MakeMyTrip Business Summary

MakeMyTrip Ltd (MMYT) operates as the dominant online travel agency (OTA) in India, utilizing a transaction-based business model that generates revenue through commissions and service fees across four primary segments: Air Ticketing, Hotels and Packages, Bus Ticketing, and Others. As of early 2026, the company has significantly expanded its high-margin "Others" segment, which includes ancillary services such as travel insurance, visa processing, foreign exchange, and the Happay expense management platform. The company leverages a multi-brand strategy, including Goibibo and redBus, to capture diverse market tiers, recently benefiting from Indian government tax rationalization that spurred a 23% volume surge in its mid-to-budget hotel funnel. Within the competitive landscape, MakeMyTrip maintains a market-leading position against direct rivals such as Booking Holdings, Yatra Online, and Easy Trip Planners, distinguishing itself through deep domestic penetration and an integrated travel ecosystem that provides superior customer lifetime value compared to niche players. Founded in 2000 by Deep Kalra, Rajesh Magow, Sachin Bhatia, and Keyur Joshi, the company is led by a seasoned executive team with deep roots in the Indian internet economy. Deep Kalra serves as Founder and Chairman, while Rajesh Magow, a co-founder who previously served as CFO and CEO of India operations, holds the role of Group CEO. The technical and operational strategy is directed by Group CTO Sanjay Mohan, a veteran of Yahoo and IBM, and Group COO Mohit Kabra, who transitioned from the CFO role to oversee broader operations, with Dipak Bohra now serving as Group CFO. The company's board and investor base feature significant global pedigree, including Jane Jie Sun (CEO of Trip.com Group) and representatives from Elevation Capital. Despite a 2025 share repurchase that reduced Trip.com Group’s stake to approximately 16.9%, the strategic partnership remains a cornerstone of MakeMyTrip’s international and technological scaling efforts.