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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Investment in technology and data solutions
Funds will strengthen the company's technology and data infrastructure.
Investment in subsidiary Tek Travel
Funds will be invested in the company's material subsidiary to support onboarding of platform users through marketing and promotional activities.
Sales, marketing and infrastructure
Funds will support sales, marketing and infrastructure investments underpinning the company's growth plans.
Inorganic growth
Funds are earmarked for potential acquisitions to support inorganic expansion.
General corporate purposes
The remaining net proceeds will be used for general corporate purposes.
(₹ in Crore)
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TBO Tek Limited, formerly known as Tek Travels Private Limited, is a travel distribution platform connecting travel suppliers, such as hotels, airlines, car rental firms, cruise lines and insurers, with buyers such as travel agencies, tour operators and online travel companies. The platform lets suppliers list inventory tailored to buyer needs and supports transactions across multiple currencies. Incorporated in 2006, the company has grown into a large cross-border marketplace, operating across more than 100 countries and thousands of destinations, with a workforce running into the thousands. It has expanded partly through acquisitions of travel technology businesses that broadened its partner network. Its buyer and supplier bases have both scaled sharply in recent years, alongside a rising share of searches that convert into completed bookings. The company is led by co-founders Ankush Nijhawan, Gaurav Bhatnagar, Manish Dhingra and Arjun Nijhawan. It competes with other listed global travel-technology platforms such as RateGain, Corporate Travel Management and Webjet. Its growth strategy centres on deepening the network effect between suppliers and buyers, adding new business lines on top of its core distribution platform, pursuing selective acquisitions, and using its data to build more tailored travel offerings.
Ahead of the issue, anchor investors were allotted shares worth approximately Rs 696.5 crore. Participants included sovereign and global institutional investors such as the Abu Dhabi Investment Authority, the Government Pension Fund Global, BlackRock Global Funds, Fidelity Funds and Goldman Sachs, alongside a broad set of domestic mutual funds including ICICI Prudential, Kotak Mahindra, Nippon Life India, SBI and Axis, and insurance majors such as ICICI Prudential Life, SBI Life and Max Life Insurance.
Source: RHP • Analysis provided for informational purposes
Last Updated: 14 July 2026, 6:23 PM
Strong network effects
Growth in both suppliers and buyers reinforces the platform's value to each side, creating a self-reinforcing marketplace dynamic.
Scaling transaction efficiency
The share of searches converting into completed bookings has risen steadily, pointing to an improving, capital-efficient core platform.
Track record of bolt-on acquisitions
The company has grown its partner network through targeted travel-technology acquisitions alongside organic expansion.
Broad global footprint
Operations spanning over 100 countries give the platform diversified exposure across geographies and travel segments.
Concentration in hotel and ancillary bookings
A large share of revenue comes from hotel and related ancillary reservations, making results sensitive to shifts in travel demand.
Supplier pricing pressure
Suppliers pushing back on commissions could compress the platform's take rate over time.
Legal and regulatory exposure
The company and certain individuals connected to it have faced regulatory notices and pending legal matters that could affect operations or reputation.
TBO Tek Limited
KFin Technologies Limited
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Technology dependence
The business relies on continuous maintenance and development of its proprietary technology platform to remain competitive.