MakeMyTrip Acquires 29% Stake In MyGuestHouse Accomodation
MakeMyTrip Limited is acquiring 29% stake Delhi based My Guest House Accomodation for $1Mn, with an option of acquiring full ownership of the firm over next eight years.
According to the agreement, MakeMyTrip will acquire full ownership on achievement of various business parameters spread over eight years.
Founded by Jitender Arora and Varun Chawla, MGH Accomodations Pvt Ltd is an aggregator and distributor of hotel rooms with a focus on budget accomodation and serviced apartments.
In August, MakeMyTrip alongwith SAIF Partners bought 76.6% stake for $18.5 Mn for 76.6% stake in Gurgaon-based Le Travenues Technology Private Limited, which runs travel meta search engine, iXiGO.com. MakeMyTrip invested $4.8 Mn for 19.9% stake in Le Travenues, while SAIF invested $13.7 Mn for 56.7% stake.
Earlier in May, MakeMyTrip had also acquired 79% equity stake in Singapore-based Luxury Tours & Travel Pte Ltd for $3 Mn. Luxury Tours & Travel (LTT) provides hotel reservations, excursion tours and other related services to inbound and outbound travelers in Singapore and the region.
MakeMyTrip's competitor Yatra Online acquired Magic Rooms Solutions (India) Private Limited which is a competitor of MGH Accomodations. Magic Rooms provides travel agents a hotel global distribution system, offering access to a live inventory of around 3,000 hotels across India and commissions on bookings.
In this space, Hotel aggregator Desiya, was earlier acquired by another hotel aggregator TravelGuru, which was eventually acquired by online travel agency, Travelocity.
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|2011-11-10||MyGuest House - MakeMy Trip||M&A||
MakeMyTrip India Private Limited
|MakeMyTrip India Private Limited||MakeMyTrip Limited||UG- 7 (Front Side) TDI Mall, Rajouri Garden.||
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|My Guest House Accommodations Private Limited||
|A-65 A, Nizamuddin East||http://www.myguesthouse.com|
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