Chope’s revenue surpasses pre-pandemic figure, but loss grows 64% in 2022 (Update)

Chope CEO Arrif Ziaudeen / Photo credit: Chope

Chope, a Singapore-based restaurant discovery and deals platform, generated about US$22.7 million in revenue in 2022. This represents a 31% increase from the previous year, according to VentureCap Insights, which tracks regulatory filings in Singapore.

The result surpasses its revenue in 2019, before the Covid-19 pandemic rocked the F&B landscape.

Arrif Ziaudeen, CEO of Chope, told Tech in Asia that outdoor dining made a major comeback in 2022 after Covid-19 pandemic restrictions were lifted. Without providing specifics, the executive said that Chope is pleased with its 2023 results so far and sees “significant potential” for the F&B industry.

Vouchers and gift cards remained as Chope’s biggest money-makers in 2022, raking in US$13.6 million for the period – an almost 40% increase year on year – according to the company’s most recent audited financial statement.

Revenue from online bookings, the service most prominently featured when visiting Chope’s website, grew 25.6% in 2022 – a year that saw a boom in group reservations in Singapore as Covid-19 movement restrictions were toned down.

Beyond deals and bookings support, Chope also offers restaurant solutions like table management and customer data databases to help improve customer turnover.

Earlier this year, it announced a partnership with Trip.com to enable Southeast Asia-bound travelers from China to make reservations in over 3,000 restaurants via the Trip.com platform as well as the Ctrip app.

Founded in 2011, Chope has more than 13,000 restaurants in its network, according to its website. It offers services across seven cities: Singapore, Jakarta, Bali, Bangkok, Phuket, Hong Kong, and Shanghai.

Last December, the firm laid off 65 employees due to “fast-changing economic conditions.”

For 2022, after employee compensation, the company’s vouchers business generated the second-largest amount of expenses, which sat at US$12.3 million. Advertising and marketing expenses also grew by over 2x year on year.

With small increases across the board for Chope’s other expenses throughout 2022, total comprehensive loss for the year totaled US$11.2 million – a 64.4% increase from 2021.

A significant portion of Chope’s 2022 expenses were one-time capital investments, according to Ziaudeen, which have allowed the company to improve its margins significantly in 2023 and put it on track to profitability.

Chope’s cash used in operations grew 77.4% in 2022. At the end of the year, it also reported US$1.3 million in cash and cash equivalents, down from US$12.2 million at end-2021.