General Atlantic to acquire minority stake in travel-tech platform TBO
General Atlantic on Sunday said it will acquire a minority stake in Indian online B2B travel distribution platform Travel Boutique Online (TBO) for an undisclosed sum.
For the deal, General Atlantic entered into an agreement with entities held by Affirma Capital. Subsequent to this transaction, Affirma Capital will continue to remain invested in TBO, the company said in a statement.
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Offering CollegeCourseWebsiteIIM KozhikodeIIMK Advanced Data Science For ManagersVisitMITMIT Technology Leadership and InnovationVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisit«We see immense potential in the path ahead for TBO, including global expansion opportunities, and are excited to partner with the Company to help enable the next generation of travel globally,» said Shantanu Rastogi, Managing Director and Head of India at General Atlantic.
Founded in 2006, TBO is a global travel distribution platform with $2.73 billion in gross transaction value for FY23 with a presence in more than 100 countries.
TBO allows the large and fragmented base of suppliers to market inventory and set prices for the similarly large and fragmented buyer base.
For buyers, TBO's platform is an integrated, multi-currency and multi-lingual one-stop solution.
On average, more than 40,000 plus annual transacting buyers get real-time access to global travel inventory of more than 700 airlines and over 1 million hotels on the platform.
«We are grateful to Affirma Capital who have supported us immensely during the last five years, including during the Covid-19 pandemic. We believe that General Atlantic is an ideal partner for this stage of our growth journey,»
