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Wednesday 28-Jul-2010

MakeMyTrip intends to raise USD 100 million through its IPO on Nasdaq

Online travel company MakeMyTrip has filed an IPO with US Securities and Exchange Commission.The IPO will offer an exit to the VC investors and promoters of the 10-year old company. SAIF owns 51.32% in MMT.

By  Traveltechie Bureau | Mumbai

Online travel company MakeMyTrip has filed an IPO with US Securities and Exchange Commission. The company intends to list its common stock on Nasdaq under the symbol MMYT and raise up to $100 million in an initial public offering of common stock.

MakeMyTrip has raised over $40 million in four rounds of venture capital funding. SAIF Partners owns 51.32 per cent in MakeMyTrip. Deep Kalra, MD and CEO, MMT, owns 14.45 per cent, Tiger Global owns 12.14 per cent, Helion Venture Partners 11.97 per cent and Sierra Ventures 7.98 per cent.

Founded in 2000, MakeMyTrip had revenues of Rs 240 crore in 2009 with net losses of Rs 45.6 crore. According to the SEC filing, MakeMyTrip has $83.56 million in revenues and $6.2 million in losses in 2010. The company is based in Gurgaon, Haryana.