F12 — Vertical Economics
Four Verticals, Four Different Businesses
This page answersHow does each category actually make money?
Scenario
Assumptions are shared across every financial page — change one, all outputs recalculate.
121–122 — Services
Booking take-rate economics
Assumptions
ASSUMPTION18%
3.1
US$96
10.0%
Model output
MODEL OUTPUTMEDIUM CONFIDENCE
Transacting users180,000
Annual transactions558,000
Services GMVUS$53.6M
Take-rate revenueUS$5.4M
Revenue per transactionUS$10
Revenue per active userUS$5
Comparison
All four verticals at the current scenario
| Vertical | Revenue | Share of total | Margin character | Evidence quality |
|---|---|---|---|---|
| Services booking | US$5.4M | 9.9% | Moderate — payments and support | MEDIUM |
| Veterinary leads | US$1.4M | 2.6% | High — no clinical exposure | LOW |
| Commerce and advertising | US$5.8M | 10.7% | Very high — pass-through | MEDIUM |
| Travel and hospitality | US$21.5M | 39.6% | High — commission only | MEDIUM |
Veterinary lead revenue is modelled separately from the shared scenario engine and is not included in the site-wide revenue total, to avoid double counting against the services and commerce streams.
Investor implication
Travel and services generate the transactions; commerce and insurance generate the margin. A buyer should treat the travel graph as the acquisition engine and the commerce and referral streams as the profit engine.