In a bold and decisive shake-up, MakeMyTrip, India’s homegrown travel tech giant listed on Nasdaq, has dramatically reasserted control over its future. On July 2, 2025, the company bought back a hefty 34.37 million Class B shares from its once-powerful investor, Trip.com Group, a move that slashed the Chinese company’s influence, reducing its voting stake from a commanding 45.34% to just 16.90%. Those shares? Cancelled immediately. Gone.
This isn’t just a financial transaction—it’s a loud, clear message. MakeMyTrip no longer wants its strings pulled from afar. The move comes under an updated agreement dated June 23, 2025, as per filings with the U.S. Securities and Exchange Commission. With this power shift, three Trip.com-nominated directors—James Jianzhang Liang, Moshe Rafiah, and Paul Laurence Halpin—stepped down. Their exit leaves only two China-backed voices at the boardroom table.
In their place, MakeMyTrip elevated fresh talent: Vivek N Gour, Savinilorna Payandi Pillay Ramen, and Mohit Kabra, the company’s very own CFO. With them, the ten-member board retains its form but gains fresh Indian momentum.
This wasn’t some sterile corporate manoeuvre. It was war paint. With the Chinese capital under fire and public rage simmering, MakeMyTrip tore up the script. Critics barked—EaseMyTrip’s Nishant Pitti among them. The buyback? Not just a deal. It was defiance.
Beyond the boardroom drama, a more visceral transformation is taking shape—less of a transition, more of a rupture. India’s biggest startups aren’t just expanding; they’re unlearning, reclaiming, and rewriting the script in their ink. MakeMyTrip, once a poster child of cross-border capital and investor puppeteering, now stands at a defiant crossroads, carving out a voice that feels raw, rooted, and fiercely Indian. This isn’t gentle progress. It’s a ripping apart of old scaffolding, brick by brick, to build something unapologetically ours.
1. Introduction to MakeMyTrip’s Bold Move
1.1 A Landmark Buyback Reshapes Power Balance
On that pivotal day—July 2, 2025—MakeMyTrip didn’t just sign papers. It cut off a major portion of Trip.com’s sway by repurchasing 34,372,221 Class B shares. From a 45.34% vote, Trip.com now holds a far less threatening 16.90%. The numbers speak volumes, and the company’s SEC filing confirmed the step.
1.2 What Triggered This Strategic Shift?
This wasn’t some dull corporate chess move. With India and Pakistan locking horns yet again, and nations like China viewed as whispering in Pakistan’s corner, things got politically hot fast. In that heat, foreign stakes in Indian tech, especially those controlling sensitive platforms, turned radioactive. Public outrage was brewing, and scrutiny wasn’t subtle. Suddenly, Chinese capital in Indian startups wasn’t just a business story—it was a sovereignty debate. MakeMyTrip didn’t wait to be pushed—it lunged forward, sharp and intentional.
1.3 Changes to the Board
As expected, power shifts brought people shifts. Three Trip.com-appointed directors stepped down: James Jianzhang Liang, Moshe Rafiah, and Paul Laurence Halpin. Their exit was swift and decisive. Replacing them are three names rooted in the Indian and Mauritian business ecosystem—Vivek N Gour, Savinilorna Payandi Pillay Ramen, and Mohit Kabra, a name well-known within the company as CFO.
2. MakeMyTrip: The Startup Journey
2.1 Origins and Founders
Back in the early 2000s, when India’s digital space was a more hopeful experiment than industry, Deep Kalra wasn’t watching the wave—he was carving its first swell. Online travel? It barely existed. But Kalra saw something others missed. He didn’t follow patterns; he defied them. What began as a niche platform for NRIs craving a smoother way to book India-bound flights soon morphed into something bigger—a blueprint for how everyday Indians could reclaim their travel with ease, trust, and choice.
2.2 Evolution into a Travel Tech Unicorn
From a cramped office to ringing the Nasdaq bell in 2010, MakeMyTrip didn’t just grow—it surged. Over the years, the brand expanded its portfolio from flight bookings to a one-stop shop for everything travel. Unlike many startups that burn out, it scaled with purpose.
2.3 Key Services and Products
Today, the MakeMyTrip ecosystem isn’t just functional—it’s expansive:
- Air tickets? Check.
- Hotel stays? Covered.
- Tour packages, bus rides, train tickets, insurance, and even visas? All in one place.
Its mobile-first design and regional language options help reach every corner of India.
2.4 Revenue Model Explained
There’s no mystery to how MakeMyTrip makes money—it earns a cut from each booking, pure and simple. But beyond that, it monetises real estate on its digital platforms, charging partners for visibility and prime placement. And yes, brand partnerships add another income layer.
3. Funding, Mergers & Shareholding
3.1 Funding Milestones
MakeMyTrip’s story is also one of smart backing. From $13 million from Helion and SAIF Partners to its $70+ million IPO, it attracted the right capital at the right time. Then came the Ibibo merger in 2016, one of Indian travel’s biggest shakeups, powered by Naspers and Tencent. Each round helped it scale, compete, and innovate.
3.2 Strategic Stakeholders from Trip.com
In 2019, Trip.com Group swooped in, snapping up Naspers’ stake. With it came voting power, board control, and strategic sway. For years, it shaped the company’s direction. But 2025’s buyback changed all that.
3.3 Ownership After Buyback
Today, Trip.com’s share is diluted down to 10,773,694 ordinary shares and 5,295,690 Class B shares. That slashes its clout to 16.90% voting power. A shadow of its former influence.
4. Industry Landscape and Competition
4.1 Travel Tech Industry in India
India’s travel market is booming again. From buses to boutique hotels, the online travel segment is on track to hit $31 billion by 2028. Smartphone penetration, rising incomes, and a growing millennial base are fueling the fire. Travel is no longer a luxury—it’s a lifestyle.
4.2 Who Are MakeMyTrip’s Competitors?
Let’s not sugarcoat it: competition is fierce.
Direct rivals?
Indirect players?
- Booking.com, Airbnb, and even OYO, which now pitches itself as a travel enabler.
4.3 Pressure from Domestic Rivals
In May 2025, Nishant Pitti of EaseMyTrip publicly called out MakeMyTrip’s “Chinese ties.” The optics weren’t great. Critics pounced. This buyback? A strong counter, both tactical and symbolic.
5. Impact of the Share Repurchase
5.1 Governance and Independence
Freed from the weight of foreign control, MakeMyTrip can now make moves without external second-guessing. For investors, that’s a green flag.
5.2 Board Reconstitution
The new board brings global and regional perspectives. With four independent directors, one being Mauritius-based, the setup complies with global governance standards while still being locally grounded.
5.3 Shareholding Snapshot
Here’s where the numbers settle:
- 95,383,399 total shares outstanding
- 89,851,697 ordinary shares
- 5,295,690 Class B shares
- 236,012 treasury shares
6. The Strategic Significance
6.1 Local Sentiment and Nationalism
In today’s climate, perception is everything. By scaling down Chinese ownership, MakeMyTrip has tapped into a broader narrative: Indian startups taking back control.
6.2 Investor Confidence
Markets love clarity. Investors love autonomy. The buyback feeds both. For those hesitant about foreign-heavy boards, this move is reassurance in action.
6.3 Regulatory and Political Implications
Governments change, policies shift, and tech gets scrutinised. MakeMyTrip’s restructuring offers a buffer. It’s forward-looking risk management, not just PR.
Learning for Startups and Entrepreneurs
- Stakeholder Balance is Crucial: Having backers is great—until they start calling the shots. Founders must strike a balance: get the money, but protect the mission.
- Be Proactive, Not Reactive: Waiting for regulators or headlines to dictate strategy is a mistake. MakeMyTrip showed how to get ahead of the narrative.
- Align with National Interest: In a world of shifting alliances and rising nationalism, business isn’t just business anymore. Your investors, governance, and story need to match your market’s heartbeat.
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