AirAsia’s Teleport plans to raise $50m in strategic funding

An AirAsia model flight. Photo: Pixabay

Malaysian budget airline AirAsia’s logistics arm Teleport plans to raise at least $50 million in a so-called “strategic fundraising round” this year to accelerate its growth.

“We are profitable so we are looking for a significant round to accelerate our growth. We target upwards of $50 million,” Teleport CEO Pete Chareonwongsak told DealStreetAsia.

“Given the overwhelming interest in our business, we are raising one round this year with a limited pool of investors,” he said.

Teleport is building a logistics infrastructure that enables consumers and businesses to trade seamlessly and with speed and visibility. Its services include air cargo, door-to-door service, social commerce merchant. 

During the quarter ended March 31, 2020, Teleport recorded a 49 per cent increase in revenue to 150.4 million ringgit as it completed its cargo consolidation across the group’s Southeast Asian airline operating companies. EBITDA (earnings before interest, taxes, depreciation, and amortisation) stood at 63.18 million ringgit. 

Teleport’s plan to raise financing comes as airlines globally, including AirAsia, are all but grounded by the COVID-19 outbreak and are raising capital to stay afloat. 

Continue reading this story with a subscription to DealStreetAsia.

Subscribe

Contact us for corporate subscriptions at subs@dealstreetasia.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.