MakeMyTrip has announced plans to raise over $2 billion to reduce the stake held by its Chinese investor, Trip.com Group, following public concerns raised by EaseMyTrip’s founder Nishant Pitti. The capital will be raised through $1.25 billion in convertible senior notes for institutional buyers and a $1.23 billion primary share offering based on current Nasdaq stock prices. The company has already signed a share repurchase agreement with Trip.com, which currently holds a 45.95% stake in MakeMyTrip. Despite reducing its share, Trip.com will remain the largest minority shareholder. The move follows national security concerns expressed by Pitti, who claimed the Chinese-backed board could potentially compromise user data. MakeMyTrip dismissed these allegations as baseless, emphasizing its compliance with Indian laws and data privacy standards. Financially, MakeMyTrip’s revenue rose 25% to $978.3 million in FY25, though net profit fell 56% due to the absence of one-time gains from the previous year. Meanwhile, EaseMyTrip reported nearly flat revenues and a modest 5% rise in net profit.
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