MakeMyTrip has raised US$330 million in its latest round of funding, which will be used to fund business expansion, strategic investments, technology and product development, marketing and promotions, working capital and general corporate purposes, the Indian OTA said in a statement.
Some US$165 million is expected to be generated from unnamed investors for placement of over 4.5 million ordinary shares at US$36 per share.
The company also entered into share purchase agreements with existing backers Ctrip.com International and Naspers subsidiary MIH Internet SEA, estimated to translate into another US$165 million.
The former will see 916,666 ordinary shares issued at a price of US$36 per ordinary share, and the latter over 3.6 million Class B Shares convertible to ordinary shares on a one-to-one basis.
MakeMyTrip has agreed to file a registration statement with SEC covering the resale of the foregoing securities, except those sold to Ctrip and MIH, which are subject to the registration rights granted to MIH and Ctrip.
