Standard Chartered Private Equity to acquire stake in TBO Group
Standard Chartered Private Equity (“SCPE”) Standard Chartered Bank’s private equity arm, has agreed to acquire Naspers’ stake in TBO Group (“TBO” or the “Company”), a leading online B2B travel distribution company in India. Naspers first invested in TBO in 2012. Terms of the agreement were not disclosed.
TBO (also known as Travel Boutique Online, headquartered in India) was founded in 2006 and has since expanded its operations to more than 90 countries. TBO leverages its proprietary online technology platform to distribute airline and hotel inventory to its customer travel agents.
SCPE is committed to backing best-in-class management teams, and continues to actively seek opportunities in Asia, Africa and the Middle East.
Udai Dhawan, Managing Director at SCPE India, stated, “We are extremely excited to partner with Ankush and Gaurav, both first class entrepreneurs, who have built a profitable and scalable business with a strong market position. We look forward to supporting the Company by leveraging our experience and network to drive the Company’s growth strategy.”
Ankush Nijhawan, Co-founder of TBO Group, said: “We are very happy to have SCPE as our partner as we embark on the next stage of TBO’s growth. Through leveraging SCPE ‘s extensive network and business planning expertise, we would be able to strengthen our position as a leading B2B travel distribution player in the global landscape.”
Gaurav Bhatnagar, Co-founder of TBO Group, said, “The overall B2B travel distribution landscape is ripe for consolidation and we believe that in partnership with SCPE, we can leverage our strengths in technology and scale to drive this consolidation.”
“Naspers first invested in TBO Group six years ago and it’s rewarding to see how the business has grown and advanced in that time,” said Oliver Rippel, CEO B2C ecommerce, Naspers. “We wish Ankush, Gaurav and the team at TBO Group continued success.”
You might also like
TripAdvisor appoints Gary Fritz as Chief Growth Officer and President of Asia Pacific
TripAdvisor (NASDAQ:TRIP), the travel planning and booking site announced that Gary Fritz has joined TripAdvisor’s management team as the chief growth officer of TripAdvisor and president, Asia Pacific. In his capacity as
ITA Airways resumes flights between Tel Aviv and Rome starting September 5
Airways announces that connections between Tel Aviv Ben Gurion and Rome Fiumicino will be resumed starting September 5th. The airline will initially operate a daily daytime service, with the following
UK-based Brightsun Travel heightens focus on the Indian market
Post-pandemic, Brightsun Travel, a renowned UK-based travel company has amplified its focus on the promising Indian travel market, with an aim to ride the Indian travel wave. With India’s expanding