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Miguel Cordon · · 4 min readIJooz squeezes $2.5m in net profit in FY 2024
In Japan, where fresh fruit is considered a luxury item, a single orange can cost US$13.
It’s no surprise then that IJooz, a vending machine startup specializing in fresh and affordable orange juice, has become a hit.
An IJooz vending machine in Japan / Photo credit: IJooz
Founded in Singapore in 2016, IJooz’s machines have been deployed to 32 countries worldwide. These machines dispense cups of freshly squeezed juice, priced at S$2 (US$1.50) in Singapore and 350 yen (US$2.20) in Japan. They are equipped with an IoT device that enables the company to remotely monitor when they need replenishing.
The company launched in Japan in 2023. It ramped up its operations in the market in 2024, when the country was facing an orange juice shortage.
By November 2024, it had over 400 vending machines in the country. Today, that number has grown to 1,300 machines across high-density areas – such as train stations – in Tokyo, Osaka, and Nagoya. That’s almost as many machines as it has in Singapore, where it operates 1,500 machines as of February this year.
In the 19 months running from June 2023 to December 2024 (FY 2024), the company more than doubled its revenue to S$64.6 million (US$49.7 million), according to its audited financial statements for IJooz AI Pte Ltd.
During the period, the company changed its financial year-end from May to December. As such, FY 2024 spans a longer duration compared to its previous financial year, which ran from June 2022 to May 2023.
On an annualized basis, revenue for FY 2024 stands at US$31.4 million, about 1.6x its FY 2023 figure.
IJooz’s ultimate holding company is IJooz Holdings, and the figures from IJooz AI Pte Ltd’s financial statement may not reflect its global numbers.
The firm recorded a profit before tax of US$2.5 million in FY 2024. Taken on an annualized basis, this figure stood at US$1.6 million, about 3x that of FY 2023.
IJooz didn’t respond to Tech in Asia’s multiple requests for comment.
Bringing the juice overseas
Founded by Bruce Zhang, IJooz counts IMO Ventures as its only publicly disclosed institutional investor, according to Tracxn.
As the firm deployed more machines last year, its cost of sales more than doubled to US$31.4 million from FY 2023 to FY 2024. Other operating expenses, which include employee benefit expenses, also roughly doubled to US$15.6 million over the same period.
A 2027 IPO target
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Riding on demand for its juices in Japan, Singapore-based IJooz now has almost as many vending machines around the country as it has in the city-state.
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