Mondee's flagship business is providing software to travel agents. Its pitch deck has ambitious predictions about how it can become a high-margin business. But the group is hedging its bets with a subscription model appealing directly to travel shoppers via its newish brands TripPlanet and Unpub.
Mondee will merge with special-purpose acquisition company (SPAC) ITHAX Acquisition Corp, the report said, citing people familiar with the matter. A deal could be announced as soon as Monday.
The firm would raise a $50 million private investment in public equity with funds affiliated with Morgan Stanley Investment Management and other investors as part of its deal, the report added.
Mondee did not immediately respond to request for a comment outside of business hours.
Recently, travel-booking services provider American Express Global Business Travel (GBT) also announced its plans to go public via merger with Apollo Strategic Growth Capital in a deal valued at around $5.3 billion.
(Reporting by Maria Ponnezhath in Bengaluru; Editing by Daniel Wallis and Sam Holmes)