Indonesia: Gobi Partners-backed tour operator Tripvisto shuts down

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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.

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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.