The last twelve months have been a busy period for Mondee, the
Texas-based company that provides travel technology and a marketplace of airline,
hotel and cruise suppliers.
Founded in 2011, the company went
public in July 2022 and since then has made several product updates and
acquisitions, including the acquisition of Skypass on Monday for $15 million in
a mix of cash and Mondee stock. Skypass is a global provider of full-service corporate,
leisure and humanitarian travel.
Mondee has 17 offices across the United States and Canada
with its core operations in India, Thailand and Greece. The company says its
platform, through its app and website, processes more than 50 million daily travel
searches.
For the three-month period from April through June, Mondee had
gross revenue of $708 million, up from $635 million in Q2 2022, and net revenue
of $56.8 million, up from $45.7 million last year.
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Adjusted EBITDA in the quarter was $4.4 million, compared with $3.8 million in Q2 2022. The company noted that improvement of $600,000 came
despite incurring about $1 million in one-time marketing costs
related to the launch of its new AI Travel Marketplace, which went live in July.
“Mondee is once again disrupting the travel market through innovation,”
said Prasad Gundumogula, founder, chairman and CEO of Mondee.
“We are thrilled that on the first anniversary of our NASDAQ
public listing, Mondee released the first fully integrated AI Travel
Marketplace, opening a world of new market opportunities and solidifying our
status as pioneers in the travel industry. As trailblazers, we have broadened
our target audience to encompass the vibrant ecosystem of travel social
influencers and freelancers as well as the tech savvy millennial and Gen Z
travelers. Mondee's strong financial performance in the second quarter of 2023,
amid the launch of this transformational tech platform, exemplifies our
commitment to growth with innovation and excellence.”
The company said its AI solution, dubbed Abhi, combines
generative AI from OpenAI, Google and IBM, as well as deep learning, computer
vision and a recommendation engine to “personalize and transform the travel
booking process.” The technology is integrated across all of its content, including
air, hotels and vacation rentals, ground transportation, cruises, tours,
packages, activities and events.
Skypass is now Mondee’s fourth acquisition in 2023. In
May it acquired Mexico-based B2B travel company Consolid and Interep, a B2B
luxury travel company based in Brazil. And in February it acquired Orinter,
a travel provider also based in Brazil.
In its Q2 earnings report, Mondee said it intends to continue
its “disciplined M&A strategy” as it looks to acquire companies that enhance
its product and geographical footprint.