MakeMyTrip strengthens corporate travel business, invests in travel management firm Quest2Travel

By: |
Published: April 30, 2019 8:26:16 PM

Quest2Travel, which offers software to large companies for managing their employees' travel requirements on a real-time basis, will help MakeMyTrip serve its large corporate customers even as the former would be able to leverage MakeMyTrip's expertise in travel.

Naspers, MakeMyTrip, B shares of MakeMyTrip, CEO of MakeMyTrip, Flipkart, WalmartMakeMyTrip?s last acquisition deal was in 2016 when it acquired competitor brand Ibibo for 0 million.

Nasdaq-listed online travel company MakeMyTrip today announced an investment into Mumbai-based corporate travel management company Quest2Travel for a majority stake. The deal terms weren’t disclosed by MakeMyTrip.

Quest2Travel, which offers software to large companies for managing their employees’ travel requirements on a real-time basis, will help MakeMyTrip serve its large corporate customers even as the former would be able to leverage MakeMyTrip’s expertise in travel and depth of supplier relationships, said Deep Kalra, Founder and Group CEO, MakeMyTrip.

“We have historically focused on providing travel solutions for retail customers and with this investment, we are making a decisive foray into providing travel solutions for corporate customers as well,” Kalra said. MakeMyTrip announced the deal in a company statement on Tuesday.

This partnership combines the best in corporate travel with the leader in non-corporate travel, said Abhay Rangnekar, Founder and CEO, Quest2Travel said. “It will help us offer superior service offerings with wider inventory and better pricing for air, hotel bookings and other employee travel services,” he added.

Quest2Travel’s clients include Tata Motors, Aditya Birla Group, Times Group, HDFC Ergo and Thermax.

MakeMyTrip’s last acquisition deal was in 2016 when it acquired competitor brand Ibibo for $720 million. Before that, it had acquired travel planning Mygola in 2015 and other travel startups including Easytobook and HotelTravel in 2014 and 2012 respectively, as per deals tracker Crunchbase.

MakeMyTrip recently saw the change in the ownership of its shares as Naspers (one of its investors) entered into a share-swap deal with China’s online travel agency Ctrip.

Concurrent with the share exchange, Ctrip will invest certain ordinary shares and class B shares of MakeMyTrip in a (undisclosed) third-party investment entity, Ctrip said in a statement.

Naspers will now have around 5.6 per cent of Ctrip’s shares while Ctrip and the third-party investment entity will now own around 49.0 in MakeMyTrip along with 4 per cent of the company’s total voting rights.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition