TBO Tek has Formed a Subsidiary in Greece

TBO Tek Greece Single Member Private Company is a wholly owned subsidiary established in Greece by Tek Travels DMCC, a subsidiary of B2B travel company TBO Tek. Tek Travels DMCC has authorised and issued a capital of 2,000 shares as a result of this incorporation; each share is worth EUR 10, or INR 17.83 lakh. Nevertheless, the organisation has not yet started conducting business in Greece. "We would like to notify you that Tek Travels DMCC, a significant subsidiary of the Company, has established a wholly owned subsidiary in Greece, called TBO Tek Greece Single Member Private Company," TBO Tek stated in an exchange filing.

This subsidiary's main goal is to help its parent company's commercial operations, including marketing and promotion-related tasks. This action is a component of TBO's larger plan to increase its presence throughout Europe, not only in Greece. This is central to TBO Tek's aggressive growth throughout Europe and beyond through a number of acquisitions and the creation of subsidiaries.

Exploring the International Markets

As part of its strategy to increase its presence in the area and broaden its worldwide reach, TBO Tek formed a new wholly owned subsidiary in Indonesia earlier this month. To increase its presence in the area, TBO Tek established a new wholly owned subsidiary in the Canary Islands earlier in September under the name TBO Jumbonline Canarias. Last year, TBO Tek also paid INR 90.4 Cr to acquire Swiss company BookaBed AG in order to expand its market position in the UK and Ireland. Purchasing Island Hopper in 2019 to enter the Indian Ocean Islands and Gemini Tours & Travels in 2022 to enter the Maldives are two further purchases.

"It seeks to acquire companies with strong supply and distribution skills and then establish an ecosystem around its platform to improve the long-term value of our platform for buyers and suppliers," TBO Tek stated in its investor presentation for the September quarter. TBO Tek was established in 2006 and offers tour operators and travel brokers travel solutions. Among other things, it provides dynamic packages, hotel and travel booking APIs, and white-label solutions.

Performance at the Stock Market

In May of this year, TBO Tek debuted on the public market. The BSE lists its shares at INR 1,380, which is 55% more than the issue price. The stock has increased by more than 30% since listing. TBO Tek's stock price hit an all-time high of INR 2,000 earlier this month. The B2B travel portal's consolidated net profit increased by 7% to INR 60.1 Cr in Q2 FY25 from INR 56.1 Cr in the same period the previous year, according to financial reports. During the reviewed quarter, the company's operating revenue increased by 28% to INR 450.7 Cr from INR 352.3 Cr during the same period last year. It increased 7.7% sequentially from INR 418.5 Cr. At 1:50 PM, TBO Tek's shares were up 3.78% at INR 1634.30 on the BSE.

TBO Tek Launches New Subsidiary in Indonesia

TBO Tek establishes a new subsidiary in Indonesia, expanding its footprint in the Asian market to enhance travel and business operations.

StartupTalkyNitin Konde