Southeast Asia’s largest online travel startup has successfully raised 300 million USD from investors.
Traveloka has been present in Vietnam since 2016. Photo: Nikkei Asia.
Traveloka, an online travel agency based in Indonesia, has raised 300 million USD from institutional investors including US asset management company BlackRock and the Indonesian Investment Authority (INA), according to Nikkei Asia.
In particular, Allianz Global Investors and Orion Capital Asia, a private credit investment manager based in Singapore, participated in the latest funding round of Traveloka – the leading online travel booking platform in Southeast Asia.
Celia Yan, Asia head of private credit at BlackRock, said Traveloka is a leader in online travel in Southeast Asia, a region has become one of the most popular tourist destinations in the world.
Traveloka CEO Ferry Unardi believes this investment will allow the company to strengthen its balance sheet as the tourism industry begins to recover from the Covid-19 pandemic.
In addition, Tech in Asia said that the company has also announced that it will close its on-demand logistics service Traveloka Send and online food delivery platform Traveloka Eats after launching two weeks ago. A representative of this business said that closing these two services is part of Traveloka’s business strategy and priority.
Traveloka’s office in Indonesia. Photo: Bloomberg.
The company affirms that it will implement the appropriate process for employees, partners and consumers who are using the above services during the closure period, in accordance with current regulations.
Traveloka was valued at 3 billion USD in July 2020, the units that are backing this online travel company include Expedia Group, Qatar Investment Authority and Singapore property fund GIC. Bloomberg reports Traveloka is considering an initial public offering in the US or Indonesia.
Established in 2012, Traveloka is the first Indonesian startup to expand its operations to other markets in the region. Traveloka makes it easier for customers to book flight tickets and hotel rooms in Southeast Asian countries. Traveloka claims to have raised 500 million USD from investors in 2018.
Present in Vietnam since 2016, Traveloka has gradually gained market share in the online flight ticket and hotel booking market with many continuous promotions and extensive media activities.
However, this company is also competing with many other big players that have been present in Vietnam in particular and Southeast Asia in general for a long time such as Booking and Agoda.
@ Zing News