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Traveloka Nears $200 Million Funding After SPAC Talks

  • Indonesian travel startup plans to pursue IPO later this year
  • Talks with SPAC backed by Richard Li, Peter Thiel have ended
Inside the office of Traveloka Indonesia PT in Jakarta.

Inside the office of Traveloka Indonesia PT in Jakarta.

Photographer: Graham Couch/Bloomberg

Traveloka, Southeast Asia’s biggest online travel startup, is close to raising more than $200 million from investors after ending talks to go public via a merger with a blank-check company last year, according to people familiar with the matter.

The Jakarta-based firm is pulling in fresh funds after its board decided not to pursue a listing via Bridgetown Holdings Ltd., a special purpose acquisition company backed by billionaires Richard Li and Peter Thiel. Traveloka, backed by investors including GIC Pte and Expedia Group Inc., is aiming for an initial public offering in the U.S. this year but the location and time could still change, the people said, asking not to be named as the matter is private.