Indonesia-based online travel portal, Traveloka, has picked up $250M in fresh funding to beef up its coronavirus-battered balance sheet.
The travel aggregator dubs the capital injection a “strong vote of confidence” in its strategy to adjust to what it couches as a ‘new normal’ for travel by retooling its focus on domestic and short hop excursions and activities. The funding round is led by an unnamed global financial institution. Traveloka also says “some” existing investors also participated (EV Growth being one it has named).
Prior to this latest raise, Traveloka had pulled in around $950M across five funding rounds since being founded back in 2012, according to Crunchbase. Back in 2017 it passed unicorn valuation after bagging $350 million from Expedia in exchange for a minority stake in the business. But, shortly afterwards, it lost one of its co-founders — who departed citing a clash of goals as the business switched to more of a commercial mindset, as he saw it.
Fast forward…