DFF - eTravel equity (EBRD-55900)

Countries
  • Poland
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Nov 8, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
RIGANO SP ZOO (eTravel S.A.)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Communications
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jul 3, 2025

Disclosed by Bank Jan 10, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the project consists of a co-investment alongside Enterprise Investors Fund IX to jointly acquire a significant minority stake in eTravel S.A. via a Poland-based SPV.

The transaction is led by Enterprise Investors, a private equity fund operating in Central Europe, in which EBRD is an existing investor. The Value Creation Plan will focus on further regional market consolidation, new organic sales initiatives, further IT enhancements including AI implementation and financial reporting improvements.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Categorised B (2019 ESP). The transaction involves an equity co-investment in eTravel S.A., an online B2B travel management company and a new client to the Bank. Due to the small scale of its operational processes and the nature of its business - providing online services in leased office spaces - environmental and social matters are considered mainly related to office activities and present a relatively low-risk profile.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

An equity co-investment in eTravel S.A (investment amount not available at the time of disclosure).

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

eTravel S.A. is the largest B2B Travel Management Company in CEE and is headquartered in Poland. Over the past 12 years, the Company has acted as a consolidator in the CEE business travel market, with multiple bolt-on acquisitions; its operations currently span Poland and Czech Republic. eTravel developed a proprietary IT platform for the efficient end-to-end management of travel arrangements, in compliance with corporate clients' travel policies. eTravel's business is split into three key services: (i) airline tickets services; (ii) accommodation booking service; and (iii) other service lines (e.g. rails, events, cruises).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - eTravel S.A. Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

COMPANY CONTACT INFORMATION

Anna Czywczynska, Communications & Public Affairs Director
+48 22 458 8500
www.ei.com.pl
Varso Tower 69 Chmielna St. 34th floor 00-801 Warsaw, Poland

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

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How it works