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Tencent Holdings To Buy Out 50% In MIH India (Ibibo Web Pvt Ltd) For 7.5 Million $
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This is just in: According this news piece Tencent Holdings Ltd a hongkong listed firm said it has secured an option to acquire up to 50 pct of MIH India Global Internet Ltd. They will be doing so by investing about 7.5 million $ over the next 3 years in the company. As some of you might know that Ibibo.com and its family of sites i.e. dwaar.com and onefamily.com which form a part of Ibibo Web Pvt Ltd in India are owned by MIH India Global Internet Ltd.
For those who don’t know the parent company of Ibibo Naspers also owns Tencent and Mail.ru. Tencent operates the brand QQ in China which is a dominant Instant Messaging and Portal player with more than 80% market share in the country. So along with the investment Tencent has also granted MIH India Global Internet a royalty-free licence to use some of its application software and content in India for seven years.
Ibibo has had many strategies played over the last year or so and they have also heavily invested in marketing programmes both online and on TV and some of them have got flak as well which was also answered by the Ibibo CEO Ashish Kashyap on WATShow.
On the whole this investment and alliance is very much an internal matter for Naspers the large south african media conglomerate company which seems to be cross leveraging technology and marketing ability of the companies it owns. For Ibibo it means better technology as Tencent owns QQ which has 597.9 million registered users and 253.7 million active Instant Messaging accounts. It is listed on Hong Kong Stock Exchange with a market cap of 6Bn dollars. So thats some investor they got there. Looking at these developments we can say that its very possible we may see an IM - Instant messenger application from Ibibo soon. Will try and get some clarifications on this development from Ibibo themselves.
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Woow.. this is huge !!! Ibibo is getting bigger and bigger…
wait a min… tencent is owned by MIH’s parent Naspers.
Sudeep - Naspers only owns 35.5% of Tencent