Thailand-based public firm PTT Oil and Retail Business (PTTOR) is set to invest in Indonesian travel superapp Traveloka, through its subsidiary, PTTOR International Holdings Singapore.
While the value of the investment has not yet been disclosed, the retail arm of Thailand’s state-owned energy giant PTT, through its collaboration with Traveloka, aims to provide additional lifestyle solutions to its customers in line with its strategy to become a one-stop solution for all lifestyle needs.
Having so far raised a total of $1.2 billion in funding, Traveloka was said to be in talks for another funding round of more than $200 million, after its plans to go public through a special acquisition company failed to take off.
Last valued at $3 billion, there had been speculations that the online travel and lifestyle company could go public via a traditional initial public offering in the U.S. instead.
The Indonesia-based online travel unicorn that has its presence in Singapore, Malaysia, Vietnam, Thailand and Philippines has since been seeking new investment opportunities.
Besides offering travel, tourism and accommodation options, Traveloka has now developed into a superapp allowing users to book healthcare, financial services products and food delivery.
With PTT Oil and Retail Business’ expertise, Traveloka aims to capture the demand and provide enhanced solutions to its customers, while also creating new opportunities for its merchant-partners in Thailand and the region.
“We see immense value from the collaboration as we see the region growing at a rapid pace, leading to greater opportunities in the industry,” Ferry Unardi, co-founder and CEO of Traveloka, said.
As tourism is one of the major economic contributors to the Thai economy, PTTOR aims to strengthen its focus on the sector through this initiative while providing growth opportunities for small and medium enterprises in the travel sector.
“Given Traveloka’s position as a leading online platform for travel and lifestyle services in Southeast Asia, as well as its strong technology capabilities, I believe there is a range of areas we can explore together with Traveloka, to further enhance our tech capabilities,” Jiraphon Kawswat, president and CEO of PTTOR, said.