Indonesia's Traveloka raises $250m
Traveloka, an Indonesian online travel services company, has closed a funding round of $250 million, reportedly accepting a stepdown in valuation in the process.
The deal was led by the Qatar Investment Authority (QIA), Reuters reported. Certain existing investors including East Ventures also took part. It follows a $420 million commitment last year from GIC Private and EV Growth, an affiliate of East Ventures. Before that, Traveloka received a $350 million round led by US travel portal Expedia.
Other investors in the company include Hillhouse Capital, Sequoia Capital India, JD.com and Global Founders Capital. Nikkei Asian Review reported that the latest investment values Traveloka at approximately $2.75 billion, which is lower than before the onset of the COVID-19 pandemic.
Founded in 2012 initially as a flight aggregator, the company offers flight, hotel and lifestyle service bookings as well as a platform for purchasing package tours. Last year, it began offering credit cards, travel-linked credit, and insurance products to its users. While it has a significant user base in Southeast Asia, Traveloka launched services in Australia last year.
The Traveloka app has been downloaded more than 40 million times and it accepts over 40 different types of payment options. The company has established partnerships with more than 100 domestic and international airlines.
A drastic fall in international and domestic travel due to COVID-19 has adversely affected revenues. Customers have demanded refunds for canceled flights and packages while restrictions on inbound international travel have yet to be relaxed in most Southeast Asian countries.
"Our business in Vietnam is approaching steady pre-COVID-19 levels and the Thailand business is on its way to surpassing 50% [of its pre-COVID levels]. Indonesia and Malaysia are still in the early stage, but they continue to demonstrate promising momentum with strong week-to-week improvement, especially in accommodation," said Ferry Unardi, the company's co-founder and CEO.
In May, Traveloka closed Airy Rooms, its Indonesian hotel aggregator affiliate, having laid off more than 100 people a month earlier.
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