TBOTEK

TBO Tek is a B2B travel distribution platform: it connects travel buyers (like travel agencies, TMCs) with suppliers (hotels, airlines, cruises, rail, etc.). In Q1 FY25, TBO Tek reported GTV (Gross Transaction Value) of ₹7,940 Cr, up ~14% YoY. Revenue in the same quarter was ₹418 Cr (+21% YoY), and PAT was ₹61 Cr (+29%). The company is shifting more toward high-margin non-air business: non-air share grew from ~46% to ~57% in that quarter. It is also making inorganic moves: acquisition of Jumbonline is contributing materially. Travel demand recovery: As global and domestic travel recover, TBO Tek could benefit strongly. Platform leverage: Higher margin non-air (hotel, ancillaries) business could drive profitability. Inorganic growth: Jumbonline acquisition could open new markets or customer bases. TBO Take-rate expansion: If the platform can increase its commission/take rate, it will improve unit economics (they’ve shown some progress).