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, according to a report from The Information.
Citing sources familiar with the deal, The Information reports that Traveloka is raising $400 million, with the bulk of that coming from Expedia.
We’ve reached out to Expedia and will update this story if we hear back.
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.