SAIF Partners has exited from MakeMyTrip, selling its final 11% holding in the online travel booking platform following MakeMyTrip’s merger with Ibibo, reports the Economic Times. As of now, SAIF holds zero shares in MakeMyTrip.
According to the report, SAIF Partners made $400 million on its initial investment of $25 million between 2005 and 2008, accounting for around 41% stake in the travel platform. SAIF was the first to invest in the company and the last to exit.
Note that MakeMyTrip and the Ibibo Group completed the merger of the two companies and the parent group of the Ibibo Group (Naspers and Tencent), just last month. The merged entities include also includes goibibo, redBus, Ryde and Rightstay brands. These entities combined processed 34.1 million transactions during the fiscal year 2016.
Here is now the transaction was completed – MakeMyTrip issued 38.97 million class B shares to the parent group. The newly formed entity also purchased over 413,000 new ordinary shares of MakeMyTrip at $21.19 per share for $8.75 million. In total, MakeMyTrip will have 91,186,205 issued and outstanding voting shares. Chinese online travel agency Ctrip will hold 9,857,028 ordinary shares and others who will own a stake in the company include founders Rajesh Magow and Deep Kalra.
For the quarter ended December 31, 2016 (Q3 FY17), the company posted revenues of of $123.2 million, an increase of 38.6% from $88.9 million in the same quarter last year. Net profit stood at $16.6 million compared to the net loss of $19.5 million in the same quarter. This was due to one-time finance income of $28.52 million because of the merger.