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Journalism of Courage
Leading online travel company MakeMyTrip.com has received $10 million in funding from SB Asia Infrastructure Fund (SAIF) that it plans to put to use primarily for an acquisition and towards pushing its growth in India. SAIF, a private equity fund promoted by SoftBank and Cisco, will pick up at least 50 per cent stake in MakeMyTrip through its investment, but will leave management control to the company’s promoters.
‘‘The funding will power MakeMyTrip.com’s India launch and finance the buyout of a leading player in the outbound and domestic tours market,’’ Deep Kalra, Founder and CEO of MakeMyTrip.com, told reporters today. The acquisition is part of the company’s India strategy, which envisages it becoming the largest travel player in four years. The five-year-old company, which presently services the NRI market from the US to India, plans to fill in the role of an aggregator for all travel products. Pursuant to its India plans, the company has set a sales target of $120 million by this year-end and $800 million by 2009.
