MakeMyTrip Domestic Raises $15 Million In Series C From Tiger Fund, Existing Backers
India's leading travel portal MakeMyTrip.com Domestic has closed Series C investment of $15 million from Tiger Fund and the three existing venture capital investors - SAIF Partners, Helion Venture Partners and Sierra Ventures. In the current round, Tiger has invested $8 million, while the remaining $7 million was put in by the return backers. Deep Kalra, CEO of MakeMyTrip, has confirmed the investment.
In December last year, MakeMyTrip raised $13 million from SAIF Partners, Helion and Sierra in its second round of funding. In 2005, SAIF had invested $10 million in the company when it kicked off its India operations. The company (the US operations of MakeMyTrip) had earlier received $1 million from eVentures, which was later bought back by promoters. Now SAIF remains the largest external shareholder in the company.
This round could probably be the last round of VC investment in the company, as the next step would be to go in for an IPO. Kalra told VC Circle that the company is expected to turn profitable by May 2008, and an IPO can be expected in early 2009. It currently has $22 million commission revenues - $16 million from the domestic market and the rest from its US operations. The revenue breakup is like this: 70 per cent from ticketing and 30 per cent from hotels and packages. MakeMyTrip has so far received a total of $39 million in venture capital.
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