More than 50% of residential apartments and different actual property properties in Jakarta are presently vacant, in accordance to official estimates. A startup that’s trying to make it simpler for tenants to rent these properties in Jakarta and different locations in Indonesia stated on Thursday that it has closed a brand new financing spherical.
Travelio has raised $18 million in its Series B financing spherical led by Singapore-based Pavilion Capital and Gobi Partners, the four-year-old startup stated. Some current buyers additionally participated within the spherical.
The startup works with particular person condo house owners and property sellers to permit tenants to discover and rent apartments. People can guide an condo for a day to months, Christina Suriadjaja, cofounder and chief technique officer of Travelio, advised TechCrunch in an interview.
Travelio has over 4,000 properties completely signed up with the platform, she stated. The startup takes between 20% to 35% of the income minimize from its property proprietor companions, she defined.
Typically, it might value a bit greater than $350 for somebody to rent an condo for a month from Travelio. In Indonesia, presently these searching for an condo from property sellers and particular person house owners have to make a down cost of 20% and pay a sophisticated safety deposit for greater than a 12 months. Through its pricing construction, Travelio is trying to tackle this challenge as nicely.
A variety of startups together with RedDoorz, Oyo, and Airbnb function in Indonesia, however as a result of they’re targeted on offering rooms for a day or two like motels, this differentiates them from Travelio. Suriadjaja stated Airbnb, which lists properties of Travelio, is extra of a associate than a competitor. “Our competitors are property dealers,” she stated.
In addition to providing these totally furnished apartments on rents, Travelio additionally takes care of home cleansing and upkeep of those properties. “In the coming months, we will work on expanding the services we offer,” she stated. Some of the companies it’s exploring embrace inside design, day by day requirements, financing, funds and different logistic-related choices.
The startup goals to have 20,000 apartments on its platform in a single 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 startup stated.
A latest analysis report by Google, Temasek and Bain & Co projected that Southeast Asia’s web economic system would prime $100 billion this 12 months. Indonesia, dwelling to greater than 260 million folks, could be the largest contributor to the web economic system’s development within the area, the report stated.