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All hotels will now have to mandatorily display their classification status prominently at the reception and on their websites, according to a new set of guidelines issued by the Ministry of Tourism. Ministry officials said that the new set of guidelines were aimed at streamlining hotel classifications to make them simple, transparent and time-bound. Hotels in India are categorised under five categories 1-5 star depending on the amenities they provide.Unlike previously, when the payment for applications for classifications had to be done through demand drafts, such payments can now be done only online, the new guidelines stated. This, the officials said, ensures eradication of the possibility of delay and manipulation caused by human interference. Similarly, the new amendments hav...

One of the leading Venture capitalist SAIF Partners has sold its entire 11 percent stake in MakeMyTrip and the transactions are estimated to be 400 Million, a largest cash exit in India’s venture capital industry. The news was first reported by economic times. Founded in 2000 by Deep Kalra, Keyur Joshi and Rajesh Magow, Makemytrip shares surged by over 50 percent following its merger with the Ibibo Group. The Nasdaq-listed company’s received about USD 25 million in travel company’s series B and series C round of funding between 2005 and 2008 and owned 41 percent stake in the company when it debuted in Nasdaq in 2010. This is an exceptional investment exit as venture capital firms in India are facing difficulties to generate cash from the investment as only few of the companies have o...

Tag: hotels

Thanks To Indian Govt, Now Hotels Need To Display Their Ratings at Reception & Websites

SAIF Partners Sold Its Entire Shares in Makemytrip, Received 16x Returns Around $400 Million