wordpress blog stats
Connect with us

Hi, what are you looking for?

MakeMyTrip announces $15M Innovation Fund for travel technology startups

makemytripOnline travel agent MakeMyTrip has 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. The company said this was inline with its inorganic growth strategy. The formation of this Investment Committee has been approved by the MakeMyTrip Board, and comprises of MakeMyTrip founder Deep Karla and co-founders Rajesh Magow and Keyur Joshi and three other members.

It’s worth noting that in March the company had proposed a fresh sale of 4.5 million ordinary shares on NASDAQ worth about $111.9 million. The company had said that the net proceeds would be used to expand its business by acquiring or investing in strategic business or assets that compliment its service. However, it had noted that the company hadn’t yet entered any such agreement for acquisitions or investments.

MakeMyTrip had previously acquired the entire equity interest in EasyToBook.com for around $5 million, in February this year. The acquisition was to strengthen its travel technology stack and improve its hotel offerings in Europe. Earlier, MakeMyTrip and VC fund 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.

Finances: In its quarterly report in July, the company had reported losses of $3.96 million, a significant improvement over its $9.1 million loss the same quarter last year. The report also revealed that Hotel and Packages revenues surpassed Air ticketing revenues for the company, as the contribution of hotel and packages segment to MakeMytrip’s overall revenues was at 50.41% this quarter, up from 41.75% in the same quarter last year and 39% in the previous quarter, a clear indicator as to why the company is so interested in investing in the travel technology space.

Advertisement. Scroll to continue reading.

Other funds for startups

– Earlier this week, The Economic Times reported that Snapdeal promoter Jasper Infotech is in the process of setting up a mobile-focused technology incubator and seed fund. The incubator is expected to begin operations within the current fiscal year.

– After raising $1 billion in July, Flipkart CEO Sachin Bansal had said that part of the funds would be used for acquisition in the fashion, robotics, mobile apps and wearable segments space among others.

– Mobile advertising network InMobi had introduced a $25 million Indie game developers fund for game developers, although instead of a regular corporate investment fund it was more an initiative to increase its game developer base by providing advisory services.

One97 Communications, a mobile value added services company, and one of its investors, had partnered to commit a $100 million investment for co-investing in mobile value added service companies.

Advertisement. Scroll to continue reading.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.


When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.


The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.


In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...


By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

You May Also Like


135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...


Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...


By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...


Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ