Micromax Informatics has made a strategic investment in Ixigo, a mobile travel search firm for minority stake. The funds will be used for expanding its product & technology team and to add 25,000 small and mid-sized travel service providers to its marketplace offering. The partnership with Micromax will strengthen the company’s market leadership in mobile travel services for middle class users. In next 12 month, ixigo’s is expecting to quadruple its mobile user-base. It will also give ixigo a reach of over 30 Mn incremental users over the next year. The company aims to provide relevant travel services to the next 300 Mn smartphone users, and has recently entered the budget hotels, packages and cabs segments. Founded in 2007 by Aloke Bajpai and Rajnish Kumar, Ixigo helps travellers plan their trips, find the best train and bus services, book cheapest flights, cabs, hotels among others. The company has also reached five million app downloads this month. Micromax is seeking to invest $0.5-20 Mn in early-stage as well as matured picking up 5-26% stake that would provide the company with voting rights and board membership. It has also set up a five-member merger and acquisition team headed by Kumar Shah which is evaluating startups in India, Asia, Europe and the Silicon Valley, in areas of healthcare, gaming and entertainment. It had recently invested in Bangalore based HealthifyMe , digital health and fitness startup
Source: dealcurry.comMicromax Informatics Buys Minority Stake In Ixigo
Industry: 2015-11-23
