Indonesia’s online travel app Traveloka has raised a US$250 million funding to build a more robust and integrated travel and lifestyle portfolio in key markets and expand financial services solutions to better support ecosystem partners. It will also be used to bolster its balance sheet and boost efforts to deepen its offerings in select priority areas. The funding was by EV Growth and existing investors.
With the recent COVID-19 crisis that put the travel sector in an unprecedented challenging state, Traveloka implemented business optimisation measures to conserve capital and refocused its efforts to prepare for an effective act in the new normal. It launched initiatives such as COVID-19 test bundle with flights, flexible open-date voucher for hotels in Buy Now Stay Later, Online Xperience programs with top hosts, Traveloka LIVEstyle Flash Sale livestreams, and Traveloka Clean campaign, allowing users additional peace of mind when booking via Traveloka. Marketing Interactive has reached out to Traveloka for additional information.
Ferry Unardi, co-founder and CEO of Traveloka, said the company experienced the lowest business rate since its inception. However, it always believed that it would prevail by rapidly adjusting its strategy, working with its industry and ecosystem partners, as well as continuing to innovate for its users.
“Our business in Vietnam is approaching steady pre-COVID-19 levels and Thailand business is on its way 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," he said. Unardi said Traveloka acknowledges 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.
Willson Cuaca, managing partner of EV Growth, said the travel industry was facing unprecedented times, including Traveloka, adding that the leadership team had taken difficult yet commendable measures including restructuring and optimisation to minimise financial health risks. “We are confident that the company will emerge even stronger after this crisis,” Cuaca explained.
Recently, the company saw a leadership change in its CMO role when Dionisius Nathaniel joined health tech platform Halodoc as CMO from Traveloka. Replacing him is Christian Suwarna, who takes on the latest portfolio in addition to his role as Traveloka's CEO of experience. Suwarna reports to Unardi.