PE Fund Investments
General Atlantic to invest in travel tech firm TBO; Affirma Capital makes part exit
General Atlantic is to acquire a minority stake in online B2B travel distribution platform Travel Boutique Online (TBO; formerly Tek Travels) from existing private equity investor Affirma Capital. Affirma will retain a "significant minority stake" in TBO, post the deal. Founded in 2006, TBO is a global travel distribution platform with USD 2.73 B in Gross Transaction Value (GTV) for FY23 and a presence in 100+ countries. On average, 40K+ annual transacting buyers get real-time access to a global travel inventory of 700+ airlines and 1M+ hotels on the platform. General Atlantic was advised by Bharucha and Partners (legal advisor). TBO and Affirma Capital were advised by Goldman Sachs (financial advisor), Quillon Partners (legal advisor to Affirma Capital), and Kaizen Law (legal advisor to TBO). Affirma has reportedly achieved a 9x multiple on invested capital (55% IRR)) through this partial exit. It previously owned a 46% stake in the company, and has now divested around 7%. In 2018, it had invested around USD 42 million (INR 300 crore then).
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