MakeMyTrip picks up majority stake in Quest2Travel

NEW DELHI: Nasdaq-listed Make-MyTrip has picked up a majority stake in internet-based corporate travel management company Quest2Travel (Q2T), the Gurgaon-based online travel major said on Tuesday, without disclosing the financial terms of the deal.

The transaction signals increasing opportunities for India’s largest travel operators and hospitality companies, including Make-MyTrip, which has a market capitalisation of $2.95 billion. It also comes less than a week after Chinese travel company Ctrip International said that it was on course to becoming the largest stakeholder in MakeMyTrip, after South African tech and internet conglomerate Naspers agreed to sell its stake in a share-swap deal.

“This investment will help us extend our service offerings to large corporates for their travel requirements while helping Quest2Travel benefit from the travel expertise and depth of supplier relationships that MakeMyTrip has forged over the years,” said Deep Kalra, chief executive and group chairman of MakeMyTrip.

Q2T’s enterprise software allows corporates to manage end-to-end travel needs of their employees on a realtime basis, MakeMyTrip said in a press release late on Tuesday.

“We have historically focused on providing travel solutions for retail customers, and with this investment we are making a decisive foray into providing travel solutions for corporate customers as well,” Kalra said.

Q2T’s online booking platform offers the en- tire workflow of travel procurement, including travel request approvals, corporate policy compliant online bookings, invoice generation, expense management, reimbursement and final invoice settlements.

“This partnership is a perfect fit because it combines the best in corporate travel with the leader in non-corporate travel,” Abhay Rangnekar, chief executive of Q2T, said in the statement. “Amongst other benefits, it will help us offer superior service offerings with wider inventory and better pricing for air, hotel bookings and other employee travel services.”

The latest deal in the corporate travel management space comes almost a month after SoftBankbacked Oyo Hotels & Homes said it was scaling up its executive stay brand SilverKey to 19 cities across the country, in a bid to double down on the corporate travel segment.


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