Recent News

Indonesia’s travel tech unicorn Traveloka acquires three regional rivals

Traveloka

Traveloka

18/12/2018 – Traveloka, the Indonesian travel tech startup backed by Expedia and Sequoia capital, has acquired three of its smaller rivals in Southeast Asia, according to a report by Daily Social.

The travel travel startups acquired were local competitor PegiPegi, Vietnam’s MyTour and TravelBook from the Philippines. All three startups were subsidiaries listed under Japanese tech company Recruit Holdings before it was sold to Jet Tech in January 2018 for US$66.8 million.

Jet Tech was said to have sealed the deal on behalf of Traveloka, as linkages were found between the two companies. One being the dual positions held by Jet Tech director Hendrik Susanto, who also holds the position of chief strategy and investment officer at Traveloka.

Besides, Jet Tech and Traveloka also share the same office address in Singapore while PegiPegi CEO Kevin Sandjaja and head of marketing Serlina Wijaya have been identified as former employees of Traveloka.

Buying out the three online travel startups will further give the Indonesian travel tech giant a stronger foothold in the Southeast Asia region, and strengthens its position as the leading online travel platform in the region, operating its six countries – Indonesia, Malaysia, the Philippines, Thailand, Singapore, and Vietnam.

According to Recruit Holdings, the sale was made due to the competitive online travel agency services market in the region and to refocus its core business on developing labor SaaS products.

In 2016, TravelBook reported a loss of about US$2.5 million and net sales of US$701,000, while MyTour noted a loss of approximately US$2.1 million and net sales of US$5.5 million. Both companies reported losses for all three years between 2014 to 2016.

Pegipegi, on the other hand, reported profits of US$158,000 from net sales of approximately US$29 million in 2016. That number, however, is a 94 percent decrease compared to the net sales from the previous year.

“In consideration of the competitive environment of the market surrounding online travel agency services in the ASEAN region, the company has reached the conclusion that maintaining and developing businesses in line with new strategies will lead to maximizing the company’s value,” said Recruit Holdings.

Traveloka is reportedly in talks to raise a US$400-million round led by Singapore’s sovereign wealth fund GIC. If successful, this will double its valuation to US$4.1 billion and the startup is said to be looking to expand its business beyond airline tickets and hotel bookings to activities such as concerts and amusement parks.

Rebranded GreatDay HR, Indonesian Human Resource Platform raises US$2.5 million in pre-Series A funding round

GreatDay HR

GreatDay HR

17/12/2018 – SunFish Go, a human resource platform based in Indonesia announced on December 12 that it is reinventing its brand identity to become GreatDay HR.

With this new change, GreatDay HR hopes to further enhance the startup’s focus in helping companies engage with employees and support employees to get the best work done every day.

“We believe that our new name represents the highest value that we can provide to our client, and that is a great day,” said Gordon Enns, the Founder and CEO of GreatDay.

Besides, the startup has also raised a US$2.5 million pre-Series A funding round led by South Korean venture capital firm Otium Ventures, alongside participation by several strategic investors from Indonesia and Thailand.

Launched by DataOn (PT. Indodev Niaga Internet) in 1999 under the SunFish brand, the startup is a pioneer in employee-focused HR application and solutions.

“With 20 years of experience in developing and implementing human resource solutions in more than 2000 Asian companies, we know that greater employee engagement begins from communication,” said Enns.

GreatDay HR offers solutions that enables employees to record presence, receive payment slip, submit reimbursement claims, and other human resource-related tasks, on top of features that enable document approval request, company announcement, and reminder of employees’ status.

On the other hand, it also works as an internal corporate social media platform, allowing employees and managers to manage projects, track activities, and provides feedback, completed with features inspired by leading social media platforms, such as the like button.

This feature was introduced in an effort to encourage greater employee engagement, and the number of likes that employees have gathered for the tasks they have finished can also be considered as part of the performance indicator.

“Creating employee engagement is a long-term challenge for many companies,” said Enns. “Employees that are actively engaged and enjoying their time at work tend to have a better career prospect, and this certainly provided added value for the company. With GreatDay, we have the mission to promote greater employee involvement.”

The platform claims that by the time of the launch of the GreatDay HR brand identity, it has secured over 120,000 users in 80 companies across Indonesia, Malaysia, Thailand, and the Philippines.