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Ticketvala.com has raised $2 million from Footprint Ventures, a Bangalore-based venture capital firm, in 2007.
MakeMyTrip (MMT), India's largest online travel company, is reportedly in the final stage of discussions to buy Ticketvala.com, a Mumbai-based provider of online bus ticket reservation services, according to a report in Medianama. Ticketvala.com is the flagship brand of Travis Internet Pvt Ltd.
When contacted by VCCircle, Deep Kalra, founder and CEO of MakeMyTrip, declined to comment on the development.
Ticketvala.com had raised venture capital funding of $2 million from Footprint Ventures, a Bangalore-based venture capital firm, in 2007.
Apart from bus services, Ticketvala also provides car hiring and bus hiring facilities in some select cities such as Bangalore, Hyderabad, Chennai, Mumbai, Pune, Ahmedabad and Delhi. Recently, it has also introduced travel packages (travel, food and stay) for two popular tourists’ destinations, Goa and Manali.
The deal, if materialises, will further strengthen MMT’s reach in bus servicing in North and Central India. Other businesses of MMT include air ticketing for both domestic and international passengers, rail ticketing, car and taxi rentals, holiday packages and hotels.
The company is targetting revenues of Rs 2,500 crore in the financial year ending March 2010, according to data available on the company website.
MMT has raised funds from private equity funds Sierra Ventures, SAIF Partners and Helion Venture Partners.
As far as I understand, this happened because of two reasons -
1. MMT was using RedBus's platform and would have wanted to do it on it's own to better their margins.
2. Ticketvala may not be making too much money and must be lookig for an acquirer to keep it going.