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Thomas Cook India picks 24% stake in Mumbai-based travel tech start-up

Through this acquisition, Thomas Cook is foraying into the travel technology space.
BY BEx Bureau
BusinessEx
Oct 06, 2018

Travel services firm Thomas Cook India will acquire 24% strategic stake in TravelJunkie Solutions Private Limited, a Mumbai based travel tech start-up.

Thomas Cook, via its wholly owned subsidiary TC Tours, will buy a stake in TravelJunkie Solutions for an undisclosed amount. Through this acquisition, Thomas Cook is foraying into the travel technology space.

TravelJunkie Solutions runs Ithaka, a chat-based mobile application serving free individual travellers by recommending authentic local experiences for different destinations and helps plan their trip and book activities, hotels and flights.

Founded by Ameya Sahasrabudhe and Rahul Singh in 2015,Ithaka presently serves travellers across various international destinations. The app is planning to expand over the next 18-24 months.

Madhavan Menon, Chairman of the Thomas Cook India Group, said, "We are very excited about this strategic investment that also marks our first investment in the exciting travel tech space. 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 and personalisation approach of the Thomas Cook Group in our constant endeavour to innovate and deliver a seamless customer experience to new age travelers."

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