GIC Could Get Liquidity as Traveloka Explores Going Public with SPAC

Posted on 02/11/2021


A while back, Singapore’s GIC Private Limited led a funding round in Traveloka, an online travel portal from Indonesia. That funding round raised US$ 420 million. Other financial backers of Traveloka include Expedia and Chinese online retailer JD.com. Traveloka has eyed a listing as recently as early 2019, but talks scuttled due to COVID and other concerns.

Traveloka is Southeast Asia’s biggest online travel startup. Traveloka hired JPMorgan Chase to help it explore a public listing in the US via a special purpose acquisition company (SPAC). Deal hungry SPACs approached Traveloka in December 2020. In 2019, Traveloka launched a credit card in Indonesia with Bank Rakyat Indonesia.

Grab, Gojek, and Bukalapak are potential SPAC targets as well.

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