SINGAPORE (Reuters) – Traveloka, Southeast Asia’s largest online travel app, announced on Tuesday it had raised $250 million to help bolster its operations amid the coronavirus crisis, and as domestic travel starts to pick up in the region of 650 million people.
FILE PHOTO: An employee of Traveloka works at the company’s headquarters in Jakarta, Indonesia, August 2, 2017.
Thai authorities unveiled in June a $722 million subsidy to spur domestic travel, while both Vietnam and Singapore have announced extensive local tourism promotion campaigns.
According to Unardi, Traveloka will use the new funding to bolster its balance sheets and boost its domestic travel offerings as well as its financial offerings.
Earlier backers include U.S travel giant Expedia, Chinese online retailer JD.Com and Singapore state wealth fund GIC Pte Ltd.