Sierra Ventures India Investment Strategy Pays Off
We began investing in India a few years ago with a clear strategy centered on extending our sector expertise in the US to growth markets in India. Consumer Internet was a strong sector of interest given the pent up demand for electronic content and commerce in India. Online travel is among the largest Internet categories in the US and we had no doubt it would be more so in India. For this reason we honed in on the market leader in the category with our investment in MakeMyTrip.
“We were believers in the long term potential of the online travel market in India, and yesterday's IPO is an important marker in the broader market's interest in the category leader, MakeMyTrip. Deep's leadership, stewardship and the team's execution was world class and I look forward to our continued involvement in creating a market juggernaut," said Tim Guleri Managing Director of Sierra Ventures.
“MakeMyTrip is the market leader in the fastest growing internet category in India and thanks to the strong management team they successfully grew their leadership in an exploding market," said Vispi Daver, Partner, Sierra Ventures.
Today, a brief few years after our investment we are proud to share with you the company’s success in their IPO on the Nasdaq. The stock was offered at the high end of their range of $14 and closed at $26.45 – approximately 90% above the IPO price. The company is currently valued at a market cap of over $800M.
Sierra Ventures Investment Professionals Tim Guleri, Managing Director, and Vispi Daver, Partner were the investment team on MakeMyTrip.
