General Atlantic To Pick Up Minority Stake In Travel Distribution Platform TBO
General Atlantic (GA), a private equity investor, has entered into an agreement with entities held by Affirma Capital to acquire a minority stake in TBO Tek Ltd., a travel distribution platform for an unspecified amount. Subsequent to this transaction, Affirma Capital will continue to remain invested in TBO, it said in a statement.
“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.
“We believe that General Atlantic, with their longstanding history of helping technology companies build enduring models, is an ideal partner for this stage of our growth journey,” said Gaurav Bhatnagar and Ankush Nijhawan, co-founders of TBO in a statement.
TBO with $2.73 billion in Gross Transaction Value (GTV) for FY23 and having presence in over 100 countries as of 30 June 2023, simplifies the business of travel for travel suppliers such as hotels, airlines, car rentals, transfers, insurance providers, cruises, rail and other vendors (Suppliers); retail buyers including travel agencies and independent travel advisors; and enterprise buyers such as tour operators, travel management companies, online travel companies, and super apps (Buyers) through a two-sided technology platform that enables both Suppliers and Buyers to transact seamlessly.
The company 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 that helps them discover and book travel for destinations worldwide and across various travel segments. On average, over 40,000 annual transacting Buyers get real-time access to global travel inventory of over 700 airlines and over 1 million hotels on the platform,” the company said.
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