Makemytrip invests Rs 95 crore in HolidayIQ

BENGALURU: Travel information and hotel review portal HolidayIQ said it has raised $15 million (Rs 95 crore) in funding from online travel booking company Makemytrip to boost its product, mobile presence and content.
Nasdaq-listed Makemytrip will acquire a 28% minority stake in HolidayIQ with this investment, chief executive and founder of HolidayIQ, Hari Nair, said. He declined to divulge the stakes of existing investors such as US investment firm Tiger Global and venture capital firm Accel Partners.
“Mobile is creating new unprecedented opportunities for growth and innovation. This capital gives us additional resources to expand quickly and strategically and accelerate pace of product innovation,” he added.
HolidayIQ, which is run by Bengaluru-based Leisure and Lifestyle Information Services, has on its portal 2,000 tourism destinations and 50,000 holiday accommodations. HolidayIQ said that till date it has received investments of $27 million. It recorded traffic of 11 million in May.
HolidayIQ is Makemytrip's third investment this year. It previously invested in hotel marketing solutions provider Simplotel and travel planning website Inspirock. Makemytrip is also said to be in talks with Flipkart to start a ticketing platform.
Asked if Makemytrip's investment is a precursor to an acquisition, Nair said, “I do not think so. We believe the company (HolidayIQ) has a long way to go.”
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