Tag Archives: Down Round

Traveloka is Reportedly Secured Fresh Funding, Valuation Drops at $2,75 Billion

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Traveloka is reportedly secured fresh funding. As quoted from Bloomberg, the company is in the final negotiation with some investors, including Siam Commercial Bank and FWD Group – also the previous investors, GIC and East Ventures.

The agreement is subject to change and secured funding is around $250 million (3.6 trillion Rupiah). DealStreetAsia mentioned a bigger number at $100 million (around 1.4 trillion Rupiah).

Along the process, Traveloka’s valuation is estimated to drop at $2.75 billion (nearly 40 trillion Rupiah). The down round was taken due to the Covid-19 pandemic’s impact on the company’s business.

Last year, some sources reported Traveloka’s valuation to reach $4.5 billion (nearly 65 trillion Rupiah). Still, they targeted to raise new funds worth of $500 million (7.2 trillion Rupiah).

All businesses in the OTA landscape experienced a great storm due to the pandemic. In addition, Expedia (a Traveloka investor), in Q1 2020 experienced a decrease in total orders of up to 39%. Traveloka’s affiliated company in the budget hotel sector, Airy, closed its business due to unbearable business operations.

Traveloka alone has performed layoffs for its employees, although the number is not clearly stated.

Aside from Traveloka, some Indonesian unicorn startups are looking for fresh funding. Gojek is finalizing its Series F funding, while Tokopedia is reportedly in the middle of discussing a follow-on round with Temasek and Google.

Traveloka was founded in 2012 by Ferry Unardi, Albert Zhang, and Derianto Kusuma. The latest one has “exited” since November 2018 and drop the CTO position. Traveloka services are already available in several countries in Southeast Asia and Australia.

Adapting Business

Investors’ only hope is the recovery of the post-pandemic travel business. In fact, new normal is indeed being pursued in many areas, but the fear of the new wave of Covid-19 has caused many people to discourage travel – in addition to various destinations, they are yet to open due to restrictions.

The company alone does not remain silent. They try to clean up. With its assets, Traveloka launches online activity through Xperience. They also try to optimize fintech services through several products, including Paylater, which is managed by its own financial company.

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Original article is in Indonesian, translated by Kristin Siagian

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Traveloka disebut sedang menggalang dana $250 juta dengan valuasi $2,75 miliar. Angka ini down round dibanding valuasi perusahaan tahun sebelumnya.

Traveloka Dikabarkan Finalisasi Pendanaan Baru, Valuasi Turun di Angka $2,75 Miliar

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Traveloka dikabarkan kembali mendapatkan pendanaan baru. Menurut sumber yang dikutip Bloomberg, perusahaan dalam negosiasi tahap akhir dengan sejumlah investor, termasuk Siam Commercial Bank dan FWD Group — juga investor terdahulu, seperti GIC dan East Ventures.

Kendati kesepakatan masih bisa berubah, dana yang akan diamankan berada di kisaran $250 juta (3,6 triliun Rupiah). Lebih besar yang dikabarkan DealStreetAsia, yakni $100 juta (sekitar 1,4 triliun Rupiah).

Untuk mendapatkan dana itu, valuasi Traveloka diestimasi turun menjadi $2,75 miliar (hampir 40 triliun Rupiah). Aksi down round ini diambil karena bisnis perusahaan yang terpukul akibat Covid-19.

Tahun lalu, beberapa sumber laporan mengestimasi valuasi Traveloka menyentuh angka $4,5 miliar (hampir 65 triliun Rupiah). Tahun lalu juga mereka menargetkan mendapatkan dana baru di angka $500 juta (7,2 triliun Rupiah).

Semua bisnis di lanskap OTA mengalami gangguan besar akibat pandemi. Selain Traveloka, Expedia (salah satu investor Traveloka), di Q1 2020 mengalami penurunan total pesanan hingga 39%. Perusahaan afiliasi Traveloka di sektor hotel budget, Airy, bahkan menutup bisnisnya karena tidak sanggup lagi menanggung operasional bisnis.

Traveloka sendiri sudah santer melakukan layoff terhadap pegawainya, meskipun tidak diumumkan secara pasti berapa banyak pegawai yang terdampak.

Selain Traveloka, sejumlah startup unicorn Indonesia memang terus mencari pendanaan baru. Gojek sedang menggenapkan pendanaan Seri F-nya, sedangkan Tokopedia dikabarkan tengah membicarakan investasi lanjutan dengan Temasek dan Google.

Traveloka didirikan pada tahun 2012 oleh Ferry Unardi, Albert Zhang, dan Derianto Kusuma. Yang terakhir, sudah “exit” sejak November 2018 dan melepas jabatannya sebagai CTO. Layanan Traveloka sudah tersedia di beberapa negara di Asia Tenggara dan Australia.

Adaptasi bisnis

Satu-satunya pengharapan investor adalah pulihnya kembali bisnis travel pasca pandemi. Nyatanya new normal memang sedang diupayakan di banyak wilayah, namun kekhawatiran hadirnya gelombang baru Covid-19 membuat banyak masyarakat mengurungkan niat bepergian – di samping berbagai destinasi juga belum membuka diri akibat pembatasan.

Perusahaan sendiri tidak tinggal diam. Mereka mencoba berbenah. Dengan aset yang dimiliki, Traveloka  meluncurkan opsi aktivitas online melalui Xperience. Mereka juga mencoba mengoptimasi layanan fintech melalui beberapa produk, termasuk Paylater yang dikelola perusahaan finansialnya sendiri.

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