Vietnamese online travel agency Vntrip.vn has announced that it has completed the merger of Atadi.vn, one of the leading providers of cheap airfares in the country, according to an official release.
The move comes shortly after the online travel app raised its third round of funding from Switzerland’s IHAG Holding which saw its valuation go up to $45 million in August.
Financial terms of the deal were not disclosed but Vntrip CEO Le Dac Lam told DEALSTREETASIA in an interaction that the value of the deal is in the seven-digit-dollar range.
“Our goal is acquiring the best local players to create a domestic travel giant that can dominate the Online Travel Agent (OTA) sector,” he said.
Atadi.vn, one of the first low-cost ticket hunting website in Vietnam, is known as “cheap ticket supermarket” that allows users to search, compare and book tickets from multiple airlines on the same interface. The company targets a gross merchandise value of VND500 billion ($21 million) this year.
Vntrip.vn, which launched in late 2014 and was operational in early 2016, is one of the largest website booking system for hotels in Vietnam. It has a network of more than 8,000 hotels in Vietnam and over 1 million hotels in 200 other countries.
To date, Vntrip.vn has built itself a network of over 11,000 hotels across the country.
Vntrip raised $3 million in a series A funding from a small consortium of overseas investors led by former Alibaba veteran John Wu in 2016. The online travel agency also secured an undisclosed investment from Hendale Capital, a Hong Kong-based late-stage investment firm in 2017.
Prior to Vntrip.vn, several booking and tourism startups from Vietnam have raised venture capital funding in the past year. Vietnam’s Triip in April announced that it raised an undisclosed sum of funding from Japanese strategic investor Gaiax and individual investor Nguyen Duy.
According to a report on Dealstreetasia