MakeMyTrip Plans to Raise $100 Million by IPO to Exit VC Investors

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Online travel company MakeMyTrip.com has planned to raise $100 Million from its upcoming IPO for which company has filed with U.S. capital market regulators. MakeMyTrip, which will be listed under the NASDAQ with a symbol “MMYT”, will offer an exit to the VC investors and promoters of the 10-year old company. Currently, SAIF Partners ( VC ) owns 51.32% in MMT.

Till Date MMT, a Gurgaon based company, has raised over $40 million in four rounds of venture capital funding. SAIF Partners is the primary backer followed by Sierra Ventures, Helion Venture Partners and Tiger Global. The company could go for listing by mid of August and could expect a pre-money market capitalisation of around $400 million, said by a source.

The last round was a $15 million series C investment closed in 2007. MMT raised money from Tiger Fund ($8 million) and  $7 million from existing investors SAIF Partners, Sierra Ventures and Helion Venture Partners.

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In December 2007, the company had raised $13 million from SAIF Partners, Sierra and Helion in series B and in 2005, SAIF Partners made the first major round of fund infusion of $10 million. That was the time MMT started its India operations. MMT, which had raised $1 million from eVentures, had till then focused on the travel between US and India route.

The eVentures stake was later bought back by promoters led by Deep Kalra (in the picture). Currently, SAIF Partners owns 51.32% in MMT. MD & CEO Kalra owns 14.45%, while Tiger Global owns 12.14%, Helion Venture Partners 11.97 and Sierra Ventures 7.98%.

MakeMyTrip, founded in 2000, is India’s largest travel portal with the presence in online airline ticketing, holiday packages and in bus and rail travel ticketing. The company claims to have about 50% market share in the business.

Online travel space had hotted up after the company launched its India operations in 2005. The major players that were launched in Indian market included Yatra.com, backed by Norwest Venture Partners, Reliance Technology Ventures and TV18 Group; Cleartrip.com, backed by Sherpalo Ventures and Kleiner Perkins Caufield  & Byers; and Sequoia Capital and Battery Ventures-backed Travelguru.com, which was later acquired by Travelocity.

For SAIF Partners, this would be the third proposed IPO from its portfolio. Local information company Just Dial is in the process of filing draft red herring prospectus with Indian regulator SEBI, while mobile VAS firm One97 Communications, in which SAIF holds around 40% stake, has already filed for its IPO.

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