Indonesia’s Traveloka CEO plans US listing via SPAC this year

Traveloka, Southeast Asia’s biggest online travel startup, is planning to list in the U.S. this year to raise funds using a special purpose acquistion company, known as SPAC, according to Chief Executive Offer Ferry Unardi.

“SPAC is very efficient in terms of timing and for a growing company like us,” Unardi told Haslinda Amin and Rishaad Salamat in an interview with Bloomberg Television on Tuesday. The company may consider an Indonesian listing at a later stage, he said.

Traveloka is said to hire JPMorgan Chase & Co. for public listing in the U.S. A listing could see it take advantage of a boom in the IPO market, which has been boosted by SPAC that use funds raised from their IPOs to buy a private company that then takes over the listing.

Investors including Expedia Group Inc., Rocket Internet SE, Singapore’s sovereign wealth fund GIC Pte, and JD.com has helped boost Traveloka’s valuation over the years. It was valued at $3 billion in 2017, according to CB Insights.

Based in Jakarta since it was founded in 2012, Traveloka has expanded across Southeast Asia, making it easier for consumers to book flights and hotels across countries. Like its competitors, the company has since moved beyond its roots to offer a vast array of services including lifestyle and even financial services.

With the impact of the pandemic pummeling the travel industry worldwide, Traveloka was said to be close to raising funds last July at a lower valuation than its previous funding rounds. It has also cut an unspecified number of roles since the start of the outbreak, including about 80 jobs in Singapore last April.

Unardi said that Traveloka’s travel business is already back in profit amid looser restrictions.

Bloomberg

Singapore Reporter/s

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

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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.