Connect with us


China’s Ctrip in talks to join India’s Zomato’s; Will invest $ 400 million



China is in talks to collaborate its Ctrip with India’s Zomato as part of an investment round worth $400 million. Ctrip, China’s largest travel-booking site, is in talks to join the Gurgaon-based Zomato by investing up to $400 million, according to the officials. The Nasdaq-listed Ctrip is expected to pump around $100 million into online restaurant discovery and food delivery platform Zomato, valuing at $1.8-2 billion, according to reports.

Ctrip will be joined by Zomato’s existing investor Ant Financial, which is affiliated to Alibaba, and a couple of backers, the sources said earlier. Ctrip hasn’t been among the most active Chinese strategies in India, with a sole stake in online travel agency MakeMyTrip. If the deal with Zomato goes well, it will be significant as the first such venture outside of tour services for Ctrip, which has a market capitalisation of over $20 billion.
“The discussions with Ctrip are in the last leg, with only the final amount yet to be decided. It is likely to be around $100 million. While the investment is purely financial, the two companies may explore synergies, which will be more strategic in nature going forward,” a person privy to the discussions said on the condition of anonymity as the deal isn’t official. Another source said the transaction should close in two weeks.
Ctrip, which took over Scottish travel site Skyscanner for $1.7 billion two years ago, also owns Tours4Fun, travel research site and Trip by Skyscanner. It’s ranked among the top four online travel agencies globally along with Expedia, TripAdvisor and The Priceline group.
For Zomato, getting one of the biggest strategics in the online travel sector on board will be important as it attempts to grow aggressively in foreign markets.
Zomato is fighting a bitter battle in its home market, with Swiggy, which is also in talks to rack up new funding at upwards of $2 billion in valuation. Both the firms are hotly contending locally with investor money flowing in excess over the past year after a few previous years of steady sentiments around the food-delivery business.
In fiscal 2018, Zomato had a wealth of $74 million. In the previous fiscal, the revenue was $51 million with a reported loss of $54 million.
Zomato is still No. 2 behind Swiggy in the food delivery space, but the gap is not wide. These players have almost doubled the payout of delivery boys, which is very critical for fulfilling the last-mile delivery. Their fight is going to get more intense as they look to hit new order volume numbers and raise more cash from investors.”



S400-VS-F35 S400-VS-F35
Americas10 hours ago

Is The UAE Threatening To Opt For Russian Su-57 Jets Over US’ Stealth F-35 Warplanes??

The United Arab Emirates (UAE) has warned that if the US refuses to supply it with F-35 and MQ-9 Reaper...

india-russia india-russia
Featured11 hours ago

Indian, Russian Navy Hold PASSEX Exercise In The Eastern Indian Ocean Region

On the occasion of Navy Day, the Indian Navy is conducting a passage exercise (PASSEX) with the Russian Navy in...

Pakistan-Turkey-Relations Pakistan-Turkey-Relations
Featured13 hours ago

After Backing Pakistan on Kashmir, Is Turkey’s Erdogan Hiring Syrian Mercenaries To Fight In The Valley?

For some time now, Turkey has been making attempts to grow its influence among the Muslims in South Asia in...

iran-israel iran-israel
Featured14 hours ago

Assassination Of Top Iranian Scientist Will Complicate Relations Between The US & Iran: Joe Biden

Joe Biden, the next President of the United States said the assassination of Iranian nuclear scientist Mohsen Fakhrizadeh is likely...

Asia Pacific16 hours ago

From Rafales, Su-30 MKIs & Tejas, Why Next-Gen BrahMos Missile Can Be A Game-Changer For The Indian Air Force?

Amid the border row with China, the Indian armed forces successfully test-fired the BrahMos supersonic cruise missiles in the past...

India-Pak-War-1971 India-Pak-War-1971
Asia Pacific17 hours ago

What Did Indira Gandhi Tell Naval Chief Before Indian Navy Bombed Karachi Port In 1971 War?

India marks 4 December as Navy Day to commemorate the Indian Navy’s attack on the Karachi port during the 1971...

Asia Pacific18 hours ago

Indian Navy To Counter Chinese Swarm Drones With New Guns That Can ‘Smash’ UAVs

Countries across the globe are looking for innovative ideas to check the menace of small drones or small unmanned aerial...

Featured19 hours ago

Eurofighter Typhoons ‘Soar & Roar’ In Qatar As Royal Air Force Conducts Drills With Emiri Air Force

The British Royal Air Force and Qatar Emiri Air Force, for the first time in history, have come together for...

imran-khan imran-khan
Asia Pacific20 hours ago

Not India, Former ISI Chief Hints At UAE, Saudi Arabia Being The Biggest Threat To Pakistan

Durrani said that Pakistan is not threatened by India but is mired with its internal problems, including political instability and...

EurAsian Region22 hours ago

Russia, Pakistan To Be First Buyers Of Turkey’s Mobile Anti-Drone System That Can Smell UAVs From 5000 Meters

As Turkey is gradually emerging as a drone superpower, its key allies Russia and Pakistan have shown tremendous interest in...