StanChart PE to acquire Naspers’ stake in Travel Boutique Online
In partnership with Standard Chartered PE, Tek Travels drives consolidation of India's B2B travel distribution landscape.
Standard Chartered Private Equity has agreed to acquire global internet and entertainment group Naspers’ full stake in Travel Boutique Online (TBO), a portal that provides travel solutions for travel agents and tour operators across India. TBO is operated by Tek Travels Pvt. Ltd.
The PE arm of Standard Chartered Bank didn’t disclose the terms of the transaction with the South African firm.
“The overall business-to-business (B2B) travel distribution landscape is ripe for consolidation. We believe that, in partnership with Standard Chartered PE, we can leverage our strengths in technology and scale to drive this consolidation,” said Gaurav Bhatnagar, co-founder of Tek Travels.
Naspers acquired 51% stake in Tek Travels in 2012, going by information available with VCCEdge.
Standard Chartered PE
Standard Chartered PE started investing in India in 2004, according to information available at VCCEdge. It invested in several mid-stage to late-stage companies across a range of industries including pharmaceuticals, infrastructure and banking.
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