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China’s Ctrip May Invest $100 million in Zomato

10Sep By Gauri SinghNo Comments

BUSINESS

China’s Ctrip May Invest $100 million in Zomato

The leading travel-booking platform in China Ctrip is planning to invest in India’s online restaurant discovery and food-delivery platform Zomato as part of a financing round. According to some of the statements, the investment could go up to $400 million (Rs 2,800 crore). The company is expected to pump around $100 million into Zomato. This investment will value the food discovery firm at $1.8-2 billion. It is being stated that Ctrip will be joined by Zomato’s existing investor Ant Financial, an Alibaba affiliate, and a couple of investors. If the deal with Zomato is successfully implemented, it will be significant as the first such bet outside of travel services for Ctrip, which has a market capitalization of over $20 billion. “The discussions with Ctrip are in the last leg, with ...

MakeMyTrip to Raise $330 million From Ctrip and Naspers

3May By AdityaNo Comments

FUNDING

MakeMyTrip to Raise $330 million From Ctrip and Naspers

Online travel firm MakeMyTrip today said it will raise $330 million (over Rs 2,115 crore) through share sale to investors as well as to Ctrip and Naspers’ arm MIH Internet, to fund expansion. The company has entered into share purchase agreements with undisclosed investors for placement of its ordinary shares, which is expected to generate gross proceeds of $165 million. The company will issue 4,583,334 ordinary shares in aggregate to investors at $36 per scrip. Moreover, it has also signed share purchase agreements with Nasdaq-listed Ctrip.com International Ltd and MIH Internet SEA Pte Ltd, a subsidiary of Naspers Ltd for issuance of the company’s ordinary shares and Class B convertible ordinary shares respectively. Under the agreement, MakeMyTrip will issue 9,16,666 ordinary ...

22Feb By reutersNo Comments

FUNDING

Bicycle Sharing Startup Mobike Gets Funding From Temasek, Others

Chinese bicycle-sharing startup Mobike said on Monday it has raised funding in a new round led by Singapore state investor Temasek Holdings [TEM.UL] and hedge fund Hillhouse Capital, bringing its total new funding in 2017 to more than $300 million. The Shanghai-founded startup said last month it raised $215 million from a range of investors including Tencent Holdings Ltd, Warburg Pincus LLC and Chinese travel firm Ctrip.com International Ltd. Mobike also announced an undisclosed investment from Foxconn last month, in a bid to double the number of bikes it produced last year to 10 million in 2017. A spokesman for the startup declined to confirm the amount of the most recent investment. Mobike has not shared its valuation. Mobike allows users to find, ride and pay for company bic...

China’s Ctrip.com Acquires Online Travel Company Skyscanner in $1.74 billion Deal

24Nov By reutersNo Comments

ACQUISITION

China’s Ctrip.com Acquires Online Travel Company Skyscanner in $1.74 billion Deal

Ctrip.com International Ltd , China's biggest online travel company, said on Wednesday it agreed to buy travel search website Skyscanner Holdings Ltd in a deal valuing the Scotland-based company at about 1.4 billion pounds (USD 1.74 billion). Ctrip's shares were up 9.2 percent at USD 44.75 in extended trading. Skyscanner, a result of CEO and co-founder Gareth Williams' frustration with finding cheap flights, enables users to compare prices from different travel sites when searching for flights, hotels, and rental cars. The website currently serves 60 million monthly active users and is available in over 30 languages. Skyscanner was reported to be exploring a sale or an initial public offering. The company was valued at USD 1.6 billion in a funding round in January, when it raised ...

China’s Ctrip invested $180 million in MakeMyTrip

8Jan By AdityaNo Comments

FUNDING

China’s Ctrip invested $180 million in MakeMyTrip

India's leading online travel company, MakeMyTrip Limited (NASDAQ: MMYT), announced an agreement under which Ctrip.com (NASDAQ: CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China, has agreed to make an investment in MakeMyTrip. Upon completion of the transaction, Ctrip will invest US$180 million in MakeMyTrip through convertible bonds. In addition, MakeMyTrip has granted permission to the chinese company to acquire MakeMyTrip shares in the open market, so that combined with shares convertible under the convertible bonds. Ctrip may beneficially own up to 26.6% of MakeMyTrip's outstanding shares. Also it will acquire the rights to appoint a director to the MakeMyTrip board of director...