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Continuing with the trend of Chinese ventures interested in India’s e-commerce sector, Ctrip.com International Ltd, a leading Chinese travel service provider, will invest $180 million (about ₹1,200 crore) in MakeMyTrip, a leading online travel company in India. Ctrip’s investment will be through convertible bonds. In addition, the Nasdaq-listed MakeMyTrip has given Ctrip permission to acquire its shares in the open market, so that combined with the convertible bonds, Ctrip may own up to 26.6 per cent of MakeMyTrip’s outstanding shares.
MakeMyTrip has said it will focus on strengthening its market share in the Indian online travel market and offer customers mobile booking facilities across all its travel products platform. A release quote Deep Kalra, Founder and Group CEO, MakeMyTrip, as saying that there are many similarities in the Indian and Chinese online travel markets and this relationship with Ctrip, China’s dominant market leader in the online travel space, will help both companies.
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