Online travel agent MakeMyTrip has acquired Helion Venture Partners-backed online travel planning service Mygola* for an as yet undisclosed amount, reports TechCircle. Following the deal, the entire Mygola team has joined MakeMyTrip.
It’s worth noting that MakeMyTrip had set up a $15 million Innovation Fund for investing in early-stage companies in the travel technology space, with a special focus on mobile and IP-based companies, and explore M&A opportunities, in September last year. The acquisition of Mygola is most likely a part of this.
Mygola had raised $1.5 million Series A funding led by Helion Venture Partners, with participation from existing investor Blumberg Capital, in October 2013. The company had previously raised $1 million from Dave McClure’s 500 Startups, Blumberg Capital and other angel investors, in December 2011.
MakeMyTrip acquisitions: MakeMyTrip had previously acquired the entire equity interest in EasyToBook.com for around $5 million, in February last year. The acquisition was to strengthen its travel technology stack and improve its hotel offerings in Europe. Earlier, MakeMyTrip and VC firm SAIF Partners had acquired majority stake in travel meta search engine iXiGO for $18.5 million.
The company had also acquired South East Asia-focused Hotel Travel Group for $25 million, and acquired a majority equity interest in Thailand-based hotel aggregator ITC Group for $3.4 million, in November 2012. In February 2011, the company acquired Singapore-based Luxury Tours and Travel Pte Limited for over $3 million, and had entered into a shareholders agreement and share subscription and purchase agreement to acquire Delhi-based MyGuestHouse in November 2011.
*Disclosure: I had at worked at Mygola for a short period.