SINGAPORE - Chope, a platform for reservations and deals related to dining, has recorded revenue of $10.4 million for 2017 - almost doubling from its sales of $5.5 million in 2016.
Most of the growth came from the increasing number of reservations and deals booked by users as the platform continues to add more restaurants.
Chope has more than 3,000 restaurant clients in the eight Asian cities it operates in. In 2017, it saw more transactions than the previous five years combined, which, by analyst estimates, represent over $110 million in value delivered to client restaurants, the firm said.
The company attributed this growth to its success in emerging South-east Asian markets. "Over 60 per cent of Chope's clients are based outside Singapore, with Thailand and Indonesia being our largest growth markets," said Chope's chief executive officer Arrif Ziaudeen.
The firm is starting to ramp up on new product development expansions, including a recent introduction of time-based deals in Jakarta and Singapore, where guests can get 50 per cent off their bill when they dine at certain times.
Business is profitable in Singapore and the company is continuing to invest in other markets.
Chope has also appointed Jack Wang as its new chief technology officer (CTO). Mr Wang was previously CTO at Apricot Forest Ltd in Beijing, an Internet company developing mobile apps and platforms for doctors and medical professionals across China.
"Chope is a fantastic platform; I'm honoured to join during a rapid growth stage," said Mr Wang. "Besides building up a great, fast-growth platform and enforcing systematic data organisation, we've also got our sights set on technologies like machine-learning artificial intelligence and blockchain."
SPH Ventures is an investor in Chope. The parent of SPH Ventures is Singapore Press Holdings, which also owns The Straits Times.