Raising funds: Traveloka, south-east Asia’s biggest online travel startup, has investors betting on it despite the recent Covid-19-induced slump.
SINGAPORE: Traveloka, South-East Asia’s biggest online travel startup, is close to raising fresh funds at a private-market valuation of about US$2.75bil – roughly 17% less than its most recent fundraising, according to people familiar with the matter.
The Jakarta-based firm is in advanced negotiations with new strategic investors such as Siam Commercial Bank Pcl and Richard Li’s FWD Group Ltd, as well as existing backers GIC Pte and East Ventures to secure about US$250mil, the people said, asking not to be named because the discussions are private. The primary fundraising will be at a US$2.75bil valuation, while a secondary sale will be at US$2.4bil, one of the people said. Traveloka counts online travel site Expedia Group Inc and JD.com Inc among its existing backers.
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