MakeMyTrip has successfully raised $3.1 billion through a mix of equity and debt financing—marking the largest-ever fundraise by a listed Indian internet company. The capital will be used to buy back shares from Trip.com Group, aiming to reduce its ownership stake to 19.99%, down from roughly 45.3%. This strategic move is part of a broader trend among Indian tech firms reducing exposure to Chinese investors, driven by regulatory and national-security considerations. The deal, backed by Morgan Stanley, underlines investor confidence in MakeMyTrip’s post-pandemic growth prospects and reflects a shift towards greater domestic control of key IT platforms in India .

Let me know if you’d like a deeper breakdown of the funding structure, implications for shareholders, or the wider context of Chinese investment in Indian startups!

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