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More Indians are now booking tickets and hotels online than ever before. Nothing can beat the comfort of being able to plan a trip from the comfort of your home. You can check out the prices and compare them to get the best deal. A company that holds a major share in the Indian online travel industry is MakeMyTrip. Since 2000, MakeMyTrip has helped millions of Indians book railway tickets, airline tickets, bus tickets, reserve hotel rooms, and buy holiday packages.
Founded in 2000 and headquartered in Gurgaon, Haryana, MakeMyTrip is one of the most popular and dependable Indian travel companies that helps the people of India avail of online travel services that include airline tickets, domestic and international holiday packages, and reservations of hotels, railways, and bus tickets.
If you want to know more about the Story of MakeMyTrip India, its Founders and Team, Growth, History, Startup Story, Mission and Vision, Products and Services, and more, then here’s the MakeMyTrip success story.
MakeMyTrip – Company Highlights
| Startup Name | MakeMyTrip |
|---|---|
| Headquarters | Gurgaon, Harayana, India |
| Sector | Travel, Software Development |
| Founder | Deep Kalra, Keyur Joshi, Rajesh Magow, Sachin Bhatia |
| Founded | 2000 |
| Website | makemytrip.com |
About MakeMyTrip
MakeMyTrip – Industry
MakeMyTrip – Founders and Team
MakeMyTrip – Subsidiaries
MakeMyTrip – Startup Story
MakeMyTrip – Mission and Vision
MakeMyTrip – Name, Tagline, and Logo
MakeMyTrip – Business Model
MakeMyTrip – Revenue Model
MakeMyTrip – Product and Services
MakeMyTrip – Challenges Faced
MakeMyTrip – Funding and Investors
MakeMyTrip – Investments
MakeMyTrip – Mergers and Acquisitions
MakeMyTrip – Growth
MakeMyTrip – Financials
MakeMyTrip – Partnerships
MakeMyTrip – Advertisements and Social Media Campaigns
MakeMyTrip – Awards and Achievements
MakeMyTrip – Competitors
MakeMyTrip – Future Plans
About MakeMyTrip
India’s leading online travel company, MakeMyTrip, was founded in 2000 by Deep Kalra, Keyur Joshi, and Sachin Bhatia, and later joined by Rajesh Magow. Headquartered in Gurgaon (Haryana), the company provides online travel services that include flight tickets, domestic and international holiday packages, hotel reservations, and rail and bus tickets.
digitization. In the same segment where Cleartrip and MakeMyTrip
[/makemytrip-indian-startup-success-story/] were already predominantly present, Goibibo disrupted the travel segment by providing seamless travel experience i…
Vidhi Punamiya
MakeMyTrip – Industry
The research of Statista indicates that the travel and tourism sector is expanding favorably. The projected yearly growth rate between 2023 and 2027 is an outstanding Compound yearly Growth Rate (CAGR) of almost 12.18%, with a projected value of US $31.45 billion by 2027. These figures highlight the industry’s strength and point to a continuing upward trend, indicating tremendous potential for consistent growth and a plethora of opportunities in the Travel and Tourism sector going forward.
MakeMyTrip – Founders and Team
Deep Kalra, Keyur Joshi, Rajesh Magow, and Sachin Bhatia are the co-founders of MakeMyTrip.
Deep Kalra
The founder of MakeMyTrip, Deep Kalra, was raised in Hyderabad, attended St. Stephen’s College in Delhi for his economics degree, and graduated with an MBA from IIM Ahmedabad in 1992. He left ABN AMRO after three years to work in business development at GE Capital. In the past, he worked with AMF Bowling to bring bowling alleys to India. With the launch of MakeMyTrip in 2000, Kalra revolutionized the Indian travel sector by introducing cutting-edge online services.
As the CEO of MakeMyTrip, Deep Kalra guided the company from its inception till its listing on NASDAQ in August 2010. From August 2013 to February 2020, Kalra functioned as the Group CEO. In February 2020, Deep Kalra stepped down from the post of Group CEO to resume responsibilities as executive chairman of the MakeMyTrip board, while co-founder and current group CEO Rajesh Magow took charge as the Group CEO.
“We believe that separating the roles of Group CEO and Executive Chairman will allow us to focus more on long-term strategic opportunities within and outside India, while maintaining our market-leading position in our existing businesses,” MakeMyTrip owner Deep Kalra commented on his step-down.
Kalra also serves as the vice chairman of Internet and Mobile Association of India. He is one of the founders of Ashoka University and is a part of its governing body. He is also a founding member of “I am Gurgaon”, an NGO.
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Rajesh Magow
Rajesh Magow, a co-founder of MakeMyTrip, currently serves as the company group CEO. Magow graduated from the Indian Institute of Chartered Accountants. He began his career with Aptech Ltd. as the Regional Head-ACE North. Afterward, he joined Ebookers as CFO and Head of Financial Services before joining MakeMyTrip as co-founder, CFO, and COO. Magow has held a number of executive positions within the corporation, including those of Group CEO, COO, and CFO.
Keyur Joshi
Keyur Joshi is the co-founder and Chief Operating Officer (COO) of MakeMyTrip and the Strategic Advisor, roles that he is still serving in the company. Besides this, he is also the co-founder of Wildlife Luxuries (I) Pvt. Ltd. The jumpstart of the online travel market in India can largely be attributed to Joshi.
Before MakeMyTrip, Joshi was involved with Around the World Travel (presently known as JustFares.com), and Tata Motors, where he handled the Market Research and Product Management departments. Keyur has obtained a Bachelor’s degree in Chemistry from Gujarat University. This was again followed by an MBA degree from the City University of New York, New York. Joshi is also a certified pilot!
Apart from the resignation of Sachin Bhatia, who resigned as the co-founder and CMO of the company, the founding team of MakeMyTrip is intact.
MakeMyTrip – Subsidiaries
MakeMyTrip Subsidiaries are Ibibo, Easy to Book Holding B.V., ITC Group, Luxury Tours & Travel Pte Limited, Quest2travel.com India Pvt. Ltd., Hotel Travel Ltd., Travis Internet Private Limited, MakeMyTrip (India) Private Limited, and Makemytrip.com Inc.
MakeMyTrip – Startup Story
MakeMyTrip’s genesis lies in the entrepreneurial spirit of its founder, Deep Kalra. Initially an experienced banker at ABN AMRO Bank, Kalra felt the urge to break away from the monotony of corporate life and explore new avenues. After three years in the banking sector, he sought challenges beyond the confines of a traditional career. This quest led him to join AMF Bowling, which aimed to introduce bowling alleys to India. Despite facing challenges in fundraising and the subsequent failure of this venture, Kalra’s determination to run his own business remained unshaken.
Undeterred by setbacks, Kalra found himself at GE Capital, where he gained valuable insights into the potential of the internet. The realization dawned when he successfully sold his wife’s car online, sparking the idea that the internet could be a powerful platform for his entrepreneurial aspirations. Acknowledging the vast possibilities, he resigned from GE Capital and ventured into the world of online businesses.
The turning point for MakeMyTrip came during Kalra’s research into the tourism sector. Recognizing the inconvenience faced by Indians queuing at ticket counters, he envisioned a solution that would make ticket bookings accessible online. This insight solidified the foundation of MakeMyTrip. While planning a holiday to Thailand, Kalra observed the cost efficiency of direct online bookings and decided to eliminate intermediaries, leading to the official launch of MakeMyTrip in 2000. The platform aimed to simplify ticket bookings and offer competitive prices, marking the beginning of a transformative journey in the online travel industry.
MakeMyTrip – Mission and Vision
MakeMyTrip’s mission is to “provide customers a one-stop-shop for all their travel needs.” It helps the users get optimum user experience across the entire travel journey, which includes “effective planning resources, superior booking experience across all channels, and in-journey 24×7 live customer support.”
At GO-MMT, our vision is to make travel simple and fun for all, and our core values guide us in making this possible. These core values can be seen in the projects that we undertake, and the way in which we solve problems for our customers. They are a representation of OUR BEING & OUR DOING. Each member of the GO-MMT family is guided by them, each and every day, says the company website while stating its vision and values.
MakeMyTrip – Name, Tagline, and Logo
MakeMyTrip’s tagline is “Dil toh roaming hai”, which the company announced in April 2017.
MakeMyTrip – Business Model
MakeMyTrip lets users book air tickets and bus tickets, buy holiday packages, book hotel accommodations, and hire vehicles. Users can also access other travel-related services, like visa processing and travel insurance, that are provided by third-party vendors. All of these services are available through MakeMyTrip’s app, website, or through MakeMyTrip-owned and franchisee-owned stores.
Besides this B2C model, MakeMyTrip India has also introduced MyBiz to offer various corporate travel-related services. MyBiz lets businesses easily manage the travel and accommodation of their employees through various features, such as a single dashboard, MyBiz wallet for central payment processing, and instant refunds to myBiz Wallet on cancellations.
Pratyusha Srivastava
MakeMyTrip – Revenue Model
MakeMyTrip’s revenue model combines traditional and innovative elements, with a focus on strategic air ticket sales contributing 35% to the total revenue. Complementing this, hotels and holiday packages constitute a substantial around 50% of earnings. The transport segment, led by Red Bus, adds 10%, growing at an impressive 35% annually. MakeMyTrip has expanded its revenue streams by partnering with IRCTC for rail tickets and introducing weekend travel, activities, and events.
Domestic travel takes center stage in revenue generation, with 60% of air ticket revenue and 85–90% of hotel business revenue attributed to domestic travel. This highlights MakeMyTrip’s adaptability to regional preferences and solidifies its position as a comprehensive travel solution.
Rishabh Rathi
MakeMyTrip – Products and Services
MakeMyTrip Limited is an Indian online travel company founded in 2000. It’s services include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, rail ticketing, inter-city bus ticketing, car hire, and ancillary travel requirements such as facilitating access to third-party travel insurance and visa processing.
The company is the industry leader in India’s travel sector thanks to its continuous innovation culture and “customer first” strategic focus. This puts it in a unique position to accelerate the online presence of hotels and other lodgings that are largely offline.
MakeMyTrip employs a sizable number of data scientists in their workforce. It makes considerable use of chatbots: Myra for MakeMyTrip and Gia for Goibibo. These chatbots assist with most post-sale inquiries.
MakeMyTrip – Challenges Faced
“The meltdown of dotcom, the exit of venture capital from India, and the 9/11 attacks. By mid-2001, MakeMyTrip were hit by this triple whammy. The next couple of years were the toughest — there were no investors in sight and the company had to shrink the team. But those tough times helped bind the team together. It’s been an incredible journey and the team are thrilled for the possibilities that lie ahead.” said Deep Kalra Founder.
MakeMyTrip celebrated turning 20 in 2020, marking 20 years of assisting customers with travel arrangements. Unfortunately, the worldwide pandemic made it happen during a difficult period. For everyone, traveling was challenging due to the coronavirus. MakeMyTrip used its knowledge to adapt and come up with new ways to assist travelers in spite of this obstacle. The business demonstrated that it could overcome obstacles and remain a leader in the travel sector even in the face of this challenging circumstance.
MakeMyTrip – Funding and Investors
MakeMyTrip has raised $748 mn in over 6 rounds of funding.
Here are the funding details:
| DATE | STAGE | AMOUNT | INVESTORS |
|---|---|---|---|
| February 6, 2021 | Post-IPO Debt | $200 mn | – |
| May 3, 2017 | Post-IPO Equity | $330 mn | – |
| January 8, 2016 | Post-IPO Equity | $180 mn | Trip.com |
| October 8, 2007 | Series C | $15 mn | Tiger Fund |
| December 14, 2006 | Series B | $13 mn | Helion Venture Partners, Sierra Ventures |
| May 1, 2005 | Series A | $10 mn | Tiger Fund |
MakeMyTrip – Investments
MakeMyTrip has made 7 investments to date. Here’s all of them below:
| DATE | NAME OF THE COMPANY | INVESTMENT ROUND | LEAD INVESTOR |
|---|---|---|---|
| February 29, 2020 | ibibo Group | Venture Round | Yes |
| September 24, 2019 | PasajeBus.com | Series A | Yes |
| July 26, 2018 | Bitla Software Pvt. Ltd. | Venture Round | Yes |
| September 6, 2017 | GoFro | Series B | Yes |
| July 20, 2015 | HolidayIQ | Series B | Yes |
| June 25, 2015 | Inspirock | Seed Round | – |
| August 11, 2011 | ixigo | Series A | – |
MakeMyTrip Exit
It has exited from two companies, ibibo Group and Inspirock.
MakeMyTrip – Mergers and Acquisitions
MakeMyTrip has made 5 acquisitions to date.
The MakeMyTrip fintech arm TripMoney has acquired BookMyForex, an online foreign exchange service provider in India, on April 5, 2022, through the acquisition of the majority of the stakes in the company.
Here’s a look at the list of the companies that MakeMyTrip has acquired:
| COMPANY ACQUIRED | DATE OF ACQUISITION | AMOUNT |
|---|---|---|
| Quest2Travel | May 1, 2019 | – |
| ibibo Group | October 18, 2016 | $720 mn |
| Mygola | April 23, 2015 | – |
| Easytobook.com | February 6, 2014 | $5 mn |
| HotelTravel.com | November 19, 2012 | $25 mn |
Some other investments and acquisitions that MakeMyTrip has made during its journey till now are:
- In August 2011, MakeMyTrip (MMT), along with private equity firm Saif Partners, acquired majority stakes in Travenues Technology Private Limited, which owns Ixigo.com. In November 2011, MMT invested in ‘My Guest House Accommodation’, a budget lodging and hotel operator.
- In September 2014, the company instituted a $15 mn innovation fund to support early-stage companies in the travel space. It also acquired MyGola, a travel planning website, in April 2015. The acquisition was done through the innovation fund, and as part of the acquisition, all employees of MyGola were absorbed into the MakeMyTrip team.
- In June 2015, MakeMyTrip acquired an 18% stake in travel planning startup Inspirock. In July 2015, it invested in travel information and hotel review portal HolidayIQ to pick up an approximately 30% stake in the latter. In the same month, it also invested $5 mn in BonaVita Technologies, a startup that plans to utilize the funds to build innovative products in the travel industry.
MakeMyTrip – Growth
Starting its journey at the start of the millennium, MakeMyTrip has entirely transformed the ways of travel and bookings and has made the whole process fast, easy, and hassle-free not only for its customers but for the whole country in general. Some of the major growth insights of the company are:
- As of June 2023, MakeMyTrip had 146 active franchisees operating in more than 100 cities
- It has covered 2,000 cities via hotels
- It also has international offices based in Dubai, Kuala Lumpur, Bangkok, New York, Singapore, Phuket, and Istanbul
- MakeMyTrip has 68 mn+ monthly active users as per its website
- It has 69 mn+ lifetime transacted users
- In the post-pandemic world, the company also claims to help the users get 100% refund on their cancellations
MakeMyTrip – Financials
MakeMyTrip has shown strong revenue growth in recent years, with a sharp turnaround to profitability in FY24.
| Particulars | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|
| Revenue | INR 5,490.4 Cr | INR 4,062.2 Cr | INR 2,034.1 Cr | INR 848.1 Cr | INR 3,160.7 Cr |
| Expenses | INR 4,863.9 Cr | INR 3,975 Cr | INR 2,097 Cr | INR 1,053.1 Cr | INR 3,593.6 Cr |
| Profit/Loss | INR 626.5 Cr | INR 87.1 Cr | INR -62.8 Cr | INR -205 Cr | INR -432.9 Cr |
In FY24, MakeMyTrip’s revenue increased by 35% from INR 4,062.2 Cr in FY23 to INR 5,490.4 Cr, while expenses also increased to INR 4,863.9 Cr. The company reported a profit before tax of INR 626.5 Cr, a huge jump from INR 87.1 Cr in FY23.
MakeMyTrip Revenue:
| Revenue Source | FY24 | FY23 |
|---|---|---|
| Revenue from Operations | INR 5,336.1 Cr | INR 4,006.5 Cr |
| Other Income | INR 154.3 Cr | INR 55.7 Cr |
Revenue from operations grew by 33%, reaching INR 5,336.1 Cr in FY24 compared to INR 4,006.5 Cr in FY23. Other income saw a massive increase from INR 55.7 Cr to INR 154.3 Cr.
MakeMyTrip Expenses:
| Expense Type | FY24 | FY23 |
|---|---|---|
| Employee Benefit Expense | INR 883.3 Cr | INR 781.8 Cr |
| Finance Costs | INR 63.2 Cr | INR 101.7 Cr |
| Other Expenses | INR 3,917.4 Cr | INR 3,000.2 Cr |
Total expenses increased by 22%, rising from INR 3,975 Cr in FY23 to INR 4,863.9 Cr in FY24. Employee costs increased, while finance costs decreased from INR 101.7 Cr to INR 63.2 Cr, showing better financial management.
MakeMyTrip Profit/Loss:
MakeMyTrip achieved a huge jump in profitability, with net profit surging from INR 80.1 Cr in FY23 to INR 1,569.7 Cr in FY24, reflecting strong revenue growth and cost efficiency.
Quick Summary:
- Revenue: Grew 35% from INR 4,062.2 Cr (FY23) to INR 5,490.4 Cr (FY24).
- Expenses: Increased 22%, mainly due to higher operating costs.
- Profit: Massive jump from INR 80.1 Cr in FY23 to INR 1,569.7 Cr in FY24, showing strong financial turnaround.
MakeMyTrip – Partnerships
MakeMyTrip, in its 20+ year-long journey, has witnessed numerous partnerships with a whole lot of brands. Here’s a glimpse into some of the most important collaborations that MakeMyTrip has witnessed in recent years:
- The Indian travel company led by Rajesh Magow was all set to partner with the Ministry of Civil Aviation, as per reports dated November 22, 2021. With this partnership, the popular travel and tourism company was about to ensure the promotion of regional air connectivity via the UDAN scheme. The company planned to power the UDAN flights on the AIRSewa portal and to market the same on its platform as well in order to promote its products and increase visibility and product discovery.
- MakeMyTrip has partnered with IndiGo to launch exclusive charter flights between Mumbai and Phuket in Thailand. The announcement came in on November 10, 2021, where MakeMyTrip, as part of the deal, will ensure end-to-end service assistance, including airport transfers, early check-in and check-out, certificate of entry assistance, premium properties, and more.
- The company entered into a strategic partnership with AmazonPay to offer all-inclusive travel services to Amazon customers that will be enabled by MakeMyTrip and Redbus. This partnership was announced on November 1, 2021.
- The Indian travel major collaborated with Hopper, a leading AI-based travel booking app, on October 14, 2021, which was aimed to help the customers save money with personalized and flexible bookings.
MakeMyTrip – Advertisements and Social Media Campaigns
Ranveer Singh and Alia Bhatt are the brand ambassadors of the MakeMyTrip company, whom the company roped in on February 17, 2016.
MakeMyTrip | Top-Rated International Hotels Loved by Indians!
MakeMyTrip, an online travel company, has launched a funny new campaign that highlights real travel problems. This three-film campaign focuses on International Hotels, Homestays & Villas, and Domestic Hotels. Using relatable situations, it turns common travel frustrations into entertaining stories. Featuring Bollywood stars Alia Bhatt and Ranveer Singh, the campaign shows how MakeMyTrip helps travelers easily find the best places to stay—both in India and abroad.
MakeMyTrip – Awards and Achievements
The list of accolades received by the company is quite long. Here are some of them:
- Great Manager Awards – Companies with Great Manager Award 2022.
- Economic Times – Future Ready Organization Award 2022.
- ET Human Capital Awards – Most Inclusive Companies Index Exemplar 2022.
- Most Inclusive Company Index Study – 100 Best Companies For Women – 2022.
- Best Travel Innovator – Travel Distribution World Asia Awards (2012).
- Singapore Airlines – Top agents award (2010-2011); Top Passenger Agent (2007-08).
- Malaysia airlines – Top Agent Award (2007); Top agent award (2009); Top agent award (2010).
- Cathay Pacific – Outstanding performance in (2009); Outstanding Performance (2007).
- Air Mauritius – All India Top Ten Agent/Top North India Sales Award (2007-08); All India Top Ten Agent/Top North India Sales Award (2006-07).
- British Airways – Outstanding Revenue Contribution (2007-08).
- Lufthansa – Outstanding Performance (2006-07).
- Indian Airlines – Achieving Highest Domestic Passenger Sales (2006-07).
- Kingfisher Airlines – Outstanding Performance (2006-07).
- Jet Airways – Award of Excellence (2005-06).
- Air India – Outstanding Contribution to Passenger Sales (2005-06).
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MakeMyTrip – Competitors
The main competitors of MakeMyTrip are:
- Yatra
- ixigo
- EaseMytrip
- Booking.com
- Cleartrip
Ria Sahni
MakeMyTrip – Future Plans
MakeMyTrip plans to become a one-stop travel app by offering many travel services in one place. It will use AI and data to give users a more personalized experience. The company also wants to expand worldwide and grow in religious tourism, which is becoming more popular.
FAQs
What is Make My Trip?
MakeMyTrip is an online travel company founded by Deep Kalra, Keyur Joshi, and Sachin Bhatia in 2000, who were later joined by Rajesh Magow. The company is headquartered in Gurugram, Haryana and offers online travel services including domestic and international holiday packages, hotel reservations, rail, bus and flight tickets.
Who is MakeMyTrip founder?
Rajesh Magow is the co-founder and Group CEO of MakeMyTrip. Rajesh joined Deep Kalra, Keyur Joshi and Sachin Bhatia, the founders of MakeMyTrip, in 2006.
What are the names of MakeMyTrip subsidiaries?
MakeMyTrip Subsidiaries are Ibibo, Easy to Book Holding B.V., ITC Group, Luxury Tours & Travel Pte Limited, Quest2travel.com India Pvt. Ltd., Hotel Travel Ltd., Travis Internet Private Limited, MakeMyTrip (India) Private Limited, and Makemytrip.com Inc.
Which is MakeMyTrip origin country?
MakeMyTrip Limited is an Indian online travel company founded in 2000.
Who owns MakeMyTrip?
MakeMyTrip is owned by MakeMyTrip Limited, a publicly traded company listed on the NASDAQ stock exchange under the ticker MMYT. It was founded by Deep Kalra in 2000. The company’s major shareholders include institutional investors, with Ctrip (now Trip.com Group), a Chinese travel services company, being a significant stakeholder.
When was MakeMyTrip founded?
MakeMyTrip was founded in 2000 by Deep Kalra, Keyur Joshi, Rajesh Magow, and Sachin Bhatia.
