The private equity arm of Standard Chartered Bank, ‘Standard Chartered Private Equity’ (SCPE) has agreed to acquire Naspers’ stake in TBO Group (TBO), a leading online B2B travel distribution company in India. Naspers first invested in TBO in 2012. The terms of the agreement have not been disclosed.
TBO (also known as Travel Boutique Online, headquartered in India) was founded in 2006 and has since expanded its operations to more than 90 countries. TBO leverages its proprietary online technology platform to distribute airline and hotel inventory to its customer travel agents.
SCPE is committed to backing best-in-class management teams, and continues to actively seek opportunities in Asia, Africa and the Middle East. Udai Dhawan, Managing Director at SCPE India, stated, “We are extremely excited to partner with Ankush and Gaurav, both first class entrepreneurs, who have built a profitable and scalable business with a strong market position. We look forward to supporting the company by leveraging our experience and network to drive the Company’s growth strategy.”
Ankush Nijhawan, Co-founder, TBO Group, said, “We are very happy to have SCPE as our partner as we embark on the next stage of TBO’s growth. Through leveraging SCPE’s extensive network and business planning expertise, we would be able to strengthen our position as a leading B2B travel distribution player in the global landscape.”
Gaurav Bhatnagar, Co-founder, TBO Group, said, “The overall B2B travel distribution landscape is ripe for consolidation and we believe that in partnership with SCPE, we can leverage our strengths in technology and scale to drive this consolidation.”
“Naspers first invested in TBO Group six years ago and it’s rewarding to see how the business has grown and advanced in that time,” said Oliver Rippel, CEO B2C ecommerce, Naspers. “We wish Ankush, Gaurav and the team at TBO Group continued success.”