Jakarta Globe reports that the major travel booking platform Traveloka, founded in Indonesia in 2012 and now operating in at least six countries, has managed to raise US$250 million to regain ground lost and stay afloatd in the current global Pandemic.
As reported by The Jakarta Globe, the new investor was identified only as a “major global financial institution” who has joined other investors, including Sinar Mas, in the latest round of investment.
The travel platform’s CEO and co-founder, Ferry Unardi, admitted the continuing Pandemic and downturn in travel bookings of any kind has “brought the company’s business down to its lowest point’ and necessitated the termination of a large number of its employees.
Although active in several Southeast Asia markets, Indonesia remains the dominant market for Traveloka. During the first five months of 2020, as the Pandemic’s effect made itself felt, Travaloka saw Indonesian domestic and international air passengers drop 43 percent of 21 million passengers, decreasing from 36.8 million passengers in the same five months one year before. Hotel bookings made on the popular booking platform also dropped dramatically during the same period.
Ferry Unardi remains confident that Traveloka will prevail and emerge intact on the other side of the COVID-19 crisis. He said: “Our business in Vietnam is approaching steady pre-COVID-19 levels, and Thailand’s business is on its way to surpassing 50% of pre-crisis levels.”
Recovery in Malaysia and Indonesia, he said, is still in the early stages of improvements in booking levels seen every week. At this stage of recovery, Indonesians are booking accommodation and short-haul staycations packages.
Unardi optimistically noted how the government is conducting trial openings in certain parts of Indonesia, including Bali.