Hyundai Vendys, Korea's leading mobile meal voucher company, has doubled its transaction volume three years after being acquired by Hyundai Department Store Group (069960.KS).
Hyundai Vendys announced Sunday that its annual transaction volume is expected to exceed 180 billion won this year.
This represents approximately a two-fold increase from the 97.6 billion won recorded in 2022, before the acquisition by Hyundai Department Store Group.
Hyundai Department Store Group acquired Vendys, a domestic mobile meal voucher company, through Hyundai Ezwel (090850.KS) in November 2022. Vendys pioneered Korea's mobile meal voucher market in 2014 with the launch of its platform "Sikdaejang" (Meal Voucher Chief). Sikdaejang helps companies without in-house cafeterias provide employees with meal points that can be used at nearby restaurants, coffee shops, and convenience stores. Hyundai Department Store Group changed the company name to "Hyundai Vendys" in May last year.
The number of corporate clients and partner merchants has also roughly doubled.
Corporate clients increased from approximately 1,700 at the time of acquisition to around 3,300 this year. Partner merchants grew from 33,000 to 65,000.
Hyundai Vendys achieved its first annual profit last year and has maintained profitability this year, earning recognition for achieving qualitative growth alongside quantitative expansion.
The rapid growth is attributed to increased corporate credibility following its incorporation into Hyundai Department Store Group and strong synergies among affiliates leveraging the group's retail portfolio.
"Since joining Hyundai Department Store Group, awareness and trust in our company have increased, and inquiries from mid-to-large corporate clients about adopting our services continue to grow," a Hyundai Vendys official said. "In particular, our client portfolio has expanded significantly from primarily small and medium enterprises and startups to large corporations and public institutions, driving up transaction volume."
The number of large corporate clients increased from 110 in 2022 to 210 this year, with their share of total transaction volume expanding from 21.6% to 40.4%.
Collaboration with affiliates is also expanding. Hyundai Vendys has enabled orders for Hyundai Green Food's care food brand "Greating" and Hyundai Bioland's health functional foods through the Sikdaejang app. Mobile meal vouchers can now also be used at food and beverage outlets within Hyundai Department Store and Hyundai Outlets. Starting with collaborations among Hyundai Department Store Group affiliates, partnerships with major franchise brands including Starbucks, Angel-in-us, and CU have also expanded.
Hyundai Vendys has set a transaction volume target of 200 billion won for next year. With growth momentum continuing through client expansion, the company aims to evolve beyond a simple mobile meal voucher payment function into a "one-stop welfare consulting platform" through service diversification. Since last year, Hyundai Vendys has been expanding various customized services including corporate messaging solution "Munjadaejang" (Text Message Chief), corporate-exclusive quick delivery service "Quickdaejang" (Quick Chief), and mandatory training solution "Mandatory Education Chief" for workplaces with five or more employees.
