Travel giant Expedia is investing $350 million into Indonesian travel site Traveloka, in a move to gain a foothold in the growing Southeast Asia market.
The Information first reported on the investment round, and the company said Traveloka has now raised $500 million in the last year. Greg Schulze, a senior vice president at Expedia and its most senior leader in Asia, will join Traveloka’s Board of Directors.
“Traveloka is the clear online travel leader in Indonesia, and is expanding aggressively throughout Southeast Asia. Our partnership will benefit from each side’s expertise and local knowledge, and accelerate our mutual growth,” Dara Khosrowshahi, Expedia president and CEO, said in a statement. “We are incredibly excited to continue to expand our presence in Asia, to learn from the talented Traveloka team and to unlock a more diverse offering of travel choices for Traveloka and Expedia travelers around the globe.”
Traveloka looks and functions a lot like Expedia, with options to book flights, hotels and travel packages. It serves six countries: Indonesia, Malaysia, Vietnam, Singapore, Thailand and the Philippines.
As The Information notes, tech companies of all kinds are battling to get a piece of Southeast Asia. Yesterday, Amazon announced it was bringing its Prime Now two-hour delivery service to Singapore. Tech companies like Uber and Alibaba also have presences in the region and are competing with local and regional rivals.
This deal isn’t Expedia’s first foray into Southeast Asia. In 2011 it teamed up with Malaysian budget airline AirAsia in a joint venture, and then in 2015 it paid $86.3 million to up its stake in the airline to 75 percent.
This story has been updated to include comments from Expedia.