Successful Startups

Indonesian “Traveloka” plans to be listed in America through “Blank Check” company

Traveloka, the largest online travel startup in Southeast Asia, plans to list in the US this year to raise funds using a Special Purpose Acquisition (SPAC), or otherwise known as “blank check” companies, according to its CEO. Over fairy unardy. “

“Special purpose buyouts are very efficient in terms of timing, and for a growing company like us,” Onardi said in an interview with Bloomberg TV on Tuesday.

He explained that the company may consider listing on the Indonesia Stock Exchange at a later stage.

It was reported that Traveloka had hired JPMorgan Chase & Co. to implement the listing in the United States.

This listing could benefit from the boom in the IPO market, boosted by special purpose acquisition companies that use funds raised from their IPOs to purchase a private company that then takes on the listing.

Enhancing company valuation
Investors helped, including Expedia Group Inc, Rocket Internet SE, Singapore Sovereign Fund (GIC Pte), and JD.com. .com) in enhancing Traveloka’s evaluation over the years. It was worth $ 3 billion in 2017, according to CB Insights.

Traveloka has been headquartered in Jakarta since its inception in 2012 and has expanded across the countries of Southeast Asia, making it easier for consumers to book flights and hotels across the region.

Like its competitors, the company has since gone beyond its core activities to offer a wide range of services, from lifestyle to financial services.

With the repercussions of the Corona epidemic that hit the travel sector around the world, it was said that Traveloka was about to raise funds last July with a lower rating than previous rounds of financing. It has also cut an unknown number of jobs since the outbreak began, including about 80 jobs in Singapore last April.

“The travel business at Traveloka has already returned to profit with looser restrictions (on travel),” Onardi said.

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