Online travel operators MakeMyTrip and ibibo Group on October 18, 2016 decided to merge to create an entity that will operate as MakeMyTrip and will control a fifth of the airline booking market besides having a major share in bus and hotel bookings.
The deal size was not disclosed, but analysts estimated that Ibibo, which runs goibibo.com and redbus.com, was valued at about $400-700million. South Africa's Naspers and China's Tencent, the joint owners of Ibibo Group, will become the single largest shareholder in MakeMyTrip, owning a 40% stake.
The merged entity will make the going tough for rivals Cleartrip and Yatra. MakeMyTrip has been the strongest player in the online airline ticketing space. Deep Kalra founded MakeMyTrip in 2000 with Rajesh Magow.
The deal size was not disclosed, but analysts estimated that Ibibo, which runs goibibo.com and redbus.com, was valued at about $400-700million. South Africa's Naspers and China's Tencent, the joint owners of Ibibo Group, will become the single largest shareholder in MakeMyTrip, owning a 40% stake.
The merged entity will make the going tough for rivals Cleartrip and Yatra. MakeMyTrip has been the strongest player in the online airline ticketing space. Deep Kalra founded MakeMyTrip in 2000 with Rajesh Magow.
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