MakeMyTrip, the largest online travel portal in India, is raising around $330 million in a fresh funding round. The funding in the current round is coming from its existing investor Naspers and Ctrip through the private placement of shares and issuing of fresh shares.

As per the company’s filings with NASDAQ, MakeMyTrip is ready to issue3.6 million Class B Shares to MIH Internet SEA Pte. Ltd, a subsidiary of multinational internet and media group Naspers Limited, at a price of $36 per share. This transaction will provide the travel booking platform proceeds of $132 million. Further, the Class B shares being issued to MIH will be convertible into ordinary shares of MakeMyTrip on a one-to-one basis.

The company is also issuing 916,666 ordinary shares to Chinese travel operator International at a price of $36 per share, mobilizing additional proceeds of about $33 million. The transactions with Ctrip and MIH are expected to close by May 5th.

Along with this, MakeMyTrip is also undertaking a private placement of its shares to raise an additional $165 million. As per its terms, it will issue about 4.5 million ordinary shares, at a price of $36 per share. Morgan Stanley India is acting as the sole placement agent for the transaction, however, the identity of the investors has not been disclosed.

The infused capital will be used by MakeMyTrip to finance its business expansion, strategic investments, technology and product development, marketing and promotions, working capital and general corporate purposes.

The company has announced aggressive plans, particularly in the hotels and packages segment, to consolidate its leadership position in the country. It already operates two budget-specific segments — Value+ and alternate homestay-focused RightStay, while Ibibo is also known to operate budget accommodation platform GoStay.

This new deal further consolidates Naspers’ position as the single-largest stakeholder in MakeMyTrip. The South African-origin investor holds about 35% of the company. It came on board after it merged its online travel business Ibibo Group with MakeMyTrip in a stock transaction in October last year.

Earlier this year, in February, SAIF Partners, a long-standing investor in MakeMyTrip, sold its remaining stake in the company, in what is believed to be the largest cash exit in India’s venture capital industry.

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