After the Jakarta-based startup received a $350 million investment from Expedia Inc. last year, and was valued at $2 billion at the time, Bloomberg News has reported that now the company is in talks to raise about $400 million from new and existing investors to accelerate its expansion, according to people familiar with the matter, who doesn’t want to be identified because the discussions are private.
It’s said that they will use the money to push beyond traditional airline tickets and hotel bookings into activities for travelers like concerts or amusement parks.
As of yet, Traveloka representative declined to comment.
Currently Traveloka is Southeast Asia’s largest online travel startup that operates in Indonesia, Malaysia, the Philippines, Thailand, Singapore and Vietnam.
Founded by three engineers in 2012, Traveloka was the first Indonesian tech startup to expand in Southeast Asia by making it easier for consumers to book flights and hotels within the region. It said last year it has raised about $500 million from investors. Its backers include East Ventures, Hillhouse Capital Group, JD.com Inc. and Sequoia Capital.
With a population of more than 620 million and a growing middle class, Southeast Asia’s online travel market is expected to triple from $26.6 billion in 2017 to $76.6 billion in 2025, according to a report by Google and Temasek Holdings Pte.