MakeMyTrip Financial News

Rajesh Magow, group CEO of MakeMyTrip said its gross booking value for quarter one was more than $2.4 billion, with growth at 22% year on year in constant currency terms, and the adjusted operating profit was $39.1 million registering a growth of 30% year on year.

Subscribe to enjoy similar stories.Nasdaq-listed travel company MakeMyTrip is weighing the benefits of listing its Indian arm via Indian Depository Receipts (IDRs) rather than a traditional initial public offering (IPO), according to two people familiar with the matter.“An IDR structure is on the table, being viewed as a method to manage tax obligations that would be triggered by the Mauritius-based parent entity—MakeMyTrip Ltd—during a secondary sale of shares in a domestic IPO,” said one of the two persons on the condition of anonymity.The development follows the company's reaffirmation of its strategic priorities on 16 March, including plans for a potential listing of its India business after the consolidation of its brands, such as RedBus India, under MakeMyTrip (India) Pvt. Ltd.The company provides flight, hotel, and bus bookings through its platforms, including Goibibo and RedBus.Experts say the move may have been driven by the 15 January Supreme Court of India ruling in the Tiger Global-Flipkart tax case, which held that a Mauritius-based holding company participating in an offer for sale (OFS) in an Indian IPO would be liable to pay capital gains tax in the country on such transactions."In practical terms, this means that reliance on Mauritius purely as a tax-efficient holding jurisdiction is significantly weakened in the context of IPO exits," said Sonam Chandwani, managing partner, Mumbai-based law firm KS Legal & Associates.The IDR route allows a foreign-listed company to remain domiciled abroad while accessing local liquidity by issuing receipts to Indian investors that are backed by shares held by a custodian, avoiding tax liabilities.“There is renewed interest in the IDR route.

₹1.19 trillion)market, which is still less than 5% organised,” he said.He also added that Uber’s existing intercity cabs business is growing about 50% year-on-year and operating across around 3,000 routes.Only 19% of India’s intercity bus market was booked online in fiscal 2023, underscoring how under-penetrated the category still is despite the scale of demand, according to a 2023 study by travel advisory firm VIDEC Consultants.The same report estimated the overall intercity bus market at ₹539 billion ($6.7 billion) in fiscal 2023 and projected it to grow to ₹688 billion ($8.6 billion) by fiscal 2026.Within the online segment, the report said MakeMyTrip Group-owned redBus controlled about 75% of the OTA intercity bus market in fiscal 2023, with ixigo-owned AbhiBus trailing behind.When asked why Uber was not using its own capital to build a standalone bus-ticketing business, Singh said the category was still under-penetrated enough for multiple models to coexist.“The best part of the fact that, as you laid out, it’s still under-penetrated means there is such a long journey, and we believe different business models will coexist,” he added.Uber wants to retain and acquire users who prefer buses as an affordable intercity option to Uber's premium cab option.

₹5.2 crore purchase of a three-bedroom pool holiday villa after a short meeting with the founders of luxury real estate company Isprava.“The idea was clear from the beginning,” said Narayan, 54, who returned to India in 2019 after spending around two decades abroad. “I wanted to stay there when I had time, but the rest of the year I wanted it let out.”Narayan took possession in March 2023 and listed shortly thereafter on Lohono Stays, Isprava’s hospitality arm.

«But eventually as it happens every time, the markets are always a leading indicator and they have stabilised for now. So, I do not see that kind of a pain setting in in the near future,» says Amnish Aggarwal, Prabhudas Lilladher. What should be a very basic strategy? For our viewers who are watching the show they want to benefit from your expertise. What would you advise them, if you have endured the pain now, wait for the gain? Amnish Aggarwal: As the situation stands, we might have seen the worst kind of a panic in the market and it happened in the previous quarter, you can say in the run up to March where there was a lot of panic that economy is going down, markets are going to crash.

MakeMyTrip has unveiled a new AI-powered feature called ‘Collections’ aimed at making hotel and homestay discovery more personalised. ‘Collections’ is designed to tackle the challenge of finding the a stay among 86,000 domestic accommodations across 2,000+ cities by leveraging Generative AI and deep traveller insights to categorise accommodations into curated themes, the company said in a press release on Thursday. “The feature is already live across 30+ major leisure and pilgrimage destinations, and we are rapidly expanding it to more cities, ensuring that travellers find accommodation options truly personalized to their needs,” said Abhishek Logani, Chief Business Officer – Hotels at MakeMyTrip.

This data, sourced from a survey by myBiz, the SaaS-based corporate booking platform of MakeMyTrip, sheds light on gender representation in corporate travel. The analysis, which covers flight bookings made by nearly 3,000 corporate clients with more than 200 employees and an annual travel expenditure exceeding ₹1 crore, reveals valuable insights into corporate travel trends across sectors and cities.

Subscribe to enjoy similar stories. Global private equity firms KKR and Partners Group are nearing a deal to lead a $120-150 million funding round in HR-tech services provider Darwinbox, said three people aware of the development, as private equity firms continue to hunt for mature tech startups closer to profitability. The deal, likely to value the company at around $950 million, will be a mix of primary and secondary fundraise, the people said on the condition of anonymity.

Subscribe to enjoy similar stories. Indians are opting to fly premium more often, especially on metros routes, as they seek better experiences and business travel grows. That's sent fares for such seats on aircraft soaring through the roof.

Online platform Ixigo reported an 80-100% year-on-year (YoY) increase in bookings to destinations such as Thailand, Vietnam, Bali, and London. Agoda supported this trend, noting a 53% surge in international accommodation searches. Cleartrip observed a 1.2x jump in international leisure travel, with Southeast Asia and the Middle East emerging as key regions. Emerging destinations are a highlight this year. MakeMyTrip recorded 248% growth in searches for Azerbaijan and 100% growth for Malaysia. Similarly, Cleartrip observed spikes in bookings for Manila (2.5x) and Tbilisi (1.7x), alongside strong growth for Bali (2.6x) and Phuket (2.3x).

MakeMyTrip is set to acquire expense management platform Happay from fintech unicorn Cred. This acquisition will give a stronger foothold to the Gurugram-based company in the corporate travel booking space. Cred had acquired Bengaluru-based startup Happay in 2021 in a cash-and-stock deal worth $180 million. Under the arrangement, the Happay brand along with its expense management business and the vertical’s dedicated team will join MakeMyTrip, the company said in a news release Monday.

MakeMyTrip on Monday announced that it has signed a Business Transfer Agreement to acquire Happay Expense Management Platform from CRED. The acquisition is in line with MMT's commitment for comprehensive corporate travel and expense management solutions, mentioned the company in a press release. Happay is a leader in expense management, with robust capabilities in product development, data-driven insights, and scalable solutions that consistently drive value and efficiency for clients. Under the agreement, Happay brand, its expense management business, and its dedicated team will transition to MakeMyTrip.

online travel agents (OTAs) and industry bodies to develop standard operating procedures (SoPs) and transparent policies to process refunds, to address widespread complaints from travellers about irregularities and transparency issues in air ticket cancellation refunds. The ministry has written to companies such as MakeMyTrip, Yatra, EaseMyTrip, Thomas Cook and Cleartrip and industry bodies including Indian Association of Tour Operators (IATO) and Travel Agents Association of India (TAAI), stating there is an “urgent need” to bring in transparency in the cancellation refund process. ET has seen a copy of the letter dated October 15.

Kamat Hotels (India), the Bombay High Court has directed a clutch of online travel portals including Makemytrip, Goibibo, Booking.com B.V. and Agoda to take down the listings of a company that allegedly infringed the trademark of its brand 'The Orchid'. The BSE-listed hotel chain Kamat Hotels had approached the court against city-based firm Orchid Service Apartment with the argument that the company was infringing its trademark by running a service apartment/hotel and rendering services under the trade mark 'The Orchid'. «The identity/close and deceptive similarity of the rival marks and the services cannot be a mere coincidence,» observed Justice RI Chagla in his order of September 18.

MakeMyTrip's ‘How India Travels Abroad’ report for the period of June 2023 to May 2024. Rajesh Magow, co-founder and Group CEO, MakeMyTrip, said with rising disposable incomes, greater exposure to global cultures, and the increasing ease of travel, more Indians are exploring both domestic and international destinations for leisure as well as business. «Our data attests to the growing confidence in exploring new destinations and indulging in different/ luxury experiences, which is also transforming the travel industry,» he said. «While domestic tourism remains buoyant, as noted in our previous report, our latest findings highlight the notable changes in international travel behaviour driven by macroeconomic factors that are fuelling the surge in travel among Indians. These trends present an exciting opportunity for the travel and tourism industry to innovate and cater to the evolving needs of Indian travellers,» he added.

MakeMyTrip Ltd on Tuesday reported a profit of USD 21 million for the June quarter. The company said its June quarter profit included income tax expenses of USD 8.5 million due to a reversal of the deferred tax assets. In the first quarter of the last fiscal, the company had posted a profit of USD 18.6 million.

Air India Express on Monday said it has launched common platform 'Xpress Holidays' in collaboration with online travel firm MakeMytrip for travellers to book flights, accommodation and transport. The partnership with MakeMyTrip enables a variety of attractive packages to cater to different travel preferences, Air India Express said in a statement. The service offers exclusive deals, through the airline's website, the airline said, adding that the extended offerings of the platform include access to end-to-end holiday packages, including cab pick-ups, sightseeing tours and experiences. «We are extending the services on our website and mobile app to be a one-stop solution for all travel needs. With the launch of the all-encompassing 'Xpress Holidays', powered by MakeMyTrip, we are also enabling exclusive curated offers on flights and accommodations across India and our key international destinations, including airport transfers and guided tours,» said Ankur Garg, Chief Commercial Officer at Air India Express.

‘Innovation will be key differentiator in SaaS’ In a secondary transaction, existing shareholders sell shares to other existing investors or new ones, and no new capital is injected into the company itself. Secondary transactions generally take place at a discount to the primary shares. In 2022, a $72 million Series D funding round led by Technology Crossover Ventures (TCV), made Darwinbox a unicorn – a private company valued at more than a billion dollars.

Indian policymakers Tuesday met industry representatives on the impact of the proposed Digital Competition Bill on data and digital markets after stakeholders seemed to have widely different opinions on the regulations, with some backing its provisions that others believe could deter investments. Nine industry associations and representatives of government bodies, besides executives from some companies, were present at the MEITY meeting, sources said.

Mint on the sidelines of the GitHub Galaxy event in Bengaluru on Tuesday. Amid a global shift to AI, India boasts over 15.4 million developers on GitHub, compared to a little over 21 million in the US. Globally, there are more than 100 million developers.

summer travel this year, with hospitality and travel services providers noticing buoyant demand. Although the ongoing general elections have had a minor impact on corporate and meetings, incentives, conferences, and exhibitions (MICE) business, hotels are finding increased retail business with beach destinations still fighting it out with hill stations for the favoured holiday site. «Those in the northern part of the country head to the hills to escape the heat. There is also movement from the cities to nearby tourist or leisure destinations. Industry sources estimate a 30 to 40% increase in the summer travel this year as compared to last year,» Hotel Association of India, president and Radisson Hotel Group chairman, south Asia, KB Kachru said. MakeMyTrip group CEO Rajesh Magow said, «Summer is always one of the biggest quarters of the year in terms of travel intent, and this year too, the buoyancy in the sector continues. We are observing a healthy growth in searches over those recorded last year at this time.»