Traveloka, the Indonesian travel unicorn, is in advanced talks to go public through a merger with Bridgetown Holdings, the special purpose acquisition company (SPAC) backed by Peter Thiel, a Bloomberg report said citing unnamed sources.
Reuters had in December reported that Traveloka was eyeing to go public and was evaluating a merger with a SPAC as a possible listing option.
This new report comes even as Grab, another Southeast Asian tech unicorn, is said to be working on listing on the New York Stock Exchange through a US$35 billion merger with SPAC Altimeter Capital.
As per Bloomberg’s sources, a deal could value Jakarta-headquartered Traveloka at about US$5 billion. The potential transaction could also involve raising between US$500 million and US$750 million through a private investment in public equity.
Also Read: Grab set to list in the US through US$35B SPAC merger: Report
Founded in 2012 by ex-Silicon Valley engineers, Traveloka is Southeast Asia’s leading technology company providing access for users to discover and purchase a wide range of transportation, accommodation, lifestyle, and financial services products.
Its product portfolio includes transport booking services such as flight tickets, bus, trains, car rental, airport transfer, as well as access to the largest accommodation inventory in the region, including hotels, apartments, guest houses, homestays, resorts, and villas.
It also offers reservation for a wide range of local attractions and activities as well as culinary directories.
Through its financial services products, Traveloka also offers financing, payment, and insurance solutions for the underbanked.
The app has been downloaded more than 60 million times.
As of July last year, Traveloka has a total of US$1.2 billion in its pocket. This included a US$250 million funding round in July 2020 from investors such as GIC and East Ventures.
Its other high-profile investors include Qatar Investment Authority, Expedia, JD.com, Sequoia, and GFC.
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Image Credit: Traveloka
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