MakeMyTrip

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MakeMyTrip Limited
Company typePublic
Nasdaq: MMYT
IndustryOnline travel
Founded2000; 24 years ago (2000)
FounderDeep Kalra
Headquarters
Gurugram, Haryana
,
India
Area served
Worldwide
Key people
ProductsBooking flights, hotels, holidays, buses, trains and cars
RevenueIncrease US$593.0 million (2023)[1]
Number of employees
3,338 (2022)
Websitewww.makemytrip.com Edit this at Wikidata

MakeMyTrip Limited is an Indian online travel company, which was founded in 2000.[2] 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. As of June 2023, the company has 146 active franchisees operating in over 100 cities.[3] MakeMyTrip also has international offices located in New York, Singapore, Kuala Lumpur, Phuket, Bangkok, Dubai, and Istanbul.[4]

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,[5] completed a share exchange with Naspers and became the single largest shareholder of MakeMyTrip.[6][7]

In 2016, MakeMyTrip acquired the Ibibo group, which owned sites such as Goibibo and Redbus.in.[8]

History

Founded by Deep Kalra,[2] 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.[9]

MakeMyTrip limited was listed on the NASDAQ on 17 September 2010 after its initial public offering.[10] 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.[11] 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.[12]

In July 2015, MakeMyTrip invested in the travel information and hotel review portal HolidayIQ and picked up approximately 30% stake in the company.[13] In the same month, it invested $5 million in a startup called Bona Vita.[14] In January 2016, the travel booking company Ctrip agreed to invest $180 million in MakeMyTrip.[15] In March 2018, the company had 14 company-owned travel stores across 14 cities.[16][17] The company acquired the Mumbai-based corporate travel management company Quest2Travel for an undisclosed amount in 2019.[18]

The company launched myPartner in 2020, a platform for travel agents.[19] 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.[20] By March 31, 2022, the company had over 125 franchisee-owned travel stores throughout India.[21] They also leased offices in South-East Asia, Dubai, the USA, and Latin America.[4][22] In April 2022, TripMoney, the fintech arm of MakeMyTrip, announced the acquisition of BookMyForex, an online foreign exchange services provider, BookMyForex.[23]

As of June 2023, they have 146 active franchisees operating in over 100 cities.[24] They also have international offices located in New York, Singapore, Kuala Lumpur, Phuket, Bangkok, and Dubai.[4]

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.[8]

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]

References

  1. ^ Khosla, Varuni (16 May 2023). "MakeMyTrip's FY23 net loss narrows". mint.
  2. ^ a b "MakeMyTrip bets on hotel business to drive growth". The New Indian Express. 28 August 2017. Archived from the original on 28 August 2017. Retrieved 2 January 2019.
  3. ^ Haris, Mohammad (29 March 2023). "MakeMyTrip To Expand Footprint in India, Aims to Grow Franchisees By 50% In 2023". News18. Retrieved 10 August 2023.
  4. ^ a b c "Story of MakeMyTrip, the Revolutionary E-commerce". The CEO Magazine India. Retrieved 10 August 2023.
  5. ^ "Where The Big Four Online Travel Agencies — Expedia, TripAdvisor, Ctrip, & Priceline — Are Placing Their Bets". CB Insights Research. 9 November 2017.
  6. ^ "Completion of Naspers share exchange transaction with Ctrip" (Press release). Naspers. 5 September 2019.
  7. ^ "Ctrip Announces Share Exchange Transaction with Naspers" (Press release). PR Newswire. 26 April 2019.
  8. ^ a b "MakeMyTrip Limited and ibibo Group to combine". www.naspers.com. Archived from the original on 23 November 2018. Retrieved 28 October 2018.
  9. ^ "MakeMyTrip Success Story - Becoming India's Top Travel Startup". StartupTalky. 18 December 2023. Archived from the original on 17 August 2019. Retrieved 4 May 2024.
  10. ^ "A new journey begins for MakeMyTrip". Rediff. Archived from the original on 15 August 2010. Retrieved 23 October 2018.
  11. ^ "MakeMyTrip's early-stage investment fund is an extension to M&A strategy: Magow". VCCircle. 23 September 2014.
  12. ^ Krishnamurthy, Krithika (21 April 2015). "MakeMyTrip acquires travel startup Mygola". The Economic Times.
  13. ^ Chanchani, Madhav (23 June 2015). "MakeMyTrip picks up 28% stake for 95 crore in HolidayIQ to boost hotels & holidays business". The Economic Times. Archived from the original on 28 July 2015. Retrieved 2 January 2019.
  14. ^ Jain, Samiksha (30 July 2015). "MakeMyTrip invests $5M in travel start-up Bona Vita, acquires 67% stake". Entrepreneur. Archived from the original on 10 September 2015. Retrieved 2 January 2019.
  15. ^ Reporter, B. S. (8 January 2016). "Ctrip buys $180-mn stake in MakeMyTrip". Business Standard. Archived from the original on 9 January 2016. Retrieved 2 January 2019.
  16. ^ Marya, Ashita (1 January 2020). "MMT: Game-Changer In The Travel Industry". Entrepreneur. Archived from the original on 7 June 2023. Retrieved 10 August 2023.
  17. ^ "MakeMyTrip opens a franchise store in Hubli". BW Hotelier. Retrieved 10 August 2023.[dead link]
  18. ^ Singh, Rajiv (30 April 2019). "MakeMyTrip Acquires Corporate Travel Firm Quest2Travel". Forbes India. Archived from the original on 1 May 2019. Retrieved 10 August 2023.
  19. ^ "MakeMyTrip opens up its hotel inventory to offline travel agents". Business Insider. Retrieved 10 August 2023.
  20. ^ Abrar, Peerzada (1 November 2021). "MakeMyTrip and Amazon Pay form strategic tie-up to offer travel services". Business Standard India. Retrieved 28 November 2021.
  21. ^ "MakeMyTrip Limited (MMYT) company profile & facts – Yahoo Finance". au.finance.yahoo.com. Retrieved 10 August 2023.
  22. ^ "MakeMyTrip plans to enhance business-to-business segment". Economic Times.
  23. ^ Rudra, Tapanjana (5 April 2022). "MakeMyTrip's Fintech Arm Acquires Majority Stake In Foreign Currency Exchange BookMyForex". Inc42 Media. Retrieved 10 August 2023.
  24. ^ Haris, Mohammad (29 March 2023). "MakeMyTrip To Expand Footprint in India, Aims to Grow Franchisees By 50% In 2023". News18. Retrieved 10 August 2023.
  25. ^ NextBigWhat. "MakeMyTrip launches routeplanner – competes directly with iXiGo?". www.nextbigwhat.com. Archived from the original on 17 November 2012.
  26. ^ "MakeMyTrip launches new travel application". BusinessLine. 5 February 2013. Retrieved 10 August 2023.
  27. ^ "MakeMyTrip, Ibibo merge to create mega online travel co". The Times of India. 19 October 2016. ISSN 0971-8257. Retrieved 10 August 2023.
  28. ^ "MakeMyTrip acquires ibibo Group for nearly Rs 12,000 crore". Zee Business. 18 October 2016. Retrieved 10 August 2023.
  29. ^ Nair, Regina Anthony (14 December 2008). "Online travel firms see spurt in business". mint. Retrieved 10 August 2023.
  30. ^ "MakeMyTrip taps offline agents to bring back business, post-COVID-19". Moneycontrol. 25 August 2020. Retrieved 10 August 2023.
  31. ^ "MakeMyTrip-owned RedBus plans integrated end-to-end online travel solutions". www.business-standard.com.
  32. ^ Sahay, Priyanka (11 July 2016). "redBus acquires majority stake in Peru-based Busportal". mint. Retrieved 10 August 2023.
  33. ^ "MakeMyTrip partners with BookMyForex". Financialexpress. 17 May 2016. Retrieved 3 July 2024.
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