MakeMyTrip expects to use the capital ... ("Ctrip"), has agreed to make an investment in MakeMyTrip. With the cheapest fare guarantee, experience great value at the lowest price. Naspers has sold its entire stake in MakeMyTrip in exchange for 5.6% of shares in Ctrip, effectively exiting the Indian travel portal and becoming an investor in Ctrip instead. MakeMyTrip Chairman Deep Kalra BCCL. Ctrip will invest this amount through convertible bonds. China’s Ctrip to invest $180M in MakeMyTrip. Upon completion of the transaction, Ctrip will invest US$180 million in MakeMyTrip through convertible bonds. (C) OfficeChai 2020. The Company’s services and products include […] [8] As of March 31, 2018, the company has 14 company-owned travel stores in 14 cities, including one in their office in Gurugram, over 30 franchisee-owned travel stores which primarily sell packages in approximately 28 cities, and counters in four major airports in India under their brand. Scottish fund Baillie Gifford controls 5.2% of MakeMyTrip's ordianry shares. 18 of India's 30 unicorns had funding in varying degrees from Chinese outfits. In addition, MakeMyTrip has granted Ctrip permission to acquire MakeMyTrip shares in the open market, so that combined with shares convertible under the convertible bonds, Ctrip may own up to 26.6% of MakeMyTrip's outstanding shares. The entire travel industry has got eyes set on China and India as both the markets hold huge potential for growth. Ctrip and Naspers invested $330 million into MakeMyTrip two years ago, a move that saw Naspers deepen its involvement after its portfolio company Ibibo … MakeMyTrip’s lucrative hotel booking sector has been under threat from upstart budget booking startups Oyo Rooms and Zo Rooms. After 2011, MakeMyTrip made many acquisitions on major travel-related applications. NEW DELHI / MUMBAI: Chinese online travel major Ctrip.com International has agreed to invest $180 million (Rs 1,204 crore) in India's largest online travel company, Nasdaq-listed MakeMyTrip.com, the latest instance of Chinese strategic capital backing an Indian consumer internet venture. On April 26, China’s CTrip bought a 42.5% stake in India’s largest online travel firm MakeMyTrip (MMT) from South Africa’s Naspers in a share-swap deal. PT9M11S. All Rights Reserved. What Should You Know About Workers’ Compensation? MakeMyTrip to raise USD 180M from Chinese travel service provider Ctrip. Ctrip will invest this amount through convertible bonds. Post the investment, Ctrip would have the rights to appoint a director to MakeMyTrip’s board of directors. Travel Daily - Informing, connecting and developing the world’s travel industry professionals. The investment in MakeMyTrip follows a deal signed late last year that led to Ctrip acquiring a 45% stake in its Chinese rival, Qunar. (Read Press Release.) James Liang, co-founder & CEO of Ctrip, added; “Today’s announcement marks the beginning of the strategic relationship between Ctrip and MakeMyTrip. ... 2016 - January: In January 2016, the Chinese travel booking company Ctrip agreed to invest $180 million to MakeMyTrip. The headquarters of MakeMyTrip is located in Gurgaon, Haryana, India. “This investment will help us extend our service offerings to large corporates for their travel requirements while helping Quest2Travel benefit from the travel expertise and depth of supplier relationships that MakeMyTrip has forged over the years,” says Deep Kalra, founder and group CEO of MakeMyTrip. and executives subscribed to our daily newsletter. June 30, 2020, 5:03 pm explore: Business It will also invest shares of MakeMyTrip in a third-party investment entity, which will own around 4 per cent of the Indian company’s total voting rights. China’s Ctrip now owns 49% of MakeMyTrip after the exit of long-term investor Naspers. This page is a platform to connect to people & talk about our latest offerings and services. MakeMyTrip’s Investments & Acquisitions So Far: February 2011: Acquired 79% stake in Singapore-based Luxury Tours & Travel Pte Limited (LTT) for around $3 Mn. Must Watch. Chinese market or Chinese tourists in global markets. That may be the thinking behind Chinese online travel giant Ctrip’s latest investment; the company announced today that it will invest US$180 million in India’s MakeMyTrip via convertible bonds. “We are delighted to have Ctrip invest in us. In the year 2011, MakeMyTrip created several travel-related Mobile applications for all types of smartphones. The investment, which has been made via five-year convertible bonds, will, upon conversion, see Ctrip own about 15%-16% in Gurgaon-based MakeMyTrip.com. "We request you to order for an investigation of investments made by Chinese companies in various Indian startups to ensure that the data accrued by these startups is not being transferred to Chinese investors in any way and there is no threat to the security of the country," CAIT Secretary General Praveen Khandelwal said in the letter to Sitharaman. Shareholder Services Computershare P.O. One of India’s oldest travel portals now has a Chinese giant as its biggest investor. MakeMyTrip today is 53% owned by a Chinese travel player, Ctrip (as per regulatory submissions, 49% is owned directly by Ctrip while remaining 4% is held in a third-party entity known as Golden Trip Investment Fund LP). Though their investments are small in size, Chinese investors have stakes in several tech unicorns. If you would like to know more about Chinese investors and expand your business services or engage in investment research project, why not sign up for DCCC lists at: dccchina.org Ctrip CEO and Co-Founder, James Liang commented, "Today's announcement marks the … Get a dose of digital travel in your inbox each day. MakeMyTrip Ltd said it has signed an agreement with fellow NASDAQ-listed firm Ctrip.com International Ltd where the Chinese travel services firm will invest $180 million (Rs 1,200 crore) through convertible bonds in India's largest online travel agency. Naspers will sell its entire stake in MakeMyTrip to Chinese travel services provider Ctrip.com International Ltd, MakeMyTrip said in a statement. To receive notifications via email, enter your email address and select at least one subscription below. Through this transaction, Ctrip has now gained exposure to India’s fast growing online travel market.”. The Chinese travel giant, which has a market capitalisation of $23.5 billion, had first backed MakeMyTrip in January 2016 through an investment of $18.. It provides booking services for flights, hotels, and buses; and holiday packages and travel guides. We believe there are many similarities in the Indian and Chinese online travel markets and we expect this strategic relationship between two market leaders to be mutually beneficial.”, said Deep Kalra, Founder and CEO of MakeMyTrip. India witnesses spurt in Chinese travellers, China to make 800 million domestic trips on national holiday, China’s online hotel reservation industry continues to rise, Shop till you drop! That agreement also saw Qunar’s owner, Baidu, take a 25% stake in Ctrip, while US online travel giant The Priceline Group has also been steadily increasing its stake in Ctrip, having invested an extra US$500m in the Shanghai-based company in December. 2016 - January: In January 2016, the Chinese travel booking company Ctrip agreed to invest $180 million to MakeMyTrip. Leading Chinese travel company Crip has invested $180 million into MakeMyTrip. Increasing Chinese investment in Indian startups. JOBS AND EVENTS STRAIGHT TO YOUR INBOX! “Over the past years we have witnessed the great achievements of Make-MyTrip and we are confident that MakeMyTrip will extend its success in the future,” Ctrip International executive chairman James Liang said in a … Cabinet nod for tariff policy likely by February first week: Goyal. MakeMyTrip is an Indian Online Travel company which was founded in the year 2000. Box 505002 Louisville, KY 40233-5002 Toll Free US: 1-800-962-4284 Outside of US: 781-575-3120 www.makemytrip.com. our site is India’s largest online travel company. Foreign investment in the service industry was up 16.2 percent at CNY 626 billion during that period, while that in the high-tech service sector increased 27.8 percent. A report from Gateway House detailed that China has invested an estimated $4 billion into India's start-ups. In a public tweet sent last year, India's competition watchdog CCI has officially approved Trip.com Group's investments in MakeMyTrip. It had in turn. Naspers will own 5.6% of Ctrip after the transaction. In the initial three years of the Modi regime, Chinese investment in India increased five folds to $ 8 billion from $1.6 billion in 2014. packaged tours and corporate travel management in China ("Ctrip"), has agreed to make an investment in MakeMyTrip. Shareholder Services Computershare P.O. CAIT Seeks Probe Into Chinese Investments in Indian Startups to Rule Out 'Foul Play' The traders' body further said that the Chinese firms that may have set up manufacturing plants in India should also be investigated for whether the data they have accrued is not being misused or sent to China. MakeMyTrip Limited is an Indian online travel company founded in 2000. Be part of our community of seasoned travel and hospitality industry professionals from all over the world. Abu Dhabi Shopping Season unveiled, Scotland removes travel restrictions for Ireland, Canada reopening soon as coronavirus vaccine rolls out next…, Oman gives visa-free 10-day entry to 103 countries, Tourism New Zealand invites everyone to turn disappointments…, SKÅL Bangkok’s Wood warns of a deepening Thailand tourism…, Emirates A380 with premium economy to be delivered this year. NEW DELHI / MUMBAI: Chinese online travel major Ctrip.com International has agreed to invest $180 million (Rs 1,204 crore) in India's largest online travel company, Nasdaq-listed MakeMyTrip.com, the latest instance of Chinese strategic capital backing an Indian consumer internet venture. Ctrip is the dominant market leader in the online travel market in China. and executives subscribed to our daily newsletter. We believe there are many similarities in the Indian and Chinese online travel markets and we expect this strategic relationship between two market leaders to be mutually beneficial,” said Deep Kalra, founder & group CEO of MakeMyTrip. MakeMyTrip Limited 1-917-769-2027 Jonathan.Huang@go-mmt.com. Foreign direct investment into China rose 6.4 percent year-on-year to CNY 801 billion or USD 115 billion in the January-October 2020 period. According to Zacks, “MakeMyTrip Limited is an online travel service company which offers travel products and solutions in India and the United States. Ctrip will invest the amount via convertible bonds. This strategic investment will enable both companies to rapidly scale up hotel content and reviews for Indian customers, and provide more compelling offerings to their visitors. The news of investment has pushed the stock prices of MakeMyTrip northwards with a growth of over 20 percent on Thursday. At this point, the globalization strategy appears to have two prongs: The first prong has been using its enormous cash flow to acquire or co-invest in local firms that dominate other developing country markets that are expanding rapidly. Late last year, MakeMyTrip, along with a clutch of other established hotel aggregators, had delisted these startups from its platform. P2P Trading Platforms Have Made Cryptocurrency More Popular In India, As Airbnb Goes Public, This Is The Email In Which Started It All, Simplify your Loan Repayments with a Personal Loan EMI Calculator. Zacks Investment Research lowered shares of MakeMyTrip (NASDAQ:MMYT) from a buy rating to a hold rating in a research report released on Thursday morning, Zacks.com reports. He said the investment, being paid for via convertible bonds, will mean more opportunities for Chinese citizens to visit India, which is considered one of Ctrip's strongest future markets. Chinese online travel giant Ctrip.com International has announced plans to invest US$180 million in MakeMyTrip, India’s largest online travel company. Ctrip will own around 49% of MakeMyTrip's total voting rights. In the 2014-15 financial year, MakeMyTrip reported revenues of almost US$300m, while Ctrip’s full-year revenues for 2014 reached US$1.2 billion. On its debut on Nasdaq in 2010, the company had notched up a valuation of $800-900 million. “We are delighted to have Ctrip invest in us. Sanchita Dash. MakeMyTrip (MMT) is recognised as one of the best online […] Join over 180,000 travel agents, professionals Email Alerts. It is being said that the Chinese company is expected to pick up additional shares of MakeMyTrip in the open market. © 2020 - Travel Daily. After submitting your information, you will receive … MakeMyTrip Announces Investment by Ctrip ... and Chinese online travel markets and we expect this strategic relationship between two market leaders to be mutually beneficial."