Domestic Collaboration Tool Rivals 'JANDI' vs. 'flow': Who is the Winner Based on the 2025 Report Card?

As remote work and hybrid work have become the norm in recent years, 'collaboration tools' have established themselves as essential B2B solutions for companies. In the domestic collaboration tool market, Toss Lab's 'JANDI' and Madras Check's 'flow' have long formed the two major pillars, engaging in fierce competition for market dominance.

In particular, the two companies were called 'rivals' in the industry as even their corporate valuations evaluated during past investment attraction processes were similar. Toss Lab was recognized with an estimated corporate value of approximately 70 billion won when it attracted investment in 2022, and Madras Check was also recognized with a corporate value of approximately 65 billion won when it attracted investment in 2021, both receiving high expectations from the market side by side.

Messenger-based 'JANDI' vs. All-in-one & AI Agent 'flow'

The two services share the same goal of innovating the way people work, but they show a distinct difference in their approach and service format.

'JANDI', serviced by Toss Lab, is a collaboration tool based on a familiar messenger format like KakaoTalk. It features an intuitive user interface (UI), advocating itself as a 'tool that anyone can easily use, from a new employee in their 20s to an executive in their 60s'. Unlike personal messengers, it has focused on increasing communication efficiency by separating 'topic-based chat rooms' for work and integrating external productivity tools like Google Calendar or Notion through the 'JANDI Connect' feature.

On the other hand, Madras Check's 'flow' is an 'All-in-one' service that includes not only a messenger but also project collaboration, task management, and electronic approval in a single system. Beyond simple conversation, the emphasis is placed on systematically managing the overall work flow (workflow) within the company. Recently, moving beyond a simple collaboration tool, it has preemptively introduced features like the 'AI Project Wizard' that automatically designs workflows and analyzes vast amounts of data, evolving into a global-level 'AI Work Agent'.

Madras Check's Clear Landslide Victory By 2025

Although the two companies have pioneered the market with their distinct characteristics while being recognized with similar corporate valuations, opening their accumulated report cards up to 2025 reveals a sharply contrasting picture. To state the conclusion first, the scale seems to have tipped towards Madras Check's 'landslide victory'.

Comparing the summary income statements of the two companies for 2025 clearly reveals the gap. Toss Lab (JANDI) only recorded approximately 5.05 billion won in sales as of 2025, and with an operating loss of about 650 million won and a net loss of about 620 million won, it has still not escaped the swamp of deficit on an annual basis. In particular, sales have remained stagnant without significant external growth for several years, with approximately 4.88 billion won in 2022, 4.96 billion won in 2023, and 5 billion won in 2024. Although it significantly reduced the operating loss from 4.86 billion won in 2022 to the 600 million won range, this is also interpreted as a result of cost control—enduring by drastically cutting selling, general, and administrative (SG&A) expenses from 9.73 billion won in 2022 to the 5.7 billion won level in 2025—rather than an increase in sales.

On the other hand, Madras Check (flow) achieved approximately 15.62 billion won in sales in 2025, boasting an overwhelming scale that is more than three times Toss Lab's sales. What is even more meaningful is that it finally succeeded in turning to an annual surplus by generating approximately 140 million won in operating profit and about 210 million won in net income during the year of 2025.

This contrast in performance was also clearly divided in the 'number of employees', which is a company growth indicator. Toss Lab is experiencing clear organizational reduction and stagnation, with its number of employees decreasing significantly from 50 in April 2023 to 31 as of February 2026. Conversely, for Madras Check, the number of employees steadily increased from 99 in April 2023 to 124 in February 2026. In step with its strong performance, it is continuously recruiting talent and growing the size of its organization.

[Source: flow website]

Madras Check Performance Review: The Quality of Growth Has Changed

The most encouraging part of Madras Check's 2025 performance is undoubtedly the explosive sales growth trend and the flawless flow of profitability improvement. Examining the specific indicators reveals how soundly the company has achieved fundamental improvements. Sales were around 4.01 billion won in 2021, but jumped to approximately 15.62 billion won in 2025 after reaching 13.3 billion won in 2024. Recording nearly a four-fold growth in just four years, it has proven a solid and disruptive external expansion that changes the leading digit every year.

Madras Check also had to experience the typical growing pains of an early startup, recording billions of won in operating losses every year from 2021 to 2024. However, as the AI-centric product advancement strategy and solid hybrid sales structure began to shine, it finally succeeded in turning a profit in 2025. While costs generally increase as the business scale grows, SG&A expenses actually decreased from approximately 16.13 billion won in 2024 to 15.48 billion won in 2025. Reducing costs despite increased sales means that management efficiency is completely on track.

Just three years ago in 2022, it poured out a massive 2.16 billion won in advertising and promotional expenses to generate 7 billion won in sales. However, in 2025, as brand power and retention rates took root, it managed to achieve sales of 15.62 billion won, which is more than double, even while strictly controlling advertising and promotional expenses to 720 million won, a third of the previous amount.

In conclusion, the 2025 report card shows that the paths of the two rivals, which previously had similar valuations in the 60 to 70 billion won range, have completely diverged. Madras Check has completely thrown off the limits of a startup as a 'company that survives on investment funds' infused from the outside, successfully achieving structural improvement into a 'company that accelerates growth with its own earned profits'. Attention is focused on the next steps of Madras Check, which has solidified its No. 1 position in domestic collaboration tools and even preempted the AI business ecosystem, as it sets out for a full-scale initial public offering (IPO) and global expansion armed with these achievements.