'KakaoTalk One-Stop Care' Soldoc, 340% Explosive Revenue Growth in 2025… "Profitability Improvement Will Determine IPO Success"

Non-face-to-face medical treatment and digital healthcare platform company 'Soldoc' has begun full-scale preparations for an initial public offering (IPO), achieving explosive revenue growth of about 340% in 2025. It is evaluated that the company has put its business on track by leading with an innovative KakaoTalk-based medical service that does not require an app installation and B2B solutions for medical institutions. The industry analyzes that Soldoc has entered the 'external growth phase accompanied by profitability' from the 'cash-burning phase to buy market share,' paying attention to its profitability-focused structural improvement for its IPO challenge within the next 3 to 4 years.

Omnidirectional expansion from 'KakaoTalk treatment' to senior healthcare

Soldoc is a platform that provides a one-stop service from reservations to non-face-to-face medical treatment, prescription issuance, and medicine delivery through the 'KakaoTalk Channel' without the need to install a separate application. In particular, it is receiving a high response from patients by focusing on chronic diseases that require long-term management, such as hair loss, skin diseases, and type 1 diabetes.

Their competitiveness lies in the fact that they do not just stop at simple B2C (business-to-consumer) medical brokerage. The company operates 'Soldoc Partners', an integrated solution for in-hospital administration and electronic medical records (EMR) for medical institutions, and has introduced 'Baro Dolbom', a remote medical solution used in nursing homes for the medically vulnerable, such as the elderly with mobility difficulties, successfully expanding its business into the B2B and senior healthcare sectors.

[Source: Soldoc Website]

'J-curve' aggressive investment behind the high-speed revenue growth of 340%

Based on a diversified service lineup, Soldoc's performance is drawing a steep upward curve. Its revenue rose vertically from about 54.92 million won in 2021 to about 5.5 billion won in 2025. In particular, it proved its explosive growth potential by recording a revenue growth of more than 340% in 2025 compared to 2024 (about 1.2 billion won).

Behind this external expansion lies aggressive investment for technological advancement. As of 2025, selling, general and administrative (SG&A) expenses amounted to about 6.4 billion won, still exceeding revenue, of which ordinary research and development expenses (about 2.2 billion won) and labor costs (about 1.5 billion won) account for a core portion. This means it is carrying out a typical 'J-curve' growth strategy by pouring funds into platform technology development and securing excellent talent.

Marketing efficiency and defense of financial soundness

The part to pay attention to is the maximized marketing efficiency. In 2022, it executed about 1.1 billion won in advertising and promotion expenses, which exceeded its revenue, but even in 2025, when revenue jumped more than 20 times, advertising expenses were strictly controlled at a similar level (about 1 billion won).

Operating profit is recording a deficit of about 2.8 billion won as of 2025, but the operating loss ratio, which means the deficit width relative to revenue, is improving. The retained earnings deficit accumulated to about 12.6 billion won due to continuous operating losses, but by attracting large-scale investments, it is maintaining total equity as a positive figure (about 2.11398 billion won) and firmly defending its financial soundness. Soldoc has received an accumulated investment of more than 14 billion won so far, and most recently in 2025, it attracted a 5.5 billion won investment. The estimated corporate value at the time of receiving the investment in 2025 is 50.5 billion won.

Essential tasks towards IPO: Proving profitability and demonstrating technological capability

Soldoc, which recently began selecting an underwriter for its IPO, has tasks ahead that must be resolved to successfully enter the stock market.

First of all, it must meet the 'profitability requirements'. This is because even if it pursues a technology exception listing, the objective basis for estimated profits within the next 2 to 3 years must be clear. To achieve this, it must show a reduction in the absolute operating profit deficit by lowering the high cost of sales ratio and SG&A ratio, which are currently at about 36.1%.

Along with this, 'proving market value through unrivaled technological capability' is also essential. Recently, the capital market's valuation assessment towards healthcare and platform companies has become very conservative. In order to be recognized for a high corporate value, it must prove its unrivaled technological capability to the capital market, such as a data asset integration system that can actually be utilized in the medical institution field or its own secured patents, going beyond simple medical brokerage.