Traveloka, has reportedly received an investment fund of US $ 250 million or equivalent to Rp3.62 trillion from the Qatar Investment Authority (QIA), global media reported today (07/28) - Photo by the Company

JAKARTA (TheInsiderStories) – Travel booking service platform, Traveloka, has reportedly received an investment fund of US $ 250 million or equivalent to Rp3.62 trillion from the Qatar Investment Authority (QIA), global media reported today (07/28). Local venture capital, East Ventures and BRI Ventures also participated in the new funding.

Since last year, the pioneering company in the travel sector has announced that it intends to seek funding of up to $500 million. While QIA was signed a Memorandum of Understanding with the Indonesian government regarding the same investment in the tourism sector in 2018.

The agreement was signed by the CEO of QIA, Sheikh Abdullah bin Mohammed bin Saud Al-Thani and the Coordinating Minister for Maritime and Investment Luhut Binsar Panjaitan in Jakarta. He said, the funds will be used to develop tourism projects contained in 10 Tourism Destinations by Indonesia which are projected as the biggest contributors to Indonesia’s gross domestic product in 2030.

“Indonesia plans to develop the tourism industry is an interesting opportunity for QIA to strengthen its investment portfolio in the world, especially in the tourism sector,” Al-Thani said at the time.

Traveloka is currently available in Indonesia, Thailand, Vietnam, Malaysia, Singapore and the Philippines. The company claims that the application has been downloaded more than 40 million times and has partnered with more than 100 domestic and international airlines.

With the injection of funds, Traveloka now has a valuation of around $3 billion. So far, the company has raised a total of $920 million in funding. The latest capital injection obtained in April was valued at $420 million, led by Singapore’s state-owned investment company, GIC Pte. Ltd. Existing investor namely US travel giant, Expedia, and Chinese online retailer JD.Com.

Recently, the provider’ businesses was hit by COVID-19 to lay off many employees and terminate several cooperation contracts. After travel restrictions began to subside in the Southeast Asian region, the management of a Jakarta-based pioneering company stressed that there were signs of recovery as economic activity resumed.

“Our business in Vietnam has returned to 100 percent before COVID-19 and Thailand has exceeded 50 percent before the pandemic,” company co-founder & CEO Ferry Unardi said in an official statement recently.

Traveloka is a leading travel company in Southeast Asia that provides a variety of travel needs in one platform. The official website says, Traveloka cooperates with more than 100 domestic and international airlines, and serves more than 200,000 flight routes throughout the world.

In 2017, the operator received about $500 million in investment from East Ventures, Hillhouse Capital Group, JD.com, and Sequoia Capital. This startup also got fresh funds from Expedia for $350 million in July 2017.

Meanwhile, QIA has a large investment in one of the largest telecommunications companies in Indonesia, namely PT Indosat Ooredoo Tbk (IDX: ISAT). This company offers prepaid and postpaid cellular telephone services, fixed telephone services, fixed wireless services, and fixed telephone services.

The investment fund also have ownership in PT Bank QNB Indonesia Tbk (IDX: BKSW). This institution was founded by the Qatari government in 2005 and is headquartered in Doha. Its mission is to invest, manage and develop Qatar reserves to create long-term value for the next generation.

US$1: Rp14,500

Written by Editorial Staff, Email: theinsiderstories@gmail.com