MakeMyTrip Raises $15 million From Tiger Fund, Sierra, SAIF Partners And Helion Venture Partners
Online Travel Agency (OTA) MakeMyTrip.com (MMT) has raised $15 million in Series C funding from Tiger Fund, SAIF Partners, Sierra Ventures and Helion Venture Partners, reports VC Circle. Of the $15 million, Tiger Fund has invested $8 million.
Around a year ago, MakeMyTrip had raised $13 million from SAIF, Helion and Sierra. This is the third time SAIF is investing in MMT, after investing $10 million in May 2005. MMT CEO Deep Kalra has told VC Circle that the company has commission revenues of $22 million ($16 million from India), of which around 70 percent is from e-ticketing, while 30 percent is from hotels and packages. Listing plans appear to have been deferred to early 2009.
The travel space is has several funded OTAs: Yatra (Reliance Capital, TV18, Norwest Venture Partners, TravelGuru (Battery Ventures, Sequoia), Via (NEA IndoUS) and Cleartrip (DAG Ventures, KPCB and Sherpalo).
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Comments (3)
Oct 8, 2007 1:00 PM
I wonder how much equity founders are left with
Apr 3, 2008 4:34 AM
The traveler would certainly enjoy his stay in Fortune amidst all the facilities and would not look in for any other option in future. The starting price of the rooms in Pune is Rs 8000/-, Navi Mumbai is Rs 8500/-, and Kolkata is Rs 6000/-, visit http://www.fortunehotels.in/spl_offers.aspx
Jun 7, 2008 5:35 AM
VERY NICE TO SEE THAT VENTURE CAPITAL FIRM AND END-USERS ARE PUTING THEIR TRUST IN “OTA”. WISH ALL THE BEST TO “MMT” TO BREAK EVEN.