JAKARTA (TheInsiderStories) – Indonesian unicorn Traveloka is looking to raise Rp7 trillion (US$500 million) fresh funding that could value the company at as much as Rp630 trillion, local media reported on Monday (07/29). It Said, 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.
The Jakarta-based company had in 2017 raised a total of $500 million from American travel group Expedia, Chinese e-commerce giant JD.com, 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 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.
Traveloka is also known to have participated in the Series B investment round for event organizer startups and Singapore-based Near Field Communication bracelet technology provider PouchNATION and insuretech startup PasarPolis. The investment is thought to be part of company’ long-term strategy to strengthen its position in the tourism arena after launching the Traveloka Experience service.
Established in 2012, Traveloka could also be the first unicorn to list on the Indonesia Stock Exchange, according to the bourse’s listing director I Gede Nyoman Yetna, who said that Traveloka executives had been discussing a potential initial public offering.
Aiming to become a super app of the travel sector, Traveloka has ramped up its tours and activities offerings and launched food and lifestyle services that range from tickets for attractions, travel tours, massage and spa, beauty service, film tickets to music and sports tickets.
On Monday Traveloka also launched an On-Time Protection insurance product. The latest product offers service for losses if travelers experience flight delays.
Traveloka’ innovations and other application-based companies have advanced the transportation, logistics and tourism sectors in Indonesia.
Written by Lexy Nantu, Email: firstname.lastname@example.org