Riiid Posts KRW 20.1 Billion in Revenue in 2024… Up 161% Year-over-Year

AI edtech startup Riiid recorded KRW 20.1 billion in revenue in 2024, up 161% from KRW 7.7 billion the previous year.
The growth in 2024 revenue was driven largely by increased transaction volume for “Santa.” Santa is an AI-based TOEIC learning solution launched by Riiid in 2017, and its 2024 transaction volume rose 31% year-over-year, contributing to Riiid’s overall revenue growth.
Transaction volume in the Japanese market increased 64% from the previous year, showing especially strong growth. In 2023, Riiid signed a service operation agreement with Japanese language education brand “ALC,” reducing marketing costs in the Japanese market and laying the foundation for stable revenue generation. In 2024, it further expanded its presence in Japan by winning a B2B contract from IT company “FUJITSU.” As of this February, Santa’s cumulative global user base also reached 4.87 million.
“Real Academy,” launched in August 2024, also served as a new source of revenue. Real Academy is an AI elementary English learning service that operates the “One Output a Day” learning solution, where students write one piece of writing each day with AI tutor “LIA.” Real Academy recorded KRW 400 million in transaction volume in 2024, and as of this March, its cumulative transaction volume surpassed KRW 2 billion, signaling steady growth ahead.
In particular, last March Real Academy newly introduced the self-developed elementary English GPT feature “SocraAI.” SocraAI applies the Socratic method by posing questions to students, expanding their thinking, and guiding them to find answers on their own. It also helps students build a daily habit of speaking and writing in English through an output-centered learning strategy, and supports learning like a private tutor that explains anything in English through customized conversations tailored to elementary school students’ level. Based on AI conversation records, it provides transparent learning reports, ensuring both learning safety and reliability.
A Riiid representative said, “Riiid’s revenue rose significantly in 2024 as all employees focused their capabilities under CEO Park Soo-young’s leadership throughout the year.” The representative added, “We have also secured new growth drivers such as Real Academy, so we expect continued profit improvement going forward, and we plan to sustain growth by advancing services powered by our unmatched AI technology.”