India’s leading travel services provider, MakeMyTrip, headquartered in Gurugram, Haryana, has raised USD 3.1 billion through a combination of equity and convertible bond offerings in a landmark fundraising move. The deal, closed on June 17, 2025, is Asia-Pacific’s largest concurrent equity and bond offering since 2022. The capital will be used primarily to reduce Trip.com Group Ltd’s stake in MakeMyTrip from 45.34% to below 20%.
India’s premier online travel services firm, MakeMyTrip, headquartered in Gurugram, Haryana, has successfully raised USD 3.1 billion through a landmark capital raise involving both equity and convertible bond offerings. This marks the largest such concurrent offering in the Asia-Pacific region since 2022.
The transaction was led by US-based investment bank Morgan Stanley, which served as the lead-left bookrunner and stabilisation agent. Kamal Yadav, Head of Investment Banking at Morgan Stanley, announced the development in a LinkedIn post on June 17, 2025, shortly after market close.
The equity follow-on included 18.4 million ordinary shares priced at USD 90 each—slightly below MakeMyTrip’s closing stock price of USD 91.49. In parallel, the firm issued five-year zero-coupon convertible senior notes with a 35% conversion premium, bringing the combined value of the offering to USD 3.1 billion.
The proceeds will be used to significantly reduce Chinese travel major Trip.com Group Ltd‘s shareholding in MakeMyTrip. Currently holding a 45.34% stake, Trip.com’s position will drop below 20% after this transaction. While Trip.com will remain the largest minority shareholder, the move addresses growing concerns about Chinese influence on Indian tech companies.
The strategic divestment follows recent allegations by EaseMyTrip founder Nishant Pitti, who claimed that half of MakeMyTrip’s board had links to China. MakeMyTrip has dismissed the claims as “malicious and motivated.”
Notably, this is India’s largest internet-sector fundraising since Paytm‘s USD 2.5 billion IPO in 2021.
MakeMyTrip has yet to issue an official statement regarding the closure of the deal, and did not respond to media queries as of Friday evening.
