MakeMyTrip.com raises $10m funding

MakeMyTrip.com raises $10m funding

Author | exchange4media News Service | Thursday, May 26,2005 8:23 AM

MakeMyTrip.com raises $10m funding

MakeMyTrip.com, India's leading online travel company, has secured an investment of $10 million from the SB Asia Infrastructure Fund (SAIF), a leading Asian private equity firm, in an effort to pursue an aggressive organic and acquisition based strategy.

Announcing the investment deal, Deep Kalra, Founder and CEO, MakeMyTrip.com, said, "The investment of $10 million is testimony to the inherent potential of the online travel industry in India and MakeMyTrip's proven abilities."

Ravi Adusumalli, General Partner with SAIF said, "The Indian travel industry, driven by rising income levels and increasing competition, presents a compelling opportunity for MakeMyTrip to capitalise on. A rapidly growing travel industry coupled with increasing Internet penetration will make simple, affordable, and customisable online transactions the new reality"

Growing by leaps and bounds, MakeMyTrip.com has recorded gross revenues of $20 million in the last financial year, in addition to being profitable for the last two years. With a projected annual growth rate of 150 per cent, the company plans to reach revenues of $50 million by the end of the current fiscal.

"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," said Kalra.

The company's plans 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, supported by a robust technology platform. The company plans to service over 80,000 customers in the current year.

It will replicate its high customer service standards that have helped it emerge as the market leader in the USA to India travel market. Presently catering to the lucrative NRI market in the USA and Australia, the company will continue to consolidate its leadership position in the $2 billion NRI market.

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