Tek Travels DMCC, a wholly owned subsidiary of TBO Tek Limitedacquires 51% stake in BookaBed AG
New Delhi, April 14, 2022: Tek Travels DMCC, a wholly owned subsidiary of TBO TekLimited(“TBO”) has announced today that it has acquired 51% shareholding of BookaBed AG (“BookaBed”).TBOisone of the leading global travel distribution platforms (Source: report titled “Travel and Tourism Industry Report” issued by PGA Labs dated December 21, 2021)connecting over 100,000 travel buyers across more than 110 countries with millions of travel suppliers, as of October 31, 2021.
Investment in BookaBed will enable TBO to scale up its business’s services and offerings. BookaBed AG, based in Switzerland, is also a B2B accommodation provider to the Irish and UK travel industries. BookaBedintends to increase its market share in Ireland and the UK by leveraging TBO’s global API business, and TBO Academy that trains and educates travel agents and travel trade partners.
Gaurav Bhatnagar, Co-Founder and Joint Managing Director of TBO, commented on the news and said: “We are excited to welcome everyone at BookaBed to the TBO family. BookaBedallows TBO’s entry into the Irish market and strengthens our UK presence. Both TBO and BookaBed have a significant opportunity to leverage each other’s strengths and further expand our presence in current and future markets. What really makes this truly promising is our shared core values. There are synergies in our business models and vision, but the core values we share are vital when building for the long term. Under Karl’s continued leadership, we look forward to strengthening BookaBed’s business.”
Karl Tyrrell, CEO of BookaBed, added: “We are very excited to partner with TBO and delighted to join the TBO family. As the world returns to travel, BookaBed looks forward to leveraging TBO’s technology and content. This combined with BookaBed’s deep distribution reach and market position in Ireland and the UK creates an even more compelling value for BookaBed customer partners.”
He added, “We will continue to service our customersaswe currently do and promote and operate theBookaBed brand that is so well known in these markets. There will be no change to our management, sales or support teams.”
TBO has won several accolades over the years and has been consistently winning the prestigious World Travel Awards for being India’s leading B2B travel portal since 2019. Its TBO+ proposition is a comprehensive rewards program designed exclusively for buyers where they can earn reward points for each transaction done through the TBO platform and points can be redeemed for a variety of lifestyle and travel products. TBO also has a dedicated corporate travel booking platform – Paxes and their first B2C business -Zamzam.com, focused on thebooming religious tourism,making TBO a truly simplified travel ecosystem.