Indonesia: Apartment provider start up Travelio has raised $18 million in its Series B financing round led by Singapore-based Pavilion Capital and Gobi Partners.
Travelio aims to make it easier for for tenants to take short-term lets on properties in Jakarta and elsewhere in Indonesia, where more than 50 per cent of residential apartments are currently vacant, according to official estimates.
The startup works with individual apartment owners and managing agents to allow tenants to find and rent apartments. People can book an apartment for a day to several months, according to Christina Suriadjaja, co-founder and chief strategy officer of Travelio. Normally tenants have to make a down payment of 20 per cent and pay an advanced security deposit for more than a year
Travelio has more than 4,000 properties exclusively signed up with the platform. It takes between 20 and 35 per cent of the revenue from its property owner partners.
It aims to have 20,000 apartments on its platform within 12 months. “With Indonesia’s rising middle class population, Travelio is well-positioned to serve the growing demand for temporary housing, urbanization and affordable living options,” the company said.
