MakeMyTrip Limited (NASDAQ:MMYT) has announced that it has signed a deal with InterGlobe Technology Quotient (ITQ), the official distributor for Travelport Worldwide Ltd (NYSE:TVPT) in India.
The deal between the two firms will allow MakeMyTrip to use Travelport’s commerce platform. The company boasts of more than 33 million visits through mobile and desktop platforms including the visits on its recognized brands such as redBus and Goibibo. It also serves about 40 million active mobile app users every month. The new agreement will allow MakeMyTrip to expand its use of Travelport’s technology from the Ibibo Group into other distribution channels within the second half of 2017. The company acquired the Ibibo Group earlier this year.
“This is an exciting time for MakeMyTrip and we are delighted to partner with Travelport and ITQ as part of our growth strategy in the service of the traveling Indian consumer,” stated MakeMyTrip founder and CEO Deep Kalra.
Gordon Wilson, the president of Travelport pointed out that the Indian market has a lot of potential for growth. He also noted that ITQ registered 14 percent growth in air booking terms within the first half of 2017 while the GDS air market has experienced 11 percent growth. Wilson also stated that teaming up with the best online travel agency in the market should facilitate significant growth in India. He also added that the fact that MakeMyTrip chose to work with Travelport also validates the investments that it has made in booking, shopping, and leading edge search technology.
ITQ president and CEO Anil Parashar also had some positive things to say about MakeMyTrip. She stated that it has been a strong partner for his firm and also added that ITQ is pleased to continue on the path of progress that it followed while in partnership with Ibibo Group. Parashar also pointed out that his company’s investment in local infrastructure and support for the travel platform in its operating markets has allowed for the provision of exceptional service with global capabilities.
MakeMyTrip stock closed the latest trading session on Wednesday at $29.88 after tanking by 0.91 percent compared to the value of the stock during the previous close.
