Chinese online travel company Ctrip is doubling its bet on the Indian travel market by increasing its share in the online travel site MakeMyTrip through an exchange with technology investor Naspers, according to a statement from the company released Friday.

Ctrip already held a stake in the Gurugram-based company through a $180 million investment in 2016. The company increased its ownership by entering a share swap deal with Naspers, the South African tech and internet conglomerate, which will exchange its stake in MakeMyTrip for newly issued shares in Ctrip. Following the transaction, Naspers will own approximately 5.6% of Ctrip’s outstanding ordinary shares and Ctrip will hold 49% voting power in the Nasdaq-listed company, which has a market cap of $2.69 billion.

“Through this investment, we can gain more exposure to the fast-growing India travel market and benefit from the growth of the company,” Michelle Qi, Ctrip’s senior investor relations director, told TechNode. Ctrip’s insights on consumer purchasing behavior in China will help MakeMyTrip to offer better product and services for Indian travelers, she added.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.