US-based online vacation marketplace HomeAway has acquired a controlling interest in travelmob, a Singapore-based company that owns and operates travelmob.com, a social stay marketplace for rental accommodation.
Although the company declined to divulge financial details of the deal, it revealed that it was an all-cash transaction whereby travelmob retains 37 percent interest and will run it independently.
“This partnership enables us to significantly expand our global reach and provide our property owners and managers with the opportunity to market their properties to more travellers worldwide,” said Turochas Fuad, co-founder and CEO of travelmob.
Built on a transaction-based model, travelmob was founded by Fuad and Prashant Kirtane in 2012. It features more than 14,000 rental listings in Asia Pacific, including houseboats, urban apartments and luxury villas. It also includes listings in over 1,000 tourist destinations in India, including Delhi, Goa, Mumbai and Kerala.
Meanwhile, HomeAway was founded in 2005 and has 742,000 paid listings of vacation rental homes across 171 countries. Aside from Texas, the company has offices in Virginia, New York and Colorado in the US, overseas offices in some European cities and a partnership with Tripvillas in India.
Nikki De Guzman, Junior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email email@example.com