May 20, 2020

Expedia invests $350 million in Traveloka

Expedia Inc
Traveloka
Catherine Sturman
2 min
Expedia invests $350 million in Traveloka

Established in 2012, with an extensive brand portfolio, online travel company Traveloka provides both hotel booking and transport options, with over 200,000 airline routes worldwide. Providing over 40 payment options for consumers in Indonesia, Malaysia, Singapore, Thailand, Vietnam and the Philippines, its mobile app appeals to an increased consumer base.

Recently, international travel giant Expedia Inc has therefore made a $350 million investment in the company, strengthening its global hotel ties and catering towards an increased tourist demand within Asia. The company has recently reported over $2.5 billion in revenue for its second quarter figures, a near 20% increase from last year. It owns a number of online travel brands under its umbrella, such as HomeAway, Hotwire.com and Hotels.com.

Dara Khosrowshahi, President and Chief Executive Officer, Expedia, Inc said: "Traveloka is the clear online travel leader in Indonesia, and is expanding aggressively throughout Southeast Asia. This partnership will benefit from each side's expertise and local knowledge, and accelerate our mutual growth."

"Partnering with the world's leading online travel company will allow us to focus on our continued growth in the online travel space to meet our goal of providing travellers the best travel options and highest quality booking experience," said Ferry Unardi, Co-founder and Chief Executive Officer at Traveloka. "The expanded partnership gives Traveloka travellers access to a unique and diverse set of international accommodations and we are looking forward to working with Expedia to expand our services in Asia and beyond."

East Ventures, Hillhouse Capital Group, JD.com and Sequoia Capital have also contributed funding through a seed round, and enabled investment figures to increase up to $500 million.

Asia has been viewed to have significant growth potential for a number of overseas investors, with a large number situated in the US. Outside of China and India, Indonesia has become one of the most significant e-commerce markets in Asia, according to Techcrunch.

Amazon’s recent venture into south-east Asia through its Singapore expansion, alongside the competition with companies such as Grab, Uber and Go-Jek further highlights its booming popularity and an increased focus on providing personalised customer services through the use of sophisticated data analytics to provide exceptional travel services.

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Jun 13, 2021

Seo JungJin: Who is EY’s World Entrepreneur of 2021?

EY
entrepreneurs
Leadership
celltrion
Kate Birch
3 min
From just US$45,000 capital in 2003 to a world-leading biopharma giant with revenues of US$1.69bn today, Seo JungJin is crowned EY World Entrepreneur 2021

Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.

Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.

JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.

Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.

Why was JungJin crowned King Entrepreneur?

A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.

The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.

According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.

Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.

“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”

How did JungJin get there?

JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.

Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.

And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.

With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.

“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”

 

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