 "Mahindra Holidays to acquire 12% stake in Nreach")
Mahindra Holidays & Resorts India (MHRIL) on Saturday said it has inked a pact to acquire 12 per cent stake in Nreach Online Services.
The company, however, did not disclose any financial detail of the stake acquisition.
"The company has signed an agreement to acquire a 12 per cent stake in Nreach Online Services," Mahindra Holidays & Resorts India Ltd said in a filing to the BSE.
Nreach is a tech-enabled marketplace for experiences, activities and interesting things to do in and around city or in travel destinations, it added.
The company owns a brand 'GIFTXOXO', which offers over 4,000 categories of experiences and activities including travel and adventure, gourmet, health and wellness, art and learning, MHRIL said.
Commenting on the development, MHRIL managing director & chief executive officer (CEO) Kavinder Singh said: "We are excited to partner with 'Giftxoxo' as a strategic investor. This will enable us to expand our offerings of unique and memorable experiences, specially curated, for our 2 lakh Club Mahindra members."
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The company's Club members will have more opportunities to bond with their families not only at our 46 resorts in India and abroad but also in their hometowns, year-round, he added.
"Our strength and understanding of experience business coupled with strong brand name of Mahindra group will help us create a strong supply of curated experiences, build a robust & scalable technology platform and provide value to end customers," Nreach CEO and Co-Founder Sumit Khandelwal said.