ibibo picks minority stake in hotel solution firm Djubo
Post the share acquisition, ibibo Group chief executive Ashish Kashyap will join Djubo's board, the company said in a statement today.
Mumbai: Online travel services provider ibibo Group has acquired a minority stake in cloud-based hotels solution provider Djubo.
However, the financial details of the transaction was not disclosed.
New acquisition. Reuters
Post the share acquisition, ibibo Group chief executive Ashish Kashyap will join Djubo's board, the company said in a statement today.
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Launched in February, Djubo has enabled hotels to digitise their price and inventory, as well as manage bookings from all channels including online agencies, their own websites and travel agents through a cloud based tool.
Co-founded by Tarun Gulati and Sankalp Goel, it is live with over 100 hotels and hopes that this investment would enable it to scale to thousands of hotels in the next one year.
Both sides expect to "leverage significant synergies through this equity partnership".
"We intend to cross 2,000 hotels within the next 12 months and will therefore be ramping up our sales and marketing efforts," Goel said.
"A substantial portion of the investment will be put into product development to bring even more innovative functionality to Djubo and develop it into a robust, end-to-end solution for hotel sales management covering micro-functions as well," he added.
Besides Djubo, ibibo Group owns properties such as Goibibo.com, redBus.in, Yourbus and ibibo Ryde.
PTI
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