MakeMyTrip.com looks for acquisitions
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MakeMyTrip.com is looking to acquire companies to expand its presence in the Asia Pacific region, a report said.”We are looking for expansion. The mode would be through acquisition in Asia Pacific and other places,” Keyur Joshi, the COO and co-founder of MakeMyTrip.com, was quoted saying in Economic Times.The expansion plans of the NASDAQ-listed company would be funded through fresh issue of shares and it intends to raise US$126 million through the process.”The funds generated would be used for expansion and some part for our operational requirements like offering holiday packages inclusive of direct charter flights to exotic destinations in Asia.”The company bought a majority stake in Singapore-based luxury travel segment company Luxury Tours and Travel for US$3 million and followed it by opening MakeMyTrip’s new office there, the report said.”We need to have offices, presence in these places where we find tremendous growth potential. Synergies which will emerge out of our new initiative would allow us to grow our operations, increase savings and provide customers with more value-added services.”The company currently claims to have a majority market share of the Indian online travel trade for services ranging from online ticket, hotel and convenience reservation in India and abroad.Joshi was quoted saying that focus on affordable travel packages would allow the company to penetrate into India’s first-time traveller segment.Packages need to be customised to attract travellers like direct access to off-beat, exotic destinations like Phuket, where no Indian carrier provides direct connectivity, Joshi was reported saying.”Seasonal travel packages are a major revenue source for us. But the new trend in providing direct connectivity to a single destination which is off-beat in nature will grow in leaps and bounds in the coming times.”According to the report, Joshi’s had said the company’s twice-a-week charter flight to Phuket and Bangkok has 100% bookings till mid-June.
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