U.S.-based online travel firm Travelocity Global has acquired India's online hotel distribution network Travelguru, said a company release. The details of the transaction were not disclosed.
Venture capital firms Sequoia Capital India and Battery Ventures have committed $25 million in two rounds of funding to Travelguru. Travelocity
started its India business in 2007 and already has an online travel agency Travelocity India. Both Travelguru and Travelocity will continue to operate as standalone properties after the transaction. Travelguru was last year in talks with Expedia for a deal which didn't materialise. Travelguru has a portfolio of more than 4,000 hotels in India which complements Travelocity's existing distribution of branded, chain and luxury properties in India. Travelocity Global is one of the world’s largest online travel companies, with its Travelocity, lastminute.com and ZUJI businesses worldwide generating more than $10 billion in gross travel sales annually. Travelguru, a Harvard Business Plan contest winner, was launched in 2006 with the backing of Sequoia Capital India. The company initially focused on air ticketing, however, soon after changed its focus to hotels aggregation. In December 2007, it acquired a B2B hotels aggregator Desiya.com in a stock deal rumoured to be valued at $25 million.
For further details visit as : http://in.reuters.com/article/indiaDeals/idINIndia-41862520090821
Venture capital firms Sequoia Capital India and Battery Ventures have committed $25 million in two rounds of funding to Travelguru. Travelocity
started its India business in 2007 and already has an online travel agency Travelocity India. Both Travelguru and Travelocity will continue to operate as standalone properties after the transaction. Travelguru was last year in talks with Expedia for a deal which didn't materialise. Travelguru has a portfolio of more than 4,000 hotels in India which complements Travelocity's existing distribution of branded, chain and luxury properties in India. Travelocity Global is one of the world’s largest online travel companies, with its Travelocity, lastminute.com and ZUJI businesses worldwide generating more than $10 billion in gross travel sales annually. Travelguru, a Harvard Business Plan contest winner, was launched in 2006 with the backing of Sequoia Capital India. The company initially focused on air ticketing, however, soon after changed its focus to hotels aggregation. In December 2007, it acquired a B2B hotels aggregator Desiya.com in a stock deal rumoured to be valued at $25 million.For further details visit as : http://in.reuters.com/article/indiaDeals/idINIndia-41862520090821
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