MakeMyTrip mulling stake in travel site HolidayIQ
Indian online travel giant MakeMyTrip Ltd plans to make a sizeable investment in travel portal HolidayIQ.com.
Media reports quoting an unnamed source said MakeMyTrip will invest $30 million in Bengaluru based Leisure and Lifestyle Information Services Pvt. Ltd, parent company of HolidayIQ.
"The investment is expected in a month’s time," said a source familiar with the talks.
The Nasdaq-listed online travel agency, which is valued at almost $800 million, recently set up a $15 million innovation fund for acquisitions of travel start-ups.
"The fund is focused on young and new ventures in the travel technology space. We want to encourage entrepreneurs building niche companies in this domain," said Rajesh Magow, co-founder and India CEO at MakeMyTrip.
Two months ago it took over travel planning site MyGola.com, following the purchase of a 25% stake in hotel marketing firm Simplotel.
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