Leading Chinese travel company Crip has invested $180 million into MakeMyTrip. One of India’s oldest travel portals now has a Chinese giant as its biggest investor. our site is India’s largest online travel company. Scottish fund Baillie Gifford controls 5.2% of MakeMyTrip's ordianry shares. China’s Ctrip invests in India’s MakeMyTrip, Connect with Leigha (BDM-Middle East & India), Affordable Luxury in Thailand by Centara Hotels, Rising Above the Oridinary by Conrad Bangkok. 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. 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. [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. 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. June 30, 2020, 5:03 pm explore: Business (C) OfficeChai 2020. Ctrip will also have the right to appoint a director to the MakeMyTrip board. One of India’s oldest travel portals now has a Chinese giant as its biggest investor. 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. PT3M26S. According to Zacks, “MakeMyTrip Limited is an online travel service company which offers travel products and solutions in India and the United States. Chinese online travel giant Ctrip.com International has announced plans to invest US$180 million in MakeMyTrip, India’s largest online travel company. Upon completion of the transaction, Ctrip will invest US$180 million in MakeMyTrip through convertible bonds. Travel Daily - Informing, connecting and developing the world’s travel industry professionals. 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. DCCC China Investors and investments Company directory (lists) offer complete update China state-owned and private Chinese investors/companies investment in the EU countries in recent ears. 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. “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 … Email Alerts. Baillie Gifford is also an investor of Trip.com Group, holding a 7.7% stake in the Chinese OTA. 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. 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. Comments - Join the Discussion. STAY UPDATED WITH THE LATEST MakeMyTrip expects to use the capital ... ("Ctrip"), has agreed to make an investment in MakeMyTrip. Ctrip will own around 49% of MakeMyTrip's total voting rights. MakeMyTrip had an average of about 7.8 million unique visitors per month in fiscal year 2015. The potentially significant move will see Ctrip invest in MakeMyTrip via convertible bonds, and the Indian company has also granted Ctrip permission to acquire MakeMyTrip shares in the open market, enabling the Chinese group to own up to 26.6% of the Gurgaon-based OTA. The Company provides online travel services which include domestic and international holiday packages, Flight bookings, Hotel reservations, Bus, Train bookings etc. 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. Apart from MakeMyTrip, executives of e-pharmacy firm 1MG were also involved in the making of the app. 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. 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. MakeMyTrip today is 53% owned by a Chinese travel player, Ctrip (as per regulatory submissions, 49% is owned directly by Ctrip while remaining … Next Story. Leading Chinese travel company Crip has invested $180 million into MakeMyTrip. Ctrip will own around 49 per cent of MakeMyTrip’s total voting rights. Be part of our community of seasoned travel and hospitality industry professionals from all over the world. Debt-free MakeMyTrip sets aside money for investment opportunities — while its own revenue is down 95%. 93,51,109 Confirmed; 1,36,200 Deaths; Full coverage. ... 2016 - January: In January 2016, the Chinese travel booking company Ctrip agreed to invest $180 million to MakeMyTrip. “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. It provides booking services for flights, hotels, and buses; and holiday packages and travel guides. Late last year, MakeMyTrip, along with a clutch of other established hotel aggregators, had delisted these startups from its platform. Though their investments are small in size, Chinese investors have stakes in several tech unicorns. Ctrip is the dominant market leader in the online travel market in China. Box 505002 Louisville, KY 40233-5002 Toll Free US: 1-800-962-4284 Outside of US: 781-575-3120 www.makemytrip.com. This page is a platform to connect to people & talk about our latest offerings and services. Leading Chinese travel company Crip has invested $180 million into MakeMyTrip. The news of investment has pushed the stock prices of MakeMyTrip northwards with a growth of over 20 percent on Thursday. 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.. Ctrip will invest this amount through convertible bonds. 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. In what could turn out to be the largest deal in the country’s online travel industry, Gurgaon-based online travel company MakeMyTrip on Thursday raised $180 million (Rs 1,200 crore) from Ctrip, one of China’s largest online travel companies. Moreover, India's unicorns have also, of late, become accustomed to attracting Chinese investment. MakeMyTrip (India) Pvt., Ltd. operates as an online travel company in India. "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. Join over 180,000 travel agents, professionals Speaking on the investment, Deep Kalra, Founder and Group CEO, MakeMyTrip.com said, “HolidayIQ operates in a very exciting space in the Indian online travel market. After Ctrip’s investment announcement on Thursday, MakeMyTrip’s stock leapt around 38% to trade at around $22 a piece on Nasdaq. China’s Ctrip now owns 49% of MakeMyTrip after the exit of long-term investor Naspers. In a public tweet sent last year, India's competition watchdog CCI has officially approved Trip.com Group's investments in MakeMyTrip. Late last year, MakeMyTrip, along with a clutch of other established hotel aggregators, had delisted these startups from its platform. All Rights Reserved. The entire travel industry has got eyes set on China and India as both the markets hold huge potential for growth. Chinese market or Chinese tourists in global markets. 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). Mumbai: Online travel agency MakeMyTrip Ltd on Thursday said China’s Ctrip.com International Ltd will invest $180 million (about ₹ 1,200 crore) in the company through convertible bonds. After submitting your information, you will receive … In the year 2011, MakeMyTrip created several travel-related Mobile applications for all types of smartphones. MakeMyTrip (MMT) Limited on Tuesday said that it has acquired a majority stake in Mumbai-based Quest2Travel India Private Limited (Q2T), an internet based corporate travel management company. BENGALURU: China’s largest online travel agency now owns nearly half of India’s largest travel e-portal, MakeMyTrip, after a share-swap deal with South African internet giant Naspers Ltd. 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. It will also invest shares of MakeMyTrip in a third-party investment entity, which will own around 4% of the Indian company’s total voting rights. MakeMyTrip’s lucrative hotel booking sector has been under threat from upstart budget booking startups Oyo Rooms and Zo Rooms. The investment in MakeMyTrip follows a deal signed late last year that led to Ctrip acquiring a 45% stake in its Chinese rival, Qunar. Aug 21, 2020, 22:01 IST. Ctrip is the dominant market leader in the online travel market in China. The combination of Ctrip and MakeMyTrip – the two largest OTAs in the world’s two most populous countries – could mark the birth of a new global online travel behemoth. PM Modi reached Ahmedabad to review vaccine work. MakeMyTrip is an Indian Online Travel company which was founded in the year 2000. Instant notifications ensure current flight status, instant fare drops, amazing discounts, instant refunds and rebook options, price comparisons and many more interesting features. Ctrip will invest this amount through convertible bonds. 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. It had in turn launched its own budget booking brand Value+. Ctrip will invest the amount via convertible bonds. China’s Ctrip now owns 49% of MakeMyTrip after the exit of long-term investor Naspers. On its debut on Nasdaq in 2010, the company had notched up a valuation of $800-900 million. Ctrip and Naspers invested $330 million into MakeMyTrip two years ago, a move that saw Naspers deepen its involvement after its portfolio company Ibibo … Chinese investments are a major part of the Indian startup ecosystem. Cabinet nod for tariff policy likely by February first week: Goyal. Post the investment, Ctrip would have the rights to appoint a director to MakeMyTrip’s board of directors. 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. This isn’t CTrip’s first brush with MMT—it invested $180 million in January 2016—and neither is it the only Chinese investor backing MakeMyTrip. 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. MakeMyTrip (MMT) is recognised as one of the best online […] By ... After two years of partnerships and strategic investment, MakeMytrip acquires Mygola.com. It had in turn. China's Ctrip China's Ctrip Investment MakeMyTrip MakeMyTrip shares China and MakeMyTrip. 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. To receive notifications via email, enter your email address and select at least one subscription below. 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. 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. What Should You Know About Workers’ Compensation? Get a dose of digital travel in your inbox each day. Sign up here to get the latest news, updates and special offers delivered directly to your inbox. Join over 180,000 travel agents, professionals With the cheapest fare guarantee, experience great value at the lowest price. MakeMyTrip is India's leading player for flight bookings, and have a dominant position in the domestic flights sector. 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. 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! Ever since the coronavirus pandemic, which originated in Wuhan in China, gripped the world, there is a major global movement to ban China-made products and services. 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. Post the investment, Ctrip would have the rights to appoint a director to MakeMyTrip’s board of directors. MakeMyTrip Chairman Deep Kalra BCCL. The market cap of MakeMyTrip, one of India’s oldest tech startups, has been hovering around $650 million. The investment in MakeMyTrip follows a deal signed late last year that led to Ctrip acquiring a 45% stake in its Chinese rival, Qunar. GET THE LATEST TRAVEL INDUSTRY NEWS, Even 5 of the directors on a 10-member board of MakeMyTrip seem to be nominated by China’s Ctrip. 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 8 Crucial SEO Ranking Factors: Are You Giving Them the Attention They Deserve? MakeMyTrip’s lucrative hotel booking sector has been under threat from upstart budget booking startups Oyo Rooms and Zo Rooms. Box 505002 Louisville, KY 40233-5002 Toll Free US: 1-800-962-4284 Outside of US: 781-575-3120 www.makemytrip.com. Must Watch. It is being said that the Chinese company is expected to pick up additional shares of MakeMyTrip in the open market. The headquarters of MakeMyTrip is located in Gurgaon, Haryana, India. TRAVEL NEWS, JOBS & EVENTS! All rights reserved. PT9M11S. MakeMyTrip Limited 1-917-769-2027 Jonathan.Huang@go-mmt.com. 2016 - January: In January 2016, the Chinese travel booking company Ctrip agreed to invest $180 million to MakeMyTrip. To receive notifications via email, enter your email address and select at least one subscription below. 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. 18 of India's 30 unicorns had funding in varying degrees from Chinese outfits. The Chinese travel giant, which has a market capitalisation of $23.5 billion, had first backed MakeMyTrip in January 2016 through an investment of $180 million in convertible bonds. Increasing Chinese investment in Indian startups. 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. MakeMyTrip will use this investment on further strengthening its leading market share in the Indian online travel market by improving its mobile offerings, given the high smartphone penetration that India is currently witnessing. Through this transaction, Ctrip has now gained exposure to India’s fast growing online travel market.”. packaged tours and corporate travel management in China ("Ctrip"), has agreed to make an investment in MakeMyTrip. MakeMyTrip Limited 1-917-769-2027 Jonathan.Huang@go-mmt.com. Naspers will own 5.6% of Ctrip after the transaction. 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. (Read Press Release.) and executives subscribed to our daily newsletter. 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. MakeMyTrip’s Investments & Acquisitions So Far: February 2011: Acquired 79% stake in Singapore-based Luxury Tours & Travel Pte Limited (LTT) for around $3 Mn. Shareholder Services Computershare P.O. Chinese online travel giant Ctrip.com International has announced plans to invest US$180 million in MakeMyTrip, India’s largest online travel company. Email Alerts. 6,10,26,993 Confirmed; 14,32,817 Deaths; Full coverage . Naspers will sell its entire stake in MakeMyTrip to Chinese travel services provider Ctrip.com International Ltd, MakeMyTrip said in a statement. China’s Ctrip to invest $180M in MakeMyTrip. (Read Press Release.) © 2020 - Travel Daily. 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. MakeMyTrip to raise USD 180M from Chinese travel service provider Ctrip. After 2011, MakeMyTrip made many acquisitions on major travel-related applications. The company was founded in 2000 and is headquartered in Gurgaon, India with additional offices in New Delhi, Mumbai, Nagpur, Nashik, Panjim, Ahmedabad, Aurangabad, Shareholder Services Computershare P.O. Ctrip will invest this amount through convertible bonds. and executives subscribed to our daily newsletter. MakeMyTrip Limited is an Indian online travel company founded in 2000. A report from Gateway House detailed that China has invested an estimated $4 billion into India's start-ups. Ctrip will eventually build a stake of up to 26.6 of MMT’s shares giving them right to name a director. NEW DELHI: The recently amended FDI rules and the straining relationship following the recent border conflict between India and China are likely to add roadblocks for Chinese investments in Indian start-ups, according to data and analytics company GlobalData. “We are delighted to have Ctrip invest in us. The Company’s services and products include […] James Liang, co-founder & CEO of Ctrip, added; “Today’s announcement marks the beginning of the strategic relationship between Ctrip and MakeMyTrip. 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