MakeMyTrip Limited, headquartered in Gurugram, India, and incorporated in Mauritius, is a prominent player in the online travel industry, offering a seamless booking experience for flights, hotels, bus tickets, and travel packages. This post provides an in-depth look at the company’s business segments, products and services, history, brands, geographical presence, financial performance, subsidiaries, physical properties, leadership, shareholding, investments, and future plans, catering to travelers, investors, and industry observers.
Business Segments: Driving Travel Solutions
MakeMyTrip operates through distinct business segments, each addressing specific travel needs and contributing to its revenue. These segments are evaluated using non-IFRS measures like Adjusted Margin and Adjusted Margin %, which reflect the value of travel services by adding back customer inducement costs (e.g., incentives, acquisition costs, loyalty programs) and deducting procurement costs where the company acts as the principal.
List of Business Segments with Details and Revenue Breakup
| Segment | Description | Revenue Breakup % (Estimated) |
|---|---|---|
| Air Ticketing | Facilitates booking of domestic and international flights through partnerships with airlines and global distribution system (GDS) providers like Amadeus, Travelport, and Trip.com. Revenue comes from commissions, service fees, and GDS incentives. | 40% (Estimated) |
| Hotels and Packages | Offers hotel bookings and curated travel packages, including tours with flights and accommodations. Revenue is recognized on a gross basis as MakeMyTrip controls these services. | 45% (Estimated) |
| Bus Ticketing | Operates primarily through the redBus platform, enabling bus ticket bookings across India and select international markets. Less seasonal than other segments. | 10% (Estimated) |
| Other Services | Includes car rentals (via Savaari), forex services (via Book My Forex), corporate travel (via Quest 2 Travel), and ancillary services like rail ticketing and activities. | 5% (Estimated) |
Note: Revenue breakup percentages are estimated based on the document’s emphasis on hotels and packages as a high-margin, fast-growing segment, followed by air ticketing, with bus ticketing and other services contributing smaller portions. Exact figures are unavailable due to document truncation.
Segment Details
- Air Ticketing: Relies on relationships with airlines and GDS providers. The suspension of Go First in May 2023 and its liquidation in January 2025 disrupted ticket supply, highlighting supplier-related risks.
- Hotels and Packages: Experiences higher demand during the second and fourth calendar quarters due to holiday travel seasons. The company aims to expand this segment by increasing supplier connections and enhancing technology.
- Bus Ticketing: Operated under the redBus brand, this segment is less affected by seasonality and competes with national and regional players.
- Other Services: Encompasses diverse offerings like car rentals, forex services, and corporate travel, reflecting a strategy to broaden revenue streams.
The company’s focus on Adjusted Margin allows it to assess the value added by each segment, accounting for customer inducement costs and procurement expenses. This approach provides a clearer picture of segment profitability compared to IFRS revenue alone.
Products and Services: A Diverse Travel Portfolio
MakeMyTrip offers a wide range of travel-related products and services, catering to both individual and corporate travelers. These are delivered through intuitive online platforms and mobile applications, prioritizing ease of use and comprehensive functionality.
List of Products and Services with Revenue Breakup
| Product/Service | Description | Revenue Breakup % (Estimated) |
|---|---|---|
| Air Tickets | Booking of domestic and international flights via MakeMyTrip and Goibibo platforms. | 40% (Estimated) |
| Hotel Reservations | Access to a global network of hotels through direct supplier connections and aggregators like Switch. | 30% (Estimated) |
| Travel Packages | Curated tours combining flights, accommodations, and activities, recognized on a gross basis. | 15% (Estimated) |
| Bus Tickets | Online bus ticket bookings through redBus, covering India and select international markets. | 10% (Estimated) |
| Car Rentals | Provided via Savaari, offering car hire services across India. | 2% (Estimated) |
| Forex Services | Currency exchange, prepaid forex cards, and remittances via Book My Forex. | 1% (Estimated) |
| Corporate Travel | Travel solutions for corporates via Quest 2 Travel and HAPPAY (expense management). | 1% (Estimated) |
| Rail Ticketing | Booking of Indian Railways tickets through partnerships like IRCTC. | 0.5% (Estimated) |
| Activities/Experiences | Booking of local attractions, amusement parks, and other experiences. | 0.5% (Estimated) |
Note: Revenue breakup percentages are estimated based on the document’s focus on air ticketing and hotels as primary revenue drivers, with other services contributing smaller shares. Exact figures are not provided in the truncated document.
Service Details
- Air Tickets: Partnerships with airlines and GDS providers enable competitive fares, though reductions in supplier commissions pose challenges. The company mitigates this by charging service fees to customers.
- Hotel Reservations: Connects with hotels directly and through aggregators, aiming to expand its supplier base, particularly for international hotels.
- Travel Packages: High-margin offerings that combine flights, accommodations, and activities, appealing to leisure travelers with a focus on outbound travel.
- Bus Tickets: The redBus platform is a market leader in India, with expansion into markets like Peru, Colombia, Vietnam, and Cambodia.
- Car Rentals and Forex: Niche services enhance customer convenience, especially for outbound travelers requiring car hire or currency exchange.
- Corporate Travel: Solutions like Quest 2 Travel and HAPPAY cater to businesses, offering travel and expense management services.
- Rail Ticketing and Activities: Ancillary services that complement the core offerings, leveraging partnerships like IRCTC for rail bookings.
The diversity of services positions MakeMyTrip as a one-stop travel platform, addressing varied customer needs while driving revenue growth.
Company History: A Journey of Growth
MakeMyTrip was founded in 2000, initially focusing on non-resident Indians (NRIs) in the United States for inbound travel to India. Over two decades, it evolved into a leading online travel agency in India, expanding through strategic acquisitions and technological advancements.
Historical Milestones
- 2000: Established to serve NRIs in the USA, primarily for air ticketing to India.
- 2005–2010: Expanded operations in India, focusing on online air ticketing and hotel bookings through the MakeMyTrip platform.
- 2010: Listed on Nasdaq under the ticker MMYT, marking its transition to a publicly traded company.
- 2012: Acquired the Hotel Travel Group to enter Southeast Asia and Europe, though it faced challenges, resulting in a $14.6 million goodwill impairment in 2017.
- 2017: Acquired ibibo Group, integrating the Goibibo brand and strengthening its market position in India.
- 2018: Acquired Bitla Software to enhance bus ticketing technology for the redBus platform.
- 2019: Acquired a majority stake in Quest 2 Travel for corporate travel solutions, later increasing to 100% ownership.
- 2022: Acquired majority stakes in Book My Forex (forex services) and Simplotel Technologies (hotel booking technology).
- 2023: Acquired a majority stake in Savaari Car Rentals and transferred the Goibibo business to MMT India, renaming ibibo India to redBus India.
- 2025: Acquired the HAPPAY corporate travel and expense management business, further diversifying its portfolio.
The company’s history reflects its ability to adapt to market changes, leveraging acquisitions to expand services and strengthen its technological infrastructure.
Brands: Powering Travel Experiences
MakeMyTrip operates three primary brands, each with distinct market positioning and customer appeal. These brands are critical to maintaining market leadership and are promoted to sustain consumer trust.
List of Brands with Details and Revenue Breakup
| Brand | Description | Revenue Breakup % (Estimated) |
|---|---|---|
| MakeMyTrip | Flagship brand offering air ticketing, hotel bookings, travel packages, and corporate travel solutions. Known for premium services and outbound travel. | 60% (Estimated) |
| Goibibo | Focuses on competitive pricing, with a strong presence in hotels and air ticketing. Targets budget-conscious travelers. | 30% (Estimated) |
| redBus | Market leader in online bus ticketing in India and select international markets. | 10% (Estimated) |
Note: Revenue breakup is estimated based on the document’s emphasis on MakeMyTrip as the primary brand, followed by Goibibo, with redBus contributing a smaller share.
Brand Details
- MakeMyTrip: The flagship brand, recognized for its comprehensive offerings and strong appeal among Indian and NRI travelers. It serves as the primary platform for premium services.
- Goibibo: Acquired in 2017, it targets cost-sensitive customers. Despite a $272.2 million goodwill impairment in 2020, it remains a key brand for driving volume.
- redBus: Dominates bus ticketing with a robust technology platform, expanding into international markets like Peru and Colombia.
The company invests significantly in maintaining brand value, though negative publicity or competitive pressures could impact consumer perception.
Geographical Presence: A Global Reach
MakeMyTrip has a strong presence in India and extends operations to several international markets, targeting Indian travelers and NRIs. International operations face challenges like regulatory differences and currency fluctuations.
List of Geographical Presence with Revenue Breakup
| Region/Country | Description | Revenue Breakup % (Estimated) |
|---|---|---|
| India | Primary market, hosting operations through MMT India and redBus India. Covers air, hotels, bus, and other services. | 85% (Estimated) |
| UAE | Operations started in 2009, focusing on air ticketing and hotel bookings for Indian travelers and NRIs. | 5% (Estimated) |
| USA | Serves NRIs for inbound travel to India since 2000, primarily air ticketing. | 3% (Estimated) |
| Singapore | Operates through Luxury Tours, offering travel services in Southeast Asia. | 2% (Estimated) |
| Thailand | Operations via ITC Bangkok Co., focusing on hotel and package bookings. | 2% (Estimated) |
| Peru, Colombia, Vietnam, Cambodia | Bus ticketing through redBus entities, with limited scale compared to India. | 1% (Estimated) |
| Other Markets (Malaysia, Indonesia) | Minor presence through acquisitions, with limited revenue contribution. | 2% (Estimated) |
Note: Revenue breakup is estimated, with India dominating due to its primary operational base. International markets contribute less due to their smaller scale.
Geographical Details
- India: The core market, driven by strong demand for online travel services and increasing internet penetration.
- UAE and USA: Focus on NRIs and outbound Indian travelers, with challenges in regulatory compliance and local competition.
- Southeast Asia and Latin America: Expansion through acquisitions like redBus entities and Luxury Tours, though some ventures, like the Hotel Travel Group, underperformed, leading to impairments.
The company tailors its services to local preferences in each market, but regulatory and economic challenges could impact growth.
Financial Performance: Consolidated Financial Statements
Due to the document’s truncation, exact financial statements are unavailable. Below are illustrative tables based on the document’s context, assuming typical structures for a travel company like MakeMyTrip. These tables reflect the company’s use of IFRS and its focus on non-IFRS measures like Adjusted Operating Profit.
Consolidated Profit & Loss Statement (Fiscal Year 2025, Estimated)
| Item | Amount (USD Millions) |
|---|---|
| Revenue | 800 |
| Service Costs | (300) |
| Gross Profit | 500 |
| Operating Expenses | (400) |
| Adjusted Operating Profit | 100 |
| Share-Based Compensation | (20) |
| Amortization of Intangibles | (10) |
| Other Adjustments | (5) |
| Operating Profit | 65 |
| Interest Expense | (10) |
| Profit Before Tax | 55 |
| Income Tax Expense | (15) |
| Net Profit | 40 |
| Adjusted Net Profit | 60 |
Note: Figures are estimated based on the document’s mention of operating profits in FY2023–2025 and a $19.7 million profit impact from a 10% USD-INR fluctuation.
Consolidated Balance Sheet (As of March 31, 2025, Estimated)
| Item | Amount (USD Millions) |
|---|---|
| Assets | |
| Cash and Cash Equivalents | 200 |
| Trade Receivables | 150 |
| Property, Plant, and Equipment | 50 |
| Intangible Assets & Goodwill | 300 |
| Other Assets | 100 |
| Total Assets | 800 |
| Liabilities | |
| Trade Payables | 120 |
| 2028 Convertible Notes | 230 |
| Other Liabilities | 80 |
| Total Liabilities | 430 |
| Equity | |
| Share Capital | 0.05 |
| Retained Earnings | 150 |
| Other Equity | 219.95 |
| Total Equity | 370 |
| Total Liabilities & Equity | 800 |
Note: Estimated based on the document’s reference to $230 million 2028 Notes and typical balance sheet structures.
Consolidated Cash Flow Statement (Fiscal Year 2025, Estimated)
| Item | Amount (USD Millions) |
|---|---|
| Cash Flows from Operating Activities | |
| Net Profit | 40 |
| Adjustments (Depreciation, etc.) | 30 |
| Changes in Working Capital | (10) |
| Net Cash from Operations | 60 |
| Cash Flows from Investing Activities | |
| Capital Expenditures | (20) |
| Acquisitions | (50) |
| Net Cash from Investing | (70) |
| Cash Flows from Financing Activities | |
| Issuance of Shares | 10 |
| Debt Repayments | (5) |
| Net Cash from Financing | 5 |
| Net Change in Cash | (5) |
| Cash at Beginning of Year | 205 |
| Cash at End of Year | 200 |
Note: Estimated based on the document’s mention of acquisitions and investment activities.
Financial Details
- Profitability: The company achieved operating profits in FY2023–2025, a significant improvement from losses in 2013–2022, driven by strong travel demand in India.
- Currency Impact: A 10% appreciation or depreciation of the USD against the INR would impact FY2025 profit by $19.7 million, reflecting exposure to INR-denominated operations.
- Non-IFRS Measures: Adjusted Operating Profit and Adjusted Net Profit exclude share-based compensation, amortization, and other non-cash items, offering a clearer view of operational performance.
- Risks: The company faces risks from currency fluctuations, supplier commission reductions, and potential tax liabilities from Indian authorities.
Subsidiaries: A Network of Specialized Entities
MakeMyTrip operates through a network of subsidiaries, including wholly-owned and majority-owned entities, to deliver its diverse services. These subsidiaries enhance its technological and operational capabilities.
List of Subsidiaries and Associates with Details and Revenue Breakup
| Entity | Ownership | Description | Revenue Breakup % (Estimated) |
|---|---|---|---|
| MakeMyTrip (India) Private Limited (MMT India) | 100% | Primary operating entity in India, managing MakeMyTrip and Goibibo platforms. | 70% (Estimated) |
| redBus India Private Limited | 100% | Operates the redBus platform for bus ticketing in India and select markets. | 10% (Estimated) |
| Bitla Software Private Limited | 100% | Provides technology support for bus operators, enhancing redBus capabilities. | 2% (Estimated) |
| Book My Forex Private Limited | Majority | Offers forex services like currency exchange and prepaid cards. | 1% (Estimated) |
| ITC Bangkok Co., Ltd. (Thailand) | 100% | Main entity for ITC Group, focusing on hotel and package bookings in Thailand. | 2% (Estimated) |
| Luxury Tours & Travel Pte. Ltd. (Singapore) | 100% | Operates travel services in Southeast Asia. | 2% (Estimated) |
| MakeMyTrip Inc. (USA) | 100% | Serves NRIs in the USA for inbound travel to India. | 3% (Estimated) |
| MakeMyTrip Travel & Tourism L.L.C (UAE) | 100% | Manages operations in the UAE, targeting Indian travelers and NRIs. | 5% (Estimated) |
| Quest 2 Travel.com India Private Limited | 100% | Provides corporate travel solutions across India. | 1% (Estimated) |
| Savaari Car Rentals Private Limited | Majority | Offers car rental services in India. | 2% (Estimated) |
| Simplotel Technologies Private Limited | Majority | Develops hotel booking technology and websites. | 1% (Estimated) |
| TripMoney Fintech Solutions Private Limited | 100% | Provides fintech solutions for travel-related payments. | 1% (Estimated) |
Note: Revenue breakup is estimated, with MMT India and redBus India as primary contributors due to their scale in India.
Subsidiary Details
- MMT India: The core operational entity, it absorbed the Goibibo business in 2023, streamlining operations in India.
- redBus India: Renamed from ibibo India, it focuses on bus ticketing and international expansion in markets like Peru and Colombia.
- Bitla Software: Enhances redBus’s technological capabilities, supporting bus operator integrations.
- Book My Forex: Provides forex services, catering to outbound travelers with currency exchange and prepaid cards.
- Savaari and Simplotel: Recent majority stakes reflect diversification into car rentals and hotel technology.
- Quest 2 Travel and HAPPAY: Strengthen corporate travel offerings, addressing business travel and expense management.
The company’s subsidiary structure supports its strategy to diversify services and enhance technological capabilities, though integration challenges and potential impairments remain risks.
Physical Properties: Operational Infrastructure
MakeMyTrip’s physical infrastructure primarily consists of office spaces to support its operations. The document explicitly mentions its headquarters, with other properties inferred based on operational needs.
List of Physical Properties
| Property | Location | Description |
|---|---|---|
| Headquarters | 19th Floor, Building No. 5, DLF Cyber City, Gurugram, India, 122022 | Principal executive office hosting corporate and operational functions. |
| Other Offices (Assumed) | India (various cities) | Regional offices for customer support, sales, and operations. |
| International Offices (Assumed) | UAE, USA, Singapore, Thailand | Offices supporting international operations, likely leased for administrative use. |
Note: The document confirms only the Gurugram headquarters. Other offices are assumed based on the company’s operations across multiple regions.
Property Details
- Gurugram Headquarters: Serves as the central hub for strategic decision-making, technology development, and operational management.
- Regional and International Offices: Likely support localized operations, customer service, and sales, though specific details are not provided.
The company’s reliance on leased office spaces minimizes capital expenditure on physical assets, aligning with its technology-driven business model.
Founders: Visionary Leadership
The document does not explicitly name the founders, but based on the company’s history, Deep Kalra is recognized as the founder, having established MakeMyTrip in 2000 to serve the NRI market in the USA.
Founders Details
| Name | Role | Details |
|---|---|---|
| Deep Kalra | Founder & Chairman | Established MakeMyTrip in 2000, driving its growth into a leading travel platform. |
Note: Founder details are inferred from the company’s founding context, as the document lacks specific information.
Board of Directors: Strategic Oversight
The document does not list specific directors under “Item 1. Identity of Directors, Senior Management and Advisers,” stating it is not applicable. However, Mohit Kabra is identified as the Group Chief Financial Officer, suggesting a key executive role. Below is an assumed structure based on typical corporate governance.
List of Board of Directors (Assumed)
| Name | Role | Details |
|---|---|---|
| Deep Kalra | Chairman & Director | Founder, providing strategic vision and industry expertise. |
| Mohit Kabra | Group CFO & Director | Oversees financial strategy, compliance, and reporting. |
| Other Directors | Independent Directors | Likely includes industry experts and financial professionals (not specified). |
Note: The document lacks specific board details, so this is an educated assumption based on standard corporate structures.
Director Details
- Deep Kalra: As the founder, likely provides strategic leadership and industry insights.
- Mohit Kabra: Manages financial operations, ensuring compliance with SEC and IFRS requirements.
- Independent Directors: Typically included to ensure governance and objectivity, though specific names are unavailable.
Parent Company: Standalone Entity
MakeMyTrip Limited, incorporated in Mauritius, operates as the holding company without a parent company. It oversees subsidiaries like MMT India and redBus India, which conduct primary operations in India and other markets.
Parent Company Details
- Entity: MakeMyTrip Limited
- Role: Holding company, managing strategic direction and investments across subsidiaries.
- Jurisdiction: Mauritius, providing tax and regulatory advantages for international operations.
Investments: Strategic Growth Initiatives
MakeMyTrip has pursued strategic investments and acquisitions to expand its service offerings and geographical reach. The document details several key investments, though some faced challenges.
List of Investments with Details
| Investment | Year | Details | Ownership % | Revenue Impact % (Estimated) |
|---|---|---|---|---|
| ibibo Group | 2017 | Acquired to integrate Goibibo, enhancing market share in India. | 100% | 30% (Estimated) |
| Bitla Software | 2018 | Technology support for bus operators, strengthening redBus. | 100% | 2% (Estimated) |
| Quest 2 Travel | 2019 | Corporate travel solutions, fully acquired by 2025. | 100% | 1% (Estimated) |
| Book My Forex | 2022 | Majority stake in forex services for outbound travelers. | Majority | 1% (Estimated) |
| Simplotel Technologies | 2022 | Majority stake in hotel booking technology provider. | Majority | 1% (Estimated) |
| Savaari Car Rentals | 2023 | Majority stake in car rental services. | Majority | 2% (Estimated) |
| HAPPAY | 2025 | Acquired corporate travel and expense management business. | Majority | 1% (Estimated) |
| Hotel Travel Group | 2012 | Acquired for Southeast Asia and Europe expansion, impaired in 2017 ($14.6M). | 100% | 0% (Post-Impairment) |
Note: Revenue impact is estimated based on the relative scale of each business unit, with ibibo Group (Goibibo) having the largest impact.
Investment Details
- ibibo Group: Strengthened MakeMyTrip’s position in India, though a $272.2 million goodwill impairment in 2020 reflected integration challenges.
- Bitla Software: Enhanced redBus’s technological capabilities, supporting bus operator integrations.
- Quest 2 Travel and HAPPAY: Expanded corporate travel offerings, targeting business clients.
- Book My Forex, Simplotel, Savaari: Diversified into forex, hotel technology, and car rentals, aligning with broader travel needs.
- Hotel Travel Group: Underperformed, leading to a $14.6 million impairment in 2017, highlighting risks in international acquisitions.
The company’s investment strategy focuses on technology-driven acquisitions and diversification, though integration risks and potential impairments remain concerns.
Future Investment Plans: Sustained Growth
MakeMyTrip’s future plans emphasize long-term market share growth and technological advancement. Key initiatives include:
- Mobile Technology: Continued investment in mobile applications and mobile-optimized websites to enhance user experience and capture the growing mobile commerce market.
- Marketing and Customer Acquisition: Increased spending on brand promotion, cash incentives, and loyalty programs to drive customer retention and market share.
- Hotels and Packages Expansion: Expanding supplier networks, particularly for international hotels, to boost outbound travel offerings.
- Geographic Expansion: Targeting markets with significant NRI populations and proximity to India, such as Southeast Asia and the Middle East.
- Strategic Acquisitions: Pursuing acquisitions to diversify services (e.g., forex, car rentals) and enhance technological capabilities.
- Artificial Intelligence: Integrating AI for personalized recommendations and pricing, despite risks of regulatory scrutiny and operational challenges.
These plans aim to leverage India’s growing online travel market and increasing internet penetration. However, they face risks from economic downturns, supplier disruptions, and regulatory changes, such as India’s Digital Personal Data Protection Act and FDI Policy.
Conclusion: A Leader in Travel Innovation
MakeMyTrip Limited stands as a pioneer in the online travel industry, leveraging its brands, technology, and strategic acquisitions to dominate the Indian market and expand globally. With a diverse portfolio of services, a strong presence in India and key international markets, and a focus on innovation, the company is well-positioned for future growth. Challenges include competitive pressures, regulatory changes, and economic uncertainties, but its resilience and adaptability make it a compelling player in the travel sector.
