India’s largest online travel company, MakeMyTrip.com, has raised $13 million in its second round of funding. The investment comes from three blue-chip venture capital firms - Helion Ventures, Sierr
December 15, 2006 (Press Release) --
India’s largest online travel company, MakeMyTrip.com, has raised $13 million in its second round of funding. The investment comes from three blue-chip venture capital firms - Helion Ventures, Sierra Ventures and existing investors, SB Asia Infrastructure Fund (SAIF).
Announcing the investment in New Delhi on Thursday, Deep Kalra, Founder & CEO,
MakeMyTrip.com said, “This investment will be used for enhancement in our infrastructure and
technology capabilities as the business gears up to serve over 2 million customers in 2007”
added Deep Kalra.
“MakeMyTrip.com is the clear leader in the rapidly growing online travel space in India and
Helion is proud to be associated with it,” said Sanjeev Aggarwal, Managing Director, Helion
Ventures Pvt. Ltd. “We believe that MakeMyTrip.com stands apart in an increasingly crowded
marketplace due to a winning combination that brings together deep experience in the online
travel business, a world class management team, a strong and well-established network of
fulfillment options and the ability to continually innovate as the market leader.”
“Online travel addresses a large market in India. Sierra Ventures has been focused on the
industry for some time now and we have reviewed investment opportunities in several
competing portals” said Tim Guleri, Managing Director, Sierra Ventures. “MakeMyTrip.com is
the largest and most successful online travel vendor in India and we believe the management
team will continue to lead the market with distinct product innovations and strong industry
partnerships.”
“SAIF is excited about increasing it’s investment in MakeMyTrip. Since our initial investment in
the company in 2005, the management has done a stellar job of building a powerful brand and
differentiating itself in the crowded market. With this fresh infusion of capital, we believe that MakeMyTrip will not only maintain its dominant position in the market, but expand on its
significant lead over the competitors.”
“This investment will help us respond more pro-actively to the phenomenal demand expressed
by Indian consumers to buy online travel services from MakeMyTrip.com”
MakeMyTrip is on track to record sales of Rs.600 crores (USD 130M) in the current fiscal year
ending March 07, effectively registering a growth of 200% from the previous year. Since its
launch of online travel services in India, MakeMyTrip has grown rapidly to become the largest issuer of air- tickets in the country and also the leading seller of hotel reservations and holidays
in India.
For further information, please contact:
Gayatri Buddha,
AVP Marketing & Alliances, MakeMyTrip.com
+91-11-43235147, gayatri.buddha@makemytrip.com
Announcing the investment in New Delhi on Thursday, Deep Kalra, Founder & CEO,
MakeMyTrip.com said, “This investment will be used for enhancement in our infrastructure and
technology capabilities as the business gears up to serve over 2 million customers in 2007”
added Deep Kalra.
“MakeMyTrip.com is the clear leader in the rapidly growing online travel space in India and
Helion is proud to be associated with it,” said Sanjeev Aggarwal, Managing Director, Helion
Ventures Pvt. Ltd. “We believe that MakeMyTrip.com stands apart in an increasingly crowded
marketplace due to a winning combination that brings together deep experience in the online
travel business, a world class management team, a strong and well-established network of
fulfillment options and the ability to continually innovate as the market leader.”
“Online travel addresses a large market in India. Sierra Ventures has been focused on the
industry for some time now and we have reviewed investment opportunities in several
competing portals” said Tim Guleri, Managing Director, Sierra Ventures. “MakeMyTrip.com is
the largest and most successful online travel vendor in India and we believe the management
team will continue to lead the market with distinct product innovations and strong industry
partnerships.”
“SAIF is excited about increasing it’s investment in MakeMyTrip. Since our initial investment in
the company in 2005, the management has done a stellar job of building a powerful brand and
differentiating itself in the crowded market. With this fresh infusion of capital, we believe that MakeMyTrip will not only maintain its dominant position in the market, but expand on its
significant lead over the competitors.”
“This investment will help us respond more pro-actively to the phenomenal demand expressed
by Indian consumers to buy online travel services from MakeMyTrip.com”
MakeMyTrip is on track to record sales of Rs.600 crores (USD 130M) in the current fiscal year
ending March 07, effectively registering a growth of 200% from the previous year. Since its
launch of online travel services in India, MakeMyTrip has grown rapidly to become the largest issuer of air- tickets in the country and also the leading seller of hotel reservations and holidays
in India.
For further information, please contact:
Gayatri Buddha,
AVP Marketing & Alliances, MakeMyTrip.com
+91-11-43235147, gayatri.buddha@makemytrip.com
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