Minority stake in Travel Boutique Online to be acquired by General Atlantic
Affirma Capital-owned entities and private equity firm General Atlantic have reached an agreement for the latter to purchase a minority interest in Travel Boutique Online (TBO), an online B2B travel distribution platform.
After the secondary transaction closes, Affirma Capital will hold its investment in TBO. The former senior leadership of Standard Chartered Private Equity owns and runs Affirma, an independent emerging market private equity firm.
TBO, which was established in 2006, makes travel suppliers’ lives easier. These suppliers include hotels, airlines, car rentals, transfers, insurance companies, cruise lines, rail companies, and other vendors. TBO assists consumers in finding and scheduling travel to locations across the globe and in a variety of travel-related industries.
The company claims that over 40,000 buyers transacting annually have real-time access to the platform’s global travel inventory, which includes over 700 airlines and more than 1 million hotels.
It is present in more than 100 countries as of June of this year.
To reach Rs 1,051 crore for the fiscal year that ends on March 31, 2023, TBO reported a 2.17X increase in revenue. Additionally, the company reported a 4X increase in profits from Rs 33.7 crore in FY22 to Rs 137 crore in FY23.
