MakeMyTrip Ltd (NASDAQ: MMYT)

MakeMyTrip Limited is a leading online travel service provider operating primarily in India. The company operates under three flagship brands, MakeMyTrip, Goibibo, and redBus, offering air ticketing, hotel reservations, holiday packages, bus and rail tickets, car hire, activities and experiences, and ancillary services such as foreign exchange, visa assistance, and travel insurance. Its platforms include websites and mobile applications that enable travelers to research, plan, and book trips domestically and internationally. As of March 31, 2025, the company’s mobile applications had been downloaded over 183.8 million times on Android and 27.1 million times on iOS for MakeMyTrip, with similar scale for Goibibo and redBus. The firm leverages a technology infrastructure hosted on AWS to support high transaction volumes and to deliver a seamless user experience across its digital channels.

MakeMyTrip Limited generates revenue mainly from service fees and commissions earned on each booking made through its platform. The company collects fees from airlines, hotels, bus operators, rail providers, and other travel suppliers for facilitating transactions. It also earns revenue from value added services such as travel insurance, foreign currency exchange, visa assistance, and loyalty program activities. In fiscal year 2025, gross bookings reached $9.8 billion, up from $8.0 billion in fiscal year 2024 and $6.6 billion in fiscal year 2023, illustrating the growing scale of its transaction volume. During the same period, air ticketing accounted for 58.7 million flight segments, hotel and packages for 37.0 million room nights, and bus ticketing for 106.5 million bus tickets booked via the platform.

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MakeMyTrip Limited holds a strong position in India's highly competitive online travel market, competing with rivals such as Cleartrip, Yatra, Expedia, Booking.com, agoda, Airbnb, ixigo, and EaseMyTrip. The company’s competitive advantages stem from its well recognized brands, extensive hotel inventory of approximately 87,000 properties in India and over 1.2 million abroad, and a robust technology platform hosted on AWS that ensures scalability and security. Based on data from the Directorate General of Civil Aviation, nearly one in three domestic air passengers in India booked their air ticket through MakeMyTrip during fiscal year 2025, underscoring its significant market share. Its large customer base and network effects enable it to negotiate favorable rates with suppliers and to cross sell higher‑margin services such as hotels and packages, which generally yield better adjusted margins than pure air ticketing. Loyalty programs like MMTBLACK and goTribe, with over 2.0 million and 2.4 million enrolments respectively as of March 31, 2025, further strengthen customer retention and repeat bookings.

The company serves a diverse customer base that includes individual leisure travelers, corporate clients, and non resident Indians seeking inbound and outbound travel. While the filing does not disclose specific corporate customer names, it notes that MakeMyTrip’s platform is used by millions of retail customers and by numerous travel agents and franchise owned stores across India. Since inception, over 81.9 million customers have transacted on the company’s various platforms, reflecting its broad reach. Loyalty program participation further illustrates engagement, with MMTBLACK and goTribe enrolling approximately 2.0 million and 2.4 million members respectively as of March 31, 2025. This broad base supports its position as a one stop shop for various travel needs, allowing the company to cross sell ancillary services such as foreign exchange, visa assistance, and travel insurance.