HomeAway, Inc., based in Austin, Texas, is the world leader in vacation rentals, with more than one million listings in over 190 countries. In 2013, HomeAway® acquired a majority share in Travelmob, an online start-up for vacation rental properties in Asia Pacific, co-founded in 2012 in Singapore by Turochas Fuad (T) and Prashant Kirtane (PK), who were then Travelmob’s Chief Executive Officer and Chief Technology Officer. This month, HomeAway completed the acquisition of the remaining minority stake in Travelmob and now fully owns the company.
As part of the transition, Travelmob is now re-branded as HomeAway and the team launched 14 new, localized HomeAway sites across Asia including the big travel markets of China, Japan, India, Indonesia and Korea.
Headquartered in Singapore, the HomeAway Asia team will report to PK in his new role as vice president of Asia. PK will report to Dan Lynn, vice president of Asia Pacific. T will be leaving the company to pursue another startup or strategic venture.
“We’ve been committed to investing in Asia Pacific since 2011, and with the Travelmob acquisition complete, we have a very strong and experienced team in place. We plan to ramp up our investments so that we can provide the highest quality of service and the very best selection of whole homes for Asian travelers,” said Brian Sharples, HomeAway co-founder and CEO.
With over 90% of listings being whole homes, and a search function to highlight family friendly properties, HomeAway is uniquely designed to cater to group and family travel. Consisting on average of at least 4 people, groups can be anything from traditional families, families travelling with families, couples with couples, and multi-generational families.
Says Lynn: “Vacation rentals are immensely popular with families and groups, which is why HomeAway customers will generate US$14 to US$16bn in rental revenue this year. For over ten years, we have helped people come together with loved ones and experience phenomenal, memory-defining holidays, in beautiful, whole homes. We see a huge demand for this type of unique travel experience in Asia, and are excited the Travelmob acquisition has significantly expanded our portfolio of properties in the region.”
Says PK, VP Asia: “Asian travelers are quickly catching on to the benefits of renting a whole house – from a money saving, comfort and also experience point of view. We’re seeing significant year-on-year growth driven primarily by women booking vacations for their families, from the likes of Japan, mainland China, Korea and Taiwan. We are absolutely thrilled to be part of the HomeAway family and are looking forward to be part of the next phase of growth.”