Patrick Arya · · 2 min readTraveloka posts 75% increase in revenue, cuts loss by 29% in 2022
Photo credit: Traveloka
Traveloka, the Indonesia-based online travel unicorn, posted US$225.9 million in revenue for its 2022 financial year, according to VentureCap Insights, which tracks regulatory filings in Singapore. The amount is a 75% increase compared to the previous year.
It also recorded a loss of US$98.2 million for the year, down from US$138.2 million in 2021. The company had US$108.9 million in cash and cash equivalents by the end of 2022.
Tech in Asia has reached out to Traveloka for comment.
The bulk of Traveloka’s revenue comes from travel and local services provided by third parties on its platform such as hotels, airlines, and other vendors. Most of the remaining amount is attributed to financial services.
Meanwhile, the firm’s operating expenses grew 14.9% compared to 2021. Most of its expenses come from advertising and promotion, which increased 42.8% year on year. Employee compensation, however, decreased 5% over the same period.
After expanding its offerings to food delivery, logistics, and e-groceries, Traveloka has since shut them down and reprioritized its core travel vertical. This was followed by a US$300 million funding round from BlackRock and the Indonesian government.
Earlier this year, the unicorn laid off some of its employees across different markets, many of whom were from its fintech division. The company also announced last month that it will discontinue offering bills payment and top-up services later this year.
In addition to Indonesia, Traveloka currently operates in Singapore, Malaysia, Vietnam, Thailand, and the Philippines.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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