MakeMyTrip to Spend $3 Billion to Buy Back Shares from Chinese Investor Trip.com

Online travel aggregator MakeMyTrip (MMT) will pay approximately $3 billion to repurchase shares from its Chinese investor, Trip.com Group, Inc42 reported.

According to a filing with the US Securities and Exchange Commission (SEC), Trip.com revised its share-repurchase agreement with the Indian travel-technology company on 23 June 2025. Under the amended agreement, MMT will pay the aforementioned amount to acquire the interest.

“…in relation to the amended and restated share-repurchase agreement entered into between the Company and MakeMyTrip…, pursuant to which MakeMyTrip will pay approximately $3 Bn as consideration for the aforementioned repurchase,” the filing read.

Trip.com expects the acquisition to be finalised in early July 2025. The Chinese company stated that it will retain ownership of about 16.90 % of MakeMyTrip’s issued and outstanding shares following the repurchase.

This follows the Nasdaq-listed OTA’s announcement weeks earlier that it would raise financing through senior notes and a primary offering to repurchase a stake from Trip.com Group.

Last week, MMT raised $3.1 billion to repurchase some of its Class B shares from Trip.com Group.

On the stock front, MakeMyTrip was initially set to issue 14 million primary shares as part of the offer. However, the company later increased this figure to 18.40 million shares at $90.

Even after reducing its holding to 16.9 %, the Chinese investor will remain the largest minority shareholder in the Gurugram-based travel-technology firm.

MMT Financials

MakeMyTrip reported a significant increase in profit, reaching US $171.9 million in the March 2024 quarter, driven by gains from a tax credit and the valuation of convertible notes.

The company had recorded a profit of US $5.4 million in the same quarter of the previous fiscal year, MakeMyTrip stated.

The fourth-quarter profit included a one-time credit of US $126.1 million from the recognition of deferred-tax assets and a one-time gain of US $30.6 million due to the change in the carrying value of the company’s convertible notes due 2028, measured at amortised cost, the statement added.

Gross bookings for the quarter were US $2,039 million, compared to US $1,673.9 million in the same period the previous year, it noted.

For the full fiscal year 2024, profit reached US $216.7 million, compared to a loss of US $11.2 million in fiscal 2023.