PT Bank Rakyat Indonesia Tbk (IDX: BBRI) aims to invest in one of unicorns, Traveloka, said the CEO on Thursday (10/24) - Photo by the Company

JAKARTA (TheInsiderStories) – State-owned lender, PT Bank Rakyat Indonesia Tbk (IDX: BBRI) aims to invest in one of unicorns, Traveloka, said the CEO on Thursday (10/24). Recently, the bank has announced prepared funds Rp5 trillion (US$354.6 million) for un-organic growth, including the e-commerce player.

Sunarso explained an initial plan, one of the largest bank in the country will start with joint operations, entrusts to sell products in the application, and then an equity participation.

“We are looking for the best option, if  the all of the three options are optimal, we will do all,” he mentioned.

Currently, the bank had begun developed the digital business by forming a venture capital, PT BRI Ventures. The reasoned, capital participation in banks is regulated rigidly and forbidding the banks to invest directly in non-financial services companies.

BRI Ventures was a subsidiary of PT Bahana Artha Ventura, which had been rebranded as PT Sarana Nusa Tenggara Timur Ventura. The unit also one of LinkAja’ shareholders.

Traveloka and Bank Rakyat Indonesia have formed a partnership by launching PayLater Card. The retailer users can use this card to transact on more than 53 million online and offline retail partners through a worldwide visa network.

Earlier, the digital company was seeks $500 million fresh funding that could value the company at as much as Rp630 trillion. The investment, which will be used to fuel the booking provider’ expansion in the region, could close within the next two months.

In April, its reported that the Southeast Asian online travel major bagged $420-million in funding from Singapore sovereign fund GIC in a bid to become the region’s travel super app. Meanwhile, another report on said the GIC round could drive Traveloka’ valuation up to $4 billion.

In 2017, the Jakarta-based company raised a total of $500 million from American travel group Expedia, Chinese e-commerce giant, Hillhouse Capital, Sequoia Capital, and East Ventures. The company, which says its mobile app has been downloaded more than 40 million times, has established partnerships with more than 100 domestic and international airlines.

Currently the company operating in Malaysia, Thailand, Vietnam, the Philippines, and Singapore in addition to its home market, Traveloka earlier this year launched services in Australia as its first expansion outside Southeast Asia.

It also has an R&D center in India. In a move to strengthen its presence in the regional market, Traveloka has also acquired startups in other countries, including Philippines-based TravelBook, PegiPegi in Indonesia and MyTour in Vietnam.

US$1: Rp14,000

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