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…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
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...
Advert
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...
News
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...
News
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...