Private equity firm General Atlantic is set to acquire a minority stake in the online B2B travel distribution platform, Travel Boutique Online (TBO). The deal, involving entities held by Affirma Capital, signifies General Atlantic’s investment in TBO’s potential for growth and global expansion. TBO, founded in 2006, operates as a global travel distribution platform, serving both travel suppliers and buyers.
TBO’s platform provides integrated, multi-currency, and multilingual solutions to more than 40,000 annual transacting buyers. These buyers gain access to a vast global inventory of over 700 airlines and 1 million hotels. The company’s track record includes a gross transaction value of $2.73 billion for FY23, and a presence in over 100 countries.
TBO Tek Ltd is a global travel distribution platform that acts as an interface between travel suppliers and buyers. Offering an integrated two-sided technology platform, TBO enables suppliers to display and market their inventory to a global base of buyers. TBO also operates regional centers across India, the Middle East, Europe, North America, Asia-Pacific, and Latin America. Founded in 2006, TBO has a presence in over 100 countries with a gross transaction value of $2.73 billion for FY23.
Affirma Capital will continue to hold an investment in TBO even after General Atlantic’s entry into the partnership. Affirma Capital, an independent emerging market private equity firm, has been supporting TBO for the past five years.
Affirma Capital is an independent private equity firm specialising in emerging markets, operated by former senior leaders of Standard Chartered Private Equity. With approximately $3.2 billion in assets under management, the firm serves global limited partners and sovereign wealth funds. Affirma Capital maintains offices in Singapore, Seoul, Shanghai, Mumbai, Dubai, and Johannesburg.
General Atlantic’s Managing Director and Head of India, Shantanu Rastogi, believes in TBO’s potential for global expansion, expressing excitement about enabling the next generation of travel worldwide. Meanwhile, TBO’s co-founders, Gaurav Bhatnagar and Ankush Nijhawan, expressed gratitude for Affirma Capital’s support during the past five years and noted that General Atlantic is an ideal partner for the next phase of TBO’s growth journey.
General Atlantic, known for its history of supporting technology companies, is set to make a substantial impact with this investment in TBO, as the private equity firm manages over $77 billion in assets.
Udai Dhawan, founding partner and India Head at Affirma Capital, shares General Atlantic’s belief in TBO’s potential to consolidate and digitize travel technology, emphasising their continued involvement as a significant minority stakeholder in the business.
The transaction was advised by Bharucha and Partners for General Atlantic and involved financial advisory from Goldman Sachs, with legal advisors Quillon Partners for Affirma Capital and Kaizen Law for TBO.
