A PYMNTS Company

India: MakeMyTrip, ibibo announce merger in $1.8-billion deal

By  |  October 18, 2016

India’s two biggest travel platforms MakeMyTrip and ibibo on Tuesday announced the merger of the companies in a $1.8-billion deal. The venture will function under MakeMyTrip’s brand and will include its home stay service Rightstay and ibibo’s Ryde ride-sharing service, according to NDTV.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The ibibo group, which is jointly owned by South African technology group Naspers and Chinese investment firm Tencent, will own majority stake in the combined entity. MakeMyTrip said in a statement that Naspers and Tencent will own 40% stake in the group, and will “contribute proportionate working capital upon closing”.

    If granted approval by regulators, the agreement will be one of the biggest consolidations in India’s online travel agency sector. The deal, expected to be finalised by December 2016, will not bring much change to MakeMyTrip’s ranks – its founder Deep Kalra will remain the Group CEO and executive chairman; Rajesh Magow will remain the chief executive of India operations; and ibibo CEO Ashish Kashyap will come on board as co-founder and president.

    Full content: Scroll

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.