While there have been a spate of acquisitions in recent years, most of these were structured as primarily stock deals. Among MakeMyTrip's pre-IPO venture capital-backers, SAIF was the first to invest and is the last to exit. "You need to be super-patient to get returns in India. For a significant period, the MakeMyTrip stock was be low its IPO price," said Rutvik Doshi, director at venture capital firm Inventus. While SAIF has been selling its MakeMyTrip stock, mutual funds and hedge funds including Wasatch Advisors, Capital World Investors, Janus Capital and Ruane, Cunniff & Goldfarb have been buying into the company. SAIF managing partner Ravi Adusumalli did not reply to emails see king details on the MakeMyTrip stake sales. Exits for venture-backed companies added up to $1.5 billion across 64 deals in 2016, as compared to $1.56 billion across 66 deals in 2015, show data from Venture Intelligence.