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Private equity company General Atlantic is set to buy a minority stake in TBO Tek Ltd (TBO.com). It has entered into an agreement with entities held by Affirma Capital, one of the investors, to acquire the shares. Subsequent to this transaction, Affirma Capital will continue to remain invested in TBO, General Atlantic shared in a statement.
Founded in 2006 by Gaurav Bhatnagar and Ankush Nijhawan, TBO is a global travel distribution platform with USD 2.73 billion in Gross Transaction Value for FY23 and a presence in over 100 countries.
A two-sided technology platform. TBO enables both travel suppliers and buyers to transact seamlessly. With its end-to-end comprehensive offerings across the travel value chain, TBO is well positioned to capitalise on the evolving travel landscape and strengthen its position as the partner of choice for travel suppliers and buyers globally.
Green Carpet, introduced in March 2023, is a pioneering global platform aimed at effectively tracking and reducing carbon emissions arising from business travel. This partnership highlights the growing necessity for organisations to monitor and manage their carbon emissions while establishing ambitious sustainability targets. The initiative is poised to make a substantial contribution to environmental preservation and sustainability in the corporate world.
“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.“TBO’s strategy is underpinned by our focus on amplifying platform value by growing our user base and lines of business, and through leveraging our deep technology and data capabilities to enhance the Buyer experience and Supplier engagement,” read a joint statement by Gaurav Bhatnagar and Ankush Nijhawan, co-founders of TBO.
“We are grateful to Affirma Capital who have supported us immensely during the last five years, including during the Covid-19 pandemic, and have been true value-add partners in our scale-up journey so far. 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. We are thrilled to have their backing and look forward to leveraging their expertise,” they commented.
“Since our investment in 2018, we have witnessed TBO’s transformational journey to becoming one of the leading travel technology platforms globally, creating meaningful value for its shareholders along the way, as has been crystallised in Affirma Capital’s multi-fold return on investment as part of this transaction,” said Udai Dhawan, founding partner and India Head at Affirma Capital.
“TBO is on the cusp of consolidating the travel technology landscape, and we continue to believe in its potential to aggregate and digitise travel for travel partners across the globe and are excited to continue to retain a significant minority stake in the business,” added Dhawan.
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