Indonesia-headquartered online travel unicorn Traveloka is said to be close to raising more than $200 million from investors after ending talks to go public via a merger with a blank-cheque company last year, Bloomberg reported on Friday, quoting people familiar with the matter.

The Jakarta-based startup is pulling in fresh funds after its board decided not to pursue a listing via Bridgetown Holdings, a special purpose acquisition company (SPAC) backed by billionaires Richard Li and Peter Thiel, according to the report.

Traveloka is aiming for an initial public offering in the US this year but the location and time could still change, the people said, asking not to be named as the matter is private. The travel app firm counts GIC and Expedia Group as investors.

Traveloka has yet to respond to TechNode Global‘s query at press time on the latest fundraising. The current fundraising is not finalized and could also change, the people told Bloomberg.

According to the report, the valuation of the deal now under discussion couldn’t be learned. Traveloka had been valued at $3 billion, according to CB Insights, but Bloomberg reported in 2020 that it was seeking funds at a lower valuation.

In September last year, Traveloka told TechNode Global it remains committed to going public and the company continues to consider the different options available.

“Taking the company public is a natural evolution given Traveloka’s position as a category leader and aspirations to grow the business further. We remain committed to this goal and continue to consider the different options available. At the same time, we continue to be well-capitalized and are focused on choosing a path and timing that is in the best interests of the company and its stakeholders,” Traveloka Head of Corporate Communications Reza Amirul Juniarshah told TechNode Global in an email then.

Southeast Asia’s tourism was one of the badly affected sectors when COVID-19 hit over the past two years.Traveloka ventured into financial services during the pandemic, partnering commercial banks including Bank Rakyat Indonesia Persero, Bank Negara Indonesia and Siam Commercial Bank.

Things have started to improve this year as many Southeast Asian countries removed most of the travel restrictions and reopened borders for international travel. Some countries are also scrapping COVID testing and quarantine requirements.

Founded in 2012, Jakarta-headquartered Traveloka provides airline ticketing and accommodation booking services online in Southeast Asia and Australia. It has expanded to provide lifestyle products and services, such as attraction tickets, activities, car rental, financial services, among others

[Updated] Indonesia unicorn Traveloka said to halt talks with Bridgetown SPAC – report