MakeMyTrip scouting for tech-oriented firms after Ibibo’s acquisition
MakeMyTrip is looking to acquire technology-oriented hotel solution providers to further expand in the hotel business for future growth. The company, which acquired Ibibo group last year, is now focusing on sustainable long term growth by concentrating on its fast-growing hotel business. The merged entity’s leadership will share the management responsibilities among them. Deep Kalra, founder and CEO, MakeMyTrip said that “While MakeMyTrip co-founder and chief executive officer (India) Rajesh Magow will hold a critical role within the group overlooking marketing, finance and human resources, Goibibo founder Ashish Kashyap will handle product development mainly in the technology space, while also executing other growth strategies of the company”.
In 2016, the travel portal received an investment of $180 million from the Chinese group Ctrip, and has also invested in several small tech firms such as Implotel, Mygola.com, Inspirock, HolidayIQ and Bona Vita Technologies. Kalra also commented that “We are very clear that we are going to continue on a fast growth path particularly on the hotel side. We have consciously invested in it. We are looking for more acquisitions ranging from start-ups to mid-sized companies which have great teams and who are doing some niche work through technology”.
Currently, the hotel business accounts for 55% of the company’s overall revenues, and is targeting 75% from the segment in next two years.