Klook: The Mobile-First Travel Experiences Platform

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S1 Deep Dive

Klook in one minute

Klook is rebuilding travel experiences from the ground up using mobile-first digital infrastructure—transforming how activities, tours, and attractions are discovered, booked, and fulfilled in real time. In a world where the $318 billion experiences market still operates through fragmented offline channels like ticket offices and hotel concierges, Klook delivers a platform that replaces paper-and-pen operations with instant confirmation, capturing an 11.2% gross profit margin on $3.04 billion in transactions while achieving adjusted EBITDA breakeven.

Since its founding in 2014, Klook has pioneered the digitalization of Asia-Pacific's experiences economy—proving that mobile technology can unlock last-mile travel spending that desktop platforms couldn't reach. By processing 65 million bookings across 4,200 destinations and aggregating 310,000 offerings from predominantly SME operators, Klook has emerged as the dominant infrastructure layer connecting fragmented local merchants with 10.7 million annual users. With 85% of bookings made on mobile, Klook holds the #1 position in APAC regional experiences by gross transaction volume.

At the core of Klook's model is radical operational efficiency: experiences booked within 48 hours of arrival versus traditional pre-trip planning, powered by AI that handles two-thirds of customer service inquiries and increases agent resolution rates to 90%. This is achieved through real-time API connectivity, multilingual support across 14 languages, 40+ payment methods, and instant digital fulfillment—eliminating intermediaries and manual booking bottlenecks. The result drives 40% year-over-year revenue growth to $540 million.

Klook's technology stack is engineered for scale and profitability. With gross profit margins expanding from 57% to 63% and net losses narrowing from -$47 million to -$17 million year-over-year, Klook flipped adjusted EBITDA positive for the first time: generating $3.5 million in the last twelve months versus -$30 million prior year—demonstrating that mobile-native experiences platforms become structurally more profitable at scale.

The opportunity ahead is transformational. Klook operates at the intersection of massive secular shifts: global prioritization of experiences over goods (229% spending growth since 2000 versus 172% for goods) and 34.2% online penetration in experiences that trails accommodations (66.2%) and flights (80.9%). With APAC traveler spending projected to reach $198 billion by 2029 at a 14.1% CAGR, Klook is positioned to capture the infrastructure layer of the next generation of travel—where every activity is digital, discoverable, and bookable from a smartphone within minutes of arrival.

Introduction

Klook was among the first to prove that mobile technology could unlock a fragmented, offline experiences market—not through aggregation alone, but through radical operational digitalization. Starting with activities and attractions in Asia-Pacific in 2014, Klook has since built a vertically integrated platform spanning merchant enablement, last-mile booking, instant fulfillment, and AI-powered personalization—all connected through real-time APIs across 4,200 destinations. By replacing paper tickets, phone bookings, and offline point-of-sale systems with instant confirmation, QR code redemption, and multilingual support across 14 languages and over 40 payment methods, Klook aligns with how travel experiences should work: spontaneous, mobile-first, and frictionless from discovery to booking to redemption.

This infrastructure powers scale and profitability. Klook's incentives are fundamentally aligned with its merchants': the company earns transaction-based fees only when bookings flow through its platform. With no physical inventory to manage and technology that automates what historically required concierge desks and ticket offices, Klook operates at 11.2% gross profit over GTV while delivering superior speed and user experience. The result is a network-led flywheel: merchants join for global demand access, travelers book for curated selection backed by 13 million verified reviews, and both sides benefit from AI-powered matching that surfaces long-tail inventory. In September 2025 alone, Klook's AI handled approximately two-thirds of customer service inquiries without human intervention—enabling human agents to achieve a 90% resolution rate, up from 79% the prior year—demonstrating rapidly accelerating platform efficiency and deepening automation.

The market shift is foundational. The experiences market Klook serves represents $318 billion in 2024 activity projected to reach $513 billion by 2029, yet only 34.2% of experiences are booked online compared to 80.9% for flights and 66.2% for accommodations. Klook is built for this inflection point: as of September 30, 2025, the company has processed over 65 million experiences bookings in the last twelve months, holds the #1 position as the largest pan-regional experiences platform in APAC by gross transaction volume, and connects 310,000 offerings across 4,200 destinations—using proprietary technology and a mobile-native framework (85% of bookings on mobile) purpose-built to become the infrastructure layer connecting 10.7 million annual transacting users with fragmented SME operators in the next generation of travel commerce.

History

History of the Company

Klook began with a direct challenge to travel industry orthodoxy: experiences could be digitized and booked on mobile, not just researched online and purchased offline. For decades before Klook's founding, the experiences sector—activities, tours, and attractions—operated on fragmented offline systems: paper tickets, phone bookings, walk-up purchases, and hotel concierge referrals. Travelers waited hours making calls. Operators lost revenue on unsold inventory with no digital distribution. The infrastructure was expensive, slow, and opaque by design, with approximately 95% of merchants being SMEs with limited digital capabilities.

Ethan Lin, Eric Gnock Fah, and their co-founders saw an opening. After experiencing firsthand the frustration of booking last-minute activities while traveling, they recognized that mobile ubiquity could become the booking interface for the $318 billion experiences market still largely transacting offline. In 2014, Klook launched with a thesis that mobile-first infrastructure could digitize fragmented SME operators end-to-end, enabling instant confirmation while providing merchants with real-time APIs, multilingual support across 14 languages, and access to global demand.

What started as an APAC-focused experiences platform evolved into vertically integrated travel infrastructure. Klook launched its mobile-first booking platform in 2014, with 85% of bookings now made on mobile devices. Merchants adopted rapidly: from a handful at launch to partnerships across 4,200 destinations by September 2025, with approximately 310,000 offerings spanning activities, tours, attractions, and adjacent services. The infrastructure compounded: more destinations generated more inventory diversity, which attracted more travelers, which deepened merchant value. Klook built approximately 13 million verified reviews with an average rating of 4.7 out of 5.0, creating a trust layer that offline channels couldn't replicate.

Across travel cycles—COVID devastation in 2020-2021, revenge travel surge in 2022-2023, and normalization in 2024-2025—Klook's mobile-native model proved resilient. When travel rebounded, instant booking and AI-powered personalization captured demand, with gross transaction volume growing 34% year-over-year to $3.04 billion in the twelve months ended September 30, 2025. The company reached profitability inflection: adjusted EBITDA flipped positive to $3.5 million versus -$30 million the prior year, with net losses narrowing from -$47 million to -$17 million.

In September 2025, Klook's AI-powered chatbot handled approximately two-thirds of customer service inquiries without human intervention, enabling 90% agent resolution rates versus 79% the prior year. This operational leverage—combined with gross margin expansion from 57% to 63%—validated that mobile-native experiences platforms become structurally more profitable at scale. Annual transacting users reached 10.7 million in 2024, booking over 65 million experiences. As of September 30, 2025, Klook held the #1 position as the largest pan-regional experiences platform in APAC by gross transaction volume.

Risk factors

Klook operates at the intersection of platform economics, discretionary consumer spending, and global regulatory complexity—a position that amplifies downside exposure in stressed conditions. The company's risk profile is defined by interdependent structural challenges that could simultaneously erode demand, increase costs, and constrain strategic flexibility.

Two-Sided Marketplace Dependency Creates Fragility

Klook's success depends entirely on attracting and retaining both merchants and travelers—a coordination problem that becomes acute during downturns. If merchants reduce inventory, travelers lose selection and leave. If travelers stop booking, merchants abandon Klook. This feedback loop is self-reinforcing: 95% of merchants are SMEs with limited resources, meaning economic stress could trigger rapid supply-side contraction. Experiences are pure discretionary spending—the first budget line cut during recessions. If consumer confidence deteriorates, bookings could collapse faster than Klook can reduce fixed costs.

APAC Concentration Magnifies Macro and Geopolitical Risk

86.6% of Klook's GTV comes from APAC users, creating dangerous exposure to regional shocks. A China slowdown, Japan tourism saturation, or Southeast Asian currency crisis could simultaneously hit origin demand and destination supply. Events beyond Klook's control—pandemics, natural disasters, wars—can erase demand overnight, as COVID-19 and recent Middle East conflicts demonstrated. The APAC-heavy model that drove growth becomes a liability when regional conditions reverse.

Low Take Rates and Thin Margins Leave No Room for Error

At 11.2% gross profit over GTV, Klook operates on razor-thin margins. The company flipped adjusted EBITDA positive at $3.5 million on $3.04 billion in GTV—a 0.1% margin that evaporates if bookings decline 5-10%. With -$17 million in net losses and $164 million in cash, profitability remains fragile. Any sustained volume drop, aggressive competitor pricing, or increased marketing spend could push Klook back into material losses. The business requires relentless GMV growth to show operating leverage—there's no pricing power, no recurring revenue, and no lock-in.

Competition Intensifies from All Directions

Klook faces pressure from entrenched OTAs (Booking.com, Expedia), experiences specialists (Viator, GetYourGuide), regional platforms (Trip.com), and emerging AI-powered travel agents. Competitors have larger user bases, more data, and greater resources. Many merchants list on multiple platforms, and travelers comparison shop aggressively. Klook's moat—localized APAC inventory and mobile UX—is wide but not deep. If partners like WeChat, Trip.com, or Grab reduce traffic or launch competing products, Klook's distribution advantage disappears.

Regulatory Complexity and VIE Structure Add Legal Uncertainty

Operating across 4,200 destinations and 200+ markets exposes Klook to fragmented, evolving regulations governing tourism, data privacy, tax collection, and labor laws. The VIE structure for Chinese mainland operations adds uncertainty—contractual arrangements are not equivalent to equity ownership and untested in court. The company reports under IFRS via ADRs, creating transparency challenges for U.S. investors and exposing shareholders to geopolitical risk and weaker voting rights.

Path to Sustained Profitability Remains Unproven

Despite reaching adjusted EBITDA breakeven, Klook has a history of net losses: -$122.9 million (2022), -$142.3 million (2023), -$99.3 million (2024), and -$141.5 million (first nine months of 2025). Management continues investing heavily in user acquisition and international expansion—costs that could accelerate faster than revenue. If Klook cannot sustain 30%+ GTV growth while expanding margins, the company slides back into losses. The IPO faces timing risk, launching during a challenging window for travel companies and foreign listings.

Market Opportunity

The experiences economy is experiencing a structural inflection point. Klook addresses a $318 billion annual market opportunity by delivering mobile-first booking, instant fulfillment, and AI-powered personalization through a vertically integrated platform designed for the last mile of travel.

Digitizing a Fragmented, Offline Market

Klook's primary opportunity lies in replacing fragmented, offline booking across the $318 billion global experiences market—activities, tours, attractions, rail, ground transportation, and adjacent travel services. Legacy systems remain burdened by phone bookings, paper tickets, walk-up purchases, and hotel concierge referrals with no real-time availability or instant confirmation.

Klook collapses friction to instant mobile booking with QR code redemption and multilingual support across 14 languages and 40+ payment methods—creating compelling unit economics at 11.2% gross profit over GTV. Despite processing $3.04 billion in gross transaction volume (twelve months ended September 30, 2025) and holding #1 market share as the largest pan-regional experiences platform in APAC, Klook penetrates less than 1% of the global market—leaving substantial expansion room as online penetration increases and the company extends beyond APAC.

Structural tailwinds persist: only 34.2% of experiences are booked online versus 80.9% for flights and 66.2% for accommodations (Euromonitor, 2024). The experiences market is projected to grow at 10.0% CAGR to reach $513 billion by 2029—the fastest-growing travel vertical, outpacing accommodations (6.1%) and flights (8.5%). Mobile ubiquity, social media-driven discovery (79% of travelers inspired by TikTok and Instagram), and the global shift from goods to experiences (229% spending growth since 2000 versus 172% for goods) reward automated, mobile-native platforms.

APAC: The Highest-Growth Origin and Destination Market

Klook's second opportunity is APAC dominance—where travelers spent $102.5 billion on experiences in 2024, representing 32.2% of the global market, projected to grow at 14.1% CAGR to reach $198 billion by 2029. This growth far exceeds U.S. (6.3%) and European (8.5%) travelers, underscoring strategic advantage in APAC focus.

APAC presents unique structural advantages: Gen Z and Millennials account for 44% of the region's population with rising disposable income; 76% use digital wallets (versus significantly lower Western adoption); over 20 major social media platforms enable hyper-targeted acquisition; 9.5 billion annual intra-regional trips create network effects; and supportive government policies (visa easing, tourism investment) accelerate growth.

APAC is also the largest destination market globally at $106.6 billion in 2024, projected to grow at 13.5% CAGR to $200.7 billion by 2029 (Euromonitor). Mastercard reports eight of the top 15 trending summer destinations for 2025 are in APAC, with Tokyo and Osaka claiming the top two spots. With 84% of APAC experiences spend being intra-regional, platforms with deep merchant relationships across 4,200 destinations like Klook capture both intra-regional and inbound international demand.

Klook holds dominant early positioning: 86.6% of GTV from APAC users in 2024, though international expansion accelerated with 17% from users outside APAC in the first nine months of 2025, up from 5% in 2022. With 95% of merchants being SMEs with limited digital capabilities and no alternative distribution, Klook becomes essential infrastructure—positioning the company as the aggregation layer connecting fragmented supply with mobile-first, high-growth demand.

Expanding into Adjacent Travel Services

Klook's third opportunity targets adjacent verticals—rail, ground transportation, car rentals, e-SIMs, and bundled packages combining experiences with accommodations or flights. These services align with last-mile booking patterns and create cross-selling opportunities that increase transaction values and strengthen retention.

Beyond core travel, substantial growth potential exists in concerts, sporting events, and entertainment ticketing—complementary verticals that expand addressable market size while leveraging existing platform infrastructure, merchant relationships, and user trust built on 13 million verified reviews with a 4.7 out of 5.0 average rating.

Building the Infrastructure Layer

Klook's long-term vision: becoming the central infrastructure layer for experiences commerce as digitalization reaches critical mass. Every booking recorded through real-time APIs, every merchant enabled with multilingual content management, and every user acquisition through organic channels (70% of traffic in 2024) strengthens Klook's moat and expands addressable markets into bundled travel, entertainment ticketing, and multi-vertical platforms spanning hundreds of billions in annual transaction volume.

Product

Klook operates a vertically integrated, mobile-native experiences platform—spanning merchant enablement, discovery, booking, and fulfillment—designed to replace offline, fragmented workflows with a single, software-driven stack.

Core Value Proposition

• All-in-one travel rail: Activities, tours, attractions, rail, ground transportation, e-SIMs across 4,200 destinations with 310,000 offerings.

• Mobile-first infrastructure: Real-time availability, instant confirmation, QR code redemption, AI-powered personalization—85% of transactions on mobile.

• Aligned economics: Transaction-based fees, hybrid 1P/3P model capturing 11.2% gross profit over GTV.

Merchant Enablement Platform

Klook's proprietary infrastructure digitalizes fragmented SME operators with purpose-built tools for non-standardized inventory.

• Digitalization & efficiency: Real-time API connectivity, multilingual content (14 languages), seamless settlement (40 currencies, 40+ payment methods), capacity management, fulfillment systems.

• Global demand access: 10.7 million annual users across 200+ markets, 30,000 Klook Kreators, 70% organic traffic.

• AI-powered optimization: Photo scoring, recommendation features, AI-generated insights from 13 million verified reviews (4.7/5.0 average).

• Scale: 65 million experiences booked (LTM September 30, 2025); 95% of merchants are SMEs gaining previously inaccessible digital capabilities.

Traveler Discovery & Booking

Mobile-first platform where AI connects spontaneous Millennials and Gen Z travelers with curated experiences at moment of intent.

• Instant confirmation: Replaces phone calls and paper tickets with real-time availability, digital delivery, QR code redemption.

• Trust layer: 13 million verified reviews, 30,000 Kreators, rigorous merchant vetting, 24/7 multilingual support, comprehensive protection measures.

• Hyper-personalization: AI-powered semantic search surfaces mid-to-long-tail merchants that static search misses, matching based on location, timing, preferences.

• Value features: Skip-the-line passes, priority seating, exclusive packages, competitive pricing, local payment support, last-minute modifications.

AI Automation Layer

Technology stack engineered for operational leverage as platform scales.

• Customer service: AI chatbot handled ~67% of inquiries (September 2025), enabling 90% agent resolution rates versus 79% prior year.

• Discovery optimization: Large language models personalize search, surface long-tail inventory, match travelers with relevant offerings.

• Merchant tooling: Automated translation, content generation, review summarization help SMEs compete globally.

Network Effects Engine

Global flywheel where multi-origin users connect to multi-destination merchants—value compounds with every transaction.

• Geographic diversification: No market exceeds 15% of GTV; 17% from users outside APAC (9M 2025) versus 5% (2022).

• Cross-border dynamics: Merchants serve global customers; value grows with every origin and user added.

• Organic growth: 70% traffic from organic sources reduces acquisition costs as network deepens.

Adjacent Expansion

Platform extends across complementary verticals aligning with last-mile booking patterns: rail, ground transportation, e-SIMs, bundled packages (experiences + accommodations/flights), and entertainment ticketing (concerts, sports).

By the Numbers

• Scale: $3.04B GTV (LTM September 2025); 65M bookings; 10.7M users; 310,000 offerings across 4,200 destinations.

• Profitability: Adjusted EBITDA $3.5M versus -$30M prior year; net loss -$17M versus -$47M; gross margin 63% versus 57%.

• Efficiency: 85% mobile bookings; 70% organic traffic; AI handles ~67% service inquiries; 4.7/5.0 average review rating.

Business Model

Klook's model is vertically integrated, mobile-native, and transaction-based—built as low-cost infrastructure that shares efficiency gains with merchants while compounding network effects.

Platform-Led, Hybrid Revenue Model

1) Marketplace and Retail Economics

• Monetization: Hybrid 1P/3P model captures 11.2% gross profit over GTV (LTM September 2025), up from 9.7% prior year. Revenue-based take rate ~17.8%; gross profit yield reflects true value retained after supplier payouts and inventory costs.

• Why it matters: Platform fees compound without proportional cost increases. Revenue: $540M (+40% YoY); Gross Profit: $340M (+54% YoY) on $3.04B GTV (+34% YoY).

2) Commission Structure

• Merchants: 10-25% commission per booking, plus optional paid marketing tools for visibility boosts and promotions.

• Users: Service fees bundled into pricing.

• Mix shift: Movement toward higher-margin 1P SKUs (SIM cards, transport, rail) lifts gross margin from 57% to 63%.

3) Adjacent Revenue Streams

Rail, ground transportation, e-SIMs, bundled packages (experiences + accommodations/flights), and future entertainment ticketing increase transaction values and wallet share. Currently immaterial but positioned to scale.

Low-Cost, Mobile-First Operating Model

• Automation replaces friction: AI chatbot handles ~67% of customer service (September 2025), enabling 90% agent resolution versus 79% prior year. Instant confirmation and QR redemption eliminate phone bookings and paper tickets.

• Mobile infrastructure: 85% of bookings on mobile with no legacy desktop overhead.

• Organic acquisition: 70% of traffic organic (2024)—brand strength, 30,000 Kreators, 13 million reviews reduce paid acquisition costs.

• Result: Adjusted EBITDA positive $3.5M (LTM) versus -$30M; gross margin 63% versus 57% shows operating leverage.

Merchant-Centric Infrastructure

• Direct relationships: 90% of GTV from APAC destinations where Klook builds direct merchant partnerships. On-the-ground BD teams plus self-service portal enable large operators and fragmented SMEs to onboard.

• Real-time enablement: API connectivity, multilingual content (14 languages), payment settlement (40+ methods), capacity management, QR redemption, instant messaging.

• Merchant tools: Analytics, AI-powered photo scoring, recommendation features, review insights—purpose-built for non-standardized experiences.

Unit Economics

• Operating leverage: Mobile infrastructure and AI reduce marginal costs. $3.04B GTV with 1,900 employees—lean versus traditional OTAs.

• Alignment: Transaction-based fees tie Klook's success to merchant revenue and traveler satisfaction.

• Volatility: Pure discretionary spending means recession hits hard. No recurring revenue, no lock-in, no pricing power—requires sustained GMV growth for profitability.

Geographic Concentration

• APAC dominance: 86.6% of GTV from APAC users (2024); 90% from APAC destinations. Deep penetration in high-growth markets (14.1% CAGR versus 6.3% U.S., 8.5% Europe).

• International expansion: 17% from users outside APAC (9M 2025) versus 5% (2022). No single origin exceeds 15% of GTV, but regional concentration creates macro/geopolitical exposure.

Profitability Path

• 2024: $2.5B GTV, $258M gross profit (10.3%), -$99M net loss, -$23M adjusted EBITDA.

• 9M 2025: $2.3B GTV (+30.9%), $255M gross profit (11.1%, +48.2%), -$142M net loss, +$6.3M adjusted EBITDA.

• LTM September 2025: $3.04B GTV, $340M gross profit (11.2%, +54%), -$17M net loss (versus -$47M), +$3.5M adjusted EBITDA (versus -$30M).

Management Team: 

Ethan Lin – Chief Executive Officer and Chairman

Ethan Lin co-founded Klook in 2014 and has served as CEO and Chairman since inception. Prior to founding Klook, he worked in the Investment Banking Division at Standard Chartered (2011–2014) and Citi (2008–2011), where he developed expertise in capital markets and corporate finance across Asia-Pacific. Ethan holds a Bachelor's degree from Syracuse University.

Eric Gnock Fah – President and Director

Eric Gnock Fah co-founded Klook in 2014 and has served as President and Director since inception. Before Klook, he worked as an investor at Atlantis Investment Management (2011–2013) and in the Investment Banking Division at Morgan Stanley (2008–2010). Eric holds a Bachelor's degree from Franklin & Marshall College.

Bernie Xiong – Chief Technology Officer and Director

Bernie Xiong co-founded Klook in 2014 and has served as CTO and Director since inception. Prior to Klook, he worked at MPayMe, a mobile payment company, as a software engineer (2013–2014) and at the Hong Kong Applied Science and Technology Research Institute (2010–2013). Bernie holds a Master's degree from the City University of Hong Kong and a Bachelor's degree from Wuhan University.

Shang Chuang – Chief Financial Officer and Director

Shang Chuang joined Klook in December 2019 and has served as CFO and Director since. Before Klook, he worked at Noah Holdings Limited (NYSE: NOAH) from 2011 to 2019, serving as Chief Financial Officer and Chief Executive Officer of Noah Hong Kong. Earlier in his career, he held roles at Bank of America Merrill Lynch in the Investment Banking Division and Asia Private Equity Division (2003–2011). Shang holds a Bachelor's degree from Stern School of Business at New York University.

Investment

Klook's financing trajectory signaled methodical validation—from mobile-first experiences thesis to scaled infrastructure platform across Asia-Pacific. Early-stage capital from Sequoia Capital China and Matrix Partners China (2015–2017) established founder credibility and proved initial demand for digitizing fragmented, offline experiences merchants across APAC destinations.

Momentum accelerated through 2018–2019. Series C and D rounds funded merchant enablement infrastructure, AI-powered personalization, and regional expansion. TCV's participation added late-stage growth discipline as booking volume scaled and mobile-native adoption proved viable for non-standardized inventory.

The inflection arrived in 2019, when SoftBank Vision Fund led a $225 million Series D investment. The round brought strategic capital from Sequoia Capital China, Matrix Partners, TCV, and Boyu Capital spanning Asia-focused venture and global growth investors. This capital fueled expansion into international markets, development of the Klook Kreators social content program, and technology infrastructure supporting 14 languages and 40+ payment methods, validating Klook's platform thesis among institutional investors seeking exposure to Asia's rising middle class and mobile-first consumer behavior.

By 2021, Klook reached approximately $1.6 billion post-money valuation despite COVID-19 decimating travel volumes—demonstrating investor confidence in structural market position and post-pandemic recovery trajectory. Capital raised during the travel freeze enabled survival when competitors shuttered and positioned Klook to capture revenge travel demand as borders reopened.

In November 2024—marking Klook's 10th anniversary—the company announced $100 million in funding led by Vitruvian Partners, a global growth investment firm known for backing category-defining travel innovators. The round underscored continued confidence in Klook's market leadership and operational excellence as the company accelerated efforts to capture next-generation travelers. Vitruvian's investment brought deep thematic expertise in global travel experiences, operational scaling capabilities, and validation that Klook had evolved from regional startup to infrastructure-grade platform.

Sophie Bower-Straziota, Partner at Vitruvian Partners, stated: "Klook's track record of innovation, commitment to customer experience, and deep market expertise make it uniquely positioned to lead the transformation of travel experiences in Asia Pacific."

The capital injection came at a pivotal moment: international visitor arrivals to APAC projected to grow from 619 million (2024) to 762 million (2026), surpassing 2019 peaks. The company had already contributed $7.2 billion in GDP and supported over 219,000 jobs across Asia-Pacific, reaffirming its role as economic engine in regional tourism.

The newly secured capital drives Klook's next phase: enhancing customer experience through expanded AI capabilities, strengthening merchant operations, boosting internal productivity, and future-proofing tourism through partnerships with regional tourism boards. A recent collaboration with the Philippine Department of Tourism exemplified this approach—accelerating digital transformation and improving access to authentic local experiences.

With total institutional backing spanning Asia-focused venture (Sequoia China, Matrix Partners), global growth capital (TCV, SoftBank Vision Fund), strategic investors (Boyu Capital), and thematic travel specialists (Vitruvian Partners), Klook financed a vertically integrated, mobile-first stack powering discovery, booking, and fulfillment across fragmented experiences markets. The result is a capital-efficient, transaction-based operating model aligned to network effects and long-term infrastructure dominance—validated by progression from startup survival through COVID to adjusted EBITDA breakeven and readiness for public markets.

Competition

The experiences and travel services landscape is dominated by incumbent online travel agencies, regional platforms, and legacy booking systems built on desktop-first infrastructure and pre-trip engagement models. Klook takes a different approach: a vertically integrated, mobile-native platform unifying merchant enablement, last-mile discovery, instant booking, and AI-powered fulfillment on infrastructure purpose-built for non-standardized experiences.

The Obvious Competition:

Experiences Platforms — Viator (TripAdvisor), GetYourGuide, Headout offer experiences aggregation but lack Klook's APAC-first merchant density, 13 million verified reviews, 30,000 Klook Kreators, and mobile-native UX driving 85% of bookings.

Global OTAs — Booking.com, Expedia, Airbnb compete with stronger brands, larger user bases, and established hotel/flight platforms that cross-sell experiences. However, they face pre-trip engagement models and limited last-mile, in-destination personalization versus Klook's mobile-first, post-arrival infrastructure.

Regional Platforms — Trip.com, Grab, WeChat compete in APAC with distribution advantages. Klook partners with some (driving traffic) while competing with others. Risk: partners could reduce traffic or launch competing products.

Direct Merchants and Offline Channels — Ticket offices, hotel concierges, travel agents remain primary booking methods for 65.8% of global experiences (2024). Google could bundle experiences into search; social platforms could enable direct booking—both threatening Klook's aggregation model.

The primary headwind is dual-sided inertia: merchants list on multiple platforms (no exclusivity), travelers comparison shop aggressively (no lock-in). Klook overcomes this with superior last-mile engagement—mobile-native UX, AI personalization, instant confirmation, and APAC merchant density unavailable elsewhere.

How Klook Competes

Klook's moat is built around network effects and localized infrastructure:

• Vertically integrated stack: Merchant enablement → AI discovery → instant booking → QR fulfillment → post-trip reviews—one ecosystem versus fragmented vendors.

• Mobile-native operating system: 85% bookings on mobile eliminate desktop overhead, enable last-minute booking, automate phone calls and paper tickets.

• APAC specialization: Deep merchant relationships across 4,200 destinations where 95% are SMEs with no alternative digital distribution; multilingual support (14 languages), local payment methods (40+) create high barriers for Western competitors.

• Trust infrastructure: 13 million verified reviews (4.7/5.0), 30,000 Kreators, rigorous vetting, 24/7 support—building confidence that direct bookings cannot match.

• AI-first personalization: Semantic search surfaces mid-to-long-tail inventory; ~67% customer service automation drives 90% agent resolution versus 79% prior year.

• Network-led growth: 70% organic traffic, 32% of users purchased 3+ offerings, no single origin exceeds 15% of GTV—flywheel where value compounds with every transaction.

Geographic Differentiation

• APAC dominance: 86.6% GTV from APAC users, 90% from APAC destinations—unmatched merchant density in highest-growth region (14.1% CAGR versus 6.3% U.S., 8.5% Europe).

• Last-mile timing: Experiences booked in-destination or within 48 hours versus pre-trip planning—captures spontaneous demand desktop platforms miss.

Financials

Klook's financial profile reflects mobile-native infrastructure scaling rapidly: explosive topline growth, expanding merchant adoption, improving unit economics powered by AI automation, and profitability inflection after surviving COVID's travel shutdown.

Growth at Inflection

• Topline: GTV rose 179% to $2.5B (2024) from $1.8B (2023). 9M 2025: $2.3B (+31% YoY). LTM September 2025: $3.04B.

• Revenue: $540M (LTM September 2025, +40% YoY). Gross Profit: $340M (+54% YoY).

• Profitability: Net loss -$99M (2024) versus -$142M (2023); -$17M (LTM) versus -$47M prior year. Adjusted EBITDA -$23M (2024), +$6.3M (9M 2025), +$3.5M (LTM) versus -$30M prior year.

• Margin expansion: Gross profit as % of GTV: 11.1% (9M 2025) versus 9.8% (9M 2024)—16% improvement. Gross margin: 63% versus 57%.

Ecosystem Momentum

• Volume: Experiences booked 54M (2024), 49M (9M 2025, +28% YoY). Mobile: 85% of bookings.

• Geographic expansion: ROW users 4.5% of GTV (2022) → 17.5% (9M 2025). APAC remains 82.5%.

• Offerings: 310,000 offerings (September 2025, +31% YoY) across 4,200 destinations.

• User engagement: 10.7M annual users (2024). 32% purchased 3+ offerings (2024) versus 21% (2022).

• Cohort behavior: 2019 cohort reached 2.1x average GTV per user in Year 5 versus Year 1. 2023 cohort's Year 1 average 1.5x the 2019 cohort—stronger first-time monetization.

Monetization Levers

• Gross profit yield: 11.2% of GTV (LTM) versus 9.7%, driven by:

  • Mix shift toward higher-margin 1P SKUs (SIM cards, transport, rail).

  • Pricing optimization based on real-time supply/demand.

  • Value-added features (skip-the-line, priority seating, exclusive packages).

• Revenue per transaction: Hybrid 1P/3P model captures ~17.8% revenue-based take rate; 11.2% gross profit yield after supplier payouts.

Operating Discipline

• Total OpEx as % of GTV: 22.1% (2022) → 11.6% (9M 2025).

• Sales & Marketing: 7.8% of GTV (9M 2025). 70% organic traffic reduces paid acquisition; 30,000 Kreators, 13M reviews drive word-of-mouth.

• R&D: 1.8% of GTV (9M 2025). AI automation (67% of customer service) improves efficiency.

• Administrative: 1.9% of GTV (9M 2025).

Channel Performance

• APAC destinations: 90% of GTV; direct merchant relationships across fragmented SME landscape.

• Multi-booking: 44.2% of bookings by existing users (2024), 4.0x versus 2022—improving future GTV visibility.

• Merchant retention: Merchants who sold in 2023 generated 127% of their 2023 GTV in 2024.

What to Watch

• Profitability sustainability: Adjusted EBITDA $3.5M (LTM) on $3.04B GTV = 0.1% margin. Net loss -$17M means profitability unproven at scale.

• APAC concentration: 82.5% of GTV from APAC. Regional slowdown could simultaneously hit demand and supply.

• Competition intensity: OTAs have larger budgets; regional platforms control distribution; AI agents could automate discovery. Must maintain APAC merchant density and mobile UX advantages.

• Cash runway: $164M cash with global ambitions and -$17M net loss. IPO essential for funding growth in challenging window for travel companies.

Closing thoughts

Klook's financial performance and strategic positioning underscore its potential to redefine how travel experiences are discovered, booked, and fulfilled in the mobile era. With a vertically integrated, automation-first platform, Klook has differentiated from legacy OTAs and offline channels while building infrastructure spanning merchant enablement, AI-powered discovery, instant booking, and QR-based fulfillment. Its end-to-end offering—real-time APIs, multilingual content, 40+ payment methods, 13 million verified reviews, and 30,000 Klook Kreators—creates a network flywheel that strengthens as merchants digitalize, travelers book multiple experiences, and mobile adoption reaches critical mass.

Bull Case: Klook's mobile-native, transaction-based model provides foundation for exponential growth. The company serves 10.7 million annual users booking 65 million experiences (LTM September 2025), holds #1 position as largest pan-regional experiences platform in APAC by GTV, and reached adjusted EBITDA breakeven with $3.5M (LTM) and 63% gross margins. Its serviceable market spans $513B in experiences by 2029, growing 10.0% CAGR—the fastest-growing travel vertical—with only 34.2% online penetration versus 66-81% for hotels/flights. APAC travelers alone represent $198B by 2029 at 14.1% CAGR, far exceeding U.S. (6.3%) and Europe (8.5%). International expansion accelerated—ROW users from 4.5% (2022) to 17.5% (9M 2025). AI automation handles 67% of customer service, validating operating leverage.

Bear Case: Klook faces intense competition from entrenched OTAs (Booking, Expedia) with larger budgets, regional platforms (Trip.com, Grab) controlling distribution, and emerging AI agents. APAC concentration (82.5% of GTV) exposes the business to regional slowdowns, currency crises, and travel disruptions. Experiences are pure discretionary spending with no recurring revenue, no lock-in, no pricing power—vulnerable to recession. Thin margins—11.2% gross profit over GTV, 0.1% adjusted EBITDA margin—evaporate if bookings decline 5-10%. Net losses persist (-$17M LTM) and $164M cash provides limited runway. Merchant multi-homing and traveler comparison shopping create winner-take-most dynamics where switching costs remain low.

Klook's combination of mobile infrastructure, APAC merchant density, AI personalization, and social content flywheel provides structural advantage in a fragmented, offline industry. By scaling merchant adoption, user engagement, and geographic expansion—while extending into rail, transportation, e-SIMs, and entertainment ticketing—Klook can become category-defining infrastructure for digitized experiences. Success hinges on maintaining 30%+ GTV growth, expanding margins through higher-value categories, diversifying beyond APAC, monetizing adjacent verticals, and achieving sustained profitability beyond EBITDA breakeven. If executed, Klook is poised to reshape how travelers discover and book experiences—capturing infrastructure economics as hundreds of billions in offline spending migrate to mobile-native platforms over the next decade.

Daniel Layfield is the Director of Product Management at Diligent and the founder of Subscription Index, advising subscription businesses on monetisation.

In this conversation, Daniel and I discuss:

• How do you know if you’re building features that should be paywalled versus features that should drive adoption in the free tier?

• Will AI wipe out the need for designers and PMs?

• What’s the future of the product when OpenAI controls the whole stack?

• Localised pricing can be a massive revenue unlock, but also operationally complex—how do you decide which countries to prioritise for price localisation

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