Online travel company Yatra to acquire Travelguru

Online travel company Yatra.com today said it will fully acquire Travelguru from Travelocity Global for an undisclosed sum.."This acquisition will significantly strengthen our domestic hotels and holidays business and reinforces our growth strategy and long-term commitment and belief in the Indian online travel industry," Yatra.com co-founder and CEO Dhruv Shringi said in a statement..Travelguru will continue to operate as a separate entity under its existing brand name..When completed, this acquisition will be Yatra.com's fourth major acquisition in the last 18 months, following the purchase of TSI in October, 2010, MagicRooms in June, 2011 and Buzzintown in January, 2012, the company said..Shringi further said: "Not only will this consolidation increase our customer base, but it also widens our product portfolio and leverages our ability to bundle solutions, offering better deals and value propositions to our customers.".The acquisition will also provide Travelguru's hotel partners with a much wider distribution network through Yatra.com and its B2B network of over 10,000 agents, he added..Travelguru has a hotel distribution network offering access to more than 6,500 hotels in India and 72,000 hotels worldwide..Commenting on the deal, Travelocity North America President Roshan Mendis said: "The two brands have obvious synergy and are an excellent fit. Moving forward, we will work closely with the Yatra.com team on a transition plan and an arrangement to source India hotel content for Travelocity Global so that our customers continue to have the best access to accommodation options in India.".Previously, Yatra.com acquired ticket consolidator Travel Services International Pvt. Ltd (TSI). In July 2011, Yatra.com acquired hotel aggregation company, MagicRooms, offering access to a live inventory of over 3,000 hotels across India..In January, 2012, premier event and entertainment promotion portal Buzzintown was acquired by Yatra.com expanding Yatra's portfolio and giving consumers the access to service beyond travel.

Online travel company Yatra to acquire Travelguru

The HSBC China Flash PMI, which gave an earlier glimpse of activity in China's vast factory sector, also retreated in June, reflecting an eighth straight month of contraction.

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