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MakeMyTrip (India) Private Limited
Deep Kalra's MakeMyTrip controls roughly half of India's online air ticketing as the country's largest online travel company.
MakeMyTrip (India) Private Limited
Kalra launched MakeMyTrip after struggling to book a domestic ticket in India, a market then dominated by fragmented brick-and-mortar agents. The company incorporated in 2005 and went public on NASDAQ in 2010, raising $70 million. It operates from Gurugram with additional offices in New York, Sydney, and Dubai, but nearly all transaction volume flows through India and the Indian diaspora booking travel to and from the country. The firm's platform bundles flights, hotels, rail tickets, bus bookings, and holiday packages. Unlike metasearch competitors, MakeMyTrip holds direct inventory contracts with major Indian hotel chains and domestic airlines. The 2017 merger with Ibibo Group, backed by Naspers and Tencent, created a combined entity with over 60% share in Indian online hotel bookings. MakeMyTrip also operates the business travel platform myBiz and the loyalty program MMT Black. Geographic concentration in India is extreme, but the company has expanded outbound travel packages to Southeast Asia, the Middle East, and Europe. MakeMyTrip's parent company, MakeMyTrip Limited, is publicly traded on NASDAQ under the ticker MMYT. As of fiscal 2024, the company reported gross bookings exceeding $7.9 billion and returned to profitability after the pandemic disruption. Kalra serves as Group Chairman, while co-founder Rajesh Magow holds the Group CEO position. The company employs roughly 3,500 people across its offices. Ctrip, the Chinese online travel giant, holds a significant minority stake alongside Naspers. The structural differentiator is MakeMyTrip's dual role as both a marketplace and a principal in the Indian travel ecosystem. By owning supply relationships directly rather than simply aggregating links, the firm captures margin at multiple points in the booking chain. The merged MakeMyTrip-Goibibo entity now functions as a near-duopoly with Cleartrip (owned by Flipkart/Walmart) in a market where international OTAs like Booking.com have struggled to replicate the localized inventory and payment infrastructure this company built over two decades.
General information
Firm type
other
Year founded
—
AUM
Undisclosed
Location
Region
Asia
Country
India
City
Gurugram
Corporate office
Gurugram, India
Principals
Deep Kalra
Founder
Rajesh Magow
Co-Founder
Sector focus
Frequently asked questions
Who runs MakeMyTrip's day-to-day operations?
Rajesh Magow serves as the Group CEO, responsible for daily operations. Deep Kalra, who founded the company in 2000, remains Group Chairman. The two have worked together since co-founder Keyur Joshi left the business, with Kalra focusing on long-term strategy and Magow running the core online travel agency business across flights, hotels, and bus ticketing.
How is MakeMyTrip structured relative to its competitor Goibibo?
MakeMyTrip acquired Ibibo Group, which owned Goibibo and redBus, in a 2017 stock-for-stock merger. Today both MakeMyTrip and Goibibo operate under MakeMyTrip Limited, the NASDAQ-listed parent. The two brands target slightly different customer segments — MakeMyTrip skews premium and leisure, while Goibibo competes on budget travelers — but they share technology and inventory infrastructure.
What is MakeMyTrip's relationship with Ctrip?
Ctrip, China's dominant online travel firm, invested in MakeMyTrip starting in 2016 through a convertible bond deal. Through the subsequent merger with Ibibo and additional share purchases, Ctrip became one of the largest shareholders. The strategic partnership includes cross-referral of Chinese outbound travelers to India and Indian travelers to China.
Does MakeMyTrip operate any non-travel lines of business?
MakeMyTrip's core focus is travel, but it has tested adjacent offerings including car rentals, corporate travel management through myBiz, and a subscription loyalty product. The company has not expanded into food delivery or financial services at a meaningful scale, remaining concentrated on capturing margin across the travel booking value chain from air to ground transport.
How did MakeMyTrip survive the COVID-19 pandemic?
The company burned through cash reserves during India's prolonged domestic and international travel shutdowns. It raised $230 million in equity-linked debt in 2020 from investors including an affiliate of the sovereign wealth fund GIC. Domestic leisure travel rebounded sharply in India by late 2021, and by fiscal 2024 the company reported record gross bookings and profitability.
Where does MakeMyTrip's customer base concentrate?
Nearly all transaction volume originates from India and the Indian diaspora in North America, the Middle East, and Southeast Asia. The company's international offices in New York and Dubai primarily serve non-resident Indians booking flights home. Domestic Indian travel — particularly air and hotel — accounts for the majority of gross bookings.
Is MakeMyTrip a single family office?
No. MakeMyTrip is a publicly traded online travel company on NASDAQ. It is not structured as a family office, nor does it manage third-party capital in the manner of an investment firm. Deep Kalra and Rajesh Magow are significant shareholders, but the company is controlled by a diversified institutional shareholder base including Ctrip, Naspers, and public market investors.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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