Thailand’s PTT Oil and Retail Business (PTTOR) is set to invest in Indonesian unicorn Traveloka, Kaohoon International reported. The deal will be made through the state-owned firm’s subsidiary, PTTOR International Holdings Singapore.
PTTOR has set its sights on Thailand’s tourism sector – one the biggest contributors to the country’s economy – and aims to strengthen the industry through this venture.
The government has also been taking steps to revitalize the tourism scene after the Covid-19 pandemic has restricted travel and mobility. Research by CGS-CIMB predicts that 7 million tourists are set to arrive in Thailand by the end of the year, and that number is expected to hit 15 million in 2023.
Founded in 2012 by Ferry Unardi, Derianto Kusuma, and Albert Zhang, Traveloka is available in six Southeast Asian countries and has over 30 million monthly active users.
See also: Can Traveloka, AirAsia break into Indonesia’s food delivery duopoly?
Editing by Samreen Ahmad and Joy Tirkey
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