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India Gazette
18-06-2025
- Business
- India Gazette
EaseMyTrip and OneBanc Announce strategic alliance to revolutionize corporate travel in India with AI integration
New Delhi [India], June 18 (ANI): one of the leading online travel tech platforms, and OneBanc, a premium neo-bank for white-collar salaried professionals, have announced a strategic partnership. This will also integrate EaseMyTrip's comprehensive travel services called EMTDesk into OneBanc's AI-powered payroll banking platform. The two companies have recently begun onboarding corporate clients onto the AI-powered platform. The partnership between OneBanc and EaseMyTrip is set to bring transparency, eliminate inefficiencies, and deliver a seamless, policy-compliant experience to corporate travellers. EMTDesk is an intuitive, mobile-friendly platform that supports multi-modal bookings (flights, hotels, trains, etc.) with real-time inventory and policy-aligned recommendations. Key features include WhatsApp-based approval workflows, traveller profile management, risk tracking, vendor and payment integrations, and 24/7 customer support. At the core of this collaboration lies OneBanc's proprietary AI platform, which automates end-to-end processes, reducing operational costs, providing actionable insights, ensuring regulatory compliance, and enabling a new level of personalisation for employees. While India-specific data on travel software remains limited, global studies show that organisations lose over $5 billion annually due to manual errors, inefficiencies, and delays in corporate travel management. Additionally, regulatory non-compliance contributes to more than $7 billion in annual penalties, legal costs, and reputational damage. Together, OneBanc and EaseMyTrip are building a unified ecosystem. OneBanc seamlessly connects banking, payroll/HRMS, and merchant services--like EaseMyTrip--into a single enterprise-grade AI platform. The integration automates policy-compliant recommendations, streamlines payments, ensures auto-submission of GST invoices, and provides real-time analytics to corporates. These insights empower companies to negotiate better rates, implement cost-control policies, and elevate the employee experience. This partnership reflects both companies' commitment to innovation and customer-centricity. By combining EaseMyTrip's expansive travel inventory with OneBanc's intelligent automation, the duo aims to transform corporate travel management and redefine how employees engage with financial tools. 'Our partnership with OneBanc is a major step in expanding our corporate travel solutions,' said Nishant Pitti, Chairman & Founder of EaseMyTrip. 'By combining our travel expertise with OneBanc's AI-led platform, we're delivering a next-gen solution that redefines how companies manage business travel.' 'At OneBanc, our mission is to leverage AI and ML to deliver personalised experiences for salaried professionals and enterprises,' said Vibhore Goyal, Founder & CEO of OneBanc. 'Given that corporate travel is a major spend category, our partnership with EaseMyTrip--a leader in digital travel--was a natural evolution. Together, we're enabling a compliant, seamless, and automated solution for corporate India.' OneBanc is a leading corporate financial solutions provider that integrates banking, payroll, and HR systems with AI-powered automation to optimise employee financial wellness and corporate operational efficiency. EaseMyTrip (a publicly listed company at NSE and BSE) is one of India's largest online travel platforms in terms of air ticket bookings, based on the Crisil Report- Assessment of the OTA Industry in India, February 2021. (ANI)
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Business Standard
18-06-2025
- Business
- Business Standard
MakeMyTrip to raise $2.5 bn to slash Trip.com's stake and voting power
MakeMyTrip to repurchase Class-B shares from reducing its voting power and board rights amid calls to limit Chinese investment following India-Pakistan conflict Rimjhim Singh New Delhi Indian travel booking platform MakeMyTrip has announced plans to raise over $2.5 billion through the sale of ordinary shares and convertible bonds. The move, disclosed in regulatory filings with Nasdaq, is aimed at substantially cutting down the ownership and influence of China-based Group in the company, news agency PTI reported. The Gurugram-based, NASDAQ-listed company said the funds raised through both the equity and the concurrent convertible notes offering will be used to buy back a portion of its Class-B shares previously held by 'As of March 31, 2025, beneficially owned 100 per cent of our issued and outstanding Class B Shares and 15.05 per cent of our aggregate ordinary shares and Class B shares, together representing an aggregate of 45.34 per cent of the total voting power in our company,' MakeMyTrip noted in its filings. Following the share repurchase, voting power will drop significantly — from 45.34 per cent to 19.99 per cent. As a result, its board nomination rights will be reduced from five directors to two, in line with the Terms of Issue governing the share structure, PTI reported. Broader geopolitical context The timing of this corporate move comes amid increasing scrutiny over investments from countries like China and Turkey, especially in the wake of heightened tensions following last month's India-Pakistan military clash. Public sentiment and political voices have urged companies to distance themselves from investors seen as aligned with Pakistan. Fuelling the debate, EaseMyTrip co-founder Nishant Pitti recently questioned MakeMyTrip's Chinese ties, alleging that five out of its ten board members are directly linked to China. Details of the capital raise MakeMyTrip revealed in its Nasdaq filing that it will issue 14 million ordinary shares, each with a par value of $0.0005. Additionally, the company announced a concurrent offering of $1.25 billion in aggregate principal amount of convertible senior notes, with an option for underwriters to purchase up to an additional $187.5 million, PTI reported. 'Concurrently with this offering, we are offering $1.25 billion aggregate principal amount of convertible senior notes, plus up to $187.5 million aggregate principal amount... if the initial purchasers... exercise in full their option,' the company said. Terms of repurchase agreement On Monday, MakeMyTrip entered into a share repurchase agreement with According to the agreement, the Chinese travel firm has agreed to sell a portion of its Class-B shares back to MakeMyTrip at the same price as the public offering, net of underwriting discounts and commissions. Generally, Class-B shares carry the same rights and preferences as ordinary shares, except as otherwise detailed in the company's terms of issue.
Time of India
18-06-2025
- Business
- Time of India
MakeMyTrip Plans Major Share Repurchase to Reduce Chinese Ownership, ET TravelWorld
Advt MakeMyTrip raises US$200m to meet working capital and future growth requirements According to a company statement, MMT had to upsize the deal from the initially announced $175 million to $200 million taking into account the very high demand for the zero coupon bond See More Details Advt Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. All about ETTravelWorld industry right on your smartphone! Download the ETTravelWorld App and get the Realtime updates and Save your favourite articles. Travel booking major MakeMyTrip has announced a fundraise of over USD 2.5 billion through the sale of shares and convertible bonds with the objective of significantly reducing China-based Group's stake in the company, according to filings with Gurugram-headquartered NASDAQ-listed firm plans to use the net proceeds from the offering, as well as from the Concurrent Notes Offering, to repurchase a portion of its Class B shares previously acquired by the move comes in the backdrop of calls for minimising business relations with companies and investors from countries like China and Turkey, which are seen as supporters of Pakistan, following last month's India-Pakistan military travel agency EaseMyTrip's founder Nishant Pitti had last month turned up the heat on MakeMyTrip over the alleged Chinese ownership of the latter, saying 5 out of its 10 board of directors have direct ties to successful execution of the share repurchase exercise, total voting power in the company is reduced from 45.34 per cent to 19.99 per cent, and its board nomination rights will be reduced from five directors to two, in accordance with the Terms of Issue, MakeMyTrip the NASDAQ filing, the company also informed that it is offering 14,000,000 ordinary shares, par value USD 0.0005 per share, in this offering."Concurrently with this offering, we are offering, USD 1.25 billion aggregate principal amount of convertible senior notes, plus up to USD 187.5 million aggregate principal amount of our convertible senior notes if the initial purchasers in the convertible notes offering exercise in full their option to purchase additional convertible senior notes, which we refer to as the Concurrent Notes Offering," it Class B shares have the same rights and preferences as the ordinary shares except as specifically set forth in the Terms of Issue governing the Class B shares, or the Terms of Issue."As of March 31, 2025, beneficially owned 100 per cent of our issued and outstanding Class B Shares and 15.05 per cent of our aggregate ordinary shares and Class B shares, together representing an aggregate of 45.34 per cent of the total voting power in our company," MakeMyTrip June 16, 2025, MakeMyTrip entered into a share repurchase agreement with pursuant to which the latter has agreed to sell, and the former has agreed to purchase, a portion of the Class B shares at a price per share equal to the public offering price of each ordinary share, after deducting underwriting discounts and commissions.
Indian Express
17-06-2025
- Business
- Indian Express
MakeMyTrip to raise over $2.5 billion to slash China-based Trip.com's stake in company
Online travel agency MakeMyTrip has announced a fund-raise of over $2.5 billion through sale of shares and convertible bonds with the objective of significantly reducing China-based Group's stake in the company, per company filings with the US Security Exchange Commission (SEC). Gurugram-based MakeMyTrip is listed on the Nasdaq in the US. While MakeMyTrip did not mention the reason behind its decision to slash stake, the decision comes at a time when there is clamour in India for minimising business relations with companies and investors from countries like China and Turkey—which are seen as supporters of Pakistan—following last month's military India-Pakistan military conflict. Calls for cutting ties with Chinese investors and companies have also been there due to tensions between India and China following the border clashes in Ladakh's Galwan Valley in 2020. Last month, rival online travel agency EaseMyTrip's founder Nishant Pitti had also taken potshots at MakeMyTrip over significant Chinese investment in the latter. According to MakeMyTrip's SEC filings, it is offering 14 million shares, which could help the company raise around $1.4 billion. Additionally, it is also looking to raise $1.25 billion through sale of zero-coupon convertible senior notes (bonds), with an option to offer senior notes worth around a couple of hundred million dollars more. The proceeds will be used to buyback a portion of its outstanding Class B shares held by Following the exercise, Shanghai-based voting power in MakeMyTrip will reduce to around 20 per cent from over 45 per cent currently. 'MakeMyTrip is a proud Indian company, founded by Indians, headquartered in India, and trusted by millions of Indian travellers for over 25 years. We are a publicly listed company on the Nasdaq, with a diverse shareholder base spanning the globe. Our operations are independent, steered by a seasoned team of Indian professionals who bring a wealth of expertise and a commitment to excellence. We adhere to stringent corporate governance standards, fully complying with all applicable Indian laws and data privacy frameworks. We don't comment on malicious or motivated accusations and remain focused on offering our best services to our customers as a responsible Indian corporate,' MakeMyTrip had said in a statement last month, after Pitti posted on social media about MakeMyTrip's Chinese shareholding.
India Gazette
09-06-2025
- Business
- India Gazette
EaseMyTrip launches 'EMT Invest' to fuel growth-ready and profitable businesses across high-potential sectors
New Delhi [India], June 9 (ANI): one of India's leading online travel tech platforms, has announced the launch of EMT Invest, a strategic investment arm aimed at accelerating the growth of founder-led, profitable businesses across diverse high-growth sectors. With this initiative, EaseMyTrip seeks to partner with ventures that are ready to scale and are looking for capital, digital ecosystem leverage, and strategic brand support, the company said in a statement on Monday. Designed as more than just a funding mechanism, EMT Invest will focus on companies that have a proven track record of profitability with a minimum Profit Before Tax (PBT) of Rs 5 crore or more. These businesses should demonstrate strong unit economics, operate on scalable business models, and be actively led by promoters who retain full operational control. EMT Invest is particularly suited for ventures that are poised for expansion and require growth capital to scale over the next three to five years, the statement noted. Through EMT Invest, EaseMyTrip will typically acquire a strategic minority stake (up to 49 per cent), ensuring that promoters retain full control and autonomy. The partnership model allows businesses to scale rapidly by tapping into EMT's robust digital infrastructure, brand capital, and a user base of over 3 crore customers. Nishant Pitti, Founder and Chairman of EaseMyTrip, said, 'With EMT Invest, we are expanding our ecosystem to support ambitious, growth-oriented businesses in reaching their full potential. This initiative reflects our belief in strategic collaboration--where capital meets capability and vision. Our aim is to empower founders to scale efficiently while maintaining their entrepreneurial independence. EMT Invest is about building lasting value and enabling the next generation of business leaders to achieve transformative success.' The key benefits for investee companies include a capital infusion to drive expansion and innovation and seamless access to EaseMyTrip's robust technology and marketing infrastructure. 'EMT Invest ensures zero operational interference, allowing founders to retain full control while benefiting from strategic brand-building, distribution, and go-to-market support to accelerate their growth journey,' the statement added. 'EaseMyTrip emphasizes that the objective of EMT Invest is to unlock long-term value, ultimately preparing partner companies for significant milestones such as IPOs or secondary exits,' it said. Interested companies are encouraged to initiate discussions by submitting the last two years of audited financials, cash flow statements, cap table, and a 3-5 year business plan, it added. (ANI)
