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 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.