MakeMyTrip will be using the money collected from convertible notes to run business and payout salaries
The sale of the convertible notes is expected to settle on February 9, 2021
In FY21 Q2, MakeMyTrip’s revenue plummeted by 82% and losses increased by 41%
As travel restrictions begin to ease across the globe, travel companies and startups — which were massively impacted in the Covid-19 aftermath — are now looking at ways to not just sustain, but scale the business in the coming months. Online travel aggregator MakeMyTrip (MMT), on Friday (February 5), announced that it is looking to raise $200 Mn in debt through senior convertible notes at an aggregate principal amount of 0% rate, due till 2028.
The company, in a press statement, revealed that it will be using the capital from the notes for business operations and for employee salaries after a tough 2020.
The sale of the convertible notes to the initial purchasers is expected to settle on February 9, 2021, estimated to…