MakeMyTrip to Raise $2.5 Billion to Reduce Trip.com’s China-Based Stake

MakeMyTrip, the Indian online travel agency listed on Nasdaq, is raising over $2.5 billion via share and convertible bond sales to significantly reduce China-based Trip.com Group’s stake. Amid growing calls in India to cut business ties with Chinese firms following geopolitical tensions, including the India-Pakistan conflict and the 2020 Galwan clash with China, MakeMyTrip aims to lower Trip.com’s voting power from 45% to around 20%. The company will use the funds to buy back Class B shares. MakeMyTrip reaffirmed its Indian roots, independent operations, and compliance with Indian laws, dismissing criticism over its Chinese investment as unfounded and malicious.