Thomas Cook to buy into travel-tech startup Ithaka
Global tour Operator Thomas Cook (India) Ltd is foraying into the Travel Technology industry with an arranged undisclosed investment in Traveljunkie Solutions Pvt. Ltd, which runs Ithaka, an application offering chat-based real-time travel advice from destination experts.
Thomas Cook will procure 24% stake in Mumbai-based Traveljunkie, which suggests goals and help individuals plan their trips and book activities, hotels and flights, the tour operator said in a securities exchange exposure. Traveljunkie serves individuals making a trip to Thailand, Indonesia and Turkey.
Established by IIT-Bombay graduates Ameya Sahasrabudhe and Rahul Singh in 2015, Ithaka began as a commercial center for travel experiences. It later turned to chat-based travel assistance.
The startup generates revenues by charging commissions to operators and vendors offering nearby local activities and experiences. Customers are not charged anything.
Traveljunkie had raised Rs 2.1 crore ($325,000) in seed financing from a grasp of heavenly attendant speculators situated in the US, Singapore and India in March a year ago. Heartbeat prime supporter Ankit Gupta and Jet Airways representative Puneet Motihar also put in money.
“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,” said Madhavan Menon, chairman, Thomas Cook India Group.
Thomas Cook, majority stake owned by India-born Canadian billionaire Prem Watsa’s Fairfax Financial Holdings Ltd, offers a broad spectrum of services in India that include: foreign exchange; corporate travel; bossiness meetings, incentives, conferences & events; leisure travel; insurance; visa and passport services; and e-business. The company started its operation by setting up office in mumbai in 1881.
Fairfax had procured a lion’s share stake in Thomas Cook in 2012.
Fairfax, through Thomas Cook (India) Ltd, claims 49.02% of Quess Corp Limited, a provider of integrated business services, and 100% of Sterling Holiday Resorts Ltd, a company engaged in timeshare and resort business.
The Thomas Cook India Group is as of now present in 24 nations crosswise over four continents and operates a couple of famous brands including Thomas Cook, SOTC, TCI, SITA, Asian Trails, Allied T Pro, Australian Tours Management, and Desert Adventures.