MakeMyTrip Raises $13 Million in Second Round Investment

India’s largest online travel company, MakeMyTrip.com, has raised $13 million in its second round of funding. The investment comes from three blue-chip venture capital firms – Helion Ventures, Sierra Ventures and existing investors, SB Asia Infrastructure Fund (SAIF).

The company announced the funds will be used to fund technology, infrastructure and growth. Deep Kalra, Founder & CEO, MakeMyTrip.com said, “This investment will be used for enhancement in our infrastructure and technology capabilities as the business gears up to serve over 2 million customers in 2007.”

“MakeMyTrip.com is the clear leader in the rapidly growing online travel space in India and Helion is proud to be associated with it,” said Sanjeev Aggarwal, Managing Director, Helion Ventures Pvt. Ltd. “We believe that MakeMyTrip.com stands apart in an increasingly crowded marketplace due to a winning combination that brings together deep experience in the online travel business, a world class management team, a strong and well-established network of fulfillment options and the ability to continually innovate as the market leader.”

“Online travel addresses a large market in India. Sierra Ventures has been focused on the industry for some time now and we have reviewed investment opportunities in several competing portals,” said Tim Guleri, Managing Director, Sierra Ventures. “MakeMyTrip.com is the largest and most successful online travel vendor in India and we believe the management team will continue to lead the market with distinct product innovations and strong industry partnerships.”

“SAIF is excited about increasing its investment in MakeMyTrip. Since our initial investment in the company in 2005, the management has done a stellar job of building a powerful brand and differentiating itself in the crowded market. With this fresh infusion of capital, we believe that MakeMyTrip will not only maintain its dominant position in the market, but expand on its significant lead over the competitors.”

“This investment will help us respond more pro-actively to the phenomenal demand expressed by Indian consumers to buy online travel services from MakeMyTrip.com.” MakeMyTrip is on track to record sales of Rs.600 crores (USD 130M) in the current fiscal year ending March 07, effectively registering a growth of 200% from the previous year. Since its launch of online travel services in India, MakeMyTrip has grown rapidly to become the largest issuer of air- tickets in the country and also the leading seller of hotel reservations and holidays in India.

The India business of Make My Trip was launched in September 2005. As the first and only comprehensive online travel site with real time booking for flights, hotels, holidays and cars, MakeMyTrip.com is heralding a revolution in the way travel will be bought in India.

For more information, please visit: www.india.makemytrip.com