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MakeMyTrip set for big funding round
India’s leading online travel firm MakeMyTrip is set to receive another big round of funding from existing shareholders including China’s Ctrip.
It will receive about $330 million in a new funding round which will be used to beef up its portfolio of international hotel listings including alternative budget and luxury accommodation.
“We will deploy the new funds in strengthening our portfolio of international hotels and flights. There is a tremendous headroom for growth in the hotel category because online penetration is just 15% at present and the market is fragmented,” said MakeMyTrip CEO Rajesh Magow.
The company is also on the lookout for more acquisitions itself, Magow said.
Times of India recently announced MakeMyTrip was in discussions for a strategic stake in budget aggregator FabHotels.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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