Al Tayyar Group, one of the largest travel and tourism companies in Saudi Arabia with presence almost all over the region, has acquired rest of the 40 per cent stake in online travel agency Almosafer for $18.66 million (70 million Saudi Riyal), company’s recent filings have revealed. This gives the travel startup valuation of about $47 million. The acquisition according to the filings was completed in July last year. Almosafer’s founder & CEO, according to his LinkedIn profile had left the company two months before this.
Al Tayyar had first acquired 60 per cent stake in Almosafer in 2015 for about $6 million (22.5 million Saudi Riyal).
Founded in 2012, Almosafer today, is one of the leading OTAs in Saudi and some other countries of the region, receiving over a million monthly visitors on its website. The platform has been outperforming Al Tayyar’s in-house digital travel brand Tajawal, contributing for most of Al Tayyar’s online travel sales.