Travel services firm Thomas Cook India Friday said its board has agreed to acquire 24 per cent stake in travel technology startup TravelJunkie Solutions through its wholly owned subsidiary TC Tours, for an undisclosed sum.
This is the company's first investment in the travel technology space, it said in a release.
"The board of Thomas Cook India has approved the acquisition of a 24 per cent strategic stake in TravelJunkie Solutions Private Limited, a Mumbai based travel tech startup via its wholly owned subsidiary TC Tours," the company said.
The startup has developed a chat-based mobile application Ithaka that serves free individual travellers that recommends authentic local experiences for different destinations and helps plan their trip and book activities, hotels and flights.
Thomas Cook India group chairman Madhavan Menon said, "For Thomas Cook, the partnership with Ithaka creates a new channel that reaches and serves millennials, while for Ithaka, the partnership delivers an end to end, bookable experience."
Ithaka currently serves travellers across various international destinations and is planning to expand rapidly over the next 1824 months with the support of Thomas Cook India, the release added.
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