Singapore-founded e-SIM marketplace Airalo has announced raising $60 million in a Series B funding round backed by Peak XV Partners’ Surge to propel its growth plans as global travel activity gets back to normal.
Airalo, which is officially headquartered in Delaware, said the round was anchored by e& Capital, the venture arm of the UAE-based carrier Etisalat, and participated by a number of investors, including Antler Elevate, Singtel Innov8, and Liberty Global, among others.
Established in 2019, Airalo provides the world’s largest e-SIM platform that allows users, especially international travellers, to access lower-cost digital SIM packages by mobile networks in destinations across the globe.
Airalo allows users to download its app, choose a destination and package, install e-SIM, and then activate it for use. On its website, the startup said the popular countries for its e-SIM marketplace include the Philippines, Japan, the US, Thailand, Hong Kong, China, Indonesia, Australia, Vietnam, Canada, Malaysia, and Taiwan.
The Series B funding round brings Airalo’s total funding to date to $67.3 million. The startup raised $7.3 million in a Series A round backed by GO Ventures and LG Technology Ventures in 2021. The two investors also participated in the latest funding round.
Airalo, co-founded by Abraham Burak and Bahadir Ozdemir, plans to use the fresh capital injection for its growth plans, which include expanding its community of users and growing its global team.
The startup’s coverage currently spans over 200 countries and regions. It also has a team of over 250 professionals from 44 countries. The company claims to have 5.1 million customers.
“This new consortium of investors will further enable us on our quest to build the gateway to instant connectivity worldwide,” the co-founders said.
Airalo posted $6.3 million in revenue in 2021, up by 316% from $1.5 million in 2020, and trimmed its losses to $1.1 million year-on-year from $2.4 million, data from DealStreetAsia – DATA VANTAGE show.
Surge, one of the investors in the Series B funding round, is Peak XV Partners’ rapid scale-up programme. Surge combines up to $3 million of seed capital with company-building workshops, a global curriculum, and support from a community of mentors and founders.