Airalo, a mobile startup that offers software-based eSIM connectivity for international travelers, has raised $60 million in a Series B funding round. The company plans to use the funds to expand its business. The round was led by e& Capital, the venture arm of UAE-based carrier Etisalat, and saw participation from various other financial and strategic backers, including Liberty Global, Rakuten Capital, Singtel Innov8, Orange, T Capital (the venture arm of Deutsche Telecom), and more.
Airalo, founded in Singapore and headquartered in Delaware, offers nearly 700 lower-cost mobile data packages for international travelers. The company’s growth has accelerated significantly, with 20% revenue growth month on month and nearly 1 million downloads monthly for the past three months. The new funding will enable Airalo to enhance its offerings and services, including the introduction of “Airalo Partners,” an innovative connectivity solution tailored to businesses and organizations globally.
eSIM technology has gained traction, and Airalo, with its matrix of eSIM plans covering 200 countries and geographic regions, has amassed 5.1 million customers. The company builds its eSIM options through a network of carrier agreements, providing granular and cost-effective mobile data plans for consumers. Despite the challenges posed by the pandemic, Airalo has seen promising growth and has attracted significant interest from investors, with discussions already underway for additional funding at a higher valuation.
The expansion of Airalo’s services aligns with the growing demand for flexible and competitive mobile data plans for travelers. With the travel industry bouncing back after the COVID-19 hiatus, Airalo is poised to capitalize on the increased demand for reliable and cost-effective mobile connectivity solutions worldwide.