Bangladeshi travel-tech platform GoZayaan acquired Pakistani online travel and tourism portal FindMyAdventure, per an announcement.
While the deal size has not been disclosed, sources told DealStreetAsia that it was upwards of $3.5 million.
In order to fund the acquisition, GoZayaan raised an undisclosed amount in its expanded seed round backed by Nordstar Partners, DST Global Managing Partner Saurabh Gupta, and PAYBACK Founder Alexander Rittweger earlier in January.
Following the transaction, FindMyAdventure will be rebranded as GoZayaan and will offer online travel and ticketing as well as adventure tourism, said its country managing director Muhammad Komail Abbas.
The company will compete with Bookme, Pakistan’s largest online travel and ticketing platform, which raised $7.5 million in December.
“GoZayaan’s acquisition of a Pakistani travel-tech platform sets the stage for future deals overseas, signaling an OTA boom in the South Asian market,” the company said in a statement.
Creating synergies
The main reason for acquiring a Pakistani platform is geographical similarity, internet penetration, and user behavior in terms of travel booking, said experts tracking the sector.
“Bangladesh has the potential to create not just local, but also regional or global companies. We are going to try exactly that. This unlocks a total addressable market for us which is massive because together, Bangladesh and Pakistan constitute 5% of the world’s total population.” GoZayaan CEO Ridwan...
Read Full Story: https://www.dealstreetasia.com/stories/gozayaan-findmyadventure-281676/
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