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).
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"
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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.