Naspers Scouts for Buyers to Exit Travel Boutique Online
Mohit Bhalla & Biswarup Gooptu
New Delhi: South Africa-based Internet and media group Naspers is looking to exit a five-year-old investment it made in B2B travel platform Travel Boutique Online (TBO), people directly familiar with the matter said.
Naspers is said to have approached online travel services providers MakeMyTrip and Yatra, as well as financial investors for its stake in the business. The media group last year orchestrated an estimated $2 billion merger between Goibibo, a company controlled by it, and Nasdaq-listed MakeMyTrip, becoming the largest shareholder in the combined entity. Naspers is seeking a valuation of .₹ 300 crore for TBO.
TBO’s founders, Ankush Nijhawan and Gaurav Batra, have also offered to buy the stake, the people said. Naspers owns 52% of TBO’s parent, Tek Travels, through a Mauritius-based unit. Nijhawan and Batra hold the remaining stake.
A spokesperson for Naspers refused to comment when contacted by ET. Nijhawan also declined to comment in an emailed response. TBO aggregates a gamut of travel services and offers them to travel agents. Its services are accessed by 25,000 travel agents in India and the Middle East.
The company has 45 offices in India and an office in Dubai. It posted more than .₹ 200 crore in revenue for the financial year ended March 2016.