Online travel company MakeMyTrip on Wednesday said it was raising $330 million (Rs 2,110 crore) through a share sale to existing investors Ctrip and Naspers as it aimed to consolidate its dominant position in the Indian market.
MakeMyTrip said the fresh funds would be used for business expansion, strategic investments, technology and product development apart from working capital purposes.
In a statement, the Nasdaq-listed portal said it had issued over 9.1 million shares to Ctrip, MIH Internet (a subsidiary of Naspers) and other public investors at $36 a piece.
The transaction, which comes six months after MakeMyTrip's merger with libido, values the online portal at $ 4.3 billion on a fully diluted share basis at the close of Tuesday’s stock price of $40.20.
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