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MakeMyTrip acquires rival travel portal ibibo

Ibibo operates brands such as goibibo and redBus

BS Web Desk  |  New Delhi 

makeMYtrip
Source: www.makemytrip

Homegrown online company MakeMyTrip, a Nasdaq listed firm has decided to acquire rival Indian company at an undisclosed amount to form the country’s biggest online company. The combined entity will compete against rivals Yatra and Cleartrip.

Following the closing of the transaction, will own 100 per cent of Group. Holdings will own a 40 per cent stake in MakeMyTrip, becoming its single largest shareholder and will contribute proportionate working capital upon the closing of the transaction.

The transaction is expected to unlock value for customers, supply partners and shareholders, by combining the complementary strengths of each business. brings its strong brand, robust mix of domestic and outbound hotels and packages business and strong position in the air ticketing business. Group, via its brand goibibo and redBus, comes with a strong presence in various fast growing segments including hotels, bus bookings and air ticketing, said in a statement.

Following the closing of the proposed transaction, Founder Deep Kalra will remain Group CEO and Executive Chairman of and Co-founder Rajesh Magow will continue to remain CEO India of Founder and CEO of Group, Ashish Kashyap, will join MakeMyTrip’s executive team as a Co-founder and President of the organisation.

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MakeMyTrip acquires rival travel portal ibibo

Ibibo operates brands such as goibibo and redBus

Ibibo operates brands such as goibibo and redBus
Homegrown online company MakeMyTrip, a Nasdaq listed firm has decided to acquire rival Indian company at an undisclosed amount to form the country’s biggest online company. The combined entity will compete against rivals Yatra and Cleartrip.

Following the closing of the transaction, will own 100 per cent of Group. Holdings will own a 40 per cent stake in MakeMyTrip, becoming its single largest shareholder and will contribute proportionate working capital upon the closing of the transaction.

The transaction is expected to unlock value for customers, supply partners and shareholders, by combining the complementary strengths of each business. brings its strong brand, robust mix of domestic and outbound hotels and packages business and strong position in the air ticketing business. Group, via its brand goibibo and redBus, comes with a strong presence in various fast growing segments including hotels, bus bookings and air ticketing, said in a statement.

Following the closing of the proposed transaction, Founder Deep Kalra will remain Group CEO and Executive Chairman of and Co-founder Rajesh Magow will continue to remain CEO India of Founder and CEO of Group, Ashish Kashyap, will join MakeMyTrip’s executive team as a Co-founder and President of the organisation.

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Business Standard
177 22

MakeMyTrip acquires rival travel portal ibibo

Ibibo operates brands such as goibibo and redBus

Homegrown online company MakeMyTrip, a Nasdaq listed firm has decided to acquire rival Indian company at an undisclosed amount to form the country’s biggest online company. The combined entity will compete against rivals Yatra and Cleartrip.

Following the closing of the transaction, will own 100 per cent of Group. Holdings will own a 40 per cent stake in MakeMyTrip, becoming its single largest shareholder and will contribute proportionate working capital upon the closing of the transaction.

The transaction is expected to unlock value for customers, supply partners and shareholders, by combining the complementary strengths of each business. brings its strong brand, robust mix of domestic and outbound hotels and packages business and strong position in the air ticketing business. Group, via its brand goibibo and redBus, comes with a strong presence in various fast growing segments including hotels, bus bookings and air ticketing, said in a statement.

Following the closing of the proposed transaction, Founder Deep Kalra will remain Group CEO and Executive Chairman of and Co-founder Rajesh Magow will continue to remain CEO India of Founder and CEO of Group, Ashish Kashyap, will join MakeMyTrip’s executive team as a Co-founder and President of the organisation.

image
Business Standard
177 22