Category Archives: Technology

Travel tech startup Atlys expands global footprint with UAE foray

Travel tech startup, Atlys, has launched in the UAE, advancing its mission to streamline and enhance the visa application process for the region’s sizable expatriate community.

With the UAE’s expatriate population comprising 92% of the total, many face complexities and challenges with their visa applications. This makes the UAE an ideal market for Atlys’s cutting-edge solution, which aims to alleviate the general stress and hassle of visa processing. Atlys has set up shop in western Dubai to facilitate visa services.

Mohak Nahta, CEO and Founder, Atlys, said, “Navigating visa applications can be one of the most daunting aspects of international travel. At Atlys, we are committed to empowering individuals to travel freely. We are thrilled to introduce our innovative solution to the UAE, marking a significant advancement in making global travel more accessible for those living and working here.”

Currently serving over 100 countries from the UAE, the travel tech startup offers on-time processing, clear upfront information, and the convenience of managing everything from home. Since its inception, the company has processed more than 1.2 million visas across 100+ countries. With an impressive 200% growth rate over the past two years, it has become a trusted name in the visa application industry.

TBO Tek’s profit surges 29% during Q1, FY25

Travel Boutique Online (TBO Tek) reported a significant growth in its financial performance for the first quarter (Q1) of the fiscal year 2025.

The company’s consolidated net profit rose by 29% to INR 60.91 crore, compared to INR 47.3 crore during the same period last year. Operating revenue also saw an increase of 21%, reaching INR 418.5 crore from INR 344.6 crore in Q1 FY24.

Breaking down the revenue, TBO Tek generated the most income from its hotels and packages segment, with earnings of INR 320.7 crore. The air ticketing segment contributed INR 90.4 crore. Overall, the total revenue for Q1 FY25 stood at INR 433.91 crore, marking a 25% year-on-year increase.

The company’s investor presentation revealed a gross transaction value (GTV) of INR 7,940 crore in Q1, which represents a 14% year-on-year growth. The hotel segment was responsible for 57% of the GTV, while the air segment contributed 43%. This is a shift from Q1 2024, where the hotel and air segments accounted for 46% and 54% of the GTV, respectively, indicating a stronger growth rate in the hotel sector.

 

India’s UPI Launches at Galeries Lafayette, Aims for Paris Olympics Boost

India’s Unified Payments Interface (UPI) has expanded its footprint to the heart of Paris, with the flagship store of Galeries Lafayette on Haussmann Boulevard now accepting UPI payments.
This landmark move is a step further in realising Prime Minister Narendra Modi’s vision of globalising UPI, which is an Indian instant payment system developed by the National Payments Corporation of India (NPCI) in 2016.

“On July 3, 2024, the Unified Payments Interface (UPI) became live at the flagship store of the world-renowned Galeries Lafayette in Haussmann, Paris. This expands the acceptance of UPI in Paris after a successful launch at the iconic Eiffel Tower,” read a press release by Indian Embassy in France.

Ambassador of India to France and Principality of Monaco Jawed Ashraf launched UPI by live use at the store in the presence of Nicolas Houze, CEO of Galeries Lafayette, and Alain Lacour, Chairman of Lyra Group.

Recalling the success of the UPI launch at the Eiffel Tower in January 2024 and the meeting hosted for potential merchants with NPCI International in February 2024, the Ambassador welcomed the quick conclusion of the agreement and arrangement between Lyra and NPCI for the launch of UPI at the world-famous Galeries Lafayette ahead of the Paris Olympics starting July 26, 2024, which is expected to draw large number of Indian visitors.

“Ambassador recalled the first international launch of UPI in Singapore in 2018 by Prime Minister of India, Narendra Modi, and expressed satisfaction at the international journey of UPI,” the release also said.

He hoped that, in addition to quick, safe and efficient means of cross-border digital payments, UPI will grow as a medium of cross-border remittances and eventually become the digital payment system in countries across the world, it added.
As Paris gears up for the 2024 Olympics, this initiative aims to facilitate seamless transactions for a growing number of Indian visitors and underscores UPI’s evolving role as a global digital payment solution. (Source: ANI)

Sabre and Spotnana Extend Partnership to Enhance Corporate Travel with NDC Integration

Sabre Corporation (NASDAQ: SABR), a prominent software and technology provider for the global travel industry, and Spotnana, the pioneering Travel-as-a-Service platform revitalizing travel industry infrastructure, have announced a substantial enhancement of their current partnership. This includes the integration of Sabre’s New Distribution Capability (NDC) content.

This extended collaboration empowers travel management companies (TMCs) and corporate travellers with a wider range of travel options, including personalized offers and bundled services. This not only simplifies the booking experience but also provides TMCs and corporate buyers with increased flexibility in choosing how to source and manage NDC content.

The integration seamlessly blends NDC content with existing booking functionalities within Spotnana’s Travel-as-a-Service platform. TMCs can effortlessly compare and book NDC offers alongside traditional options, streamlining the entire booking process. Spotnana’s platform also supports comprehensive NDC servicing capabilities, ensuring a smooth post-booking experience.

“Spotnana is committed to delivering a frictionless travel experience for corporate travellers, and this expanded partnership with Sabre is a significant step forward,” said Bill Brindle, Vice President, Content and Commercials at Spotnana. He also added, “By integrating Sabre’s NDC content, we’re empowering travel management companies to offer their clients a wider variety of flight options, including more choices for amenities and preferred seating, while streamlining the shopping booking process..”

This partnership reinforces both companies’ commitment to an open platform approach. Spotnana’s travel platform works with any source of content, including NDC content from multiple providers, allowing TMCs to thrive in a dynamic landscape. Sabre’s API-first approach allows travel agencies, corporations and online booking tools to flexibly access the content from leading airlines, striking the right balance between personalization, policy and price.

“Sabre is a leader in NDC adoption, and we are constantly seeking new ways to bring the benefits of this technology to the corporate travel sector,” said Kathy Morgan, Vice President, Product Management at Sabre Travel Solutions. “Our expanded partnership with Spotnana allows us to reach a wider audience of corporate travellers and travel management companies. By working together, we can unlock the full potential of NDC and create a more personalized travel experience for business travellers around the world.”

Travelport, WestJet ink long-term NDC content agreement

Travelport, a global technology company that powers travel bookings for hundreds of thousands of travel suppliers worldwide, and WestJet, a carrier based in Calgary, AB Canada, have signed a new long-term content distribution deal.

This renewed partnership between Travelport and WestJet will pave the way for WestJet to improve its retailing capabilities, as both companies start to collaborate on the future delivery of New Distribution Capability (NDC) content and servicing.

“This is an exciting time for travel distribution and Travelport’s ability to help agencies operate as modern retailers aligns with the value proposition across our wide range of products,” said Jorge Rozo, VP Pricing, Revenue and Distribution at WestJet. “This new agreement ensures that together, WestJet and Travelport deliver a future modern retailing experience for our agency partners and travel customers so that they can easily search, shop and service our fares and ancillaries.”

This agreement confirms that Travelport’s agency customers will continue to have access to WestJet’s robust content, including ancillary services. WestJet will also continue utilizing Rich Content & Branding (RC&B) services from Travelport, which helps agencies operate as modern retailers with the ability to easily view, compare and sell the carrier’s wide range of product offerings. Travelport is focused on delivering retail-ready content to its agency customers, including access to NDC content from WestJet in the future when it becomes available. The companies will work together to ensure agents have access to the wide range of offers and fares from WestJet along with full servicing capabilities.

“This agreement shows our commitment to deliver retail-ready content and more value to our agency customers in North America and the rest of the world,” said Bruce Hyatt, Head of Air Partners – Americas at Travelport. “As WestJet looks to enrich its content distribution strategy, we will work closely with their team to ensure agents using Travelport+ can provide a seamless shopping and booking experience for their travelers when booking WestJet.”

TBO Tek’s IPO fully subscribed

The initial public offering (IPO) of TBO Tek Limited was fully subscribed yesterday.

The IPO received an overall subscription of 1.17 times. The retail category saw a subscription of 3.23 times, while the Qualified Institutional Buyer (QIB) category was subscribed only 0.01 times, and the Non-Institutional Investor (NII) category was subscribed 2.09 times as of 6 PM.

The public issue offered 92,85,816 shares for subscription but received bids for 1,08,37,808 on its first day.
Potential investors can subscribe to the issue until May 10 and will need to bid for 16 shares in one lot and in multiples thereafter.

The IPO’s price band is fixed at INR 875-920 per share. The basis of allotment will be decided by May 13, with the company making its stock exchange debut on May 15.

The IPO’s grey market premium (GMP) stands at INR 540 as of May 8, 2024, at 8:59 AM.

Based on the upper price band of INR 920 per share, the estimated listing price is projected to be INR 1460, indicating a potential gain of 58.70% per share. (Source: Moneycontrol0