Online travel agent MakeMyTrip has reported a loss of $34.9 million for the quarter ended September, 2016 (Q2 FY17). This is the 16th straight quarter of losses for the company. Losses were up from $12.2 million in the same quarter last year. However, the company reported revenues of $83.1 million during the quarter which was up 26.89% from $64.5 million in the same quarter last year. Note that MakeMyTrip announced that it is merging with Naspers-owned Ibibo group and the transaction is expected to close by December 2016. The company mentioned that after the merger, Ibibo will own 40% stake in the combined entity. Others who will own a stake in the company include founders Rajesh Magow and Deep Kalra, SAIF Partners, Ctrip International. The hotels and packages business now accounts for more than 69.34% of the company's total revenue. Hotels revenue stood at $57.63 million for the quarter, growing 26.99% from $45.38 million in the September 2015 quarter. This was primarily due to a 172.7% increase in the number of transactions year over year. The average transaction value, however, decreased by 53% on a year on year basis. The number of transactions in the quarter stood at 1.46 million growing 172.76% from 536,800 in Q2 FY16. Gross bookings increased 27.44% YoY to $151.67 million. Air ticketing: Air ticketing revenues stood at $23.56 million up 27.39% from $18.49 million in the same quarter last year. "Air ticketing transactions and gross bookings growth in the second quarter of fiscal year 2017 was largely…
