indya.com is winding up its online travel operations offered through net2travel.com, a company it acquired through a stock-swap deal last year. indya.com has laid-off close to 30 employees of net2travel that it had absorbed after acquiring the latter.
During the acquisition of net2travel, three shares of net2travel.com were exchanged for one share of indya.com. According to indya.com, the shareholders of net2travel have not yet sold their shares to Star. As a result Star does not still possess 100 per cent equity of indya.com.
“indya.com believed in the business and supported net2travel.com to the best of its ability during the last eight months. However, its performance is not quite up to indya’s expectations and therefore did not justify any further investments,” indya.com CEO Sunil Lulla.