Private equity firm General Atlantic has entered into an agreement with entities held by Affirma Capital to acquire a minority stake in online B2B travel distribution platform Travel Boutique Online (TBO).
Following the secondary transaction, Affirma Capital will continue to remain invested in TBO. Affirma is an independent emerging market private equity firm owned and operated by the former senior leadership of Standard Chartered Private Equity.
Founded in 2006, TBO simplifies the business of travel for travel suppliers such as hotels, airlines, car rentals, transfers, insurance providers, cruises, rail and other vendors. For buyers, TBO helps them discover and book travel for destinations worldwide and across various travel segments.
According to the company, more than 40,000 annual transacting buyers get real-time access to global travel inventory of over 700 airlines and more than 1 million hotels on the platform.
As of June this year, it has a presence in more than 100 countries.
For the fiscal year ending on March 31, 2023, TBO registered 2.17X jump in its revenue to Rs 1,051 crore. The firm also registered a 4X jump in profits to Rs 137 crore in FY23 from Rs 33.7 crore in FY22.