Company says this makes it the industry’s first unicorn; latest financing includes new investor CVC
[SINGAPORE] eSIM platform Airalo has raised US$220 million in a financing round, valuing the company at more than US$1 billion.
This makes the Singapore-headquartered company the first unicorn in the industry, Airalo said in a statement on Thursday (Jul 10).
The latest funding round is led by a new investor, Luxembourg-based CVC with about 202 billion euros (S$302.9 billion) of assets under management. CVC is injecting US$185 million through its Asia Fund VI.
Airalo has also received investments from existing stakeholders Peak XV and Antler Elevate.
The eSIM provider will use the funds to accelerate its growth and improve customer experience – which includes enhancing user support and developing new products. Airalo also wants to use its platform to provide connectivity to companies, for the needs of their staff and clients.
“The digital travel eSIM market, whilst already worth US$1 billion, is at the very early stages of becoming the main method by which consumers can receive the highest quality experience abroad, at a much lower price than they pay for roaming today,” Siddharth Patel, managing partner at CVC, said in the statement.
Founded in 2019, Airalo provides eSim services in more than 200 countries and regions to over 20 million users globally.
Airalo added that it would soon introduce new data packages and in-app features, including dedicated data, text, and voice packages in selected markets.
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