GroundK reported that its 2022 revenue rose 206% year on year to KRW 3.03 billion, a record high, while net profit turned positive at KRW 70 million. Operating losses narrowed 57% from the prior year, and in 2023 the company opened with its best-ever first quarter at KRW 700 million in revenue. The turnaround pairs tailored business mobility services with GroundK's own technology.
How GroundK's 2022 Results Recovered
GroundK's 2022 revenue reached a record KRW 3.03 billion, up 206% from the previous year. Net profit turned positive at KRW 70 million, and even as domestic vehicle supply stayed uneven under social-distancing measures, operating losses shrank 57% year on year.
The results tracked a wider shift: ahead of the end of the global pandemic, demand for business travel and MICE (meetings, incentives, conventions, exhibitions) recovered first. Reading that shift, our team combined its technology and global network to expand tailored mobility services for corporate and institutional clients, and did not miss the window to recover. The figures mark both a return to growth and a recovery in the operating environment after a prolonged downturn.
A Steeper Recovery in the First Quarter of 2023
In 2023, a sharper rebound in the tourism sector carried GroundK to its best-ever first quarter, with KRW 700 million in revenue. Beyond the favorable market, the company credits momentum it built itself through its own software, T-RiseUp, and its shuttle-bus travel platform, RIDEUS. Rather than waiting on demand alone, GroundK secured that momentum on its own terms through these two products.
The Technology Behind the Numbers — T-RiseUp and RIDEUS
T-RiseUp is a cloud-based SaaS asset-management system for passenger-transport operators, developed in 2019. Operators that once ran bookings on paper, whiteboards, and radios can adopt T-RiseUp to manage reservations, dispatch, and driver assets in one place across PC and mobile, replacing fragmented manual workflows with a single operating view.
RIDEUS, launched in 2022, is a shuttle-bus platform built on T-RiseUp. Its lineup grew from tourism shuttles tied to ski resorts, concerts, and theme parks to everyday routes connecting neighborhoods with transit hubs and serving corporate and institutional commutes. That expansion moved RIDEUS beyond leisure travel and into the everyday mobility that people use week to week. By the end of 2022, RIDEUS had reached 20,000 cumulative users and 200,000 rides.
Proven at the Louis Vuitton Collection and the ADB Annual Meeting
GroundK is widening its B2B mobility footprint in 2023 as well. That April, the company supported the Louis Vuitton Pre-Fall Collection and the Asian Development Bank (ADB) Annual Meeting, helping both events close successfully. To mobilize hundreds of vehicles, GroundK partnered with multiple passenger-transport operators and ran tailored mobility services with its own technology and operational know-how. Coordinating that many vehicles across independent operators is where the company's platform and field experience come together. Both events strengthened the company's global recognition and credibility as the work closed out successfully.
An Innovator That Came Through the Downturn
"I would rather be seen not simply as a company that grew its revenue, but as an innovator that came through a severe downturn. We will keep delivering steadier growth with our own technology and know-how." — Jang Dong-won, CEO of GroundK
CEO Jang Dong-won described GroundK as "a specialist partner connecting the mobility needs of overseas clients with domestic passenger-transport operators," adding that "2023 will be the year we show what GroundK can truly do across international conferences, exhibitions, concerts, and more."