Now, TBO Tek Sets Up New Subsidiary In Greece

B2B travel startup TBO Tek’s subsidiary Tek Travels DMCC has set up a wholly-owned subsidiary in Greece named TBO Tek Greece Single Member Private Company. 

As a result of this incorporation, Tek Travels DMCC has authorised and issued a capital of 2,000 shares, with each share valued at EUR 10,  translating to INR 17.83 Lakh. However, the entity is yet to commence its business operations in Greece. 

In an exchange filing, TBO Tek said, “… we wish to inform you that Tek Travels DMCC, a material subsidiary of the Company, has incorporated a wholly owned subsidiary in Greece, by the name of TBO Tek Greece Single Member Private Company.”

The primary object of this subsidiary is to provide business support services to its holding company, which includes activities related to marketing and promotions.

This move is part of TBO’s broader strategy to expand its footprint not only in Greece but also in Europe. 

This comes at the heart of TBO Tek’s active expansion in Europe and beyond through various acquisitions and establishing subsidiaries.

Earlier this month, TBO Tek established a new wholly-owned subsidiary in Indonesia as part of its plans to strengthen its footprint in the region and expand its global outreach.

Earlier in September, TBO Tek incorporated a new wholly owned subsidiary in Canary Island by the name TBO Jumbonline Canarias to expand its footprint in the region.

TBO Tek also bought Swiss company BookaBed AG last year for INR 90.4 Cr to increase its market share in Ireland and the United Kingdom. 

Other acquisitions include, buying Island Hopper in 2019 to expand into Indian Ocean Islands and Gemini Tours and Travels in 2022 to expand into the Maldives. 

In its investor presentation of the September quarter, TBO Tek said, “It looks to acquire companies with strong supply and distribution capabilities and then build an ecosystem around its platform to “enhance the long-term value of our platform for buyers and suppliers”.

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

It made its public market debut back in May this year. Its shares are listed at INR 1,380 on the BSE, a premium of 55% to the issue price. Since listing, the stock has zoomed over 30%. Earlier this month, share prices of TBO Tek touched an all-time high of INR 2,000. 

Even on the financial front, the B2B travel portal reported a 7% increase in its consolidated net profit to INR 60.1 Cr in Q2 FY25 from INR 56.1 Cr in the same quarter last year.

The company’s operating revenue surged 28% to INR 450.7 Cr during the quarter under review from INR 352.3 Cr in the year-ago period. Sequentially, it rose 7.7% from INR 418.5 Cr. 

Shares of TBO Tek were trading at 3.78% higher at INR 1634.30 on BSE at 1:50 PM.

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