Travel company MakeMyTrip on Tuesday said it incurred a loss of USD 1.8 million (about Rs 8.15 crore) for the quarter ended September 30, as against a profit of USD 0.02 million (Rs 9.1 lakh) in the year-ago period.
The company also said it is looking to acquire technology firms and other domestic players in the travel sector.
During the quarter, the company said its revenue jumped by 40.5 per cent to USD 23.8 million (Rs 107.7 crore), as compared to USD 17 million (Rs 77 crore) in the same period last year.
The company said the loss during the quarter was due to the effects of its employee share-based compensation costs and one-time initial public offering (IPO) costs related to listing of shares of USD 2.1 million in the current quarter.
In August, the company had raised USD 70 million (Rs 327 crore) through IPO in the U.S. markets.
“We raised money from the market three months back for investment in technology and working capital. Now, we are looking for strategic acquisitions,” MakeMyTrip Chief Executive Officer Deep Kalra told PTI.
However, he did not disclose the size of the acquisitions and the time frame for it, but said that the company will look for acquisitions of technological and regional players.
“We believe in maximising value being the online intermediaries between customers and suppliers. We have horn those skills and will continue to focus in those areas,” Mr. Kalra said.