MakeMyTrip raised $3.1 billion to buy back shares from China’s Trip.com Group, reducing their stake to 16.9%. The company is open to more buybacks this year, with a board overhaul dropping Trip.com’s director nominations from five to two. MakeMyTrip reported strong performance despite disruptions in travel, with revenue rising 5.6% to $268.8 million in the quarter ending June 30. Gross bookings climbed 12.4% to $2.61 billion, and adjusted net profit grew to $49.4 million. The company is betting on artificial intelligence to enhance customer experience and improve efficiency. AI is being used to analyze data from 83 million customers to offer personalized services and streamline operations. MakeMyTrip sees AI as a tool for innovation and efficiency, investing in its development for future growth.

Read more at Yahoo Finance: MakeMyTrip Raises $3.1 Billion to Shrink Trip.com Group’s Stake