Indian online travel agency MakeMyTrip acquires EasyToBook
The total purchase consideration and investment by MakeMyTrip in EasyToBook is valued at approx US$5 millionBy Saloni Surti 07 Feb, 2014
While experts were still contemplating the impact of consolidation in Indian e-tail space with Flipkart’s merger proposition to Myntra, the Indian online travel space also started exhibiting similar trends.
Indian online travel agency (OTA), MakeMyTrip completed its acquisition of entire equity interest in a group of companies comprising the EasyToBook.com Group (ETB), which operates hotel aggregator website Easytobook.com.
MakeMyTrip completed the transaction by purchasing shares from the existing shareholders of ETB and investing a further amount into the organisation. The total purchase consideration and investment in ETB is valued at approximately US$5 million.
“The acquisition of EasyToBook.com will add momentum to our stated objective of growing our hotel and online holidays business,” said Deep Kalra, Founder & Group CEO, MakeMyTrip.com. “ETB’s rich inventory of online hotel reservations in Europe, North America and other key global travel destinations will enable us to enhance the hotel offerings for our Indian customers travelling to Europe and North America. Furthermore, as we expand our presence beyond the South-East Asia region, we look forward to welcoming inbound customers to our hotels partners in Asia.”
ETB was established in 2004 and allows users to make hotel reservations online in key global travel destinations such as Europe and North America.
Hotels and Packages were amongst the growth elements of MakeMyTrip in the previous quarter. The segment witnessed a growth 40.1 per cent Y-o-Y increase in net revenues in the last quarter. Acquisition of ETB could help MakeMyTrip further strengthen its hotel booking proposition.
MakeMyTrip was founded by Deep Kalra in 2000. The online travel agency started strategic acquisitions in 2011 with a view of expansion. MakeMyTrip acquired Singapore based travel agency Luxury Tours and Travels in 2011.
Featured and Lead Image Courtesy: MakeMyTrip