MakeMyTrip CTO quits, net loss widens in Q2

29 Oct, 2015

NASDAQ-listed online travel services firm MakeMyTrip has reported 3.6 per cent rise in revenue less service costs or net revenue for the three months ended September 30, 2015 to $33.2 million from $32 million recorded in corresponding year-ago quarter.

MakeMyTrip's hotels and packages business reported 7.3 per cent increase in revenue less service costs to $13.4 million, it said in an earnings disclosure.

On the air-ticketing front, sales increased by 0.4 per cent to $18.2 million. Other businesses grew by 23.7 per cent to $1.6 million.

Net loss for the quarter widened to $12.2 million from $4.8 million in the September 2014 quarter.

MakeMytrip has been reporting net loss for 12 consecutive quarters.

Upper deck changes

The online travel portal said its chief technology officer Sharat Singh, quit on October 9. Singh joined MakeMyTrip in August 2014 before which he served as India MD of Shopzilla Inc. He also had executive stints with Nextag and Microsoft.

Sanjay Mohan, who was earlier heading tech operations for India, is now the CTO.

Further, chief product officer Anshuman Bapna has been designated as an executive officer of the company.

Before joining MakeMyTrip early this year, Bapna was CEO of travel planning portal mygola.com. Prior to that, he had stints with Deloitte and Google.

In April, MakeMyTrip acquired certain assets of Mygola.com for an undisclosed amount. The entire Mygola team joined MakeMyTrip as part of the deal. More recently, MakeMyTrip was in the news for blocking budget hotel aggregators OYO Rooms and Zo Rooms from its platform.