Nutraceutical International Corporation manufactures, markets, distributes, and retails branded nutritional supplements and other natural products in the United States and internationally. Its products include vitamins and minerals, herbs, specialty formulas, personal care products, liquid nutritional products, homeopathics, functional foods, and other products in various formulations and delivery forms, such as capsules, tablets, soft gels, chewables, liquids, creams, sprays, powders, and whole herbs. The company markets and sells its products under the Solaray, KAL, Dynamic Health, Nature's Life, LifeTime, Natural Balance, NaturalCare, Health from the Sun, Pioneer, Nutra BioGenesis, Life-flo, Organix South, Heritage Store, and Monarch Nutraceuticals brand names. It also owns neighborhood natural food markets, which operate under the trade names of The Real Food Company, Thom's Natural Foods, Cornucopia Community Market, and Granola's; and health food stores, which operate under various trade names, including Fresh Vitamins and Peachtree Natural Foods. The company sells its products directly; and through sales force, and health and natural food stores to retailers, distributors, manufacturers, and consumers. Nutraceutical International Corporation was founded in 1993 and is based in Park City, Utah.
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- The Expedia or Booking.com for Southeast Asia.
- A regional Trip.com Group (Ctrip) for Southeast Asia.
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- Flight Bookings: Facilitates the search, comparison, and reservation of airline tickets for domestic and international travel.
- Hotel Reservations: Provides a platform for customers to find, compare, and book accommodation options across various destinations.
- Package Tours: Offers pre-arranged travel itineraries that combine flights, hotels, and sometimes activities into a single purchase.
- Activity & Experience Bookings: Allows users to discover and reserve local tours, attractions, and unique experiences at their travel destinations.
- Car Rentals: Enables the reservation of rental vehicles from various providers for convenient ground transportation during trips.
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Upon reviewing the request, it appears that NusaTrip (symbol: NUTR) is a fictional company often used in hypothetical financial scenarios and case studies. There is no real public company named NusaTrip with the stock symbol NUTR.
As such, there is no real-world business operation or customer base to identify and list major customers for NusaTrip, whether they be other companies or categories of individual consumers.
Therefore, I am unable to provide the requested information regarding NusaTrip's major customers.
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Anson Neo Sae Chuan, Chief Executive Officer
Anson Neo Sae Chuan was appointed Chief Executive Officer of NusaTrip effective November 1, 2025. Prior to this role, he served as the Chief Marketing Officer with 28 years of experience in the travel industry. He is recognized for his strategic thinking and innovation in driving growth in the competitive travel sector, excelling in sales, marketing, and partnerships. NusaTrip operates as a subsidiary within the Society Pass Inc. (Nasdaq: SOPA) ecosystem, a public company focused on acquiring and integrating e-commerce players in Southeast Asia.
Yee Siong Tan, Chief Financial Officer, Chief Accounting Officer & Secretary
Yee Siong Tan holds the positions of Chief Financial Officer, Chief Accounting Officer, and Secretary for NusaTrip. He brings over 15 years of experience in audit, internal control, tax, mergers and acquisitions, and risk mitigation. His responsibilities include financial operation management, financial planning and analysis, and ensuring regulatory compliance, particularly with SEC filing matters. NusaTrip is a subsidiary of Society Pass Inc., a publicly traded company that employs an acquisition-focused strategy.
Heather Maynard, Executive Chairwoman of the Board
Heather Maynard serves as the Executive Chairwoman of the Board for NusaTrip. Additionally, she is the CEO of H&D Mediterranean. NusaTrip operates as a subsidiary within the Society Pass Inc. ecosystem, which focuses on acquiring various e-commerce businesses in Southeast Asia.
Albert Nicolas Siregar, Chief Operating Officer
Albert Nicolas Siregar is the Chief Operating Officer at NusaTrip. He possesses extensive expertise in operations and ticketing within the travel industry. His experience includes optimizing operational workflows and managing large-scale travel services, contributing to enhanced customer satisfaction and business performance.
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Here are the key risks to NusaTrip (NUTR):
- Regulatory Scrutiny and Potential Market Manipulation Allegations: NusaTrip Inc. has faced a trading suspension ordered by the U.S. Securities and Exchange Commission (SEC) due to concerns about potential manipulation of its securities through social media recommendations designed to artificially inflate the stock price. The company also received an information request from The Nasdaq Stock Market LLC regarding this matter. While NusaTrip denies involvement and states its cooperation with both the SEC and Nasdaq, the regulatory investigation, the trading halt, and the allegations of market manipulation pose a significant risk to the company's reputation, stock valuation, and operational stability.
- Intense Competition in the Online Travel Agency (OTA) Market: NusaTrip operates in a highly competitive online travel market across Indonesia, Singapore, Vietnam, the Philippines, and Thailand, offering services such as flight and hotel bookings, car rentals, and other travel-related services. The presence of numerous global and regional online travel agencies means NusaTrip must continuously compete on pricing, service offerings, technology, and marketing, which can impact its market share and profitability.
- Sensitivity to Economic and Travel Industry Conditions: As a company in the Consumer Cyclical sector and Travel Services industry, NusaTrip's business performance is highly dependent on general economic conditions, consumer disposable income, and overall travel demand. Economic downturns, changes in consumer spending habits, geopolitical instability, or unforeseen global events (e.g., pandemics) that disrupt travel can significantly reduce bookings and revenue for the company.
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NusaTrip (NUTR) operates as an Online Travel Agent (OTA) providing services such as hotel and flight ticketing, online advertising, hotel reservations, and hotel technology platform software across Indonesia, Singapore, Vietnam, the Philippines, and Thailand.
The addressable markets for NusaTrip's main products and services in their key operating regions are as follows:
- Southeast Asia Online Travel Market: This market is projected to reach $490 billion by 2025. Online travel bookings in Southeast Asia grew to $30 billion in 2018. The gross bookings in Southeast Asia's travel sector are anticipated to achieve 94% of 2019 levels by 2025, with online bookings expected to more than double between 2022 and 2025.
- Indonesia Online Travel Booking Service Market: This market generated approximately USD 11,925.2 million in revenue in 2021 and is forecast to reach approximately USD 28,686.7 million by 2030, with a compound annual growth rate (CAGR) of 10.2% from 2022 to 2030. Other estimates value the Indonesia Online Travel & Booking Platforms Market at USD 5 billion (based on a five-year historical analysis), and at USD 7,321.33 million in 2024, projected to grow to USD 16,955.05 million by 2033 at a CAGR of 9.78% from 2025 to 2033. The Indonesia Online Travel & Tourism Platforms Market is valued at USD 10 billion. The overall Indonesia Travel and Tourism Market is projected to increase from USD 25 billion in 2024 to USD 45 billion by 2035.
- Asia-Pacific Online Travel Agency (OTA) Market: This market is expected to grow from US$46 billion in 2024 to US$79 billion by 2030, at a CAGR of 9.4%. The Asia-Pacific region accounted for approximately 35% of all global OTA transactions in 2024.
- Asia-Pacific B2B Travel Platform Market: In 2024, the Asia-Pacific region held over 36% of the global B2B travel platform market share, with estimated revenues of approximately USD 0.78 billion.
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Expected Drivers of Future Revenue Growth for NusaTrip (NUTR)
Over the next 2-3 years, NusaTrip (NUTR) is expected to drive revenue growth through several strategic initiatives and market tailwinds:
- Expansion into New Markets: NusaTrip intends to use proceeds from its IPO to accelerate its expansion into new markets. The company has already opened offices in Beijing and Hong Kong, and is actively seeking to acquire travel agencies in countries such as the PRC, Hong Kong, Philippines, Thailand, Singapore, Malaysia, India, and the UAE, aiming to facilitate both inbound and outbound travel within Southeast Asia (SEA) and Asia-Pacific (APAC) regions.
- Mergers and Acquisitions (M&A): A core component of NusaTrip's growth strategy is the acquisition of synergistic companies. The company has a proven track record, having acquired VLeisure and VIT in Vietnam, and plans to continue pursuing M&A opportunities with other travel companies in the SEA and APAC regions.
- Launch and Optimization of a New Travel Technology Platform: NusaTrip is well-capitalized for the completion of its new travel technology platform in the fourth quarter of 2025. This platform is anticipated to enhance stability, user interface and experience (UI/UX), and payment integration, which could significantly expand its market reach and capabilities.
- Growth in the Online Travel Market in Southeast Asia and Asia-Pacific: NusaTrip's strategy is aligned with the robust growth projections for the online travel market in its specialized geographical areas. Studies, such as one published by Statista in November 2024, forecast the Southeast Asian online travel market to grow from US$46 billion in 2024 to US$79 billion by 2030, representing a compound annual growth rate (CAGR) of 9.4%.
- B2B Focused Marketing and SEA Focused Operating Model: The company's majority shareholder, Society Pass Inc. CEO Raynauld Liang, has noted that NusaTrip's significant sales expansion validates its business-to-business (B2B) focused marketing and Southeast Asia-focused operating model. This strategic emphasis is a key contributor to its revenue growth.
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Share Issuance
- NusaTrip completed its Initial Public Offering (IPO) on August 15, 2025, raising $15.0 million in gross proceeds by offering 3,750,000 shares at $4.00 per share.
- Following the IPO, the underwriters fully exercised their over-allotment option, selling an additional 562,500 shares at $4.00 each, which generated approximately $2.25 million in additional gross proceeds.
- The total gross proceeds from the IPO, including the over-allotment shares, amounted to $17.25 million.
Outbound Investments
- NusaTrip intends to use net proceeds from its IPO for merger and acquisition initiatives.
- The company has already acquired Vietnamese travel companies VLeisure and VIT.
- NusaTrip is actively seeking to acquire offline travel agencies in key markets, including China, Hong Kong, the Philippines, Thailand, Singapore, Malaysia, India, and the UAE.
Capital Expenditures
- As of June 30, 2025, NusaTrip had $6.9 million in cash reserves, which it plans to utilize for the completion of a new travel technology platform by Q4 2025 and for potential acquisitions.
- The company opened new offices in Beijing and Hong Kong during Q2 2025, indicating investments in physical expansion.
- IPO funds are designated for market expansion and strengthening overall operations, which can include capital expenditures.
