Travel website Ctrip.com has invested $180 million (about Rs 1,200 crore) in Indian online travel company MakeMyTrip.
The deal was conducted in the form of convertible bonds, Ctrip.com said in a statement on Friday.
“With the investment, we will have a place in the rising online travel market in India,” Ctrip.com CEO Liang Jianzhang said.
Also read: MakeMyTrip travel sale: Here’s what you can expect from the app-only sale which starts today
The partnership will benefit both companies, as there are many similarities between China and India’s online tourism, state-run Xinhua quoted MakeMyTrip CEO Deep Kalra saying.
Founded in 2000, MakeMyTrip is one of the biggest online travel agents in India.
Tourism grew by 10% in the country last year, according to research company PhocusWright. Online sales rose 16% last year.
Ctrip.com said the move will make it easier for Chinese tourists to visit India. Over 10 crore Chinese tourists visited abroad last year spending billions of dollars.
The increasing numbers of Chinese tourists abroad made India and number of countries to woo them with easy visa access.
India has extended the e-visa scheme to the Chinese tourists.