More Indians than ever before are using the internet to buy hotels and tickets. The convenience of organizing a trip from the comfort of your home is unmatched. To find the best bargain, you can examine the costs and compare them. MakeMyTrip is a significant player in the Indian internet travel market. Millions of Indians have used MakeMyTrip since 2000 to purchase vacation packages, book hotel rooms, and purchase airline, bus, and train tickets.
One of the most well-known and trustworthy Indian travel agencies, MakeMyTrip was established in 2000 and has its main office in Gurgaon, Haryana. It assists Indians in using online travel services, such as booking airline tickets, domestic and international vacation packages, and hotel, train, and bus reservations.
About the Company
Deep Kalra, Keyur Joshi, and Sachin Bhatia started MakeMyTrip, the top online travel agency in India, in 2000. Rajesh Magow later joined the team. The company, which has its headquarters in Gurgaon, Haryana, offers online travel services including hotel bookings, train and bus tickets, local and international vacation packages, and airline tickets.
About the Industry
The travel and tourism industry is growing favorably, according to Statista’s analysis. It is expected to increase at an exceptional Compound Annual Growth Rate (CAGR) of around 12.18% between 2023 and 2027, reaching a predicted value of US $31.45 billion by that year. These numbers demonstrate the industry’s resilience and indicate a sustained upward trend, suggesting enormous potential for steady growth and a wealth of future prospects in the travel and tourism sector.
The Founders and Team of MakeMyTrip
The co-founders of MakeMyTrip are Rajesh Magow, Sachin Bhatia, Deep Kalra, and Keyur Joshi.
Deep Kalra
Deep Kalra, the creator of MakeMyTrip, was born and reared in Hyderabad. He studied economics at St. Stephen’s College in Delhi and earned an MBA from IIM Ahmedabad in 1992. After three years, he left ABN AMRO to work at GE Capital in business development. He previously brought bowling alleys to India through his partnership with AMF Bowling. Kalra introduced innovative internet services with the debut of MakeMyTrip in 2000, revolutionizing the Indian travel industry.
Deep Kalra led MakeMyTrip as its CEO from the company’s founding until its August 2010 NASDAQ IPO. Between August 2013 and February 2020, Kalra served as the Group CEO. Co-founder and current group CEO Rajesh Magow assumed leadership of the company when Deep Kalra resigned as Group CEO in February 2020 to return to his duties as executive chairman of the MakeMyTrip board.
Also check:- Maldives vs Lakshadweep: Which Island Should You Pick for Your Honeymoon?
Rajesh Magow
MakeMyTrip’s group CEO at the moment is Rajesh Magow, a co-founder of the company. The Indian Institute of Chartered Accountants awarded Magow a degree. He started out as the Regional Head-ACE North at Aptech Ltd. He then became CFO and Head of Financial Services at Ebookers before becoming co-founder, CFO, and COO of MakeMyTrip. Within the company, Magow has served in a variety of senior roles, such as CFO, COO, and Group CEO.
Keyur Joshi
In addition to his current positions as Strategic Advisor and Chief Operating Officer (COO), Keyur Joshi is a co-founder of MakeMyTrip. In addition to this, he co-founded Wildlife Luxuries (I) Pvt. Ltd. Joshi is significantly responsible for the growth of the Indian online travel industry.
Joshi worked for Tata Motors, where he oversaw the Product Management and Market Research divisions, and Around the World Travel, which is now known as JustFares.com, before joining MakeMyTrip. From Gujarat University, Keyur earned a bachelor’s degree in chemistry. Once more, an MBA from the City University of New York, New York, came after this. Joshi has a pilot’s license as well!
Mission and Vision
Its goal is to “provide customers a one-stop-shop for all their travel needs.” Throughout the entire trip process, it helps users have the best possible experience, which includes “effective planning resources, superior booking experience across all channels, and in-journey 24×7 live customer support.”
Business Model
Users of MakeMyTrip can purchase vacation packages, reserve hotel rooms, rent cars, and purchase airline and bus tickets. Other travel-related services offered by third-party vendors, such as visa processing and travel insurance, are also accessible to users. The MakeMyTrip app, website, and MakeMyTrip-owned and franchisee-owned businesses offer all of these services.
In addition to this business-to-consumer approach, MakeMyTrip India has launched MyBiz to provide a range of corporate travel-related services. With features including a single dashboard, MyBiz wallet for central payment processing, and immediate refunds to MyBiz Wallet upon cancellations, MyBiz makes it simple for enterprises to handle the travel and lodging of their staff.
Revenue Model
With a concentration on strategic plane ticket sales accounting for 35% of overall revenue, MakeMyTrip’s revenue model blends classic and new components. In addition, lodging and vacation packages account for a sizable portion of revenue—roughly 50%. Red Bus leads the transportation sector, which contributes 10% and grows at a remarkable 35% a year. By providing weekend travel, activities, and events and collaborating with IRCTC on rail tickets, MakeMyTrip has increased its revenue sources.
With domestic travel accounting for 85–90% of hotel business revenue and 60% of air ticket sales, domestic travel dominates revenue generating. This demonstrates how MakeMyTrip can be tailored to local tastes and reinforces its standing as a one-stop travel shop.
Services & Product
In 2000, the Indian internet travel agency MakeMyTrip Limited was established. Air tickets, reservations for hotels and other lodging, vacation planning and packing, rail and intercity bus tickets, vehicle rentals, and other travel-related services including processing visas and providing access to third-party travel insurance are among its offerings.
The company’s “customer first” strategy and culture of constant innovation have made it the industry leader in India’s travel business. Because of this, it is uniquely positioned to boost the internet visibility of hotels and other accommodation establishments that are mostly offline.
Data scientists make up a significant portion of MakeMyTrip’s personnel. It heavily relies on chatbots, such as Gia for Goibibo and Myra for MakeMyTrip. The majority of post-purchase questions are answered by these chatbots.
Obstacles Faced
In 2020, MakeMyTrip celebrated its 20th birthday, commemorating 20 years of helping consumers plan their travels. Regretfully, it occurred during a challenging time due to the global epidemic. The coronavirus made travel difficult for everyone. Despite this challenge, MakeMyTrip leveraged its expertise to adjust and develop new ways to help tourists. Despite this difficult situation, the company showed that it could overcome challenges and continue to lead the travel industry.
Partnerships
Over the course of its more than 20-year history, MakeMyTrip has partnered with a wide range of brands. Here is a look at some of the most significant partnerships that MakeMyTrip has seen recently:
According to sources dated November 22, 2021, the Ministry of Civil Aviation was scheduled to collaborate with the Indian travel agency headed by Rajesh Magow. The well-known travel and tourist company was set to guarantee the promotion of regional air connections under the UDAN initiative with this cooperation. To promote its products and boost exposure and product discovery, the company intended to power the UDAN flights on the AIRSewa portal and market them on its platform as well.
IndiGo and MakeMyTrip have teamed up to offer special charter flights between Phuket, Thailand, and Mumbai. As part of the agreement, MakeMyTrip will guarantee end-to-end service help, including airport transfers, early check-in and check-out, certificate of entrance assistance, premium properties, and more, according to the announcement made on November 10, 2021.
Also check:- Legacy and History of Taj Hotel Mumbai
To provide Amazon consumers with all-inclusive travel services made possible by MakeMyTrip and Redbus, the company forged a strategic alliance with AmazonPay. The announcement of this collaboration was made on November 1, 2021.
On October 14, 2021, the Indian travel company partnered with Hopper, a top AI-based travel booking app, with the goal of assisting clients in saving money through flexible and customized bookings.
Future Plans
By providing a variety of travel services in one location, MakeMyTrip aims to become a one-stop travel app. It will provide a more individualized experience for users by utilizing data and AI. The business also hopes to grow in the increasingly popular field of religious tourism and go global.
