Online travel major MakeMyTrip’s Indian arm MakeMyTrip India Pvt Ltd has received Rs 100 crore from the Mauritius-based entity. This is the third tranche from the company’s offshore entity in the past eight months.
Previously, the Mauritius-based holding company which is public had poured in Rs 73 crore in November and Rs 138 crore in August last year, reveals RoC filings with MCA.
The proceeds are likely to be deployed towards product development, expansion and extending the gap from the number two player – Yatra.
Go-MMT (goibibo plus MakeMyTrip) has a pole position in both air ticketing and hotels booking segments. Exclusive partnership with SoftBank-backed OYO has been strengthening supply side for the Gurugram-based behemoth.
Two years ago, MakeMyTrip had raised $330 million in fresh funds from Ctrip, Naspers and a slew of undisclosed investors. Consolidating the segment, Naspers-incubated gobibo merged with the Rajesh Magow-led company in January 2018.
During quarter third (Q3 FY19), MakeMyTrip had earned $124.8 million. Hotel and packages contributed 46.6 per cent of overall revenue in the quarter. Importantly, during the same quarter in FY18, hotel and packages had a 66 per cent share in the total $172.4 million revenue earned by the company.
As compared to Q3 FY18, in Q3 FY19 the company has shown a reduction in all its profit and loss metrics. Revenue isn’t the only segment that saw a slowdown, overall losses after tax was also controlled by 30.4 per cent to $12 million. It’s yet to report Q4 FY19 results.
While Go-MMT seems to be dominating the online travel segment with a huge margin above its rivals, little known Samsung-backed HappyEasyGo is set to outnumber Yatra from the second spot. The Singapore-based company led by Chinese entrepreneur Boris Zha claims to process 25,000 air tickets a day.
Recently, it also enabled hotel bookings on the platform across 82 Indian cities.