TBO Tek: Revolutionizing Travel with Technology-Driven Solutions

TBO Tek, a trailblazer in the travel technology landscape, has been transforming how travel suppliers and buyers connect across the globe. As a leading B2B platform, TBO Tek empowers travel agents, tour operators and online travel agencies with streamlined access to an expansive network of hotels, flights, car rentals, cruises and more. Through its asset-light business model and data-driven approach, the company creates unmatched value by helping suppliers showcase their inventory and enabling buyers to easily book travel across a range of segments—including leisure, corporate and religious travel.

As demand for international travel rises, TBO Tek is positioning itself to leverage this growth with strategic investments in technology, international acquisitions and innovative solutions like its multi-currency, multi-lingual platform. With a track record of profitability and a focus on high-margin offerings, the company is set to capture a larger share of the expanding travel market.

In this StartupTalky article we will explore TBO Tek's journey, its history, growth, funding, business model, hardships, revenue model, funding, growth, challenges, competitors, and more.

TBO Tek - Company Highlights

TBO Tek - About
TBO Tek - Industry
TBO Tek - Founders and Team
TBO Tek - Startup Story
TBO Tek - Mission and Vision
TBO Tek - Name, Tagline and Logo
TBO Tek - Business Model
TBO Tek - Revenue Model
TBO Tek - Challenges Faced
TBO Tek - Funding and Investors
TBO Tek - Mergers and Acquisitions
TBO Tek - Growth
TBO Tek - IPO
TBO Tek - Advertisements and Social Media Campaigns
TBO Tek - Awards and Achievements
TBO Tek - Competitors
TBO Tek - Future Plans

TBO Tek - About

Travel Boutique Online stands as India’s premier travel distribution platform, empowering travel agents and tour operators to provide seamless, competitively-priced services to their customers. Since their inception, they’ve been delivering an extensive range of travel solutions to agencies across India—from bustling metros like Delhi, Mumbai, Chennai and Kolkata, to smaller cities—helping businesses expand and thrive in the travel industry. Their offerings include White Label Solutions, APIs for hotel and flight bookings, dynamic packaging and, more recently, mobile app development to meet the growing demands of the digital travel landscape.

TBO Tek - Industry

India’s online travel market reached a valuation of $15.6 billion in 2023 and is set to grow to about $28.4 billion by 2029, with a projected CAGR of 10.5% over 2024–2029. By 2024, the market size is estimated to be around $17.24 billion, showing steady growth as the country remains a dynamic and diverse destination for travel and tourism.

Although the COVID-19 pandemic impacted India’s travel industry, it also presented a unique consolidation opportunity, allowing stronger companies to expand through acquisitions. Domestic tourism, in particular, is rebounding, driven by pent-up demand. Travel firms have reported a 25-30% boost in bookings for air travel and accommodations, especially for popular holiday seasons like Christmas and New Year’s.

Mobile apps have become crucial in this market, with major players like MakeMyTrip, Yatra, Cleartrip, Goibibo and Booking.com leading the way. Their user-friendly apps allow travelers to book flights, hotels, holiday packages and even car rentals seamlessly on the go, making online bookings more accessible and convenient than ever.

TBO Tek - Founders and Team

Gaurav Bhatnagar and Ankush Nijhawan are the co-founders and joint Managing Directors of TBO Tek.

Gaurav Bhatnagar

Gaurav Bhatnagar is the co-founder and joint Managing Director of TBO Tek.

Twenty years ago, on Halloween, Gaurav Bhatnagar took a one-way flight from Seattle to Delhi. In 2004, it was quite unconventional for a middle-class professional to leave a prestigious job at Microsoft to return to India, but he was determined to fulfill a promise he’d made to himself.

Going to the US after graduation was never part of his initial plan. He had witnessed the first dot-com boom of 1999-2000 and was already set on building his own company. However, the Microsoft offer came along and it was too good to pass up. Back then, taking a job in the US often felt like a one-way commitment, but he promised himself that he would return after two years.

Gaurav ultimately spent nearly three years in Redmond. His time there transformed him, leaving him with unforgettable memories and friendships. He experienced firsthand the dynamics of a world-class tech company, working in an era when Microsoft was widely regarded as the gold standard. These experiences left a lasting impression on him and shaped his own ideas on building a company.

Shortly after returning to India, his entrepreneurial journey began and the rest, as he says, is his own little piece of history.

With a bachelor’s degree in computer science and engineering from the Indian Institute of Technology, Delhi, he began his career with Microsoft Corporation. He is also a member of the executive committee of the World Travel & Tourism Council (WTTC) and co-founded both TBO and Tekriti Software Private Limited. Mr. Bhatnagar joined the company’s Board of Directors on November 6, 2006 and has been integral to its growth since its inception.

Beyond his role at the company, he serves as a director at several other ventures, including Tek Travels DMCC, Mediology Software Pvt. Ltd., YB Software Pvt. Ltd., NB Technologies Pvt. Ltd., TBO Holidays Pte Ltd., TBO Technology Services DMCC, TBO Technology Consulting Shanghai Co. Ltd. and ZamZam E Travel Services DMCC. He also contributes as an advisor to Kisho Capital.

Ankush Nijhawan

Ankush Nijhawan is the co-founder and Joint Managing Director of TBO Tek alongwith Gaurav Bhatnagar.

Ankush, a BBA graduate from Boston with a dual major in Marketing and Psychology, is making waves in the travel industry as a visionary leader at the Nijhawan Group. With a sharp focus on building a strong brand proposition and positioning the group with its core business values, he is actively exploring new avenues for growth to establish market leadership. His transformative approach has earned him recognition from CNBC as a Young Turk for his innovation in travel through his B2A travel portal and he was recently honored with the AsiaOne 40 Most Influential Asians Under 40 Award. Today, Ankush stands out as one of the most successful young leaders in the travel sector.

Understanding that technology would play a pivotal role in shaping the industry’s future, Ankush co-founded Travel Boutique Online (TBO) in 2006. Alongside a talented team and with a forward-thinking mindset, he saw the untapped potential in the B2B travel market, establishing himself as a cornerstone of TBO’s success. His efforts have helped TBO grow into a leading player, widely respected across the industry.

A passionate globetrotter, Ankush’s love for discovering hidden gems worldwide fuels his drive to create unique, immersive itineraries that go beyond typical travel experiences. His enthusiasm for diverse cultures and commitment to sustainable tourism inspire him to foster meaningful connections with local communities, making his approach to travel both innovative and impactful.

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TBO Tek - Startup Story

Ankush came from a family with a background in travel, which inspired him to start Travel Boutique in 2000, shortly after returning from his studies. Initially, it was a B2B offline travel company operating in North and some parts of East India. By 2005, with the internet making strong inroads into the travel industry, Ankush saw both a challenge and an opportunity, as companies like MakeMyTrip and Yatra were quickly adapting to online models.

Around this time, he met Gaurav through a mutual friend. Gaurav, a computer science graduate from IIT Delhi, had been working at Microsoft in the U.S. but returned to India to pursue his entrepreneurial dreams. With his vision that travel would be one of the first sectors to move online due to minimal logistics needs, Gaurav wanted to create an online travel platform. At that point, he was running a software services company called Tekriti Software.

Their meeting led to a powerful collaboration. Together, they transformed Travel Boutique into Travel Boutique Online (TBO) in 2006. TBO Tek Ltd. was born with a mission to simplify airline ticketing and meet the diverse needs of travel agents. The reimagined platform provided travel distribution services, streamlining the travel inventory to suit the specific demands of its clients. What started as an air-ticketing solution evolved into a global travel distribution platform, connecting travel buyers and suppliers across the world.

Today, TBO is a leader in B2A (Business to Agents) travel services, serving clients across the Americas, the UK, Europe, Africa, the Middle East, India and the Asia Pacific. A significant milestone was achieved on May 15, 2024, when TBO was publicly listed on the NSE and BSE in India, marking a new chapter in its growth journey.

TBO Tek - Mission and Vision

The Vision of TBO Tek is as below:

At TBO, they aim to lead the global travel scene with smart innovations and powerful tech. They want to be the go-to choice for travel partners everywhere by offering the largest selection of hotels—both domestic and international—and making sure all their partners have the best travel options right at their fingertips. Their vision is all about making travel more accessible, connected and simple for everyone involved.

The Mission of TBO Tek is as below:

1. Putting Tech First: TBO is all about driving the industry forward with tech! From custom white-label and API solutions to mobile apps, they’re here to equip travel companies—big or small—with the tools they need to succeed.
2. Best Prices, Every Time: Getting the best deal shouldn’t be hard. By fine-tuning their hotels and packages departments, TBO ensures their partners always get competitive rates, whether booking locally or globally.
3. Stay Connected, Anytime: With TBO Mobile, their partners can access everything they need, wherever they are. Plus, the new Announcements and Notifications page provides the latest updates in just one click.
4. Here to Support You: Great tech is just one part of TBO's promise. Their client servicing team is dedicated to ensuring partners always have support on hand. Whether it’s a quick question or something more in-depth, their team is only a call away!

With their focus on constant innovation and top-tier support, TBO is always working to make travel businesses thrive.

TBO Tek - Name, Tagline and Logo

TBO Tek has launched a fresh, vibrant logo that perfectly captures the company’s youthful energy and customer-first approach. This new identity reflects their ongoing commitment to innovation and their dynamic role in revolutionizing the travel industry. Alongside the logo, TBO Tek has also unveiled a new brand tagline: "Empowering Travel, Connecting People."

TBO Tek - Business Model

TBO Tek operates on an asset-light business model that leverages operating efficiencies and strong cash generation. Their core platform, tbo.com, serves as a bridge between a large and fragmented network of suppliers and buyers. The platform allows suppliers to market their inventory, set prices and connect with a global base of buyers. On the buyer's side, tbo.com offers an integrated, multi-currency and multilingual solution that makes booking travel across various segments—such as leisure, corporate and religious travel—seamless and accessible worldwide.

TBO Tek’s business model is underpinned by the strategic use of data as a corporate asset. This data-driven approach enhances their value proposition and drives growth through value-accretive acquisitions. Additionally, the platform fosters a network effect with interlinked flywheels, which strengthens its overall ecosystem and enhances the value for all partners involved.

TBO Tek’s leadership team, along with its board of directors, brings a wealth of experience and expertise to the company, guiding its mission to revolutionize the travel industry. By maintaining a focus on technological innovation and operational efficiency, TBO Tek has created a highly scalable platform that continues to evolve, expanding its global footprint and strengthening its position as a leader in the travel technology space.

TBO Tek - Revenue Model

TBO Tek operates with two primary revenue models: the B2B Rate Model and the Commission Model, both of which play a key role in its robust financial structure.

B2B Rate Model

Under this model, TBO Tek receives inventory from suppliers (such as hotels, airlines, car rentals and cruises) at special B2B rates. TBO Tek then applies a mark-up on these rates and passes the adjusted price to buyers (travel agencies, tour operators, etc.). This model allows TBO Tek to earn a profit on the difference between the supplier's rate and the price charged to buyers, creating a steady stream of revenue from the mark-up applied to each transaction.

Commission Model

In the commission model, suppliers set the price at which they wish to sell their products to end travelers. TBO Tek receives a commission on each transaction made through its platform. A portion of this commission is retained by TBO Tek, while the remaining portion is shared with the buyer. This model ensures that TBO Tek benefits from each successful booking, fostering strong partnerships with suppliers and maintaining a steady flow of income.

Together, these revenue models enable TBO Tek to generate consistent and scalable income while simplifying the business of travel for both suppliers and buyers. The combination of competitive B2B pricing and commission-based earnings ensures the company's platform remains attractive to a wide range of travel industry partners across the globe.

TBO Tek - Challenges Faced

TBO Tek’s revenue model is sensitive to several external factors, including global economic shifts, security and environmental concerns and unforeseen events like epidemics or natural disasters, all of which can significantly affect the travel and tourism industry. Their revenue is heavily reliant on hotel bookings and air ticketing, meaning any disruption in these sectors can directly impact their earnings.

A major challenge lies in the company’s dependency on a limited range of suppliers. Changes in supplier dynamics, such as cost reduction pressures or the inability to establish new supplier relationships, could lead to disruptions in the inventory they offer. This can result in fluctuations in both revenue and profit margins. Additionally, delays in receiving payments or recoverable amounts from airlines could have a negative effect on their cash flow.

Furthermore, as suppliers seek more control over distribution channels—particularly by moving toward direct platforms to reduce intermediaries—TBO Tek’s ability to renegotiate contracts with suppliers may become increasingly difficult. This scenario could affect the company’s competitiveness and profitability.

The duopoly in the Indian aviation industry, where two dominant players control much of the market, also presents a significant challenge. The limited competition in this sector may influence pricing, availability and terms, creating additional business pressures for TBO Tek in the region.

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TBO Tek - Funding and Investors

TBO has secured a total of $61 million in funding across 3 rounds, with its first round taking place on March 28, 2012 and last funding round on September 1st 2018.

TBO Tek - Mergers and Acquisitions

TBO Tek has strategically expanded its global footprint through acquisitions like:

TBO Tek - Growth

Travel Boutique Online (TBO Tek) has displayed impressive financial growth and operational expansion in recent quarters, underscoring its strong position in the travel industry. Here are some key highlights of their performance:

Q1 FY25 Financial Performance

• Net Profit Growth: TBO Tek's consolidated net profit surged by 29%, reaching INR 60.91 crore.
• Revenue Growth: Operating revenue increased by 21%, amounting to INR 418.5 crore.

FY24 Financials

Revenue Growth Over the Last Three Years

TBO Tek has experienced substantial growth in revenue, rising from INR 141.80 crore in FY21 to INR 1,064.58 crore in FY23, reflecting their expansion and strong market position.

Customer and Seller Expansion

• Buyers: The number of buyers using TBO Tek's platform grew from 23,532 in FY21 to 41,861 in FY24.
• Sellers: The platform's seller base expanded dramatically, increasing from 45,025 in FY21 to 2,13,633 in FY24. This significant growth indicates the platform's increasing popularity and trust among both buyers and sellers in the global travel industry.

Booking Rate

The booking rate on TBO Tek's platform also showed a healthy increase, rising from 4.87% in FY21 to 7.29% in FY24, a sign of growing customer engagement and successful conversions.

Gross Transaction Value (GTV)

GTV Growth: TBO Tek’s GTV grew by 14% year-on-year, reaching INR 7,940 crore in Q1 FY25, highlighting the platform's expanding reach and increasing transaction volume.

TBO Tek - IPO

The much-anticipated IPO opened for bidding from May 8 to May 10, 2024, with a price band set between INR 875 and INR 920 per share. Investors could participate with a minimum lot size of 16 equity shares. The total issue size was INR 1,550.81 crore, and the allotment of shares was finalized on May 13, 2024. Following its successful subscription, the shares made their debut on the BSE and NSE on May 15, 2024, marking another milestone in the company’s journey.

TBO Tek - Advertisements and Social Media Campaigns

In an exciting turn of events, TBO Holidays has revealed the grand prize winner of its highly successful ‘Book n Win Bonanza’ promotional campaign, which ran for 120 days across the MEA region. The campaign culminated in a thrilling raffle draw, where Sarah Raouf from Family Tours, Egypt was declared the lucky winner of the grand prize – a brand new BMW X2!

Campaign Highlights

• Grand Prize: Sarah Raouf, a travel agent from Family Tours in Egypt, took home the BMW X2 as the grand prize winner of the campaign.
• Total Winners: Over 1,500 winners were chosen throughout the campaign, with 6,000 rewards distributed in total.
• Campaign Duration: The 120-day campaign started in April and ran successfully, engaging over 1,200 travel agents across the region.

Rewards and Prizes

The ‘Book n Win Bonanza’ campaign was a huge success, offering a wide variety of prizes to lucky participants:

• TBO+ Reward Points: 1,200 travel agents won TBO+ Reward Points, which could be redeemed for any products of their choice on the TBO.com platform.
• Cruise Packages: Two fortunate agents received cruise packages courtesy of MSC Cruises.
• Spin the Wheel: Participants also had the chance to spin the wheel on the TBO Holidays’ online platform, winning exciting prizes like:
  • iPhones, iPads, iMacs
  • Large screen televisions
  • Shopping vouchers
  • Cruise packages
  • 5-star hotel and resort vouchers for exotic locations like Thailand, Malaysia and UAE

Campaign Success and Engagement

The ‘Book n Win Bonanza’ was designed to reward TBO Holidays’ loyal travel agent partners while also promoting engagement with the platform. With over 1,500 winners, the campaign successfully created buzz and excitement within the travel agent community, strengthening TBO Holidays’ relationship with its partners across the region.

This marketing initiative highlighted TBO Holidays’ commitment to supporting travel agents with valuable incentives, showcasing their brand as a key player in the travel distribution space.

TBO Tek - Awards and Achievements

• World's Leading B2B Travel Provider: Awarded to TBO Holidays at the 26th Annual World Travel Awards in 2019, a testament to TBO’s global reputation.
• Best Travel Technology Provider – B2B Category: Received at the Travel and Tourism Excellence Awards by FICCI, underscoring TBO’s innovation in travel technology.
• Best Online Travel Agency: Recognized again by FICCI, reflecting TBO’s excellence in B2B travel agency support.
• Best Online Travel Booking Site: TBO won this at SATTE 2019, highlighting its seamless booking experience.
• Hotel Bedbank - Best Website: Awarded to TBO Holidays at the TravelMole Asia Pacific Awards in 2019 for its user-friendly and efficient booking platform.
• Most Valuable Partner Dubai: Presented by FCM Travel Solutions UAE in 2019, affirming TBO’s valuable partnerships in the MEA region.
• Best Online B2B Travel Portal: East India 2016 and South India 2016 by India Travel Awards,
• The World’s Greatest Brands 2015-16 and Best Innovative Technology Product - North India 2015

TBO Tek - Competitors

TBO Tek competes with a range of other travel technology companies, all striving to dominate the B2B travel booking and distribution space through innovative tech solutions and expansive supplier networks such as:

• TravClan
• InterGlobe Technology Quotient
• Vakrangee
• Indian Railway Catering & Tourism Corporation Ltd
• BLS International Services Ltd
• Thomas Cook (India) Ltd
• Easy Trip Planners Ltd
• LE Travenues Technology Ltd.

TBO Tek - Future Plans

TBO Tek is driving its global expansion by strategically establishing and acquiring subsidiaries, such as TBO Jumbonline Canarias in the Canary Islands, to capitalize on the region’s tourism growth. This new subsidiary, operated by the recently acquired Jumboline Accommodations & Services for INR 219.6 Cr, aims to leverage local expertise and broaden TBO's reach in the European market.

The company’s international growth plan focuses on acquiring companies with strong distribution and supply networks to build a robust travel ecosystem. Previous acquisitions, such as Island Hopper in the Indian Ocean Islands and Gemini Tours and Travels in the Maldives, showcase TBO’s commitment to widening its global footprint. With the expected 11.1% CAGR growth in the outbound travel market through 2027, TBO Tek is positioned to capture a significant share by investing in user acquisition, expanding its buyer and supplier base and conducting targeted marketing and promotional activities. A portion of IPO proceeds will also be allocated towards further strategic acquisitions to solidify TBO’s presence worldwide.

FAQs

What is TBO Tek?

TBO Tek is a technology-driven travel platform that offers a range of services for travel agents, tour operators, and suppliers. It provides a comprehensive suite of tools to manage travel bookings, such as hotel reservations, flights, and holiday packages.

When was TBO Tek founded?

TBO Tek was founded on November 6, 2006.

Who are the founders of TBO Tek?

Gaurav Bhatnagar and Ankush Nijhawan are the co-founders and join managing directors of TBO Tek.