General Atlantic (GA), a private equity investor, has acquired a minority stake in TBO Tek Ltd., a travel distribution platform, for an undisclosed sum from businesses controlled by Affirma Capital. According to a statement, Affirma Capital will stay invested in TBO following this acquisition. “We see immense potential in the path ahead for TBO, including global expansion opportunities, and are excited to partner with the company to help enable the next generation of travel globally”, said Shantanu Rastogi, Managing Director and Head of India at General Atlantic. “We believe that General Atlantic, with their longstanding history of helping technology companies build enduring models, is an ideal partner for this stage of our growth journey,” said Gaurav Bhatnagar and Ankush Nijhawan, co-founders of TBO in a statement. TBO, which has a GTV of $2.73 billion for FY23 and a presence in over 100 countries as of 30 June 2023, simplifies the travel business for travel suppliers such as hotels, airlines, car rentals, transfers, insurance providers, cruises, rail, and
other vendors (Suppliers); retail buyers such as travel agencies and independent travel advisors; and enterprise buyers such as tour operators, travel management companies, online travel companies, and others.
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