Traveloka, battered by the pandemic, has secured a much-needed investment worth $250 million, it said today.

The eight-year-old pan-Southeast Asian travel-booking startup isn’t revealing many other details, however. As Reuters reports this afternoon, the funding round was led by a mysterious “global financial institution.”

It’s not clear if Traveloka’s valuation, previously pegged at $4.1 billion, has dropped with this fresh funding. However, that seems likely as credible rumors earlier in the month suggested that Traveloka could only nail down $250 million compared to the $500 million it wanted to raise—and that the diminished sum brought with it a reduced valuation of $2.75 billion. That’s more than a billion knocked off.

Crisis timeline:

  • April: Traveloka axes 10% of its staff—around 100 people—after lockdowns bring the travel industry to a halt.
  • May: Traveloka’s spinoff budget hotel chain, Airy, shuts down permanently.
  • July 1: Indonesia, the startup’s home market, delays exit from its partial lockdown by two weeks after failing to crush the outbreak.
  • End July: Virus cases are rising fast, prompting fears of a new wave of movement restrictions.

But the startup has some. cause for optimism. “Our business in Vietnam has returned to 100% pre-Covid-19 level and Thailand has surpassed 50% pre-Covid-level,” Traveloka co-founder & CEO Ferry Unardi said in today’s statement

See: 🪓☠️ Covid–19: Southeast Asia tech layoffs and shutdowns