Makemytrip which is a Gurugram based travel company has received ₹34.68 Cr as additional funding from its Mauritius based parent company as per the Roc fillings.
The company that is listed on Nasdaq has further issued 4,95,500 equity shares to its parent company at ₹ 690 per share price.
This funding comes on the heels of ₹100 Cr funding that the travel company had already received from its parent in April 2019.
Makemytrip which is a Gurugram based travel company has received ₹34.68 Cr as additional funding from its Mauritius based parent company as per the Roc fillings.The company that is listed on Nasdaq has further issued 4,95,500 equity shares to its parent company at ₹ 690 per share price.This funding comes on the heels of ₹100 Cr funding that the travel company had already received from its parent in April 2019.
The company had also acquired a majority stake in Quest2Travel India, a Mumbai based Travel Company. By the means of this acquisition, MMT wants to elevate its position in the corporate travel market.
Deep Kalra, the CEO of the Makemytrip group had commented on this deal saying, they have always provided the best travel solutions to retail customers and are now excited to foray into the corporate travel space as well.
The travel company has also started its own credit service for travel booking in partnership with ePayLater, a Mumbai based fintech firm. With this partnership, the “Book now Pay later” services will be made available to MMT customers when they are booking their flights, bus tickets, hotels etc.
Apart from MMT, the company also operates brands like Goibibo and Redbus. MMT customers can use these platforms to book their air/bus/rail tickets as well as hotels and other accommodations.
Currently, the company provides its customers access to over 61,500 properties in India and over 500,000 properties abroad.
The travel booking company turned bookings worth $1.4 billion in the first 4 months of 2019.
What is Makemytrip?
Makemytrip was founded in 2000 by Deep Kalra who said that he followed his gut instinct when he set up the travel company. They immediately got the early funding and the site was up and running by Oct 2000. However, soon after its inception, the company faced many issues like the dot com burst, SARCS outbreak and the 9/11 attacks. This led to a serious loss of business for the online travel portal.
The next couple of years were the most challenging for the company. They could not find any investors to back them. They even had to shrink the size of their team. However, in these tough times, they focused on the NRI travel market as the pan India travel market wasn’t available for online trading just yet. Kalra says that these tough times are what binded his team together.
In 2005, they were lucky to get SAIF partners on board as their backers. The growth from there on was stupendous. Consumers soon realized the benefits of booking their tickets online and that they were no longer at the mercy of a travel agent. The company then decided to go public in 2010 and there was a tremendous internal debate whether to list their company in India or the US. They finally decided on listing with the US as the market there is more welcoming to internet ventures.
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