Indonesian online travel startup Traveloka is in talks to raise a $400-million round led by Singapore’s sovereign wealth fund, doubling its valuation to $4.1 billion, according to a report by The Information.
According to a separate Bloomberg report on the startup’s fundraising plans, proceeds from the latest financing round will be used to expand Traveloka’s business beyond airline tickets and hotel bookings to activities such as concerts and amusement parks.
“At this moment, we cannot make a confirmation because as part of our corporate policy, we do not comment on rumor or speculation in the market. We will give updates at the soonest if we have new information,” said a Traveloka spokesperson in response to a request for comment from this portal.
Traveloka had last year raised $350 million from Expedia and another $150 million from JD.com, East Ventures, Hillhouse Capital and Sequoia Capital. The financing was said to have valued the Indonesian firm at around $2 billion.
Online travel in Southeast Asia reached $26.6 billion in 2017 and is projected to increase to $76.6 billion by 2025, according to a report by Google and Temasek Holdings. The same report estimated that Southeast Asia’s internet economy will skyrocket from $50 billion in 2017 to more than $200 billion by 2025.
As Southeast Asia’s largest economy, Indonesia has unsurprisingly drawn the interest of both consumer internet startups and global and regional investors betting on the country’s growing middle class and rising mobile internet usage.
It is no surprise then that the country is also home to the most unicorns, or privately held startups valued at $1 billion or more, in Southeast Asia. Of its four unicorns, the largest is ride-hailing and payments major Go-Jek that is currently in talks to raise at least $2 billion to accelerate its international expansion. This portal had earlier reported that Go-Jek was seeking a post-money valuation of $9-10 billion with this latest round.
Indonesia is also set to receive a significant chunk of the $3 billion that Grab, Go-Jek’s nemesis, is seeking to raise in an ongoing funding round. The Singapore-headquartered firm has already raised $2 billion from investors including Toyota, OppenheimerFunds, Ping An Capital, Naver Asia Growth Fund, Vulcan Capital and Lightspeed Venture Partners. Its post-money valuation now stands at $11 billion.
The post Traveloka said to be raising $400m in GIC-led round, doubling valuation to $4.1b appeared first on DealStreetAsia.
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