Travel booking platform Traveloka, which raised $350m from Expedia last year at a $2bn valuation, has reportedly entered talks with Singapore’s GIC to raise a further $400m.
Traveloka, the Indonesia-based travel and accommodation booking platform backed by travel services provider Expedia, has begun discussions to raise $400m in funding in a round led by Singaporean sovereign wealth fund GIC, the Information reported citing anonymous sources.
Founded in 2012, Traveloka runs an online platform allowing users in Indonesia, Malaysia, Singapore, Vietnam, the Philippines and Thailand to book flights, trains and buses as well as holiday accommodation, rental cars, activities and restaurants.
The company has partnerships in place with more than 100 airlines and its app has been downloaded more than 30 million times.
Traveloka has raised at least $500m in funding. Expedia invested $350m in the company in July 2017 at a valuation reported by Bloomberg to be $2bn.
E-commerce company JD.com, hedge fund manager Hillhouse Capital and venture capital firms East Ventures and Sequoia Capital had already supplied a further $150m in funding for the company prior to the Expedia deal.
East Ventures invested an undisclosed amount in Traveloka in 2012 before VC fund Global Founders Capital supplied an undisclosed sum in a 2013 series A round.
Traveloka plans to put the extra funding into growing the activities side of its business, expanding into areas such as amusement park and live events such as concerts.