Nasdaq listed online travel company MakemyTrip has bought a controlling stake in a Thailand based group of companies known as the “ITC Group” for $3.2 million.
The ITC Group comprises of International Tour Center Co. Ltd., ITC Bangkok Co. Ltd. and ITC South Co. Ltd, the company said. MakeMyTrip paid $2.2 million to the existing shareholders for the sale of their shares in the ITC Group and paid $1 million for subscription of new shares in the ITC Group.
The company will also acquire the remaining shares of the ITC Group from the existing shareholders in cash, in four tranches, over an earn-out period ending December 2016 based on valuation linked to the future profitability of the group. ITC Group is a hotel aggregator and tour operator for Thailand.
Mumbai based Olacabs has tied up with MakeMyTrip to offer rentals for local and outstation travels in Mumbai, Bangalore and Delhi, the company said on Monday.
Olacabs will charge customers for point to point travel and not from “garage to garage,” the company said. The taxi services company also operates directly in these cities.
In April this year, Olacabs, founded by IIT Alumni Bhavish Aggarwal and Ankit Bhat raised over $7.2 million from venture capital firm Tiger Global.