MakeMyTrip Raises $2.6B to Buy Back Stake from Trip.com
India-based online travel agency MakeMyTrip (MMT) is raising more than $2.6 billion through a combination of a primary equity offering and convertible senior notes as part of a move to repurchase a significant stake from its longtime investor, Trip.com Group.
The repurchase follows Trip.com’s announcement last week that the deal aligns with its broader strategy to optimize its investment portfolio and improve shareholder returns. Despite the sale, the China-based travel giant—formerly known as Ctrip—remains MakeMyTrip’s largest minority shareholder and has pledged continued support for the company’s growth.
Trip.com initially invested $180 million in MakeMyTrip in 2016, securing a board seat and a 27% ownership stake. In 2019, it increased its stake to 49% through a share swap deal with South African internet group Naspers, solidifying its role as a major stakeholder in the Indian travel platform.
The buyback comes at a high point for MakeMyTrip. In May, the company reported record gross bookings and revenue for both the fiscal fourth quarter and full-year 2025. Growth was recorded across all major business lines, including hotels, travel packages, and air ticketing. CEO Rajesh Magow attributed the company’s strong performance to strategic investments in new demand segments and enhanced personalization across its platform, which have expanded its user base and boosted repeat bookings.
The capital raise and stake repurchase mark a major step in MakeMyTrip’s efforts to regain greater independence while continuing its aggressive growth strategy in India’s booming travel market.
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