Global Expansion Push: TBO Tek Sets Up New Subsidiary In Canary Island
by Akshit Pushkarna · Inc42SUMMARY
- TBO Tek has incorporated a new wholly owned subsidiary in Canary Island by the name TBO Jumbonline Canarias to expand its footprint in the region
- The subsidiary will be operated by Jumboline Accomodations & Services, a Spanish tourism company acquired by TBO Tek in December 2023 for INR 219.6 Cr
- In a recent investor presentation, TBO Tek said that with more people travelling outside of the country, assisted travel is set to emerge as a large opportunity
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Recently listed B2B travel portal TBO Tek has incorporated a new wholly owned subsidiary in Canary Island by the name TBO Jumbonline Canarias to expand its footprint in the region.
In an exchange filing, TBO Tek said that the new entity, TBO Jumbonline Canarias, S.L.U, will act as a travel agency. The subsidiary will be operated by Jumboline Accomodations & Services, a Spanish tourism company acquired by TBO Tek in December 2023 for INR 219.6 Cr. The acquisition was aimed at expanding its operations in Europe.
Besides this acquisition, TBO Tek also bought Swiss company BookaBed AG last year for INR 90.4 Cr to increase its market share in Ireland and the United Kingdom.
In a recent investor presentation, TBO Tek said that with more people travelling outside of the country, assisted travel is set to emerge as a large opportunity.
Further, the establishment of the new subsidiary, which will work as an offline travel agency, also aligns with the company’s thesis that offline travel provides a bigger opportunity than online travel.
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In the investor presentation, TBO Tek said it looks to acquire companies with strong supply and distribution capabilities and then build an ecosystem around its platform to “enhance the long-term value of our platform for buyers and suppliers”.
Besides the aforementioned acquisitions, it also acquired Island Hopper in 2019 to expand into Indian Ocean Islands and Gemini Tours and Travels in 2022 to expand into the Maldives.
Founded in 2006, TBO Tek provides travel solutions to travel agents and tour operators. It offers white-label solutions, hotel and flight booking APIs and dynamic packages, among others.
It made its public market debut back in May this year. Its shares listed at INR 1,380 on the BSE, a premium of 55% to the issue price. Since listing, the stock has zoomed over 30%. Earlier this month, share prices of TBO Tek touched an all time high of INR 2,000.
The travel portal’s net profit rose 29% to INR 60.91 Cr in Q1 FY25 from INR 47.3 Cr in the year-ago quarter. Operating revenue also zoomed 21% to INR 418.5 Cr during the quarter under review from INR 344.6 Cr in Q1 FY24.