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Asia

Asia Tech Gold Rush Boosts Travel Startup to $4 Billion Price Tag

As U.S. and Asian tech giants pour billions of dollars into Southeast Asia, local startup valuations are soaring. Now, one of the region’s biggest online travel sites is in talks for a new funding round which would double its valuation to $4.1 billion, said a person familiar with the matter.

Indonesia-based Traveloka, backed by Expedia of the U.S. and Chinese online retailer JD.com, is expected to raise about $400 million in the new round led by Singaporean sovereign wealth fund GIC, the person said. The six-year-old startup’s last funding round, which valued it at roughly $2 billion, was last year.

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“Private tech unicorns in Southeast Asia are pricing themselves out of reach for most corporate acquirers.”