MakeMyTrip: Revolutionizing Travel with Ease
Company Profiles
Shubham Kumar
Manisha Mishra
Dec 18, 2023 — 15 min read
MakeMyTrip: Transforming Travel Experiences
Company Overview
StartupTalky presents detailed profiles of various startups and organizations, including MakeMyTrip, a leader in India’s online travel industry. Established in 2000, MakeMyTrip is pivotal in simplifying travel planning for millions of Indians. Whether it’s booking railway, airline, or bus tickets, reserving hotel rooms, or purchasing holiday packages, MakeMyTrip has been a cornerstone in the Indian travel sector.
Company Highlights
- Name: MakeMyTrip
- Headquarters: Gurgaon, Haryana, India
- Sector: Travel, Software Development
- Founders: Deep Kalra, Keyur Joshi, Rajesh Magow, Sachin Bhatia
- Founded: 2000
- Website: makemytrip.com
About MakeMyTrip
Founded in 2000 and headquartered in Gurgaon, Haryana, MakeMyTrip is a major player in India’s online travel industry. The company offers comprehensive travel services, including flight tickets, holiday packages, hotel reservations, and rail and bus tickets.
Industry Insights
According to Statista, the travel and tourism sector is thriving, with forecasts indicating a revenue of $19.86 billion in 2023 and a projected CAGR of 12.18% through 2027. This growth reflects the sector’s robust potential and expanding opportunities.
Founders and Team
- Deep Kalra: Founder and Executive Chairman, Deep Kalra’s journey from banking to revolutionizing Indian travel is noteworthy. His leadership saw MakeMyTrip through its NASDAQ listing and beyond.
- Rajesh Magow: Co-founder and current Group CEO, Rajesh Magow has played pivotal roles within the company, including CFO and COO.
- Keyur Joshi: Co-founder and COO, Joshi has significantly influenced the online travel market’s growth in India.
- Sachin Bhatia: Co-founder and former CMO, Bhatia was instrumental in shaping the company’s early strategies.
Startup Story
MakeMyTrip was born out of Deep Kalra’s desire to innovate beyond traditional banking. After his initial ventures, including a brief stint with AMF Bowling, Kalra realized the potential of online services. Observing the inefficiencies in ticket booking, he founded MakeMyTrip to offer a streamlined, online solution, starting with his own holiday planning experiences.
Mission and Vision
MakeMyTrip’s mission is to provide a seamless travel experience, encompassing effective planning resources, superior booking experiences, and 24/7 customer support. Their vision aims to simplify travel and enhance user experiences.
Business Model
MakeMyTrip operates on a B2C model offering air tickets, hotel bookings, holiday packages, and more. They have also launched MyBiz for corporate travel management, featuring a centralized dashboard and payment system.
Revenue Model
Revenue is primarily driven by air ticket sales (35%) and hotel bookings (50%). The company also benefits from transport services and partnerships, including IRCTC for rail tickets.
Products and Services
MakeMyTrip’s offerings include air ticketing, hotel bookings, holiday planning, rail ticketing, bus ticketing, car hire, and ancillary services like travel insurance and visa processing.
Challenges Faced
MakeMyTrip has faced various challenges, including the dotcom bubble, venture capital withdrawal, and the global pandemic. Despite these hurdles, the company has demonstrated resilience and adaptability.
Funding and Investments
To date, MakeMyTrip has raised $748 million in multiple funding rounds. Key investors include Trip.com and Tiger Fund, among others. The company has also made strategic investments in travel-related startups and companies.
Mergers and Acquisitions
Notable acquisitions include ibibo Group, MyGola, and HotelTravel.com. MakeMyTrip’s fintech arm TripMoney acquired BookMyForex in 2022.
Growth
Since its inception, MakeMyTrip has expanded significantly, with over 146 active franchisees, international offices, and a user base of over 68 million monthly active users. The company has shown impressive financial growth and recovery post-pandemic.
Partnerships
Recent partnerships include collaborations with IndiGo, AmazonPay, and Hopper, enhancing its service offerings and expanding market reach.
Advertisements and Social Media
MakeMyTrip’s campaigns, featuring celebrities like Ranveer Singh and Alia Bhatt, highlight its comprehensive travel solutions and personalized services.
Awards and Achievements
MakeMyTrip has received numerous accolades, including awards for innovation and excellence in the travel industry.
Competitors
Key competitors include Yatra, ixigo, EaseMytrip, Booking.com, and Cleartrip.
Future Plans
MakeMyTrip continues to focus on expanding its services and maintaining its leadership in the online travel sector, adapting to market trends and customer needs.