Online travel company MakeMyTrip has acquired rival Indian travel company Ibibo. The combined entity will compete against rivals Yatra and Cleartrip.
Founder Deep Kalra will remain Group CEO and Executive Chairman of MakeMyTrip and Co-founder Rajesh Magow will continue to remain CEO India of MakeMyTrip.
Founder and CEO of ibibo Group, Ashish Kashyap, will join MakeMyTrip’s executive team as a Co-founder and President of the organisation.
MakeMyTrip will own 100 per cent of ibibo Group. ibibo 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.
MakeMyTrip brings its strong brand, robust mix of domestic and outbound hotels and packages business and strong position in the air ticketing business. ibibo Group, via its brand goibibo and redBus, comes with a strong presence in various fast growing travel segments including hotels, bus bookings and air ticketing.