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Ibibo Founder Ashish Kashyap Launches his Second Venture

29Oct By Gauri SinghNo Comments

BUSINESS

Ibibo Founder Ashish Kashyap Launches his Second Venture

Ibibo Group founder Ashish Kashyap which was later acquired by travel giant MakeMyTrip, has now launched his second entrepreneurial venture called IndWealth, 13 months after quitting the domestic travel behemoth. IndWealth is an artificial intelligence and machine learning-based wealth management and advisory platform. The company will offer a range of services to high net worth and ultra high net worth individuals. In seed funding, the company raised an estimated $30 million (about Rs 220 crore) which is possibly the largest funding round raised by a homegrown startup that is still in stealth mode. “The key learning is, managing money cannot be done through a single dimension,” Kashyap stated. “It can’t just be done through investments. It has to be done through a combination of in...

Flipkart Forays in Travel Market by Partnering with MakeMyTrip

6Apr By Sheldan RungasamyNo Comments

News

Flipkart Forays in Travel Market by Partnering with MakeMyTrip

MakeMyTrip, the online travel company and Flipkart, the e-commerce marketplace announced on Thursday that it would begin a partnership intended for the travel services market. MakeMyTrip owns several branches such as Goibibo and redBus, and will use the large client base of over 100 Million registered users of Flipkart to increase the its online travel bookings. This new association will begin by providing domestic flight bookings in the coming weeks and will extend to hotels, bus and holiday bookings subsequently. "Flipkart is one of the most exciting companies of our times and we are delighted to partner with them to catalyse the massive online travel opportunity in India. This partnership will help us reach out to an even wider consumer base and further open up the online trave...

4Feb By NitishNo Comments

ACQUISITION

CCI Clears Acquisition of Ibibo Group By MakeMyTrip

Fair trade regulator CCI has approved online travel portal MakeMyTrip's proposed acquisition of rival Ibibo group in an equity deal that would create one of the country's largest online travel firm. As per the deal announced in October last year, South Africa's Naspers and China's Tencent Holdings would sell Ibibo Group to MakeMyTrip in exchange for an issuance of new shares by the latter. The Competition Commission of India (CCI) has approved the deal, as per the latest update on the regulator's website. Post completion of the transaction, MakeMyTrip would own 100 per cent of Ibibo Group, and Naspers and Tencent will become largest shareholder in MakeMyTrip, owning a 40 per cent stake and will contribute proportionate working capital, MakeMyTrip had announced in October last year. ...

Finance Ministry Will Challenge Delhi High Court Order to Refund The Service Tax of Travel Portals MakeMyTrip, Ibibo and Ebiz

4Sep By Press Trust of IndiaNo Comments

INDIA, News

Finance Ministry Will Challenge Delhi High Court Order to Refund The Service Tax of Travel Portals MakeMyTrip, Ibibo and Ebiz

A recent High Court verdict directing the central revenue authorities to refund service tax collected from three travel portals including MakeMyTrip may be challenged in Supreme Court by the government. Officials sources today said legal experts are going through the High Court order and an appeal challenging the verdict is likely to be filed in Supreme Court. Delhi High Court had on Thursday ordered Directorate General of Central Excise Intelligence (DGCEI), an intelligence arm under the Finance Ministry to refund the service tax collected from travel portals-- MakeMyTrip, Ibibo and Ebiz, saying the payment made by them "was not voluntary but under coercion and duress". The court had also pulled up the DGCEI for "unwarranted" arrest of a senior official each from MakeMyTrip and Ebi...

Naspers Invests $250 Million In ibibo For Extended Leadership

25Feb By AdityaNo Comments

FUNDING

Naspers Invests $250 Million In ibibo For Extended Leadership

Indian online travel venture Ibibo Group today announced that Naspers will invest USD 250m in the group, which will focus extending ibibo's leadership position in the Indian hotels category and on additional technology innovations. Ibibo processed more than 6.5m transactions for the period October to December (Q3) 2015. It is the largest online travel company in India, generating more than 2.5x the transaction volumes of its nearest competitor. The group owns integrated online travel properties such as Goibibo.com (India's No 1 hotels booking engine and also a leading air ticketing aggregator), and redBus.in (No 1 online bus ticketing platform). In a recent research report by Morgan Stanley, Goibibo was rated number one by hoteliers across a number of parameters, including booking...