Riiid posts KRW 10.9 billion in first-half revenue… up 184% year over year

AI edtech startup Riiid achieved KRW 10.9 billion in consolidated revenue (based on transaction volume) in the first half of 2024. This marks a 184% increase from the same period last year, more than doubling its performance. During the same period, operating profit improved by KRW 4 billion, representing growth of around 33%.
First, the company’s expanded scale following its acquisition of Qualson served as a key driver behind its strong first-half performance. In December last year, Riiid acquired Qualson, the English content company best known for ‘Real Class,’ and secured a 100% stake in Qualson in January this year. Starting in the second half of this year, full-scale synergies are expected to emerge through the combination of Riiid’s AI education technology and Qualson’s content IP, leading to clear growth momentum.
Revenue growth was also driven by the expansion of its global business centered on Japan. Riiid’s revenue in the Japanese market has continued its steady upward trend, growing by about 40% compared with the same period last year. In particular, its partnership with Japanese language education brand ALC, signed last year, significantly improved profitability and marketing efficiency. This year, Riiid has further accelerated its push into the local market by winning a B2B contract with Fujitsu, one of Japan’s leading IT companies.
Improved marketing efficiency through more segmented targeting and the adoption of media strategies was another factor behind Riiid’s growth. With the expansion of targeted campaigns and the launch of various new marketing initiatives, return on ad spend (ROAS) more than doubled year over year.
In addition, Riiid has continued to improve profitability by simultaneously optimizing costs and improving its organizational structure, effectively reducing the scale of its losses.
A Riiid representative said, “As a result of focusing on improving the company’s fundamentals and strengthening its core competitiveness, we succeeded in increasing revenue in the first half of this year, and clear performance improvement has begun to appear,” adding, “To maintain solid growth in the second half, we will secure mid- to long-term growth drivers through continued investment and work to enhance corporate value.”