Thomas Cook to Acquire 24% Stake in Mumbai-based Travel App Ithaka’s Parent
Travel services firm Thomas Cook India said its board has agreed to acquire 24 percent stake in travel technology startup TravelJunkie Solutions through its wholly owned subsidiary TC Tours, for an undisclosed sum.
TravelJunkie Solutions is parent company behind Ithaka, which is a chat-based mobile application serving FIT (Free Individual Travellers) customers by recommending local experiences for different destinations and helping plan their trip and book activities, hotels and flights.
With this, it marks Thomas Cook’s first investment in the travel technology space.
Ithaka Founders, [Image Credit – VacationLabs.com]
Founded in 2015, by IIT Bombay alumni – Ameya Sahasrabudhe and Rahul Singh, Ithaka is essentially a personal travel assistant currently serving people traveling to Thailand, Indonesia and Turkey. The app help travelers right from choosing locations, making itineraries, curating experiences to their time in-destination.
“The board of Thomas Cook India has approved the acquisition of a 24 per cent strategic stake in TravelJunkie Solutions Private Limited, a Mumbai based travel tech startup via its wholly owned subsidiary TC Tours,” the company said.
Thomas Cook India group chairman Madhavan Menon said, “For Thomas Cook, the partnership with Ithaka creates a new channel that reaches and serves millennials, while for Ithaka, the partnership delivers an end to end, bookable experience.”
Ithaka currently serves travellers across various international destinations and is planning to expand rapidly over the next 1824 months with the support of Thomas Cook India, the release added.
Source: IndianWeb2
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