Thomas Cook India Group to acquire 24% stake in Ithaka
Deepthi | Myequity news | Date : 05-10-2018 17:35:00 IST
Thomas Cook India to acquire a 24% stake in TravelJunkie Solutions Private Limited, a Mumbai based travel tech start-up via its wholly owned subsidiary TC Tours Ltd as Thomas Cook India’s Board approves the strategic investment.
TravelJunkie Solutions Private Limited developed Ithaka – a chat-based mobile application serving FIT (Free Individual Travellers) customers by recommending authentic local experiences for different destinations and helping plan their trip and book activities, hotels and flights. Ithaka’s unique app based service offers users a potent combination of cutting edge automation via AI/ML based technology and the farmed collective expertise of a community of well-travelled individuals. About Thomas Cook (India) Limited:
Speaking on the occasion, Madhavan Menon, Chairman of the Thomas Cook India Group said “We are very excited with this strategic investment that also marks our first investment in the exciting travel tech space. Ithaka is a perfect marriage of cutting edge technology and human expertise delivered in a user- friendly mobile chat format. 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. The business model also resonates perfectly with the hybrid technology + personalisation approach of the Thomas Cook Group in our constant endeavour to innovate and deliver a seamless customer experience to new age travellers”
Thomas Cook (India) Ltd. (TCIL) is the leading integrated travel and travel related financial services company in the country offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Insurance, Visa & Passport services and E-Business. The company set up its first office in India in 1881. The Thomas Cook India Group spanning 24 countries across 4 continents, a team of over 7590 and a combined revenue in excess of Rs. 11,411.6 Cr. (over $ 1.75 Bn), operates leading B2C and B2B brands including, Thomas Cook, SOTC, TCI, SITA, Asian Trails, Allied T Pro, Australian Tours Management, Desert Adventures, Travel Circle International Limited, Private Safaris East & South Africa. The Group is today one of the largest travel service provider networks headquartered in the Asia-Pacific region.