Indonesian travel tech unicorn Traveloka is said to be in talks to raise USD 500 million in fresh funds that could close in the next two months, as reported by The Wall Street Journal.
This new investment could value Traveloka at USD 4.5 billion, according to the report. The company is said to utilize the fresh funds to expand its services in the region.
Traveloka is currently available in Indonesia, Thailand, Vietnam, Malaysia, Singapore, and the Philippines. The company claims that its app has been downloaded more than 40 million times and that it has partnered with over 100 domestic and international airlines.
Traveloka is growing beyond its core hotel and flight booking business. In June, the firm launched a sub-brand called Xperience which allows users discover and book travel and lifestyle-related activities, ranging from travel tours, salons and spas, event and film tickets, to various courses and workshop recommendations.
The company has raised a total of USD 920 million to date to grow its business, according to Crunchbase. The latest capital intake recorded in April was a USD 420 million private equity investment led by Singapore’s investment firm GIC.
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