India-based online travel company MakeMyTrip raises more than $2.6 billion as it seeks to acquire the stake held by Trip.com Group.
MMT said it is raising the funds through a primary issue of shares as well as convertible bonds, following Trip.com Group’s announcement last week that the buyback deal is part of its ‘efforts to optimise the investment portfolio and enhance shareholder returns’.
Trip.com Group said it remains the largest minority shareholder in MMT and will continue to support its growth. Documents filed by MakeMyTrip with the United States Securities and Exchange Commission (SEC) show that Trip Group’s stake in the company will be reduced from 45.95% to 16.9% to 19.99%.
The China-based online travel agency, then called Ctrip, initially invested $180 million in MMT in early 2016, acquiring a board seat and a stake of about 27%. In 2019, Ctrip increased its stake to 49% in MMT through a share swap deal with South African internet group Naspers.
In May, MMT announced record gross bookings and revenues for the fourth quarter and full year 2025. The company saw revenue growth across all of its business segments, including hotels, packages and airline tickets.
‘Our investments in new demand areas and personalised customer experience across our platform have helped us grow our customer base and achieve a high repeat booking rate,’ group chief executive Rajesh Magow said at the time.
