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Home / News / Business News / MakeMyTrip raises $330 million in funding
  • Business

    MakeMyTrip raises $330 million in funding

    Written by
    Vaneet Randhawa
    Edited by
    NewsBytes Desk
    Last updated on May 03, 2017, 12:44 pm
    MakeMyTrip raises $330 million in funding
  • Sources stated that MakeMyTrip has raised $330 in its latest round of funding from a mix of private placement of shares and from issuing fresh stock to investors Ctrip and Naspers.

    The latest funds will go toward business expansion, technology and product development, working capital and general corporate purposes.

    MakeMyTrip is attempting to consolidate its position in the Indian travel industry.

  • In this article
    Ibibo: Company overview MakeMyTrip: Company Overview Ibibo and MakeMyTrip to merge Details of the deal Importance of the merger MakeMyTrip, ibibo merger cleared by CCI MakeMyTrip raises $330 million in funding
  • Ibibo

    Ibibo: Company overview

    Ibibo: Company overview
    Credits:
  • Ibibo is one of India's largest travel companies, founded by Ashish Kashyap in 2007.

    The group owns several travel brands including tour aggregator Goibibo.in, redBus.in, YourBus, ibibo Ryde and Travelboutique. The company also holds minority stakes in PayU global.

    In 2013, Ibibo was voted as one of India's top 5 trusted e-commerce brands.

    Ibibo has over 3 million daily transactions across its platforms.

  • MakeMyTrip

    MakeMyTrip: Company Overview

    MakeMyTrip: Company Overview
  • MakeMyTrip was founded in 2000 as an online travel company by Deep Kalra.

    The company "holds close to 25% market share of the OTA hotel booking segment".

    From its genesis MakeMyTrip acquired Luxury Tours and Travel Private Limited, Ixigo.com, ITC Group, easytobook.com, Inspirock, MyGola, Holiday IQ and Bona Vita Technologies.

    In 2016, Ctrip - a Chinese travel booking giant invested $180 million in MakeMyTrip.

  • 19 Oct 2016

    Ibibo and MakeMyTrip to merge

    Ibibo and MakeMyTrip to merge
    Credits:
  • Online-focused travel groups MakeMyTrip and Ibibo announced their merger plans.

    The two "agreed to merge in a stock transaction" would create an entity that would control a "fifth of the lucrative airline booking market".

    The merged business will run as MakeMyTrip.

    People privy to the details of the deal pegged the transaction value of the deal to approximately $1.8-2 billion.

  • 19 Oct 2016

    Details of the deal

    Details of the deal
  • MakeMyTrip's founder will function as the CEO and executive chairman, while co-founder Rajesh Magow will be the CEO (India).

    Ashish Kashyap- Founder and CEO of Ibibo will be MakeMyTrip team's President.

    South Africa's Naspers and China's Tencent with 40% stake will be the largest shareholders in the entity.

    10% stake will belong to Ctrip.

  • Game changing merger

    Importance of the merger

    Importance of the merger
  • India's online travel business has an estimated valuation of $10 billion.

    Operators can't churn profits due to fierce competition.

    Ibibo generated $38 million in revenue (2015) it "incurred $40 million in advertising and marketing expenses."

    MakeMyTrip too recorded losses in last seven quarters because of tremendous marketing costs.

    With 20% market share in online flight booking, this deal will be a gamechanger for both the players.

  • 22 Jan 2017

    MakeMyTrip, ibibo merger cleared by CCI

    MakeMyTrip, ibibo merger cleared by CCI
  • Documents filed by MakeMyTrip to the US Securities and Exchange Commission show that the Competition Commission of India has approved its acquisition of Ibibo Group.

    The deal brings all brands under the Ibibo Group such as Goibibo, RedBus, Ryde and Rightstay under MakeMyTrip.

    In a joint statement the companies said the merger would help them "dominate this highly under-penetrated online Indian travel space."

  • 03 May 2017

    MakeMyTrip raises $330 million in funding

    MakeMyTrip raises $330 million in funding
  • Sources stated that MakeMyTrip has raised $330 in its latest round of funding from a mix of private placement of shares and from issuing fresh stock to investors Ctrip and Naspers.

    The latest funds will go toward business expansion, technology and product development, working capital and general corporate purposes.

    MakeMyTrip is attempting to consolidate its position in the Indian travel industry.

  • India
  • South Africa
  • Travel
  • MakeMyTrip
  • PayU
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