MakeMyTrip explained

MakeMyTrip Limited
Type:Public
Traded As:NASDAQ:
Founder:Deep Kalra
Area Served:Worldwide
Industry:Online travel
Products:Booking flights, hotels, holidays, buses, trains and cars
Revenue: US$593.0 million (2023)[1]
Num Employees:3,338 (2022)
Location City:Gurugram, Haryana
Location Country:India

MakeMyTrip Limited is an Indian online travel company, which was founded in 2000. Its headquarter is located in Gurugram, Haryana, the company provides online travel services including airline tickets, domestic and international holiday packages, hotel reservations, rail and bus tickets. the company has 146 active franchisees operating in over 100 cities.[2] MakeMyTrip also has international offices located in New York, Singapore, Kuala Lumpur, Phuket, Bangkok, Dubai, and Istanbul.[3]

In September 2019, Ctrip/Trip.com Group, the largest online travel agency in China and one of the largest travel service providers in the world,[4] completed a share exchange with Naspers and became the single largest shareholder of MakeMyTrip.[5] [6]

In 2016, MakeMyTrip acquired the Ibibo group, which owned sites such as Goibibo and Redbus.in.

History

Founded by Deep Kalra,[7] an alumnus of IIM-Ahmedabad, in 2000, MakeMyTrip was launched in the US market to cater to the overseas Indian community for their US to India travel needs. It started its Indian operations in September 2005 by offering online flight tickets to Indian travellers and also started focussing on non-air businesses like holiday packages and hotel bookings.[8]

MakeMyTrip limited was listed on the NASDAQ on 17 September 2010 after its initial public offering.[9] MakeMyTrip also acquired Luxury Tours and Travel Private Limited (Singapore), ITC Group Hotel Travel Group, and ETB Group—to enter new markets in Southeast Asia and Europe. In September 2014, MakeMyTrip instituted a $15 million innovation fund to support travel start-ups.[10] In April 2015 MakeMyTrip acquired MyGola, a travel planning website. The acquisition was done through the innovation fund, and all employees of MyGola were absorbed into the MakeMyTrip team.[11]

In July 2015, MakeMyTrip invested in the travel information and hotel review portal HolidayIQ and picked up approximately 30% stake in the company.[12] In the same month, it invested $5 million in a startup called Bona Vita.[13] In January 2016, the travel booking company Ctrip agreed to invest $180 million in MakeMyTrip.[14] In March 2018, the company had 14 company-owned travel stores across 14 cities.[15] [16] The company acquired the Mumbai-based corporate travel management company Quest2Travel for an undisclosed amount in 2019.[17]

The company launched myPartner in 2020, a platform for travel agents.[18] In May 2021, the company entered into a strategic partnership with the digital payment arm of Amazon⁣—⁣Amazon Pay for providing travel services on Amazon.[19] By March 31, 2022, the company had over 125 franchisee-owned travel stores throughout India.[20] They also leased offices in South-East Asia, Dubai, the USA, and Latin America.[21] In April 2022, TripMoney, the fintech arm of MakeMyTrip, announced the acquisition of BookMyForex, an online foreign exchange services provider, BookMyForex.[22]

As of June 2023, they have 146 active franchisees operating in over 100 cities.[23] They also have international offices located in New York, Singapore, Kuala Lumpur, Phuket, Bangkok, and Dubai.

MakeMyTrip and Ibibo Group merger

In 2016, MakeMyTrip and Ibibo Group, India's largest travel booking portals, merged through a stock transaction. Through this transaction, MakeMyTrip acquired its rival, Ibibo Group, in one of the biggest acquisition in India's online travel space.[24]

Products and services

MakeMyTrip provides flights, places to stay, villas and homestays, rail and bus tickets, inter-city cab service, holiday packages, forex, and hotel booking services on its portal. In 2012, MakeMyTrip launched travel mobile applications for Windows Phone, iPhone, Android, and Blackberry devices. In 2012, MakeMyTrip launched routeplanner, allowing users to search across 1 billion routes and modes within India.[25] It provides information on distance, available modes of transport (flights, trains, buses, cabs), estimated duration, and fares.[26]

Booking and ticketing

Air-ticketing

The company started its air ticketing operations in 2000 under the MakeMyTrip brand. Their air ticketing business primarily serves domestic and international travel to and from India.[27] In 2017, they expanded their operations by acquiring the Ibibo Group, which operates the Goibibo brand.[28]

Hotels

MakeMyTrip ventured into the hotels and packages business in 2005 and manages it through MMT India and Goibibo.[29] As of 2020, it had over 60,000 accommodation properties in India and 5,00,000 outside the country listed on its site.[30]

Bus-ticketing

The company owns and operates its bus ticketing business primarily through redBus, an online platform for bus ticketing.[31] The company has partnerships with various major bus operators in India, Peru, Colombia, and select countries in Southeast Asia.[32]

Forex

BookMyForex founded by father-son duo in 2012. In 2016, it received funding from Faering Capital. In 2016, a partnership was formed with MakeMyTrip to integrate forex services into MakeMyTrip's platform.[33]

Notes and References

  1. News: Khosla . Varuni . MakeMyTrip's FY23 net loss narrows . mint . 16 May 2023 . en.
  2. Web site: Haris . Mohammad . 2023-03-29 . MakeMyTrip To Expand Footprint in India, Aims to Grow Franchisees By 50% In 2023 . 2023-08-10 . News18 . en.
  3. Web site: Story of MakeMyTrip, the Revolutionary E-commerce . 2023-08-10 . The CEO Magazine India . en.
  4. News: November 9, 2017 . Where The Big Four Online Travel Agencies — Expedia, TripAdvisor, Ctrip, & Priceline — Are Placing Their Bets . CB Insights Research.
  5. Completion of Naspers share exchange transaction with Ctrip . . September 5, 2019.
  6. Ctrip Announces Share Exchange Transaction with Naspers . . April 26, 2019.
  7. Web site: 2017-08-28 . MakeMyTrip bets on hotel business to drive growth . live . https://web.archive.org/web/20170828081319/http://www.newindianexpress.com/business/2017/aug/28/makemytrip-bets-on-hotel-business-to-drive-growth-1648989.html . 2017-08-28 . 2019-01-02 . The New Indian Express.
  8. Web site: 2023-12-18 . MakeMyTrip Success Story - Becoming India's Top Travel Startup . live . https://web.archive.org/web/20190817115817/https://startuptalky.com/makemytrip-indian-startup-success-story/ . 2019-08-17 . 2024-05-04 . StartupTalky . en.
  9. News: A new journey begins for MakeMyTrip . live . https://web.archive.org/web/20100815233101/http://business.rediff.com/slide-show/2010/aug/13/slide-show-1-makemy-trip-fixes-ipo-at-usd-14-a-share-lists-on-nasdaq.htm . 2010-08-15 . 2018-10-23 . Rediff.
  10. Web site: 23 September 2014 . MakeMyTrip's early-stage investment fund is an extension to M&A strategy: Magow . VCCircle.
  11. News: Krishnamurthy . Krithika . 21 April 2015 . MakeMyTrip acquires travel startup Mygola . .
  12. News: Chanchani . Madhav . 2015-06-23 . MakeMyTrip picks up 28% stake for 95 crore in HolidayIQ to boost hotels & holidays business . live . https://web.archive.org/web/20150728085437/http://articles.economictimes.indiatimes.com/2015-07-23/news/64772617_1_holidayiq-hotels-and-packages-makemytrip . 2015-07-28 . 2019-01-02 . The Economic Times.
  13. Web site: Jain . Samiksha . 2015-07-30 . MakeMyTrip invests $5M in travel start-up Bona Vita, acquires 67% stake . live . https://web.archive.org/web/20150910131346/http://www.entrepreneur.com/article/249057 . 2015-09-10 . 2019-01-02 . Entrepreneur . en.
  14. News: Reporter . B. S. . 2016-01-08 . Ctrip buys $180-mn stake in MakeMyTrip . live . https://web.archive.org/web/20160109070257/http://www.business-standard.com/article/companies/ctrip-buys-180-mn-stake-in-makemytrip-116010800020_1.html . 2016-01-09 . 2019-01-02 . Business Standard.
  15. Web site: Marya . Ashita . 2020-01-01 . MMT: Game-Changer In The Travel Industry . live . https://web.archive.org/web/20230607170354/https://www.entrepreneur.com/en-in/franchises/mmt-game-changer-in-the-travel-industry/344424 . 2023-06-07 . 2023-08-10 . Entrepreneur . en.
  16. Web site: MakeMyTrip opens a franchise store in Hubli . 2023-08-10 . BW Hotelier . en.
  17. Web site: Singh . Rajiv . 2019-04-30 . MakeMyTrip Acquires Corporate Travel Firm Quest2Travel . live . https://web.archive.org/web/20190501032822/http://www.forbesindia.com/article/special/makemytrip-acquires-corpo-rate-travel-firm-quest2travel/53289/1 . 2019-05-01 . 2023-08-10 . Forbes India . en.
  18. Web site: MakeMyTrip opens up its hotel inventory to offline travel agents . 2023-08-10 . Business Insider.
  19. News: Abrar . Peerzada . 1 November 2021 . MakeMyTrip and Amazon Pay form strategic tie-up to offer travel services . Business Standard India . 28 November 2021.
  20. Web site: MakeMyTrip Limited (MMYT) company profile & facts – Yahoo Finance . 2023-08-10 . au.finance.yahoo.com . en-AU.
  21. News: MakeMyTrip plans to enhance business-to-business segment . Economic Times .
  22. Web site: Rudra . Tapanjana . 2022-04-05 . MakeMyTrip's Fintech Arm Acquires Majority Stake In Foreign Currency Exchange BookMyForex . 2023-08-10 . Inc42 Media . en.
  23. Web site: Haris . Mohammad . 2023-03-29 . MakeMyTrip To Expand Footprint in India, Aims to Grow Franchisees By 50% In 2023 . 2023-08-10 . News18 . en.
  24. Web site: MakeMyTrip Limited and ibibo Group to combine . live . https://web.archive.org/web/20181123070037/https://www.naspers.com/news/makemytrip-limited-and-ibibo-group-to-combine . 2018-11-23 . 2018-10-28 . www.naspers.com.
  25. Web site: NextBigWhat . MakeMyTrip launches routeplanner – competes directly with iXiGo? . https://web.archive.org/web/20121117211124/http://www.nextbigwhat.com/makemytrip-routeplanner-ixigo-competition-297/ . dead . 17 November 2012 . www.nextbigwhat.com.
  26. Web site: 2013-02-05 . MakeMyTrip launches new travel application . 2023-08-10 . BusinessLine . en.
  27. News: 2016-10-19 . MakeMyTrip, Ibibo merge to create mega online travel co . The Times of India . 2023-08-10 . 0971-8257.
  28. Web site: 2016-10-18 . MakeMyTrip acquires ibibo Group for nearly Rs 12,000 crore . 2023-08-10 . Zee Business.
  29. Web site: Nair . Regina Anthony . 2008-12-14 . Online travel firms see spurt in business . 2023-08-10 . mint . en.
  30. Web site: 2020-08-25 . MakeMyTrip taps offline agents to bring back business, post-COVID-19 . 2023-08-10 . Moneycontrol . en.
  31. News: MakeMyTrip-owned RedBus plans integrated end-to-end online travel solutions . www.business-standard.com .
  32. Web site: Sahay . Priyanka . 2016-07-11 . redBus acquires majority stake in Peru-based Busportal . 2023-08-10 . mint . en.
  33. Web site: 2016-05-17 . MakeMyTrip partners with BookMyForex . 2024-07-03 . Financialexpress . en.

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