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Looks like Expedia never “acquired majority stake in Travelguru for $17 million”

VC Circle, which had earlier published a report (now deleted) saying that US-based online travel company Expedia , which launched its India operations in March 2008, had acquired a majority stake in Travelguru , one of India’s leading online travel company with focus on hotel booking, for $17 million, now report (now deleted) saying that US-based online travel company Expedia , which launched its India operations in March 2008, had acquired a majority stake in Travelguru , one of India’s leading online travel company with focus on hotel booking, for $17 million, now says “The US based portal is believed to have developed cold feet at the last minute owing to valuation differences.”

In an email to VC Circle, Ashwin Damera, CEO of TravelGuru.com, has described the earlier “news” as “mere speculation”. “When contacted about this a few months back by Sahad I told VC Circle that all this news is mere speculation. It seems like you guys have finally figured out that what I said was indeed true – that no such deal took place! At that time, without verifying facts and without paying heed to my denial, you guys went ahead and wrote an article saying that a deal had already taken place,” Ashwin Damera has said.

AlooTechie on its part is equally guilty of carrying the earlier story without verification and with misleading headline. Thankfully, Aloo had concluded the story by saying: “Interestingly, Ashwin Damera, CEO of Travelguru, while denying the story, has told MediaNama , “…there has been no deal signed! What more is there to deny?” Hats off to Nikhil Pahwa of MediaNama for being more responsible than Aloo…

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