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Indian online travel co bags $10 m funding

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CIOL Bureau
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PUNE: In a move that truly reflects the booming Indian travel industry,

MakeMyTrip.com, an Indian online travel company has secured an investment

of $10 million (over Rs 45 crores). 

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With the SB Asia

Infrastructure Fund (SAIF) investment the company intends to pursue both an aggressive

organic and acquisitions based strategy.

"This investment will be used to power

growth and acquisitions in India. The acquisition prospect would be the leading
players in the outbound and domestic tours market," reveals Deep Kalra, Founder & CEO,

MakeMyTrip.com.

Kalra also said, " The investment of $10 million is testimony to the

inherent potential of the online travel industry in India. This will help us take a pole position in the Indian travel

space."

Says Ravi Adusumalli, General Partner with SAIF "

The Indian travel industry, driven by rising income levels and increasing
competition, presents a compelling opportunity for MakeMyTrip to capitalize on.

After spending a significant amount of time with the management team, we are

excited to work with them to leverage their international experience to create

the dominant company in what is sure to be a dynamic industry in the coming

years. A rapidly growing travel industry coupled with rising internet

penetration will make simple, affordable, and customizable online transactions

the new reality"

 



MakeMyTrip.com has recorded gross revenues of $20 million in the last financial

year, in addition to being profitable for the last 2 years. With a projected
annual growth rate of 150 percent, the company plans to reach revenues of $50 million
by the end of the current fiscal. 



The company's plans also include launching a comprehensive

basket of products in India, starting with outbound and domestic travel

services for the leisure and small-business traveller. MakeMyTrip.com will
offer online flight bookings, real-time hotel reservations and a host of
ready-to-book holiday packages in India. 








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