wordpress blog stats
Connect with us

Hi, what are you looking for?

MakemyTrip raises $330 million in fresh round of funding

Online travel operator, MakeMyTrip, has raised $330 million in a fresh round of funding, by private placement of shares and issuing fresh stock to existing investors Ctrip and Naspers, statements filed by the company on Nasdaq showed. The company will issue 4,583,334 ordinary shares in the aggregate to investors at a price of $36 per ordinary share to generate gross proceeds of $165.million.

Along with this, the company will also issue its  916,666 ordinary shares to Chinese travel company, Ctrip, and and 3666,667 Class B Shares to MIH Internet SEA Pte. Ltd, a subsidiary of internet and media group Naspers Limited, at a price of $36 per share, generating an additional $165 gross proceeds to the company. This makes the the total investment to $330 million.

The Class B shares issued to MIH will be convertible into ordinary shares of MakeMyTrip on a one-to-one basis.

Morgan Stanley India is acting as the sole placement agent for the transaction.  The money raised will be used by the travel portal to finance its business expansion, strategic investments, technology and product development, marketing and promotions, working capital and general corporate purposes.

Ctrip had invested $180 million in convertible bonds  in January 2016. This translated to around 10% stake in the new entity.

In February, SAIF Partners exited the company after selling 11 per cent stake in the company. SAIF Partners were the first investors in the company and made $400 million on an initial investment of $25 million.

Nasper largest stakeholder

The transaction will consolidate Nasper’s position as the largest stakeholder with 35% stake in the company. MakeMyTrip now owns Goibibo, RightStay, and Redbus. The Nasper Group came on board, in January this year when Ibibo group and MakeMyTrip merged operations.   


For the quarter ended December 31, 2016 (Q3 FY17), the company posted revenues 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.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


The Indian government has amended the internet shutdown rules, formally known as the Temporary Suspension of Telecom Services Rules, to restrict the validity of...


Aarogya Setu is a curious app made by a curiouser group of people. Since its launch on April 2, India’s contact tracing app has...


MakeMyTrip said there has been a “gradual recovery” in travel demand during the second quarter of this year, witnessing growth across all of its...


The Competition Commission of India perhaps needs to be more active in technology and take measures to prevent monopolies, MakeMyTrip’s Deep Kalra said on...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to Daily Newsletter

    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ