Bengaluru: Stealth mode startup, Bona Vita Technologies Pvt. Ltd. secures $5 million from an online travel agency, MakeMyTrip, as a fifth investment for the early stage travel companies as a part of its $15 million innovation fund. Incorporated by an alumni of IIT-Kanpur and University of California – Amitabh Misra, Bona Vita Technologies is currently not working as a company, as it has been in stealth ever since its inception. Hence, the round of funding will be utilized in order to improve products in the sector.
On the other hand, the company, MakeMyTrip is trying to reinforce its position in the online travel segment. Therefore, the firm is sturdily focusing towards hotels and packages by partnering, acquiring and funding other startups in the same space.
Lately, MakeMyTrip also picked up 28 percent stake in HolidayIQ and minority stake in Simplotel. It also acquired 18 percent stake in Inspirock Inc. for an unrevealed amount and acqui-hired Mygola. Its immediate competitors include goIbibo, which recently expanded its redbus service to South East Asian markets.