Expanding during an orange shortage: Inside iJooz’s 8-year sprint towards IPO ambitions

iJooz has taken its orange juice vending machines international, reaching over 30 countries

It’s hard to go anywhere in Singapore without seeing these iconic bright orange machines.

iJooz has its orange juice vending machines everywhere, from HDB heartlands to office towers, MRT stations, and shopping malls. After all, in Singapore alone, the company operates over 1,500 machines.

And they’re not just proliferating locally. Singaporean orange juice vending machine maker iJooz has expanded overseas and has a presence in 32 countries worldwide, serving an average of over 100,000 cups of fresh orange juice each day.

Here’s how the homegrown company got there, and the strategies that helped it achieve this scale.

1. Identifying a high-demand product with universal appeal

iJooz was founded in 2016 by Bruce Zhang. After leaving his decade-long career as a semiconductor engineer, Zhang considered opening a chain of fruit juice stalls, inspired by the rising trend of healthy eating.

However, the sky-high rental rates of prime retail locations, particularly in the central business district, made it difficult to launch and scale such a venture.

Image Credit: iJooz

So he thought of an alternative: vending machines. By automating the process, Zhang could bring fresh juice directly to consumers without the high overhead costs of traditional storefronts.

“After working with IoT for more than a decade, I was convinced that I could build a food robotics business,” Zhang said in an interview with Dollars&Sense. Six months later, he launched his first machine in Jun 2016 with an original investment of close to S$1 million, marking the start of iJooz.

Zhang chose to focus specifically on orange juice, believing that oranges have an “international taste” and are a universally familiar drink across cultures and nationalities—a decision that positioned the brand for overseas expansion from day one.

2. Leveraging technology to reduce costs and scale fast

Each iJooz vending machine is integrated with customised Internet of Things (IoT) solutions, allowing real-time monitoring of performance, tracking of cups sold, and logging the time of the last sale.

The machines’ systems can even be accessed remotely, which means that operators can restart machines or correct errors in the event of downtime, without needing to be physically present. This automation reduces manpower needs, with a single serviceman able to manage 40 to 50 machines.

“IoT has enabled us to expand faster and gives us confidence to produce more machines,” said Zhang. That confidence paid off: just two years later, iJooz was already venturing overseas, rapidly expanding its footprint beyond Singapore.

3. Strategic expansion through franchising

Today, you can find iJooz machines in Malaysia, Thailand, and Australia, as well as in more distant markets such as Switzerland.

(Left): An iJooz vending machine in Switzerland; (Right): An iJooz vending machine in Malaysia./ Image Credit: iJooz

But expanding overseas comes with challenges. The toughest part, according to Zhang, is deciding on the ideal location to place iJooz’s machines.

“Every country does have its [own] safety regulations, you cannot simply deploy the machine wherever you want,” he told the Business Times. He added that other factors, such as foot traffic and, in Singapore, locations that are not too hot or humid, must also be taken into consideration.

To navigate these challenges, iJooz relies on a franchising model. The company does not own all of its vending machines—it also sells and leases them, allowing partners to operate iJooz machines under its brand and technology.

By partnering with local operators, iJooz can leverage their knowledge of the market while scaling rapidly without taking on all operational risk itself.

4. Spotting opportunities & acting quickly

iJooz’s oranges are first cleaned in a high-pressure jet and brush roller machine to remove wax and impurities. After washing, they are dried and stored in the chiller room until the operations team tops up the vending machines across the island daily./ Image Credit: iJooz

Today, one of iJooz’s most prominent markets is Japan. The company launched there in 2023 and ramped up operations in 2024, during a period when the country was facing an orange juice shortage.

By the end of the year, iJooz had over 400 vending machines in Japan. Today, that number has grown to 1,300 machines across high-density areas such as train stations in Tokyo, Osaka, and Nagoya—almost as many as it operates in Singapore.

An iJooz vending machine in Japan./ Image Credit: iJooz

It might come as a surprise, given that beverage vending machines are ubiquitous in Japan, but machines dispensing fresh fruit juice are rare. Zhang noticed this during a trip three years ago and quickly seized the opportunity.

And with about five million vending machines across Japan selling all sorts of products, consumers are already familiar with the concept, making them more receptive to iJooz’s machines than Singaporeans.

iJooz’s Japan operations turned profitable in Apr 2024, just one year after launching there. Zhang told the Business Times that Japan’s large market offers far greater growth potential, noting that Singapore is already relatively saturated.

Hence, he is looking to double down on iJooz’s growth in Japan over the next five to six years, aiming to establish 100,000 machines there.

5. Moving into complementary markets to open up new revenue streams

Image Credit: iJooz

Beyond its orange juice vending machines, iJooz also runs a smart pantry service for offices.

Companies can install refrigerators on-site with over 500 food items, which iJooz automatically flags for replenishing using computer vision technology. Its website lists clients including HP, Capitaland, Cotton On, and the National University of Singapore.

While it’s unclear how much revenue comes from vending machines versus smart pantries, but the move into complementary markets has opened up new streams of income for iJooz.

iJooz tripled its profits in FY2024

Image Credit: iJooz

By leveraging these strategies, the company has come far. In the 19 months from Jun 2023 to Dec 2024 (FY 2024), iJooz more than doubled its revenue to S$64.6 million, according to Tech In Asia.

During this period, the company shifted its financial year-end from May to Dec, meaning FY 2024 spans a longer duration than the previous financial year, which ran from June 2022 to May 2023. On an annualised basis, revenue for FY2024 stands at US$31.4 million, or about 1.6 times its FY2023 figure.

It recorded a profit before tax of US$2.5 million in FY2024, which, taken on an annualised basis, stands at US$1.6 million—about three times the profit in FY2023.

These numbers come from audited financial statements for iJooz AI Pte Ltd, a Singapore-registered subsidiary of iJooz Holdings, so it’s unclear if they reflect the company’s global operations.

That said, next on Zhang’s agenda is to break into the US market, starting with New York later this year. In an interview with CNA, he said he hopes to replicate the success iJooz has seen in Singapore and Japan, keeping the company on track for an initial public offering (IPO) in the United States by 2027.

While Singapore’s market is smaller than Japan and the US, Zhang emphasized that iJooz remains a homegrown company, with around 160 of its 500 employees based in Singapore. The rest are located in Japan and China.

“Even if we max out the market in Singapore, we’d still be considered a small company in the US. That’s why we are aiming to IPO before we keep expanding there.” 

• Find out more about iJooz here.
• Read other articles we’ve written on Singaporean businesses here.

Featured Image Credit: iJooz