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China’s CTrip invests $180 million in MakeMyTrip

Online travel agency MakeMyTrip has raised $180 million in convertible bonds from China's Ctrip. Ctrip will also be buying MakeMyTrip's shares from the open market. After converting the bonds to shares and purchase in the open market, Ctrip would effectively own 26.6% of MakeMyTrip's stock. Upon completion of the investment, Ctrip will acquire the right to appoint a director to the MakeMyTrip board of directors, the company said in a release. VCCircle points out that Ctrip would become the single largest shareholder in the company ahead of  SAIF Partners, T Rowe Price, Tiger Global and company founder and CEO Deep Kalra. "Through this transaction, Ctrip has now gained exposure to India's fast growing online travel market,"Ctrip CEO and co-founder James Liang said. Financials For the quarter ended September 30, MakeMyTrip's losses stood at $12.22 million as compared to $6.9 million in the preceding quarter. However, the net revenues (revenues less…

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