Naspers Scouts for Buy­ers to Exit Travel Bou­tique On­line

The Economic Times - - Companies: Pursuit Of Profit -

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.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.