MakeMyTrip

MakeMyTrip is a leading online travel company that has transformed how Indians plan and book their journeys, offering a full suite of travel services through its core brands—MakeMyTrip, Goibibo and redBus. The company empowers travelers by providing easy, instant access to a wide range of options, including flights, hotels, homestays, holiday packages, cabs, buses and trains, all supported by robust technology and customer service.

Core Products and Services

• Flights: Domestic and international flight bookings.

• Hotels & Homestays: Accommodation bookings, including hotels, homestays and villas.

• Holiday Packages: Curated domestic and international vacation packages.

• Ground Transport: Cab, bus and train booking services.

• Business Travel: myBiz platform for corporate travel management.

• Agent Platform: myPartner for travel agents.

• Currency & Charters: BookMyForex for forex, charter flights and more.

Key Milestones 

• Early Expansion: Quickly diversified from flight tickets to hotel bookings, holiday packages and bus/train bookings.

• NASDAQ Listing: Became the first Indian online travel company to list on NASDAQ in 2010, raising significant capital and global visibility.

• Strategic Acquisitions: Acquired MyGola (travel planning), merged with ibibo Group (Goibibo and redBus) and integrated Quest2Travel for business travel.

• Market Leadership: Achieved market leadership in India’s online travel sector by consolidating key competitors and expanding service offerings.

• International Growth: Launched operations in UAE, Singapore and other international markets, broadening its customer base.

• Financial Milestones: Reported best-ever annual results for four consecutive years, with robust post-pandemic recovery and gross bookings reaching approximately $7.9 billion in FY2024.

• Innovation and Partnerships: Launched myPartner for travel agents, partnered with Amazon Pay and acquired BookMyForex for fintech expansion.

Business Model & Revenue Streams

• Revenue Generation: Primarily through commissions on bookings (flights, hotels, holiday packages), service fees and value-added offerings.

• Business Unit Contribution: Flights and hotels are the largest revenue contributors (estimated over 70% combined), with holiday packages and ground transport growing rapidly.

• Customer Segmentation: Predominantly B2C (individual travelers and families), with strong B2B (myBiz, myPartner) and enterprise segments.

• Market Diversification: India remains the core market, with increasing focus on international expansion (UAE, Gulf region).

Top Clients & Partnerships

• Aviation Partners: IndiGo, Air India, Vistara, SpiceJet, Emirates and other leading airlines.

• Hospitality Partners: Major hotel chains like Taj, Marriott, ITC and OYO.

• Ground Transport: Collaborations with leading cab operators, bus companies and Indian Railways.

• Financial & Tech Partners: BookMyForex (forex), Savaari (cabs) and technology integrations with global distribution systems (GDS).

• Client Concentration Risk: Low, due to diversified partnerships across airlines, hotels and transport providers.

• Diversification Initiatives: Expanding into business travel, travel agents and new geographies like the Gulf.

Future Outlook & Strategic Priorities

• Growth Drivers: Expansion in business travel, agent networks and international markets (Gulf, Southeast Asia). Investment in AI/ML for personalized experiences and automation.

• M&A Pipeline: Continued acquisition of complementary businesses (e.g., BookMyForex, Savaari) to broaden service offerings.

• Risks & Headwinds: Regulatory changes in travel and payments, macroeconomic volatility, and increasing competition from global and domestic players.

• Medium-Term Targets: Sustaining double-digit growth, deepening customer engagement and scaling value-added services.

• Capital-Allocation Priorities: Technology upgrades, market expansion and strategic acquisitions to reinforce leadership in India’s travel ecosystem—reflecting recent market trends toward integrated, seamless travel solutions.