Chope reports record S$10.4M results in 2017, doubles 2016 revenue

SINGAPORE, Sept. 6, 2018 /PRNewswire/ — Dining app Chope announced revenue of S$10.4M for 2017, almost double its S$5.5 million sales in 2016.
Most of the growth came from the increasing number of reservations and deals booked by users as the dining platform continues to add more restaurants; it crossed 3,000 restaurant clients in the eight Asian cities the app operates in. The twelve months of 2017 alone saw more transactions than the previous five years combined, which, by analyst estimates, represent over S$110M in value delivered to client restaurants.
The company attributed this growth, in part, to its success in emerging Southeast Asian markets. "Over 60% of Chope’s clients are based outside Singapore," said Chope’s Chief Executive Officer Arrif Ziaudeen, "with Thailand and Indonesia being our largest growth markets."
With the S$19 million venture capital investment the company received a few months ago and a position as market leader for dining reservations across its markets, Chope is quietly starting to ramp up new product development expansions, including a recent introduction of time-based deals in Jakarta and Singapore, where guests enjoy 50% off when they dine at certain times.
Business is profitable in Singapore and the company is continuing to invest in other markets to achieve similar leadership where things are on the same trajectory. Looking forward, Ziaudeen said, "The dining market in Asia is incredibly big and underserved, and while Chope has modernised thousands of restaurants, there are still tens of thousands to go."
The company also welcomed new Chief Technology Officer Jack Wang to oversee further tech-driven business innovation. Previously CTO at Apricot Forest Ltd in Beijing, a market-leading Internet company developing mobile apps and platforms for doctors and medical professionals across China, Wang grew the team from eight to 50 and played a key role in increasing the number of users from around 1,000 to over 1 million with more than 300k active users monthly. Under Wang’s leadership, Fast Company named Apricot Forest Ltd one of the most innovative companies in 2015.
"Chope is a fantastic platform; I’m honoured to join during a rapid growth stage," said Wang of his appointment, "Besides building up a great, fast-growth platform and enforcing systematic data organization, we’ve also got our sights set on technologies like machine-learning AI and blockchain."
About Chope
The Chope Group is on a mission to connect diners to restaurants and restaurants to diners through discovery, reservations, and deals. The Chope app and website feature various guides and over 3,000 restaurants to help users discover places to eat, book instantly, and enjoy savings through specials and dining vouchers. The Chope Group has also developed a suite of integrated solutions for restaurants which support optimisation of efficiency and increase revenue. These solutions are ChopeBook, ChopeCloud, ChopeVoice, and ChopeQueues.
Founded in 2011 and currently in eight cities (Singapore, Hong Kong, Bangkok, Phuket, Shanghai, Beijing, Bali, and Jakarta), Chope has seated over 35 million diners and works with top partners like The Lo & Behold Group, JUMBO Group, Soho Hospitality, Lost Heaven, and The Union Group. Visit www.chope.co and download the app (www.chope.co/app) for more information.
For press inquiries, please contact press@chope.co.Related Links :https://www.chope.co/
Source: prnasia