South Korea.
Since fully launching its local community business in 2020, its revenue has grown more than tenfold in just three years.
Advertising has driven Daangn(Karrot)'s impressive growth, with the number of advertisers and ads increasing significantly each year.
As a result, advertising revenue has grown more than 2.5 times year-on-year, with a compound annual growth rate of 122% over the past three years.
Daangn(Karrot) plans to continue investing in new businesses such as job search, used cars, and real estate while developing a hyperlocal financial ecosystem through its Daangn(Karrot) Pay service.
The company is also expanding its global presence, with services now available in over 560 regions in four countries, including the United Kingdom, Canada, the United States, and Japan.
The company aims to focus on investing in its future vision rather than maximizing short-term profits, strengthening its competitiveness as a local community service provider, and expanding its hyperlocal vision.
US$1=KRW1348.35
