South African media and technology conglomerate Naspers has sold its majority stake in B2B travel platform Travel BoutiqueOnline (TBO) to Standard Chartered Private Equity, the private equity arm of Standard Chartered Bank.
This is the second strong exit by Naspers in India in the last three months. In May, it sold its entire 11.18% stake in Indian online retailer Flipkart to US retail behemoth Walmart Inc for $2.2 billion.
Standard Chartered Private Equity has acquired a 49% stake in Gurgaon-based TBO from Naspers for an undisclosed sum. Naspers had invested about Rs 110 crore in the company. It first invested in TBO Group in 2012.
As part of the deal, TBO co-founders Ankush Nijhawan and Gaurav Bhatnagar have now increased their stake in the company, and will now hold a majority position in the venture.
TBO which was founded in 2006 and is currently operational in more than 90 countries, offers services such as airline, train and hotel reservations and holiday package deals to travel agents and acts as an aggregator of these services. It helps charter helicopters and provides car rental, bus booking and travel insurance services.
The company’s services are accessed by 25,000 travel agents in India, Middle East, Africa, Asia, Latin America, Europe, South-East Asia and Australia.
Private equity arm of Standard Chartered had earlier invested $35 million in Indian visual entertainment services group Prime Focus Ltd in 2014.