Mahindra Holidays & Resorts India Ltd has picked up a minority stake in adventure sports programmes provider Rocksport, as the company that offers vacation ownership plans to customers looks to improve its offerings.
The company, part of the diversified $19.4 billion Mahindra Group, picked up a 6.67% stake in Delhi-based Great Rocksport Pvt. Ltd for Rs 3.05 crore in cash, according to a stock-exchange filing.
Rocksport offers outdoor entertainment and adventure programmes as well as educational adventure tours. It also retails branded adventure products in India. The company posted revenue of Rs 27.73 crore for 2019-20, up from Rs 26.09 crore for 2018-19 and Rs 16.99 crore the year before.
Kavinder Singh, managing director and CEO at Mahindra Holidays, said the investment will help the company enhance its outdoor offerings at its resorts.
The company operates its resorts under the flagship Club Mahindra brand. Its brands are Club Mahindra Fundays and Svaastha Spa.
As on June 30, Mahildra Holidays had 69 resorts across India and abroad. Its subsidiary Holiday Club Resorts Oy, Finland, a vacation ownership company, had 33 resorts across Finland, Sweden and Spain.
Mahindra Holidays has struck a few inorganic bets in the past. In 2016, it picked up a minority stake in Bengaluru-based Nreach Online Services Pvt Ltd, which operates online gifting portal Giftxoxo.com.
In 2015, it bought a majority stake in Sweden's spa hotel company Visionsbolaget AB for Rs 7 crore.
The travel sector has been hit hard by the ongoing coronavirus pandemic. The sector, particularly online players, recorded a few deals in the recent past just before the pandemic hit the hospitality and tourism sector.
Last year, for instance, TravelTriangle, an online marketplace for holiday packages, raised $13 million (about Rs 93.41 crore) in its Series D funding round from South Korea-based KB Global Platform fund and the Nandan Nilekani-led The Fundamentum Partnership Fund I.