UAE - Sharikat Mubasher: Tumodo, the UAE-based business travel platform, plans to expand its footprint into Saudi Arabia with aspirations to be fully operational by the end of April, Co-founder Vladimir Kokorin unveiled.
The platform plans to have a robust presence in five major cities including Jeddah, Riyadh, Dammam, Makkah, and Medina, with around 800 clients across the Kingdom by 2025, Kokorin stated in an interview with Arab News.
Tumodo further aspires to have an annualized turnover of $123 million by the end of 2025 and aims to achieve sales worth $100 million by 2026.
Backed by its recent $35 million pre-seed round, the travel platform targets becoming profitable in existing markets, launching new markets including India and Germany, and reaching targeted transaction counts.
“Tumodo aims to achieve profitability in its current markets, such as Saudi Arabia, by efficiently managing its operations and increasing revenue streams. This milestone signifies the company’s ability to sustainably generate positive cash flow and financial stability,” Kokorin noted.
He elaborated that Tumodo plans to navigate the Saudi regulatory environment with a proactive compliance approach while adhering to local regulations through research and engagement with local advisors.
Kokorin stated that this expansion into Saudi Arabia positions Tumodo to capitalize on the growing demand for innovative travel management solutions in the Kingdom, supporting its vision for long-term growth and success in the region.
Tumodo’s short-term objectives in the Saudi market focus on becoming the leading online travel management platform within the upcoming three years, while the long-term objectives include reshaping the Saudi travel services sector through upgrading traditional processes and boosting operational efficiency.
Kokorin said: “We plan to develop tailored solutions and services specifically designed to meet the unique needs and preferences of multinational companies operating in Saudi Arabia. By forging strategic partnerships and alliances with multinational corporations, business associations, and industry organizations, Tumodo aims to become their preferred travel management partner.”
Moreover, he added that Tumodo targets broadening its network and presence in key business hubs and economic centers where multinational corporations are concentrated, such as Riyadh, Jeddah, and Dammam, to meet the growing demand for corporate travel services.
