Since the Nasdaq-listed company‘s stock price surged by over 50 percent following its merger with the Ibibo Group, the VC firm shed its balance 11 percent in the company.
Sharing the contours of this mega deal Deep Kalra of MakeMyTrip and Ashish Kashyap of ibibo group told CNBC-TV18, more than competitive pressures, the objective of the merger is to bring the offline segments of the travel market online.
Online travel firm MakeMyTrip will acquire rival ibibo in an equity deal that will create one of the leading travel groups in India.
The investment will be focused on extending ibibo's presence in the Indian hotels category and on additional technology innovations, ibibo Group and Naspers said in a joint statement.
Launched in February, Djubo has enabled hotels to digitise their price and inventory, as well as manage bookings from all channels including online agencies, their own websites and travel agents through a cloud based tool.
The group, which owns portals like Goibibo.Com and redBus.In among others, currently clocks transactions worth over Rs 1,000 crore per month.
For bringing efficiency and predictability to the unorganised and unreliable bus travel sector, redBus has now made it easier for new bus operators to start even without an office for support.