The Indonesian travel company Traveloka has raised an impressive $250 million in a fresh round of funding despite the hits endured by the travel industry due to the coronavirus pandemic. The company said that the financing round was led by a global financial institution. Existing investors also took part in the round.
The Jakarta-based unicorn will be utilizing the fresh injection of funds to strengthen the company’s balance sheet and to boost its offerings. The areas that Traveloka will be focussing on post the funding will be its Travel & Lifestyle portfolio and also an expansion of its Financial Services solutions to improve its ecosystem of partners.
Traveloka’s business is returning as it is seeing recovery across all of its key markets. While its business in Vietnam is reaching pre-pandemic levels, its Thai business is about to surpass 50%. “Indonesia and Malaysia are still in the early stage, but they continue to demonstrate promising momentum with strong week-to-week improvement, especially in Accommodation with the emergence of shorter distance staycation behavior. We acknowledge that the sector may go through further turbulence as it navigates new waves, but we feel we are prepared to take on the challenge and emerge on the right side of it,” said Ferry Unardi, Co-founder and CEO of Traveloka.
The fresh funding is a great sign for the company as the travel industry has started coming back from the massive setback met out by the pandemic. The fresh faith in the form of funding is a testament to the expected fast recovery of the sector.
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