Home > Online > Ctrip backs MakeMyTrip's $330 million fundraising

Ctrip backs MakeMyTrip's $330 million fundraising

05/04/2017| 1:05:17 PM| 中文

MakeMyTrip has announced a share placement and purchase agreement to raise USD 330 million. Existing investors Ctrip and Naspers have participated in the financing.

India’s MakeMyTrip has announced a share placement and purchase agreement which will net the business gross proceeds of USD 330 million.

There are two components to the financing – USD 165 million coming from the placement of ordinary shares at a cost of USD 36 a share with unnamed investors, and the same amount coming via a purchase deal involving existing investors Ctrip and Naspers.

In October 2016, MakeMyTrip merged with Indian rival Ibibo Group. The combined MakeMyTrip/Ibibo was then 50% owned by MakeMyTrip, 40% by Naspers/Tencent and 10% by Ctrip.

Ctrip has experience in China of strengthening from a position of strength by buying significant stakes in or merging with competitors, and it looks as if MakeMyTrip is now in a position to adopt a similar approach.

Its biggest competitor in India at the moment is Yatra, also listed in the US. At the time of writing, Yatra’s market capitalization is around $313 million.

Read original article

TAGS: MakeMyTrip | ibibo | Ctrip | Tencent
©2017 广州力矩资讯科技有限公司 粤ICP备06070077号-2
Tell us more about yourself!