INDIA-based MakeMyTrip is on the lookout for start-up companies to invest in, announcing yesterday that it has set up a new US$15 million Innovation Fund.
Funds will go especially towards supporting mobile and IP-based companies that deal in travel technology.
MakeMyTrip’s board has greenlighted the formation of an Investment Committee to decide which firms to invest in, comprising six directors including founder Deep Kalra and co-founders Rajesh Magow and Keyur Joshi.
Kalra, who is also group CEO of MakeMyTrip.com, said of the fund: “This is an additional prong of our inorganic growth strategy by pursuing merger and acquisition opportunities in the travel technology space. We intend to purposefully go out and look for such companies and take early-stage positions.”