JAKARTA - Traveloka has raised US$250 million in a funding round led by Qatar Investment Authority (QIA), a source familiar with the matter said.
While the startup did not disclose the investor who led the round, it is understood that existing investors including EV Growth and Singapore’s GIC Pte also took part.
Traveloka said the fresh funds will be used to strengthen its balance sheet and expand its products in priority sectors such as travel, lifestyle, and financial services.
In an official statement, Traveloka co-founder and CEO Ferry Unardi said the funding round is a “strong vote of confidence in Traveloka’s resilience and the viability of the regional travel industry”.
“Without a doubt, Traveloka has been profoundly affected by the COVID-19 pandemic. We have experienced the lowest business rate that we have ever seen since our inception,” Mr Unardi said as quoted from DealStreet Asia, July 28, 2020.
“However, we always believed that the company will prevail by rapidly adjusting our strategy, working with our industry and ecosystem partners, as well as continuing to innovate for our users, our ultimate focus.” (MS)