The private equity arm of Standard Chartered Bank, ‘Standard Chartered Private Equity’ (SCPE) has announced to acquire Naspers’ stake in Travel Boutique Online (TBO) Group, a leading online B2B travel distribution company in India. Naspers first invested in TBO in 2012.
AnkushNijhawan, 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.” UdaiDhawan, Managing Director at SCPE India added, “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.”
TBO 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.