SoftBank-backed travel platform Klook might raise $500M via IPO
What's the story
Klook, a leading travel and leisure booking platform, is said to be considering an initial public offering (IPO) in the United States. The move could help the company raise between $300 million and $500 million. The firm is backed by major investors including SoftBank Group Corporation and Goldman Sachs Group Inc.
Company profile
Klook turned profitable this year
Founded in 2014, Klook became a unicorn in 2018 and turned profitable this year. The company competes with global travel booking platforms such as Booking.com and Expedia, as well as China's Trip.com and South Korea's Yanolja. Despite the competition, Klook has achieved profitability and continued growth in the travel industry.
Financials
Latest funding round and user base
Klook recently raised $100 million in a new funding round led by Vitruvian Partners, taking its total capital raised to over $1 billion. Other investors in the company include HongShan Capital Group (HSG), previously known as Sequoia Capital China. The firm has revealed that millennials and gen Zs account for nearly 70% of its user base, with over four-in-five bookings made through its mobile app.