Mondee is a B2B2C travel marketplace that aggregates privately negotiated, discounted travel content — primarily international leisure airfares — and distributes it through a network of travel intermediaries rather than selling directly to consumers. Mondee sources opaque, wholesale airfares and ancillary content from over 500 airlines, plus hotels, cruise lines, and car rental companies, then makes that content available to roughly 65,000 travel agents, SMEs, membership organizations, and social media influencers/gig workers. Mondee earns a take rate on gross bookings, which has expanded from roughly 4–5% pre-pandemic to approximately 9% in FY23 as the product mix has shifted away from air-only bookings toward higher-margin packages, hotels, and cruises. Air was 57% of FY23 net revenues, with packages (~21%), hotels (~11%), fintech (~6%), and ancillaries (~5%) making up the rest. Mondee also sells subscriptions to SMEs and membership organizations, providing access to enterprise-level negotiated rates. The company is expanding distribution through AI — its Abhi platform enables conversational travel planning via WhatsApp, Slack, and other messaging apps — and through M&A, having completed 19 acquisitions since founding, including several in Brazil and Mexico in 2023 to build out a Latin America presence.