Ibibo.com's Parent Co - MIH Group Acquires Tek Travels
MIH Group has acquired 51% stake in Gurgoan based Tek Travels Private Limited, which owns B2B travel portal Travel Boutique Online.
With this acquisition, MIH Group will get an access to domestic online business travel space, while Tek Travel will be able to expand in international markets.
Founded in 2006 by Ankush Nijhawan and Gaurav Bhatnagar, Travel Boutique Online offers a gamut of travel services such as airline, train and hotel reservation and holiday package deals. It also provides charter and choppers and helps with car rental, bus bookings and travel insurance.
MIH is a wholly owned subsidiary of media group Naspers. The group's principal businesses are in internet platforms, pay-television and the provision of related technologies. The groups operations are located mainly in South Africa and the rest of Sub-Saharan Africa, China, Latin America, Central and Eastern Europe, Russia and India.
Last Feb, it acquired a majority stake in Gaadi Web Pvt Ltd, which runs the auto classifieds site Gaadi.com.
In India, MIH has an active presence in the e-commerce space through internet assets such as ibibo Games (social games), Goibibo.com (travel), Tradus.in (shopping marketplace), Payu.in (payments) and Gaadi.com (auto classifieds).
Last year, MakeMyTrip Limited acquired 29% stake Delhi based My Guest House Accomodation for $1Mn, with an option of acquiring full ownership of the firm over next eight years. It also acquired 79% equity stake in Singapore-based Luxury Tours & Travel Pte Ltd for $3 Mn.
MakeMyTrip along with SAIF Partners bought 76.6% stake for $18.5 Mn in Gurgaon-based Le Travenues Technology Private Limited, which runs travel meta search engine, iXiGO.com.
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