MakeMyTrip co-founder and India CEO Rajesh Magow believes that its recent merger with Ibibo Group will create a business capable of dominating all aspects of the Indian online travel market.
The deal structure left many in the market confused – MakeMyTrip owns 60% of the combined business (which gives Ctrip a 10% in the business). Ibibo Group’s was 91% owned by South Africa’s Naspers and 9% by China’s Tencent and has 40% of the combined business.
Magow, speaking on the sidelines of the Phocuswright Conference in Los Angeles, told Tnooz that “in every aspect, on a people and business level, this is a merger, not an acquisition.”
“The conversations were all forward-looking, all about where we can take the combined business, the new growth opportunities that we can tap into through the brands we now control,” he said.
MakeMyTrip is leading the group as India’s already dominant full-service online travel agency. But Magow noted a range of opportunities across the combined portfolio.
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