Two APAC OTAs announced new funding rounds Tuesday. Expedia-backed Traveloka, based in Indonesia, raised $250 million, and Korean outbound travel booking platform MyRealTrip closed a 43.2 billion won ($36 million USD) funding round.
Both MyRealTrip and Traveloka have shifted their focus, for the time being, to domestic travel and excursions in light of the pandemic. The significant cash injections signal confidence in their long-term prospects despite short-term setbacks. With deeper pockets, these two OTAs can strengthen their position against powerhouse Ctrip’s ambitions to expand within Asia.
This raise brings Traveloka’s total funding over $1 billion. It has not disclosed participants, except to say that a global financial institution led the round and that existing investors also joined. Christian Suwarna, Traveloka’s CEO of Experiences, spoke at Arival Orlando in 2019.
MyRealTrip’s Investors include Altos Ventures, IMM Investments, Smilegate Investments and New Investments Industrial Bank, Axiom Asia Private Capital, Partech Partners, and Tekton Ventures.
Lead investor Altos has several other travel investments. In Asia, it is invested in Backpackr, a social app for travelers; and Creatrip, an inbound Korea travel app focused on in-destination content. Its US portfolio includes Collective Hotels & Retreats, Turnkey Vacation Rentals and RV rental marketplace Outdoorsy.