India OTA MakeMyTrip buys rival ibibo Group
Wednesday, 21 Oct, 2016
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Leading Indian OTA MakeMyTrip is further tightening its grip in the local market with the acquisition of iBibo Group.
Goibibo.com and redbus.com are being acquired for an undisclosed sum.
According to industry analysts, MakeMyTrip will have an estimated 50% market share of the India online travel market once the deal completes by the end of 2016.
South Africa based Naspers owns a 91% share of ibibo Group with the remaining 9% held by Chinese company Tencent.
Naspers and Tencent will then own 40% of the new combined entity which will have an estimated worth of about $1.8 billion.
MakeMyTrip founder Deep Kalra will continue as Group CEO and executive chairman, current CEO of ibibo Group, Ashish Kashyap will join MakeMyTrip as president.
In the second quarter of 2016 MakeMytrip posted an 81% year-on-year increase in hotels and 30.8% growth in air ticketing revenues.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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