MakeMyTrip sets up $15 million innovation fund1 min read . Updated: 11 Sep 2014, 06:33 PM IST
The fund will support early-stage travel companies, with a special focus on mobile and IP-based companies
New Delhi: Travel portal operator MakeMyTrip Ltd on Thursday said it is setting up a $15 million innovation fund to support early-stage travel companies, with a special focus on mobile and IP-based companies.
“We’ve agreed to create a fund of $15 million, which is 10% of cash on our balance sheet, to be focused on young and new ventures in the travel technology space for our market," said Deep Kalra, founder and group chief executive officer, MakeMyTrip.
“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," he added.
The board of MakeMyTrip will form an investment committee comprising of six directors including Kalra and co-founders Rajesh Magow and Keyur Joshi to deploy these funds as per its discretion in various start-ups and mid-size companies in travel and tourism sector, or technology/mobile companies powering this sector.
Nasdaq-listed MakeMyTrip Ltd is the parent company of MakeMyTrip (India) Pvt. Ltd and was launched in India in September 2005. The site gets over 8.3 million unique visits every month.
MakeMyTrip Group posted sales of over ₹ 7,600 crore in the fiscal year ending March 2014, according to the company.