Singapore-based eSIM provider Airalo announced on Thursday that it has raised $220 million, with new investor CVC leading the investment.
The firm said in a statement that the investment, which includes new growth capital, values Airalo at more than $1 billion, making it the first unicorn in the industry.
According to Airalo, the business is expanding more quickly than it has in the past, and this new funding will help it do so.
Existing investors Peak XV and Antler Elevate have contributed to the investment, which includes $185 million from lead investor CVC (through its CVC Asia Fund VI).
This additional funding will support ongoing enhancements to the customer experience, such as improved user support, new products, and better value.
Additionally, Airalo will use its market-leading platform to connect businesses for the benefit of both their clients and staff.
“This funding is a major milestone, not just for Airalo, but for the future of global connectivity,” said Ahmet Bahadir Ozdemir, Chief Executive Officer and Co-founder of Airalo.
“This raise allows us to drive innovation across every part of the user journey by delivering more flexible plans and a faster, more seamless experience,
“We’re not just enabling better eSIM solutions for travel – we’re building the infrastructure for the next generation of international mobile connectivity,” he added.
Airalo said it has continued its rapid expansion and currently serves over 20 million travelers across more than 200 destinations, driven by the surge in global demand.
This summer, Airalo will launch unlimited data plans and a new app experience, raising the bar for global connectivity.
With prices that are significantly lower than what they would typically pay, the company’s mobile app enables travelers to immediately obtain the best roaming experience while they are overseas.
“We are thrilled to partner with Airalo — the clear category leader in travel eSIMs and a pioneer in redefining how travelers connect worldwide,” said Siddharth Patel, Managing Partner at CVC.
“The digital travel eSIM market, whilst already worth $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,
“Airalo, with a highly scalable digital model grown primarily through organic channels, is best positioned to deliver superior value and customer experience for global travelers. We look forward to supporting Bahadir and the Airalo team,” he added.
According to Airalo, in order to give every traveler a comprehensive range of options, the company is constantly growing its connectivity offerings.
For travelers who require more data, the company will start offering a wide variety of eSIM data bundles in July.
Additionally, in a few destinations, Airalo is launching dedicated data, text, and voice packages.
In addition to these new packages, the company plans to launch a new in-app experience on the web, iOS, and Android platforms shortly in order to enhance user experiences.
Additionally, the business is expanding its enterprise platform to accommodate growing business and partner demand.
Additionally, Airalo for Business offers businesses a simplified platform for managing their teams’ worldwide connectivity, assisting them with budget control, roaming cost reduction, and eSIM assignment.
With just a few minutes, partners can open a fully branded eSIM store thanks to Airalo’s White Label solution, which opens up new revenue streams with little work.
Additionally, the company provides reseller tools, voucher programs, and API integrations so that any partner can provide its users with travel connectivity.
According to the statement, Airalo’s dedication to developing the infrastructure that underpins contemporary, mobile-first companies worldwide is reflected in these products and a new eSIM capability that will launch soon.
