October 2026
Largest TravelTech Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
AirTrip, Digital Hearts Holdings, OpenDoor Inc., Adventure Inc. and VELTRA.
 | AirTrip Corp. is a Japanese online travel and IT services group headquartered in Minato-ku, Tokyo, listed on the Prime market of the Tokyo Stock Exchange since March 2016 under code 6191. Its core business is the AirTrip online travel platform, which sells domestic and international airline tickets, hotels, Shinkansen tickets, rental cars and package tours to Japanese consumers and earns commissions from airlines and suppliers. Around it the company runs more than 20 businesses, including inbound travel and Wi-Fi rental, IT offshore development through a hub in Vietnam, a media arm with an email newsletter reaching 4.3 million subscribers, cloud software for inns and hotels, HR consulting, a car rental service in Okinawa and an airline general-agent business. It also runs a corporate venture capital arm, AirTrip CVC, which has backed companies such as iYell, Arsaga Partners, regional airline JCAS Airways and 2501, and it has acquired GROWTH Co. and a majority of Knocklearn. The company was founded by Munenori Oishi and Hideki Yoshimura and is led by president and CFO Yusuke Shibata, and it sponsors sports teams as part of its marketing. | $9 | +63% | $190M | $127M | 0.7x | 6.5x | ||
| Digital Hearts Holdings Co Ltd is a Japan-based company engaged in Entertainment Business and Enterprise Business. Its Entertainment business is involved in Debugging Business, Media Business and Creative Business. Its Enterprise Business is involved in Testing and Monitoring, Security and System Development. | $7 | +7% | $148M | $146M | 0.6x | 8.2x | ||
| Open Door Inc is engaged in the planning and operation of game content for mobile phones, software development, and content delivery. It is also involved in development and provision of online systems for the internet and mobile phones. The company operates in two sites Travelko, a travel comparison site and GALLERY JAPAN, a japanese traditional art crafts site. | $3 | +8% | $80M | $66M | 4.3x | (10.2x) | ||
| Adventure Inc engages in the provision of online travel services. It operates Skyticket and WANNATRIP website portals. The Skyticket website portal offers online ticket booking services for multiple airlines, both domestic and overseas. The WANNATRIP website portal offers package tours and cruise travel to various destinations across the globe. | $9 | -46% | $66M | $42M | 0.3x | 4.3x | ||
| VELTRA Corp is an online tour and activity booking service company. The company connects travelers to distinctive local experiences across the world and has branches in Honolulu, London, Paris, and Malaysia. | $1 | -37% | $32M | $3M | 0.1x | 1.7x | ||
| Median | $7 | +7% | $80M | $66M | 0.6x | 4.3x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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