Webuy launches travel business in Indonesia, expands insurance referral program

In early 2024, the Company launched its travel business in Indonesia and expanded its presence in the growing Southeast Asian tourism market. In April 2024, the Company launched an insurance referral program to deliver insurance solutions to markets across Asia. Vincent Xue Bin, CEO, commented, “2023 was an important year in which we refined our strategic approach and delivered solid results. Sales of groceries on our platform in Indonesia grew strongly, as demand in the region escalated and our distribution strategies have proven effective. By expanding our footprint, further establishing our presence, and catering to the needs of the market, we grew our total revenues by 38.4%, with sales of groceries in Indonesia increasing by a substantial 83.6%. In addition to grocery sales, we introduced new packaged tour travel services in Singapore, which immediately proved popular with consumers. Revenue generated from tour packages offered in Singapore more than doubled from that of 2022, representing an important diversification of our product offerings. Building on this momentum, we leveraged our robust supply chain network to successfully extend our tour packages into Indonesia, further expanding our presence in the vibrant Southeast Asian tourism market. Additionally, our strategic entry into an insurance referral program during April represents a promising opportunity for higher-margin growth, aligning with our consistent approach to innovation and expansion. Our 2023 results stand as a testament to our innovative approach and the resilience of our business model. Furthermore, our stable gross margin underscores our commitment to continuous efficiency optimizations. Looking ahead, we remain steadfast in our dedication to surpassing existing milestones, ensuring unparalleled success for our customers, and consistently delivering enduring value to our shareholders while fostering a strong sense of community engagement.”