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

Must Read

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.

Advertisements

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.

Advertisements

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

TikTok Oracle Deal: Confusion, Contradictions and Quest for Control

Another day Another verbal volley. TikTok Oracle deal saga continues. The tug-of-war with the...

5 Common IT Infrastructure Management Issues You Must Resolve Today!

Your IT infrastructure supports your entire operation, but there are many struggles departments have difficulty identifying and overcoming. One of the biggest...

TikTok Oracle Deal: No Technology Transfer, No Ownership, Rest All Is Fine

The brouhaha around TikTok and the US administration simply refuses to subside. In the ensuing see-saw of developments, ByteDance...

Tesla in Making Moves To Have Presence In India: Scope Of Electric Vehicles In The Country

The wait for seeing Tesla in India may get over soon. Indian citizens can now brace themselves for soon being able to...

Android Users Beware: Your 2FA Code Can Be Stolen By Hackers Now

If you are someone who makes use of two-factor authentication, aka 2FA, to add that extra layer of security on logins and...

Ajit Doval Bears Down On Digital Payment Platforms in India

The grass really isn’t always greener on the other side. With the hoopla and convenience that Digital Payment platforms in India have...

In-Depth: Dprime

Will ‘TikTok By Microsoft’ Be A Winner?

For the last two years, TikTok has been in the public eye for all sorts of reasons. First, it was the exploded...

Facebook Subscription Model: Looking Beyond Ad Dollars?

Seldom do job listings create a stir this gripping. However, when the job listing in question is a stealth post from Twitter,...

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one...

More Articles Like This