JCK Travels Bought by CX Partners Funded Matrix Cellular
- April 2, 2018
- Posted by: superadmin
- Category: Business plans, Finance & accounting, Funding trends, International
Matrix Cellular (International) Services Ltd, which provides SIM cards and data packs to Indians travelling overseas, has bought a majority stake in a New Delhi-based travel and tour company to expand its range of offerings, two people close to the development told VCCircle.
Matrix has purchased a controlling stake in Just Click Karo Services Pvt. Ltd, the people said, asking not to be named. A co-founder of Just Click Travels Pvt. Ltd holds the remaining stake. It is not clear if the new company will subsume the business operations of Just Click Travels.
The deal was concluded a few months ago, one of the persons said.
The second person said that Matrix is likely to have paid around Rs 15-20 crore for the stake. “Just Click Karo has retained the top leadership of Just Click Travels for the roles of chief executive and chief operating officer,” he said.
Separate emails written to the spokespersons for Matrix Cellular and Just Click Travels did not elicit any response till the time of filing this story. Multiple calls to the co-promoter of Just Click Karo did not elicit any response either.
Matrix, founded in 1995, offers a multitude of services such as international travel insurance, foreign exchange cards and air ticketing. The deal helps Matrix to expand its product portfolio and gives it a ready platform to evolve from a telecom services provider to an integrated tour operator.
Matrix is backed by private equity firm CX Partners, which had picked up a stake of about 38% in the company in 2011, according to VCCEdge, the data research platform of Mosaic Digital.
The company has gone back and forth on its listing plans. It had received the Securities and Exchange Board of India’s approval for an initial public offering in August 2015 but deferred the plan the following year. In 2017, it again looked into the possibility of floating https://www.vccircle.com/exclusive-cx-partners-backed-matrix-cellular-looks-to-revive-ipo-plan/ an IPO that would have given CX Partners an exit opportunity but didn’t make much headway.
Just Click Travels, incorporated in 2009, is a travel agent and tour operator approved by the International Air Transport Association, as per its website. It offers services such as domestic and international air ticketing, holiday packages, hotel reservations, travel insurance, passport and visa facilitation, and car rentals. Its clientele includes corporate houses, sub-agents and individual travellers.
Travel and tour deals
The travel segment has recorded a slew of deals lately. In April, for instance, MakeMyTrip acquired https://www.vccircle.com/makemytrip-buys-majority-stake-in-quest2travel-to-grow-corporate-travel-biz/ a majority stake in Mumbai-based online corporate travel management company Quest 2 Travel.com India Pvt. Ltd.
In October last year, tour operator Thomas Cook (India) Ltd agreed to pick up a 24% stake in Mumbai-based Traveljunkie Solutions Pvt. Ltd, which runs Ithaka, an app that offers chat-based advice from travel experts.
Tech-enabled travel companies have also been on the radar of a lot of investors.
PickYourTrail, a travel-tech startup that helps travellers plan and book multi-country vacations online, raised https://www.vccircle.com/angels-back-travel-tech-startup-pickyourtrail-in-series-a-round/ close to $3 million in February.
Travel-tech firm Guiddoo World Travels Pvt. Ltd has raised funding from US-based venture capital firm SOSV and Australian VC firm Artesian, via its Chinese fund. WoVoyage, a travel startup for women, has secured seed funding from Singapore-based investors Shabir Momin and Rohit Nanda.