After Canary Island, TBO Tek Sets Up New Subsidiary In Australia

TBO Tek Wins INR 302 Cr Service Tax Case, Shares Gain

SUMMARY

TBO Tek has incorporated a step-down subsidiary, TBO Tek Australia, to expand its presence in the Australian travel industry

The new entity will provide business support services, including marketing and promotional activities, for the holding company

The move is in line with TBO Tek's efforts to expand its global reach and enhance its service offerings in key markets

Recently listed B2B travel portal TBO Tek has incorporated a new step-down subsidiary, TBO Tek Australia. Headquartered in Sydney, the new subsidiary will provide business support services, including marketing and promotional activities, to TBO Tek in Australia.

The subsidiary will also help the company strengthen its presence in the Australian travel industry — a move that is in sync with TBO Tek’s efforts to expand its global reach and enhance its service offerings in key markets.

Incorporated in October 2024, TBO Tek Australia, which has authorised and issued capital of 1,000 shares at AUD 10 apiece, is yet to begin its operations.

This comes about a month after the travel tech company initiated its plans to expand in Europe. On September 20, TBO Tek incorporated a wholly owned subsidiary in Canary Island by the name TBO Jumbonline Canarias to expand its footprint in the region.

Last year, the company acquired Swiss-based BookaBed AG for INR 90.4 Cr to boost its market share in Ireland and the United Kingdom.

Founded in 2006, TBO Tek offers travel solutions to agents and tour operators, including white-label services, hotel and flight booking APIs, and dynamic travel packages.

The company went public in May this year. Its shares were listed at INR 1,380 on the BSE, registering a premium of 55% to its issue price. Since its listing, shares of TBO Tek have surged over 30%, reaching an all-time high of INR 2,000 earlier this month.

In the first quarter of the ongoing fiscal, the company reported a 29% year-on-year increase in net profit to INR 60.91 Cr. Operating revenue grew 21% to INR 418.5 Cr from INR 344.6 Cr in Q1 FY24.

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