Indonesian proptech startup Travelio has closed a series C round led by a large South Korean financial group. Other investors include DAOL Ventures, Orzon Ventures, AppWorks and Pavilion Capital. The startup did not disclose the amount raised or the specific investor.

Travelio operates a rental marketplace that allows tenants to book short-, medium-, and long-term apartment rentals. The startup told Tech in Asia that its rental management services can provide owners with higher rental yield “while they await for the eventual capital gains.”

One of its features allows tenants to pay their annual rents on a monthly basis. The company claims that with this flexible payment scheme, tenants will just pay 20% down payment plus security deposit and their monthly rent.

The startup manages 15,000 properties exclusively on its platform. It operates across 12 Indonesian cities. Aside from fully-furnished apartments, Travelio also carries listings of unfurnished apartments and houses on its platform.

The startup will use part of the new funding to expand into the rent-to-own vertical. 

Christina Suriadjaja, co-founder and chief strategy officer of Travelio, said this initiative aims to address the low home ownership issue among middle class millennials in Indonesia. “This way, we won’t just be a temporary solution for them for a couple of years but instead for their lifetime,” she added.

Source:  TechCrunch