The US-based popular travel agency Thomas Cook is eyeing to acquire 24% stake in Mumbai-based Traveljunkie, which recommends destinations and help people plan their trips and book activities, hotels and flights.
The startup Traveljunkie basically serves people traveling to Thailand, Indonesia and Turkey. The company was founded in 2015 by IIT-Bombay graduates Ameya Sahasrabudhe and Rahul Singh.
The source of revenue for the startup is the commission that it charges from operators and vendors selling local activities and experiences. The good part is that the users are not charged anything.
“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,” said Madhavan Menon, chairman, Thomas Cook India Group.
Prior to this, Traveljunkie had raised Rs 2.1 crore ($325,000) in seed funding from a clutch of angel investors based in the US, Singapore and India in March last year.
Talking about Thomas Cook, it offers a broad spectrum of services in India that include foreign exchange, corporate travel, meetings, incentives, conferences & events, leisure travel, insurance, visa and passport services, and e-business.
Fairfax holds a majority stake in Thomas Cook that it acquired in 2012. The Thomas Cook India Group is currently present in 24 countries across four continents. It runs a group of brands including Thomas Cook, SOTC, TCI, SITA, Asian Trails, Allied T Pro, Australian Tours Management, and Desert Adventures.