More than 50% of residential accommodations and other real estate properties in Jakarta are currently vacant, according to estimates. A startup that is attempting to make it easier for tenants to rent these dimensions in Jakarta and other places in Indonesia said on Thursday that it has closed a brand-new financing round.
Travelio has raised $18 million in its Series B financing round is presided over by Singapore-based Pavilion Capital and Gobi Partners, the four-year-old startup said. Some existing investors also participated in the round.
The startup works with individual apartment owneds and property traders to allow tenants to find and hire apartments. People can book an accommodation for a era to months, Christina Suriadjaja, co-founder and director strategy officer of Travelio, told TechCrunch in an interview.
Travelio has more than 4,000 belongings alone signed up with the programme, she said. The startup takes between 20% to 35% of the revenue cut from its property owner collaborators, she explained.
Typically, it would expenditure a little more than $ 350 for someone to rent an apartment for a few months from Travelio. In Indonesia, currently those looking for an apartment from owned dealers and individual owneds have to make a down payment of 20% and salary an advanced security deposit for more than a year. Through its pricing organize, Travelio is attempting to address this issue, as well.
A number of startups, including RedDoorz, Oyo and Airbnb, operate in Indonesia, but because they are focused on providing chambers for a day or two like inns, this differentiates them from Travelio. Suriadjaja said Airbnb, which schedules properties of Travelio, is more of development partners than a challenger. “Our challengers are property dealers, ” she said.
In addition to offering these fully furnished suites, Travelio also takes care of house cleansing and maintenance of these properties. “In the current month, we will work on expanding the services we furnish, ” she said. Some of the services it is exploring include interior design, daily demands, financing, payments and other logistic-related offerings.
The startup aims to have 20,000 accommodations on its platform in one year. “With Indonesia’s rising middle class population, Travelio is well-positioned to serve the growing demand for temporary housing, urbanization and cheap living options, ” the startup said.
A recent research report by Google, Temasek and Bain& Co. projected that Southeast Asia’s internet economy would top $100 billion this year. Indonesia, home to more than 260 million people, would be the biggest contributor to the internet economy’s proliferation in the region, the report said.