Fairfax-controlled Thomas Cook to buy into travel-tech startup Ithaka

By Binu Paul

  • 05 Oct 2018
Credit: Pexels

Tour operator Thomas Cook (India) Ltd is foraying into the travel-tech space with a planned undisclosed investment in Traveljunkie Solutions Pvt. Ltd, which runs Ithaka, an app offering chat-based real-time travel advice from destination experts.

Thomas Cook will acquire 24% stake in Mumbai-based Traveljunkie, which recommends destinations and help people plan their trips and book activities, hotels and flights, the tour operator said in a stock-market disclosure. Traveljunkie serves people traveling to Thailand, Indonesia and Turkey.

Founded by IIT-Bombay graduates Ameya Sahasrabudhe and Rahul Singh in 2015, Ithaka started as a marketplace for travel experiences. It later pivoted to chat-based travel assistance.

The startup earns revenue by charging commissions to operators and vendors selling local activities and experiences. Users are not charged anything.

“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,” said Madhavan Menon, chairman, Thomas Cook India Group.

Thomas Cook, majority-owned by India-born Canadian billionaire Prem Watsa’s Fairfax Financial Holdings Ltd, offers a broad spectrum of services in India that include: foreign exchange; corporate travel; meetings, incentives, conferences & events; leisure travel; insurance; visa and passport services; and e-business. The company set up its first office in India in 1881.

Fairfax had acquired a majority stake in Thomas Cook in 2012.

Fairfax, through Thomas Cook (India) Ltd, owns 49.02% of Quess Corp Limited, a provider of integrated business services, and 100% of Sterling Holiday Resorts Ltd, a company engaged in timeshare and resort business.

The Thomas Cook India Group is currently present in 24 countries across four continents and operates a slew of brands including Thomas Cook, SOTC, TCI, SITA, Asian Trails, Allied T Pro, Australian Tours Management, and Desert Adventures.