Financial services and e-commrrce company Ebix has announced the acquisition of two India travel companies.
It has sealed a deal for Mumbai-based Mercury Travels and Leisure Corp of Delhi for a combined USD14.2 mllion.
The new entity will be named Mercury-An EbixCash Luxury initiative.
The new business will focus on the luxury market, sports travel and events.
Ebix will hold a 85% stake in the venture while Leisure Corp founder Naveen Kundu will own the remaining 15%.
"I am excited to join the Ebix family and lead EbixCash’s new Mercury initiative. With affluence and an upper middle class continuing to grow in India, it is time to have a travel exchange that can provide high standards of service and luxury, " Kundu said.
Leisure Corp’s main markets are corporate and sports event, while Mercury’s client base is both leisure and corporate.
"We are excited to be able to bring these two leading companies together, with the goal of creating a pioneering luxury travel initiative," said Robin Raina, CEO of Ebix.
