In september 2014, Makemytrip had created an Innovation fund of $15 Mn to invest in startups working on travel-related technology startups. This is its first investment from the recently created innovation fund. The company plans to invest further in Simplotel by June 2015, increasing its stake to 25%.
Tarun Goyal, CEO, Simplotel, said that the funds will be used to double company’s team size to 30 by the end of 2015, and to improve sales & support services for its clients.
MMT aims to promote the online distribution of accommodation inventory in India through this investment.
Founded in 2000 by Deep Kalra, MakeMyTrip is India’s leading online travel company created to empower Indian traveller with instant booking and comprehensive choice. Beginning its journey from US-India travel market, the company followed its success in the US by launching its India operations in 2005. MakeMyTrip is the dominant market-leader with 47% market-share and a one-stop-travel-shop that offers the broadest selection of travel products and services in India.
On the other hand, founded by Tarun Goyal and Savan Bellur in 2013, Simplotel is a SaaS-based platform that offers hotels solutions like content management, web design, hotel booking engines, and search engine optimization among others. Simplotel offers its clients flexible payment options including performance-based payments and subscription plans. Some of its hospitality clients in India include The Grand, New Delhi, Aloha On The Ganges, North 16 Goa Resort, Justa Hotels & Resorts, and The Orchid Ecotel among others.