Bangalore-based Residency Projects & Infratech acquires online travel portal BonVoyage.in

NEW DELHI: Residency Projects & Infratech (RPIL) has informed BSE that the company has acquired 100% stake in Bangalore-based online travel portal BonVoyage.in from the existing promoters and it will be merged into Valuemart Travel Solutions, a fully owned subsidiary of RPIL.

“With this acquisition, RPIL will extend its service offerings in the travel and hospitality sectors. RPIL will also invest additional funds in Bon Voyage to extend its national footprint and set up offices and travel lounges across the country. Bon Voyage is expected to achieve a turnover of Rs 10 crore in the current financial year and is targeting revenues of Rs 100 crore in the next 3 years,” said CK Vasudevan, managing director of RPIL.

The travel industry in India is experiencing a strong period of growth, driven by the burgeoning middle class, growth in high spending foreign tourists and sustained government campaigns to promote Incredible India.

Online travel bookings in India are growing very rapidly and fast replacing offline bookings. In 2010, Indian online travel sites recorded a 50% growth over the previous year. “This represents a huge business opportunity for the company,” added Vasudevan.

Bon Voyage was jointly promoted by Rajendra Singh Bhati and Sanjay Bhan.