Tabhi has acquired travel marketplace Mondee Holdings, bringing the company out of Chapter 11 bankruptcy.
Tabhi acquired all of Mondee’s assets and “strengthened its balance sheet by investing additional equity, significantly reducing debt and other obligations,” a statement said. The total investment amount was not disclosed.
Tabhi—the new name for Mondee—is owned by TCW Asset Management Company TCW), Morgan Stanley Investment Management (MSIM) and Mondee’s co-founder and chairman, Prasad Gundumogula. The release noted that TCW is the “administrative agent on a new credit facility that includes MSIM and Wingspire Capital.”
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Gundumogula has also stepped in as Tabhi's CEO and has a majority equity stake resulting from his “substantial personal cash investment.”
In January, Mondee announced that it was planning to sell all of its assets to affiliates of TCW and Wingspire Capital.
The announcement followed news in November 2024 that Mondee had received a non-compliance notice from Nasdaq for a delay in filing its quarterly earnings report. The company did not appeal the notice or the resultant delisting and Gundumogula took a leave of absence.
"The company is on stronger footing as we cut debt roughly in half, raised new cash equity and have partnered with leading financial institutions,” said Gundumogula in the statement announcing the acquisition. “Now operating as Tabhi, the company is in a more stable financial and operational position to continue its prior growth as a leader in travel services and technology."
“We provide travel technology and privately negotiated airline and hotel content to over 65,000 travel experts and organizations who service over 125 million global travelers. The company was the first to introduce cutting edge AI [artificial intelligence] in travel, and we expect to continue to innovate and transform the industry with our AI solutions. With offices spanning four continents, we connect citizens of the world.”
Founded in 2011, Texas-based Mondee went public via a special purchase acquisition company in 2022. The platform is a tool for travel agents, travel experts and influencers to facilitate trip planning and booking processes.