Standard Chartered Bank’s private equity arm, Standard Chartered Private Equity (SCPE), will acquire Naspers’ stake in TBO Group, an online B2B travel distribution company in India for an undisclosed sum.
Ankush Nijhawan, co-founder of TBO Group, said in a statement: “We are very happy to have SCPE as our partner as we embark on the next stage of TBO’s growth. Through leveraging SCPE’s extensive network and business planning expertise, we would be able to strengthen our position as a leading B2B travel distribution player in the global landscape.”
Gaurav Bhatnagar, also a co-founder, said: “The overall B2B travel distribution landscape is ripe for consolidation and we believe that in partnership with SCPE, we can leverage our strengths in technology and scale to drive this consolidation.”
TBO, also known as Travel Boutique Online, was founded in 2006 and has since expanded its operations to more than 90 countries.
South African company Naspers first invested in TBO in 2012.