Chinese international conglomerate and investment company Fosun International is looking to invest in travel search company ixigo. It has previously been reported that ixigo is looking to raise another round of investment and ET reports that this USD 15-20 million round is led by Sequoia Capital with Fosun International coming on board as co-investor. It set up a team in India last year to invest in internet companies from the region.
There has been increased interest of Chinese investors in the global market, something that was also highlighted by the investment of Ctrip in MakeMyTrip and acquisition of Skyscanner. The Indian market offers huge growth potential on the back of fast growing internet connected population and growth in number of travellers. Chinese internet giant Alibaba is also exploring the Indian e-tailing and travel market with its local investment Paytm.
In travel space, Fosun has previously acquired Club Med in 2015, invested in Thomas Cook and MakeMyTrip. There are no updates on whether the investors of previous round are participating in this round. After the previous round ixigo raised in 2011, it was valued close to USD 25 million. This could very well mark the beginning of a series of deals in India that will see participation from Fosun International.
Source: ET
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