Tour package booking site backed by Gobi Partners, Tripvisto, has ceased operations due to “worsening unit economics”, according to a report by Tech in Asia, revealing that the startup began to have trouble hitting operational targets in May 2017.
It attempted several partnerships with media and telcos to promote the packages, but that strategy failed to keep the firm afloat.
Tripvisto raised $1 million in a series A financing led by Chinese VC firm Gobi Partners in 2015, which the startup said would be used to improve product offerings, hire new talent and enhance marketing efforts.
Gobi Partners had also invested in one of China’s leading tour package providers, Tuniu, and had said that it would apply some of its learning in Tripvisto.
“As the lead investor in Tuniu, we recognize many of the same positive qualities in Tripvisto for the Indonesian market, and we will apply some of the lessons we learned from working with Tuniu to enhance Tripvisto’s business development,” Gobi Partners managing partner Thomas Tsao had said.
Tripvisto was founded in August 2014, the same month it received an undisclosed initial seed investment from East Ventures.
In Indonesia, Tripvisto competed with a number of tour package players such as MisterAladin, TripTrus, Gogonesia, Valadoo, GoArchipelago, and Pikavia. Apart from the first three, most of them have shut down.
It appears that these players are increasingly overshadowed by online travel agents (OTA) sites like Traveloka and Tiket.com – both of which recently received massive funding and backing from prominent corporations. Traveloka secured $500 million earlier this year from Expedia and JD.com, while Tiket.com was acquired by GDP-Ventures backed online marketplace site Blibli.com.