Ibibo Group Private Limited has got an infusion of Rs 65 crore from its Singapore-based parent entity ibibo Group Holdings (Singapore) Pte. ltd, reports Yourstory. The publication found out about the development in the documents filed by the company at the Ministry of Corporate Affairs (MCA).
Ibibo runs bus ticketing platform redBus.in; Vehicle tracking application YourBus, recently launched a car-sharing app, ibibo Ryde and Travel Boutique (51% stake in the B2B online travel platform).
The online travel agent (OTA) Goibio is part of MakeMyTrip, as both the entities completed its merger deal worth $82.8 million two years ago. Both entities combined, reported gross bookings for hotels and packages at $367.8 million or the quarter ended December 31, 2017 (Q3 FY18), up 101.5% from $182.5 million in the same quarter last year, the increase was driven by the consolidation of the ibibo Group.
MakeMyTrip (MMT) reported a net loss of US $45.3 million for the quarter ended December 31, 2017 (Q3 FY18). The company had reported a net profit of $16.5 million in the same quarter last year. Profitability was weighed down by the increase of 144.6% in marketing and sales promotion expenses, which stood at $109 million, from $44.5 million in the same quarter last year. In Q2 FY18, marketing and sales promotion expenses were $116 million. The company said that the primary drivers of this increase are customer acquisition programs to accelerate the growth of its hotel booking business and increases in brand advertisement, and the consolidation of marketing and sales promotion expenses of the ibibo Group.
The OTA space is dominated by MMT and Yatra. Following a reverse merger with Terrapin 3 Acquisition Corporation Yatra began trading on the NASDAQ stock exchange. Yatra.com posted a profit of Rs 23 crore for the quarter ended December 2017 (Q3FY18). The company had posted losses at Rs 461 crore in the same quarter last year, and losses of Rs 78 crore in the previous (Q2FY18) quarter. Total revenues at the company stood at Rs 336 crore for the quarter increasing 40.8% from Rs 239 crore in the same quarter last year. Sequentially, total revenues increased by 30.4% from Rs 257.5 crore. Revenue Less Service Cost increased to Rs 196 crore, representing an increase of 45.6% year-on-year (YoY).