Southeast Asia’s Largest Travel App Raises $250 Million As Domestic Travel Starts to Pick Up

SourceAl Bawaba
SectorEconomy
CountryBahrain

Published July 29th, 2020 - 08:00 GMT 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.   The eight-year-old startup said its funding round was led by a “global financial institution” and included existing investors, such as early backer East Ventures, according to Reuters. Traveloka, which claims more than 60 million downloads, has been battered by the virus outbreak, as Southeast Asian countries shut borders and imposed strict lockdowns, throttling a previously booming tourism industry. The startup cut jobs, with one of its affiliates, Indonesian hotel aggregator Airy Rooms, shutting...read more...