MakeMyTrip has announced $15mn innovation fund to invest in early stage startups in the Travel space. The fund is targeted towards startups in Travel technology with a special focus on Mobile and IP based companies.
The company mentions that this move is an additional prong for inorganic growth strategy by pursuing merger and acquisition opportunities in the Travel Technology space, where the company will go out and look for such firms and take early stage positions.
MakeMyTrip has a huge list of acquisitions under its arm. The company had acquired Netherlands based EasyToBook earlier in February. It had also acquired Thailand based ITC group for $3.2 million in 2007, had acquired Hotel Travel group for $25 million with a view to expand in Thailand, Singapore and Malaysia. MakeMyTrip had also invested in ixigo in 2011.
Also since airlines became a costly affair with little margins left in the business, MakeMyTrip had doubled down on hotel reservations and sales of holiday packages.