Top Story

e4m_logo.png

Home >> Digital >> Article

MakeMyTrip announces $15 million innovation fund

13-September-2014
Font Size   16
Share
MakeMyTrip announces $15 million innovation fund

MakeMyTrip has announced the institution of a $15 million innovation fund to support early stage companies in the travel space. The fund will focus on start-ups in travel technology with a special focus on mobile and IP based companies.

Speaking on this initiative, Deep Kalra, Founder & Group CEO, MakeMyTrip.com said, “We’ve agreed to create a fund of $15 million, which is 10 per cent of cash on our balance sheet, to be focused on young and new ventures in the travel technology space for our market. This is an additional prong of our inorganic growth strategy by pursuing M&A opportunities in the travel technology space. We intend to purposefully go out and look for such companies and take early stage positions.”

The Board of MakeMyTrip has approved the formation of an Investment Committee to deploy the fundsas per its discretion in various startups and mid-size companies in travel and tourism sector, or technology/ mobile companies powering this sector. The committee comprises of six directors, including Founder Deep Kalra and Co-Founders Rajesh Magow and Keyur Joshi.

Launched in India in September 2005, MakeMyTrip claims to have achieved sales exceeding Rs 7,600 crore in the financial year ending March 2014.

Karthik Raman, Chief Marketing Officer, IDBI Federal Life Insurance, on the brand’s unconventional approach to marketing and priorities for the next year

Vinik Karnik, Business Head - ESP Properties, talked about what went into conceptualising the first edition of the entertainment marketing report, Showbiz

Rahul Jhamb, Brand Head, Forever 21, on how the fast fashion brand always stays on the pulse of latest marketing trends

Heavy spends on OOH and print sum up this year’s ad spends of YLG Salon

Conceptualised and executed by WATConsult, the campaign focuses on how Lotus Make-up is an enabler for women from various walks of life

iProspect released the third annual 2018 Future Focus Whitepaper geared to examine how machines and technology will impact marketing and advertising in the year ahead

Mavcomm Consulting one of India’s leading Public Relations, Reputation Management& Brand Communications company today announced elevation of Pranjal Dutta to the role of CEO