Mondee, which works to match travel agents with airlines, is set to close a deal with a PSPC to go public for around $ 1 billion, the Wall Street Journal writes.
Mondee could potentially merge with ITHAX Acquisition Group, according to the report, and the deal could be announced by Monday (December 20).
Founded in 2011, Mondee’s business has recently focused on expanding its portfolio, adding new areas such as hotels, cars and cruises, as well as a direct-to-consumer subscription segment. .
Mondee’s current flight deals are typically sold by travel agents and other companies to help fill planes completely.
Ultimately, the company wants to position itself as a travel marketplace for customers looking for personalized experiences through third parties, with some of its departments also working with âconcert travel agenciesâ or workers. freelancers helping users book trips.
Mondee’s trajectory here is on par with others in the travel industry, pursuing PSPC deals in the pandemic environment where investors are seeking greater demand and a change in travel behavior in the years to come.
According to Mondee, this year’s sales could still be lower than pre-2019 pandemic levels – but there could be widespread growth in the years to come.
Part of the deal would see Mondee have to raise a $ 50 million private investment in public stocks. The funds will include certain affiliates of Morgan Stanley Investment Management, among others.
In 2020 Mondee bought Rocketrip, the New York-based startup, to boost incentives for travel spending. PYMNTS writes that the deal was intended to alleviate the stress of how employees overspend on corporate cards.
See also: Mondee acquires Rocketrip to expand travel spending incentives
The idea behind Rocketrip is to offer benefits to employees who don’t spend too much.
One of Mondee’s platforms includes TripPro, which companies use for various operations, and the company also owns TripPlanet, which helps small businesses book trips.