Goodbye PegiPegi: The Jet Tech Travel Startups' Shutdown Story

By Editorial Team 18/12/2023
Travel
Summary

  • In 2018, Jet Tech Innovation Ventures Pte. Ltd., a venture capital firm affiliated with Indonesia's online travel unicorn Traveloka, acquired smaller rivals in Southeast Asia. Currently, two of them have closed down, while one may have been acquired by another company.
  • The closures mark challenging times for the online travel industry due to the pandemic and a competitive landscape. Online travel Gross Merchandise Value has not fully recovered in 2022 and 2023. e-Conomy analysts anticipate a full recovery to occur next year.
  • The Southeast Asia online travel industry faces intense competition, with Traveloka going head-to-head with Booking Holdings' agencies, Booking and Agoda. Booking Holdings and Traveloka share at least one common investor: BlackRock Inc. However, BlackRock is not the controlling shareholder, at least in Booking Holdings. 
  • Groundhog's report on Indonesia's online travel agencies further describes the dominance of Traveloka, Agoda, and Booking in recent years. However, it notes a significant decrease in Traveloka's unique active users by 21.8 percent in the first quarter of 2023.

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