MakeMyTrip Raises $3.1B, Reduces Trip.com Stake to 17%

MakeMyTrip, an Indian OTA, has raised $3.1 billion through a mix of equity and debt, primarily to reduce Trip.com Group’s ownership stake.

The raise includes a public equity offering and a private convertible note issuance to repurchase Class B shares held by Trip.com, a Singapore-based OTA.

Mohit Kabra, MakeMyTrip's CFO, indicated that further buybacks could take place later this year, depending on capital availability.

Trip.com’s ownership, originally built up via investment deals in 2016 and a stake swap in 2019, peaked at nearly 49 percent. According to recent 6-K SEC filings, Trip.com’s ownership now stands at 16.9 percent.

With Trip.com reduced to a minority shareholder, MakeMyTrip gains more independence in decision-making.

Watch our YouTube video about Trip.com to learn more about the Chinese OTA.

Cover photo by Hardik Joshi on Unsplash