Traveloka, a travel and lifestyle digital platform based in Jakarta, Indonesia, has raised US$300 million in a funding round led by BlackRock.

The financing, joined by a consortium of global institutional investors, will support the tech firm’s expansion and strengthen its capabilities in the face of increasing demand as travel opens up.

Traveloka is a pioneer in the digital transformation of Indonesia’s tourism sector, with significant market presence in Indonesia, Vietnam and Thailand and a growing footprint in Singapore, Malaysia and the Philippines.

“Traveloka’s proven track record and the opportunities brought by resumption of travels have made this an interesting investment opportunity to share BlackRock’s industry expertise and create value as the company pursues its next stage of growth,” comments Celia Yan, head of Asian private credit at BlackRock.

Founded in 2012, Traveloka has grown to become a leader in the online travel space in Southeast Asia, offering one-stop-shop experiences including travel services, food reviews and city guides.

According to the e-Conomy SEA report, the online travel sector in Southeast Asia will benefit from the region’s progressive recovery from the pandemic, as well as the rapid growth of the middle and affluent classes with increasing disposable incomes. The sector is expected to reach US$43 billion by 2025, reflecting a compound annual growth rate of close to 40% from 2021 levels.