Online travel agency MakeMyTrip has raised $3.1 billion through a concurrent equity follow-on and convertible bond sale, its banker Morgan Stanley said. The deal is the largest public-market fundraising by an Indian internet firm since Paytm’s $2.5 billion IPO in 2021. Proceeds are being used chiefly to repurchase shares from Chinese partner Trip.com Group, reducing Trip.com’s holding to 19.99% from 45.34% and trimming its board representation to two directors from five. The change follows heightened scrutiny of Chinese ownership in Indian consumer-data businesses. The financing package comprises 18.4 million new ordinary shares priced at $90 apiece and five-year zero-coupon convertible senior notes carrying a 35 percent conversion premium. MakeMyTrip co-founders Deep Kalra and Rajesh Magow retain 4.6% of voting rights and the right to nominate three independent directors.