In an exciting development for the travel industry, MakeMyTrip, the leading online travel booking platform in India, has announced a significant fundraise of over USD 2.5 billion. This move is strategically aimed at reducing the stake of Trip.com Group, a China-based company that has been a central player in MakeMyTrip’s evolution.
Based in Gurugram, MakeMyTrip is not only listed on NASDAQ but has also established itself as a go-to platform for travelers. It has recently filed details with NASDAQ, outlining its plans to raise funds through the sale of shares and convertible bonds. The majority of the proceeds will fund the repurchase of some Class B shares from Trip.com, which retains substantial voting power in the company.
This strategic shift comes on the heels of heightened tensions between India and Pakistan, as the Indian government and businesses seek to minimize ties with investors and companies from countries that have shown support to Pakistan, including China and Turkey. These concerns have led to a re-evaluation of existing business partnerships.
The competitive landscape is even more intense as rivals like EaseMyTrip are keenly focused on the implications of Chinese ownership in MakeMyTrip. Recently, Nishant Pitti, the founder of EaseMyTrip, raised eyebrows by highlighting that five out of the ten board members at MakeMyTrip have direct ties to China. His comments further fuel focus on transparency and corporate associations in the travel industry.
By successfully executing this share repurchase initiative, MakeMyTrip aims to slash Trip.com’s voting power from 45.34 percent to a notable 19.99 percent. Additionally, the number of Trip.com’s board nominations will decrease from five directors to two, a significant reduction that indicates a clear shift in governance.
In its recent NASDAQ filing, MakeMyTrip has laid out specifics about the offering. The company plans to offer 14,000,000 ordinary shares at a par value of USD 0.0005 per share. Moreover, the company is engaging in what they have termed a Concurrent Notes Offering, which includes the issuance of USD 1.25 billion in convertible senior notes. Furthermore, there is a provision for an additional USD 187.5 million in principal amount if the initial purchasers opt to buy more convertible senior notes.
What does this maneuver mean for the future of MakeMyTrip? It reflects a more independent trajectory aimed at consolidating power back into Indian hands. The intent is clear: MakeMyTrip wants to take control of its board and operational decisions without external pressures from foreign companies. As part of this process, the repurchase agreement signed on June 16, 2025, outlines the details for acquiring a portion of the Class B shares from Trip.com at a price equivalent to the public offering price of each ordinary share, after accounting for underwriting discounts and commissions.
As it stands, the data points to a pivotal moment for MakeMyTrip. Trip.com previously held ownership of 100 percent of MakeMyTrip’s Class B Shares, combined with its stake in ordinary shares, allowing it a dominating voting power of 45.34 percent. This substantial change aims to restore a sense of balance in the company’s governance and performance outlook.
Looking ahead, as the travel sector continues to bounce back from the pandemic’s impact, MakeMyTrip’s ability to navigate these complexities could serve as a case study for other businesses facing similar pressures. The landscape is shifting, and the Indian travel market, while competitive, could see MakeMyTrip emerging stronger and more independent than before.
In a world where transparency and corporate governance are becoming increasingly crucial, MakeMyTrip’s latest moves will undoubtedly attract attention from investors and competitors alike. The travel industry knows that dynamics can change rapidly with shifting political tides, and this latest chapter in MakeMyTrip’s story is no exception. Whether this strategic realignment will facilitate more robust growth and enhanced shareholder value remains to be seen, but one thing is clear: MakeMyTrip is on the path to control its own destiny.