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 Nasper) and other public investors at $36 a piece.
The transaction, which comes six months after MakeMyTrip's meger with ibibo, values the online