Passpod, an Indonesian modem rental company and one of the latest tech startup to list at the IDX, has acquired Singapore trip-planning platform Packdat, DEALSTREETASIA has learnt.
Passpod, which listed in October last year, describes itself as a ‘digital tourist pass’ for Indonesian travelers abroad. It has three business segments, namely travel services, AI & big data, and global connectivity.
Packdat, meanwhile, is a platform that simplifies trip-planning for group travelers. It develops a proprietary algorithm that works with Google Maps that arranges the itinerary via the recommended route based on proximity to-from their hotel.
On its website, Packdat says it had been acquired by Passpod in February 2018, around eight months before Passpod went public. It also said that Packdat’s platform has been fully integrated with Passpod.
When asked for confirmation on the acquisition, Passpod CEO Hiro Wardhana said: “as a public company, we cannot comment on rumors”.
The deal, however, was confirmed by Packdat CEO Felix Lee, who had joined Passpod as its Head of Product and Design for eight months following the acquisition.
While he declined to disclose the financial details of the deal, Lee told DEALSTREETASIA that the deal was sealed in January after executives of both companies had previously met in a conference in Singapore and talked about the possibilities of Passpod being “a truly travel platform for all travel needs” and how Packdat could help achieve that.
“That created synergy between Packdat and Passpod led to further conversations to acquisition,” Lee said.
At the time of acquisition, Packdat was available in over 20 cities in nine countries, including Hong Kong, South Korea and Australia, and saw over 30,000+ successful itineraries created by travelers, said Lee who founded the startup in 2017 with co-founder Zeth Lee.
After the acquisition, the Packdat team worked to integrate its travel planning feature and technology was integrated into Passpod’s platform, Lee added. In August 2018, Passpod launched its vacation planning category, which allows travelers to add places to their itinerary.
However, after eight months working as part of the Passpod team, both Packdat co-founders have since left Passpod to serve the National Military Service in Singapore. Their departure in October coincided with Passpod’s IPO, from which it raised $32 million (Rp 501 billion).
Its IPO made Passpod the fourth tech company to be listed on the Indonesian bourse. The first Indonesia-based startup to IPO was O2O e-commerce company Kioson, which listed on the IDX last year and raised $3.4 million. It was followed by M Cash and NFC, which raised $22 million and $21 million in their IPO, respectively. The latest to jump into the bandwagon is DIVA, which raised $53 million late last year.
Passpod is the first startup built by the IDX Incubator to take part in the Indonesia Stock Exchange. The IDX Incubator itself is a startup incubation programme initiated by the Indonesia Stock Exchange (IDX) and Indonesia Financial Services Authority (OJK). The programme serves to help develop startups in Indonesia in terms of business, legal, and funding to allow them to list on the stock exchange.