Traveloka fuels up with $200m after failed SPAC merger

Traveloka, an Indonesia-based online travel major, is set to raise US$200 million following its unsuccessful attempt at going public via the SPAC route last year, Bloomberg reported.

The development comes nearly two years after the GIC-backed firm raised US$250 million in funding. Traveloka has garnered a total of US$1.2 billion from its past investments.

Photo credit: Traveloka

The company has said that it is still committed to going public after halting its talks with Bridgetown Holdings, which is backed by billionaires Richard Li and Peter Thiel. However, it’s yet to decide which route it would take. Bloomberg’s sources noted that Traveloka could potentially go public in the US this year.

The Indonesia-based firm had been valued at US$3 billion, according to CB Insights, and was aiming for US$5 billion through the planned merger.

Experts argued that the timing wasn’t right for Traveloka to go public due to the circumstances surrounding the SPAC market and Traveloka’s slowed-down business amid the pandemic. But the firm has likely started to recover following the recent reopening of the travel, tourism, and entertainment industries in Indonesia.

See also: How Traveloka expanded beyond travel (Visual) 

Launched in 2012, Traveloka’s app has been downloaded more than 60 million times. To cope with the Covid-19 crisis, Traveloka has also expanded its offerings to food delivery, e-grocery, financial services, and skill workshops.