[Funding alert] MakeMyTrip raises additional Rs 34.6 Cr from its parent company in Mauritius
Gurugram-based MakeMyTrip received an additional Rs 34.68 crore from its Mauritius-based holding entity, according to the RoC filings accessed by YourStory.
The Nasdaq-listed company has issued 4,95,500 equity shares to its holding company at a price of Rs 690 per share.
Earlier this year, in April, the travel booking company had received Rs 100 crore from its parent. In the same month, it had also acquired a majority stake in Mumbai-based Quest2Travel India Private Limited (Q2T), to bolster its position in the corporate travel space.
Commenting on the investment in Q2T, Deep Kalra, Founder & Group CEO, MakeMyTrip Limited, said at the time:
“We have historically focused on providing travel solutions for retail customers, and with this investment, we are making a decisive foray into providing travel solutions for corporate customers as well.”
MakeMyTrip recorded gross bookings of over $1.4 billion in the first quarter of this year.
Last month, the company also partnered with a Mumbai-based fintech company ePayLater to provide credit services for travel bookings. As part of the partnership, ePayLater’s ‘Book Now, Pay Later' service will be made available to customers purchasing flight, bus, and train tickets on MakeMyTrip. This will allow customers to book travel without making a payment while availing the benefits of interest-free credit for a period of 14 days from the date of the ticket purchase.
Apart from operating its own platform, MakeMyTrip also operates brands including Goibibo and redBus. Through these platforms, MMT allows users to book air, bus, train tickets, hotels and alternative accommodations bookings in India as well as overseas.
According to the company, it provides its customers with access to over 61,500 domestic accommodation properties in India, and more than 500,000 properties outside of India.
Last September, the Mauritius-based parent had also pumped in Rs 69 crore into its Indian arm.
(Edited by Megha Reddy)