Mondee was founded in 2011, when we acquired Skylink, Exploretrip, cFares, and C&H International with the goal of disrupting the wholesale airfare market by bringing together the leading consolidator brands and technology to build a marketplace to deliver the best airfare, service, and technology in the industry. The next year we acquired two additional consolidators, Transam and Hariworld, becoming the largest airline consolidator in North America.
In 2014, with our position firmly solidified as the leading airfare wholesaler in North America, Mondee launched the consolidator airfare booking platform, TripPro. It quickly became the leading wholesale booking platform in the industry and, in 2017, we upgraded the original TripPro platform with TripPro Unicorn. We took all the best features of TripPro and enhanced it with hotel content, an integrated marketing platform and a post-ticketing self service platform; the first of its kind in the industry.
Through a mixture of technology innovation and astute strategic acquisitions, Mondee quickly built the modern travel marketplace, connecting 50,000 travel agents and 500 airlines through a globally connected disruptive technology platform with the largest source of travel content, an integrated conversational commerce engine, complete digital marketing campaign management, and fintech solutions to solve complex ecommerce challenges.
By 2019, Mondee had reached $3 billion in sales volume, supporting over 50 million unique daily searches and processing over 5.4 million tickets.
In 2019, Mondee moved into new market segments, specifically the retail travel market, with the acquisition of LBF Travel whose brands include Smartfares, Hotelwiz, Booking Wiz and Avia. With the addition of these brands, Mondee could continue to grow and service markets with its technology platform, giving information rich, savvy, connected travelers seeking curated, value-based travel experience even more choices on any device, at any time.
The rising demand for a platform that seamlessly connected airlines, hotels, and other travel content with gig workers and value-savvy travelers continued to grow, and sensing an opportunity to extend its marketplace and technology expertise to the corporate travel market, Mondee acquired the leading corporate travel reward platform Rocketrip in 2019.
Additionally, in 2019 Mondee acquired the fastest growing travel consolidator in North America, Cosmopolitan Travel Services and its Canadian tour operator, Leto Travel.
Our feature-rich products and technology deliver best in class, disruptive travel solutions to our customers. Our technology platforms continue to transform the market by facilitating industry relationships and providing users with the right tools to accelerate their success.
We work with the world’s leading hotel, airline, and travel content suppliers. We leverage these relationships to provide our customers with exclusive content and value savvy travel opportunities.
Our customers include travel agencies, gig workers, major corporations, SMBs, and value-conscious travelers in the millions. Here is a brief overview of our customer segments and how they utilize our products and services:
We partner with many leading travel providers and facilitators, including Thrust Carbon, Travelport, Sabre, Amadeus, Sherpa, Battleface, IATA, ARC and many more.
Our impressive portfolio of travel brands, products and solutions operate across 3 verticals:
Our product portfolio includes:
The rising demand for a platform that seamlessly connects airlines, hotels, and other travel content with gig workers, and value-savvy travelers continues to drive Mondee’s growth. In 2021 Mondee launched two new brands to extend into the travel subscription memberships market. Unpub focuses on value savvy consumers that will pay a premium membership for carefully curated, high value travel content. TripPlanet provides small and medium sized businesses with a flexible travel platform that saves companies up to 60% on travel. TripPlanet also helps membership organizations and associations provide value added travel services to their members.
On December 20, 2021, Mondee entered into a definitive business combination agreement with ITHAX Acquisition Corp. (Nasdaq: ITHX).
Only July 18, 2022, ITHAX Acquisition Corp. completed its business combination with Mondee which resulted in Mondee becoming a publicly listed company on Nasdaq under the ticker symbol “MOND”. Mondee debuted on the Nasdaq stock market with a market capitalization of approximately $740 million.
For 2022, Mondee is rapidly growing its presence in the hotel and car segments, while expanding into cruise and tour offerings. Mondee is now leveraging its market-leading operating system, existing networks and products, and new subscription-based products to become a leading platform serving gig economy workers, small and medium sized corporations, organizations and other closed user groups, making further inroads into the $1 trillion market segment.