JAKARTA: Traveloka, Southeast Asia’s largest online travel startup, is in talks to raise about US$400 million (RM1.66 billion) from new and existing investors to accelerate its expansion, according to people familiar with the matter.
The money will be used to push beyond traditional airline tickets and hotel bookings into activities for travellers like concerts or amusement parks, said the people, asking not to be identified because the discussions are private.
The Jakarta-based startup received a US$350 million investment from Expedia Inc. last year, and it was valued at US$2 billion at the time, Bloomberg News has reported.
Founded by three engineers in 2012, Traveloka was the first Indonesian tech startup to expand in Southeast Asia by making it easier for consumers to book flights and hotels within the region.
It said last year it has raised about US$500 million from investors. Its backers include East Ventures, Hillhouse Capital Group, JD.com Inc and Sequoia Capital.
A Traveloka representative declined to comment.
With a population of more than 620 million and a growing middle class, Southeast Asia’s online travel market is expected to triple from US$26.6 billion in 2017 to US$76.6 billion in 2025, according to a report by Google and Temasek Holdings Pte.
Traveloka operates in Indonesia, Malaysia, the Philippines, Thailand, Singapore and Vietnam.