Ctrip taps growing online travel market in India
Print Edition
CTRIP.COM said yesterday that it will invest US$180 million in MakeMyTrip Ltd, India’s largest online travel company, to tap the country’s “fast growing online travel market.”
Once completed, the investment will see Ctrip own up to 26.6 percent of MakeMyTrip’s outstanding shares and giving it the right to appoint a director to the Indian company’s board of directors.
“Ctrip has now gained exposure to India’s fast growing online travel market,” said James Liang, co-founder, chairman and chief executive of Shanghai-based Ctrip, China’s biggest online tourism website.
India’s online travel market revenue may have grown 16 percent year on year in 2015, Ctrip said, citing figures from research firms.
In January last year, Ctrip spent US$100 million to acquire UK-based budget travel agency and technology firm Travelfusion.
Ctrip will invest more to expand facilities and networks in Europe and the United States markets, Liang said.
Earlier this week, Shenzhen-listed Utour unveiled a US$25 million investment for a stake in Qyer, an online tourism community targeting Chinese cross-border travelers.
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