New Delhi: Online travel agency MakeMyTrip has invested $5 million in former Snapdeal executive Amitabh Misra’s venture Bona Vita Technologies Pvt. Ltd for a majority shareholding, the company informed the US Securities and Exchange Commission as part of its quarterly filings.
The start-up will use the funds for product enhancement.
While Nasdaq-listed MakeMyTrip did not give any details of the company or its stake, it said Misra was the chief technology officer of Snapdeal till February 2015.
Bona Vita is the latest in a long line of deals that MakeMyTrip has sealed in the recent past. Last week the company picked up a 28% stake in Leisure and Lifestyle Information Services Pvt. Ltd, the operator of vacation planning website HolidayIQ, for $15 million.
In May, it bought an 18% stake in Inspirock.com (based in California), an online planning tool for developing customizable itineraries. In April, it acquired the assets of travel planning website Mygola.com.
Before that, in January, MakeMyTrip bought a 25% stake in Bengaluru-based digital hotel marketing solutions firm Simplotel.
It set up a $15-million innovation fund last September to fund start-ups. However, it could not be immediately ascertained if the latest funding was part of the same fund.
MakeMyTrip, in its filing, reported an increase of 14.7% in its year-on-year revenue, at $38.1 million.
