MakeMyTrip quarterly loss at Rs 8.15 cr; eyes acquisitions

NEW DELHI: Travel company MakeMyTrip on Tuesday said it incurred a loss of $1.8 million (about Rs 8.15 crore) for the quarter ended September 30, as against a profit of $0.02 million (Rs 9.1 lakh) in the year-ago period.

The company also said it is looking to acquire technology firms and other domestic players in the travel sector.

During the quarter, the company said its revenue jumped by 40.5 per cent to $23.8 million (Rs 107.7 crore), as compared to $17 million (Rs 77 crore) in the same period last year.

The company said the loss during the quarter was due to the effects of its employee share-based compensation costs and one-time initial public offering (IPO) costs related to listing of shares of $2.1 million in the current quarter.

In August, the company had raised $70 million (Rs 327 crore) through IPO in the US markets.

"We raised money from the market three months back for investment in technolgy and working capital. Now, we are looking for strategic acquisitions," MakeMyTrip chief executive officer Deep Kalra said.

However, he did not disclose the size of the acquisitions and the time frame for it, but said that the company will look for acquisitions of technological and regional players.

"We believe in maximising value being the online intermediaries between customers and suppliers. We have horn those skills and will continue to focus in those areas," Kalra said.