Emerging India invests $50m in domestic travel site

The announcement comes just months after Emerging India paid $180 million for a majority stake in Orbit. It is not clear whether this investment is part of the earlier round or a separate transaction. At the time of the earlier investment, Orbit announced that it would launch Goomo as its online platform, while continuing to operate its offline branches under the existing brand.

Goomo will use the capital to build the online platform and expand its network of offline partners, in addition to marketing. It will seek corporate and consumer market clients. Currently, the company provides domestic and international flight booking and holiday packages; it plans to add hotel booking, bus and train tickets, and visa services soon.

“The travel industry in India offers immense opportunities for growth and consolidation,” said a spokesperson for Emerging India. “Over the past 12 months we have built a great team with a strong foundation. We are excited about the growth prospects of the business and expect the team to create a great India-focused travel distribution business in the next two to three years.”

Emerging India invests in growth stage Indian companies across multiple asset classes, including equities, fixed income, credit and private equity. The firm is most active in public markets, with holdings in companies spanning a variety of sectors including manufacturing, infrastructure and technology.

India’s online travel industry has attracted considerable interest from PE firms, including such well-established players as Yatra Online and MakeMyTrip. The former underwent a backdoor NASDAQ listing last year following an acquisition by a special purpose buyout firm that valued it at $218 million.

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• Topics
• South Asia
• Technology
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• Expansion
• India
• TMT