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MakeMyTrip scouts for acquisitions; launches new service

Nasdaq-listed travel services provider MakeMytrip today said it is looking to acquire companies within the travel segment to strengthen its product portfolio.

Written by Agencies | New Delhi | Published: April 17, 2012 5:28:54 pm

Nasdaq-listed travel services provider MakeMytrip today said it is looking to acquire companies within the travel segment to strengthen its product portfolio.

The travel firm that picked stake in three companies last year said it is on the lookout for “new teams and to partner with new people to enhance” its product offerings.

“We will look out for good teams across segments within travel and related technology areas,” MakeMyTrip Co-Founder and COO Keyur Joshi said.

When asked if the company was likely to make any announcement soon he said “hopefully” but did not share details.

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In August last year,the firm along with SAIF Partners had bought 76.6 per cent stake for USD 18.5 million in Le Travenues Technology,which operates online travel search engine http://www.ixigo.com.

Earlier in May 2011,the company had also acquired 79 per cent equity stake in Singapore-based Luxury Tours & Travel Pte Ltd for USD 3 million.

It had also picked 29 per cent stake in Delhi-based My Guest House Accommodations (MGH) for around USD one million.

As part of widening its services,the company today launched a new social networking application ‘Tripalong’ that integrates a user’s travel itinerary with his/her social networking platforms like Facebook and LinkedIn.

“To begin with users can share their air travel plans with their friends on the social networking sites and plan to meet up with those who may be on the same flight,” MakeMyTrip Marketing Head Manish Kalra said.

The new service,which has been developed in partnership with Bangalore-based TenTenTen Digital Products Pvt Ltd,will be used to understand consumer behaviour.

“Going ahead we will explore revenue sourcing models,such as advertising and add new features to the service,” Joshi added.

Headquartered in Gurgaon,MakeMyTrip did sales of Rs 3,500 crore in the financial year ended March 2011.

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