Nexus Venture Partners Invests In Magicrooms.com
Nexus Venture Partners has invested Rs 7 Cr in MagicRooms Solutions Private Limited. www.MagicRooms.in - the online platform of the company offers online hotel bookings.
MagicRooms was founded by Niranjan Gupta in 2009. He is also the founder of www.flightraja.com, B2B airline booking website.
The company is launching a web based Global Distribution System of hotel rooms. Through the web-based hotel GDS, the company will offer inventory of hotels and service apartments across the country to travel agents on pan-India basis. The hotel will need to pay a service charge to Magicrooms.
Transaction Reference: Mint
Currently, the company has a total inventory of 1,300 hotels which includes Leela, Lemon Tree, Zuri and Orange County and is targeting to add close to 300 hotels on the system every month. It has tied up with 1,500 travel agents and online portals MakeMyTrip and Cleartrip.
Nexus Venture Partners has two India dedicated funds - Nexus India Capital I and II. It makes investments in startups in India.
Earlier in June, Nexus invested Rs 10 Cr in warehousing firm - Sohan Lal Commodity Management.
Website based businesses have attracted investments from a number of PE funds in the first half of the year.
Bangalore based www.taggle.com raised funding from Battery Ventures and Greylock Partners in June and also the online book seller www.flipkart.com raised second round of funding from Tiger Global.
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|2010-07-07||MagicRooms - Nexus Venture||Venture Capital||
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|Magic Rooms Solutions (India) Private Limited||Niranjan Gupta||B-6, Ramanashree Chambers, 37, Lady Curzon Road||www.magicrooms.in|
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