Ctrip.com invests in Indian travel company

A Chinese employee leaves the office building of Chinese online travel agency Ctrip in Shanghai, Mar 26, 2014.[Photo/IC]

SHANGHAI - Travel website Ctrip.com has invested $180 million in Indian online travel agency 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.

The partnership will benefit both companies, as there are many similarities between China and India's online tourism, said MakeMyTrip CEO Deep Kalra.

Founded in 2000, MakeMyTrip is the biggest online travel agent in India, mainly serving Indian nationals living overseas.

Tourism grew by 10 percent in India last year, according to research company PhocusWright. Online sales rose 16 percent last year.

Ctrip.com said the move will make it easier for Chinese tourists to visit India.