GoZayaan, an online travel agency (OTA) startup in Bangladesh, announced that it has acquired Pakistani travel-tech company FindMyAdventure.
The terms of the deal were not disclosed, however, several media reports suggest that FindMyAdventure has been bought in a $3.5 million deal.
The South Asian online travel agency, currently focused on Bangladesh has been looking to expand regionally after its stellar year in the local market.
FindMyAdventure has been one of the biggest beneficiaries of the growing travel and tourism industry in Pakistan as his company has found an international partner GoZayaan to further grow their business.
Dhaka-based travel-tech platform GoZayaan has invested $3.5 million to expand the scope of the operations from Pakistan to regional countries.
FindMyAdventure will now operate as GoZayaan with offices in both Dhaka and Islamabad. Previously, FindMyAdventure was operating out of Karachi.
The deal makes GoZayan the first Bangladeshi travel-tech platform to acquire a company beyond its borders. And it meaningfully expands the total addressable market for the company.
GoZayaan says one of the reasons for “acquiring a Pakistani travel-tech platform is the similarity in geography, internet penetration and user behavior in terms of travel booking.”
“We have recently closed a M&A (merger and acquisition) deal with another South Asian OTA (online travel agency) GoZayaan,” said Komail Naqvi, founder and CEO, who is now Country Managing Director of the new partnership in Pakistan, adding, “The deal is backed by some big venture capitalists and top executives from Priceline and Airbnb”.
“The acquiring amount has not been disclosed on investors’ request; however, GoZayaan may invest more than $3.5 million to expand operations in and through Pakistan.”