[Asia Economy Reporter Park So-yeon] SK Telecom (SKT) has spun off its mobility business unit into a separate company called Tmap Mobility through a physical division, and the company has settled in a securities firm building near SKT Tower to expand its scale ahead of its IPO.
According to the financial investment industry on the 15th, Tmap Mobility, which was spun off from SK Telecom at the end of last year, completed its move last month to the 12th to 14th floors of Daishin Finance Center in Jung-gu, Seoul.
The number of employees, which was about 100 immediately after the spin-off, has increased to about 300 as of September. The number of Tmap service subscribers is 19.5 million, approaching the 20 million mark.
Tmap Mobility plans to achieve annual sales of 600 billion KRW and a corporate value of 4.5 trillion KRW by 2025 and complete its initial public offering (IPO). The shareholder composition is SK Telecom 66.26%, Uber 4.13%, YLP 1.64%, and FI (financial investors) 27.97%.
A financial investment industry official said, "There will be a flood of IPOs from SK Group in the future," adding, "Tmap Mobility is also a company attracting market attention, having relocated its headquarters after the spin-off and is now actively expanding its business."
◇ Tmap Mobility, owner of the No.1 navigation app 'Tmap'... Current corporate value 1.4 trillion KRW
Tmap Mobility operated as SK Telecom’s mobility business unit until it was spun off on December 29, 2020.
It attracted a $50 million investment from global mobility company Uber and established UT, a taxi-hailing joint venture with Uber (51% stake) and Tmap Mobility (49%). KB Securities has valued Tmap Mobility at approximately 1.4 trillion KRW.
The flagship app Tmap has 12.25 million monthly active users and provides services such as navigation, taxi, public transportation, parking, and designated driver services.
The four core businesses are platform (parking, advertising, UBI), Tmap Auto (vehicle infotainment and payment), and mobility on-demand (taxi-hailing and designated driver). In the future, they plan to develop a subscription-based revenue model combining rental cars, car sharing, taxis, and short-distance mobility (kickboards). Ultimately, they aim to realize 'MaaS (Mobility as a Service)' that integrates all modes of transportation.
◇ Active experimental new services... Connected with SK Group’s mobility assets
Tmap Mobility is conducting various experiments to evolve as a MaaS provider. The recently launched 'Tjigeum' service allows users to see nationwide vehicle movements and real-time trending popular locations at a glance.
For example, in the early dawn hours, golf courses rank from 1st to 40th place. On weekend afternoons, airports maintain top rankings, and at around 9 p.m., vehicles gather around Yeouido and Banpo Hangang Park. An industry insider said, "Because of the large number of Tmap users, we were able to start an interesting data service that visualizes nationwide vehicle movements at a glance," adding, "We expect various commercial services from multiple perspectives to be possible in the future."
Additionally, Tmap Mobility, together with SK Telecom, has started supplying integrated infotainment (IVI) systems for Volvo’s best-selling car, the XC60. This is the latest system that can be seen as a comprehensive version of the services provided by Tmap Mobility. It includes the recently launched real-time popular location alert service 'Tjigeum,' 'Tmap Celeb' which provides navigation guidance with voices of celebrities or characters, as well as parking, designated driver, and electric vehicle charging payment services. With excellent voice recognition using artificial intelligence, it supports destination search, music playback, and, through collaboration with Volvo, vehicle control including the climate control system. Wireless updates (OTA) using the vehicle communication module are also possible.
Synergies connected with SK Group’s mobility assets such as fuel, insurance, car wash, and maintenance are also being expanded. Tmap Mobility plans to add various functions verified in the mobile Tmap navigation to the vehicle infotainment (IVI) and payment systems. By linking SK Group’s mobility assets such as fuel, insurance, car wash, and maintenance to the IVI system, they aim to solidify their position as the No.1 platform for 'owner drivers.' An industry official said, "They are currently launching various services and aiming for full-scale revenue expansion by connecting with SK Group’s mobility assets."
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