Online travel agency MakeMyTrip has acquired 18 percent stake in Inspirock, an online planning tool for creating custom itineraries, reports Techcircle. The deal was done through MakeMyTrip’s innovation fund, although the size of the deal remains undisclosed.
Inspirock essentially provides users with customizable itineraries based on where they are travelling to and for how long. The platform currently only works with cities in the US and Europe. To use the service, users first need to enter the details of their trip like the destinations to visit, dates of travel, traveller age category and kind of activities they would like to do.
On entering these customary details, the website then generates an itinerary for the user, based on their preferences. In our test, the website provided us with an itinerary which scheduled visits to various local attractions, about 3-4 each day. Users can also choose to view a full list of attractions in and around the city, and add and remove from their itinerary what they please.
Details like scheduling based on distances and time spent at the destination are all provided default values for by the website. This can also be changed by the user based on his/her preferences. Users can then download this itinerary either for printing or as a calendar. Interestingly, no login is required to avail these features. The website also provides a list of hotels in the area where users can stay. Users can also hire travel agents on the website to help with additional planning like for flights and guides.
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.
– In April, MakeMyTrip had acquired Helion Venture Partners-backed online travel planning service Mygola for an as yet undisclosed amount, likely under the same Innovation Fund.
– 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.
– 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.
– MakeMyTrip and VC firm SAIF Partners had also acquired majority stake in travel meta search engine iXiGO for $18.5 million. 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.
Financials: MakeMyTrip continues to post losses: It reported net losses of $3.66 million for the quarter ended December 30, 2014, as compared to $1.6 million loss in the same quarter last year. This was MakeMyTrip’s 9th straight loss making quarter. The net revenues (revenues less service costs) however witnessed a significant 22.9% growth to $35.1 million for the quarter, from $28.6 million in the same quarter last year.