Yatra.com, a Gurgaon, India-based online travel company, is to acquire a 100% stake in Travelguru from Travelocity Global.
Travelguru is a hotel distribution network offering access to more than 6500 hotels in India and 72,000 hotels worldwide. It offers travelers the opportunity to plan and purchase their travel in a customizable manner with instant bookings and confirmations.
The acquisition of the company, which will continue to operate as a separate entity under its existing brand name, will extend Yatra.com’s position as an aggregator and seller of domestic hotels and holidays in India, adding to its offerings for flights and outbound holidays.
Led by Mr. Dhruv Shringi, co-founder and CEO, and Mr. Promod Haque, Managing Partner, Norwest Venture Partners (NVP) and Chairman, Yatra.com provides reservation facility for more than 5,000 hotels across 336 cities in India and over 90,000 hotels around the world. It previously acquired ticket consolidator Travel Services International Pvt. Ltd (TSI), hotel aggregation company MagicRooms, and premier event and entertainment promotion portal Buzzintown. The company is backed by Norwest Venture Partners (NVP), Reliance Capital, Network 18, Intel Capital and Valiant Capital Partners.
FinSMEs
03/07/2012