AirAsia is acquiring a 50 per cent stake in online travel planner Touristly Travel through an asset injection and loan deal valued at RM11.5 million (US$2.6 million).
Upon completion of the deal, AirAsia Group CEO Tony Fernandes will serve as chairman of the Touristly board.
AirAsia’s investment will comprise an injection of its digital Travel 3Sixty inflight magazine, valued at RM6.5 million, via AirAsia Investments and a RM5 million convertible loan for working capital and development.
Touristly, which will operate under the Travel 3Sixty brand following this deal, will gain reach via the 3Sixty digital platform and access to AirAsia’s offline advertising assets.
The transaction is expected to strengthen AirAsia’s ancillary portfolio by offering its guests on-ground activities such as restaurants, theme parks, attractions, spas and tours at more than 70 destinations that the airline operates to.
Fernandes said: “We see enormous potential in Touristly, which complements AirAsia’s existing travel offering. Our guests will be able to choose from thousands of activities when purchasing a flight and this brings us a step closer to becoming a truly one-stop digital airline.”
In May 2016, Touristly successfully raised an undisclosed pre-Series A round from Tune Group startup incubator Tune Labs, headed by Fernandes and other investors.
