fbpx
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • REGISTER
  • login
No Result
View All Result
No Result
View All Result

Indonesian ticketing startup Tiket gears up for public issue  

AsiaTechDaily Writer by AsiaTechDaily Writer
25 May 2021
in Uncategorized
0
Tiket.com, an Indonesian travel company

Tiket.com, an Indonesian travel company.

54
SHARES
Share on FacebookShare on Twitter
Bookmark(0)

Please login to bookmark

No account yet? Register

Tiket.com, an Indonesian travel company, is looking to go public through a merger with a special purpose acquisition company as it seeks to expand its business, according to people with knowledge of the matter.

With domestic users making up 90 percent of Tiket.com customers and millennials comprising 60 percent of them, Tiket.com allows travelers to search for nearby hotels and quickly obtain information about attractions and destinations, including lesser-known Instagrammable spots usually sought after by millennials.

Talks on with COVA Acquisition Corp.

According to sources, the Indonesian startup is in talks with COVA Acquisition Corp for a deal that could value the combined entity at about $ 2 billion. Goldman Sachs Group Inc. is advising Jakarta-based Tiket, valued at more than $ 1 billion and owned by diversified Indonesian conglomerate Djarum Group.

The startup may also pursue a Initial Public Offering (IPO), a merger, or acquisition to expand, sources said. Negotiations between the two companies aren’t finalized, and their possible discussions may not result in a deal. Tiket joins a number of Southeast Asian internet companies considering SPAC listings or IPOs to propel growth as e-commerce gains popularity in the region.

As per sources, Tiket could raise about $200 million as part of the deal in a so-called private investment in public equity, or PIPE, that often accompanies a SPAC merger, the reports said. Representatives of Tiket, Goldman, and COVA Acquisition declined to comment.

Tiket.com was founded in 2011, and later in 2017, Djarum acquired to put it under the leadership of Chief Executive Officer George Hendrata, previously Djarum’s director of business development and diversification. Tiket’s sales of plane tickets and hotel bookings surged more than 300% in the first three months of 2021 compared with the second quarter of 2020, when business was hurt by the onset of the coronavirus pandemic, according to the company’s press release in April.

Tiket’s platform lets consumers buy tickets for flights, trains, concerts, and other events. Users can also book hotel and rental cars in Indonesia. It has a network of more than 90 airlines, 2.8 million hotels and other lodgings, and more than 400 corporate partners.

COVA Acquisition is led by Jun Hong Heng, the founder of San Francisco-based Crescent Cove Advisors LP, which backs high-growth technology, media, and telecommunications ventures in the U.S. and Southeast Asia.

What are your thoughts?
+1
0
Upvote
+1
0
Clap
+1
0
Clap
+1
0
On fire
+1
0
Meh
+1
0
Clap
+1
0
Previous Post

COVID Success Stories – Story – 5 – Hula Global – Showed Immense Resilience To Survive The Pandemic

Next Post

Agritech startup Fortuna Cools raises funding to launch products in PH

Related Posts

CardUp
FinTech

Funding Societies acquires regional payments system CardUp

July 1, 2022
Mapan
Featured

Indonesian fintech Mapan raises $15m Series funding

July 1, 2022
GetVantage
Featured

GetVantage secures $36m from Chirate Ventures, Dream Incubator Japan

July 1, 2022
OnPoint
E-commerce

Vietnamese e-commerce enablaer OnPoint secures $50m in funding

July 1, 2022
VinaCapital Ventures
AI & Big Data

VinaCapital Ventures acquires stake in Web3 data analytics firm M3TA

June 29, 2022
Fresh Factory
Featured

Fresh Factory scores $4.5m in East Ventures-led funding

June 29, 2022
Next Post
Fortuna Cools

Agritech startup Fortuna Cools raises funding to launch products in PH

Discussion about this post

No Result
View All Result

Follow Us

FREE NEWSLETTER




Copyright © 2021 AsiaTechDaily.com| About Us | Seed acceleratorTerms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

No Result
View All Result
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Ecosystem
    • Marketplaces & E-commerce
    • Robotics
    • Investments
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • Forums
  • Jobs
  • REGISTER
  • Login

Copyright © 2021 AsiaTechDaily.com| About Us | Seed acceleratorTerms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo