Gurgaon-based, online travel company, Makemytrip has invested $5 Mn (about INR 32 Cr) in Bona Vita Technologies along with picking up majority stake in it.
The company made this announcement in a filing with the US Securities and Exchange Commission.
Founded by former Snapdeal chief technology officer Amitabh Misra, Bona Vita Technologies is a stealth mode startup which plans utilize the funds to build differentiated products in the travel industry. It is to be noted that stealth mode startups are those which are in temporary state of secretiveness in order to avoid competitors over business idea.
The move is part of MakeMyTrip’s strategy to invest in travel companies through a $15 Mn Innovation Fund that it set aside to invest in startups working on travel-related technology.
In the series of its corporate development initiative, Bona Vita is MakymyTrip’s fifth deal this year. Earlier, it picked up minority stakes in digital hotel marketing company, Simplotel and custom itineraries maker, Inspirock. Just last week Makemytrip picked up 28% stake in travel community and holiday-planning recommendation engine, HolidayIQ.
Founded by Deep Kalra in 2000, MakeMyTrip has also acquired quite a few startups globally and in India including travel planning website, Mygola, Myguesthouse and Easytobook.com.