Indonesian unicorn Traveloka is looking to raise $500 million in fresh funding that could value the company at as much as $4.5 billion, per an article in the Wall Street Journal.
The investment, which will be used to fuel Traveloka’s expansion in the region, could close within the next two months, the report further added.
In April, we reported that the Southeast Asian online travel major bagged $420-million in funding from Singapore sovereign fund GIC in a bid to become the region’s travel super app. Meanwhile, another report by The Information said the GIC round could drive Traveloka’s valuation up to $4 billion.
The Jakarta-based company had in 2017 raised a total of $500 million from American travel group Expedia, Chinese e-commerce giant JD.com, Hillhouse Capital, Sequoia Capital, and East Ventures.
Currently operating in Malaysia, Thailand, Vietnam, the Philippines, and Singapore in addition to its home market, Traveloka earlier this year launched services in Australia as its first expansion outside Southeast Asia. It also has an R&D centre in India.
In a move to strengthen its presence in the regional market, Traveloka has also acquired startups in other countries, including Philippines-based TravelBook, PegiPegi in Indonesia and MyTour in Vietnam, as well as invested in other companies such as event solutions startup PouchNATION and insurtech startup PasarPolis.
Established in 2012, Traveloka could also be the first unicorn to list on the Indonesia Stock Exchange, according to the bourse’s listing director I Gede Nyoman Yetna, who said that Traveloka executives had been discussing a potential IPO.
Aiming to become a super app of the travel sector, Traveloka has ramped up its tours and activities offerings, and launched food and lifestyle services that range from tickets for attractions, travel tours, massage and spa, beauty service, film tickets to music and sports tickets.
The super app game has witnessed huge piles of money being poured into Southeast Asian app-based companies. Ride-hailing major Grab, which is raising its $6.5 billion Series H round, said on Monday it will invest $2 billion in Indonesia, out of the capital it has raised from SoftBank. The Japanese giant said it will help Grab build a second headquarters in Jakarta, the capital of Indonesia.
At home, GOJEK is also raising its Series F round which recently counted global payment firm Visa and Thailand’s oldest lender Siam Commercial Bank as investors.
