Press Release:
Sify Ltd is expanding its reach in the Indian consumer internet space. The company has acquired an online travel company – Globe Travels – which specialises in the India-US travel market. The financial details like the acquisition price or the stake bought are not disclosed. So this marks the entry of a strong Internet company into the fast growing Indian online travel mart, which has been getting crowded off late because of the entry of several new players.
E-ticketing is considered as a category with highest revenues and fastest growth in online ecommerce today. Sify is a strong internet play with 3300 iWay cyber cafes across 153 cities from which more than a million people accessed the Internet in the last quarter, says a statement. This is a strategic acquisition for Sify which has online portals like www.sify.com, www.sifmax.in and www.samachar.com. Globe Travels was founded by Herman Noronha in the US in 1993.
Internet And Mobile Association of India has projected $262-million worth online transactions for 2005-06, of which 57.85% or $ 152 million is expected in the travel and travel related sectors. Airline ticket sales online are expected to account for $88 million, while railway ticket sales will follow with $63 million. The other impetus is that there is the IATA deadline of December 07 for 100% online ticketing in India.
Subscriber content
?
Subscriber content comes from Gigaom Research, bridging the gap between breaking news and long-tail research. Visit any of our reports to learn more and subscribe.
Advertisement
Advertisement
Advertisement
Comments have been disabled for this post