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Published on Thursday, July 30, 2020

Traveloka bags USD250 million in funding






Indonesia's dominant travel booking platform Traveloka secured much needed extra funding of $250 million.


That will help steady the ship as it hopes to bounce back as domestic tourism soon resumes in Indonesia.


The funding was led by an unnamed 'global financial institution' the company said.


Traveloka co-founder and CEO, Ferry Unardi, said the Covid-19 pandemic had a significant impact on the company's bottom line.


It has been the most damaging crisis in Traveloka's short history.


Still, it is hopeful for a slow but steady recovery as Indonesia prepares for a phased restart to domestic tourism.


Domestic and international passenger traffic out of Indonesia was down 43% in the first five months of 2020.


"We always believed that the company would prevail by rapidly adjusting our strategy, working with our industry partners, as well as continuing to innovate for our users," Ferry said.


"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," Ferry added.


Indonesia is still several weeks away from reopening international borders.


Bali has announced it hopes to welcome overseas travellers from mid-September but this is still a hopeful timeline, as the national government still hasn't made an official decision.


 


by Ray Montgomery, Asia Pacific editor

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