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Naspers will inject US$132 million into MakeMyTrip while US$33 million will be invested by Ctrip, with the rest coming from other investors
India’s leading online travel agency (OTA) MakeMyTrip is raising US$330 million in equity investment from MIH Internet, a subsidiary of South African Internet giant Naspers Group, Chinese online travel honcho Ctrip International, and a few undisclosed investors.
Naspers will inject US$132 million into MakeMyTrip while US$33 million will be invested by Ctrip, with the rest coming from other investors
The transaction is expected to be complete by the end of this week.
Also Read: China’s AirBNB Tujia merges homestay businesses of Ctrip and Qunar
The Gurgaon- and New York-based company will use the proceeds from these transactions to fund business expansion, strategic investments, technology and product development, marketing and promotions, working capital and general corporate purposes.
Started in 2000, MakeMyTrip is India’s largest and oldest online travel agency. It owns and operates popular online brands, including MakeMyTrip.com, goibibo.com, RightStay.com and redbus.in. It allows customers to research, plan and book a wide range of travel services and products in India as well as overseas. The services and products include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, rail ticketing, intercity bus ticketing, car hire and ancillary travel requirements such as facilitating access to third-party travel insurance and visa processing.
The firm has partnered with over 40,000 hotels, 13,500 alternative accommodation properties in India and more than 240,000 hotels and properties outside India, Indian Railways and all major Indian bus operators.
In January last year, Nasdaq-listed Ctrip.com had invested US$180 million in MakeMyTrip via convertible bonds.
India’s online travel booking space is highly-crowded with multiple players, including Yatra.com, Cleartrip, and SoftBank-backed budget hotels startup OYO Rooms. Oyo Rooms is reportedly close to raising US$250 million led by SoftBank.
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