<ul data-eligibleForWebStory="true"><li>MakeMyTrip has raised $3.1 billion through equity and debt to buy back shares from Trip.com Group.</li><li>The fundraise reduces Trip.com's holding in MakeMyTrip from 45% to 20%.</li><li>MakeMyTrip conducted the largest fundraise by a listed Indian internet company.</li><li>The fundraise includes an equity follow-on offering and convertible notes offering.</li><li>MakeMyTrip cofounders hold 4.6% of the company's voting rights and retain the right to appoint three independent directors.</li><li>Following the buyback, Trip.com's stake in MakeMyTrip decreased to 19.99% from 45.34%.</li><li>Trip.com's board representation in MakeMyTrip has dropped to two directors from five.</li><li>The move to reduce Trip.com's holding in MakeMyTrip follows allegations of endangering travel data of Indian army personnel.</li><li>These allegations were raised by Nishant Pitti, founder of EaseMyTrip, citing Chinese affiliations in MakeMyTrip board committees.</li><li>Trip.com initially invested $180 million in MakeMyTrip in 2016 and later acquired Naspers' stake in a swap deal in 2019.</li></ul>

MakeMyTrip raises $3.1 billion to cut Chinese firm Trip’s holding

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