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China’s Ctrip now owns almost half of MakeMyTrip after share swap with Naspers

MakeMyTrip today announced a change in the company’s shareholding after Naspers and Chinese travel firm Ctrip agreed on a share exchange. Naspers will exchange its entire shareholding in MakeMyTrip for newly issued shares of Ctrip. Following the transaction, Ctrip will own shares representing approximately 49% of MakeMyTrip’s total voting rights and Naspers will own 5.6% of Ctrip. The transaction is expected to close in the second half of 2019 subject to regulatory approvals, the company said in a release.

Two years ago, Naspers invested $132 million in MakeMyTrip as a part of a funding round with CTrip. In that round, MakeMyTrip raised a total of $330 million, so $198 million seemed to have been put in by CTrip. Naspers followed that up with an additional $23 million investment to main its shareholding (of 43%; 40% on a fully diluted basis) when MakeMyTrip issued share options to its employees in August and September 2017.

Naspers to spend $1 billion in India this year

In March, Naspers said it was listing its e-commerce businesses – including its $134 billion stake in the Chinese internet giant Tencent – in Europe. The company also said it planned to spent about $1 billion in India this year as it sought to replicate its bet on Tencent, and was in talks to inject about $200 million into business loan provider Capital Float and payments security firm Wimbo as a first step. In December 2018, Swiggy raised $1 billion in funding led by Naspers, with participation from new investors Tencent, Hillhouse Capital and Wellington Management Company, and existing investors DST Global, Meituan Dianping and Coatue Management. The same month, Naspers and others invested $540 million in education startup Byju’s.

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