India-based online travel agency MakeMyTrip (MMT) is raising more than $2.6 billion as it looks to buy back a stake owned by Trip.com Group.
MMT said it is raising the funds through a primary equity offering as well as convertible senior notes, following Trip.com Group's announcement last week that the repurchase agreement was part of "efforts to optimize its 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.
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The China-based online travel agency, then called Ctrip, initially invested $180 million in MMT in early 2016, giving it a seat on the board and a share of approximately 27%.
In 2019, Ctrip upped its stake to 49% of MMT through a share swap deal with South African internet group Naspers.
In May, MMT reported record gross bookings and revenue for its fiscal fourth quarter and full-year 2025. The company saw revenue increases across all lines of business, including hotels and packages and air ticketing.
“Our investments in new demand segments and personalized customer experiences across our platform have helped us to grow our customer base as well as drive high repeat bookings,” said group CEO Rajesh Magow at the time.