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IPO · Commerce & Consumer Brands

MakeMyTrip evaluates India listing amid profit decline

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Date
Company
MakeMyTrip
What it does
Online travel booking platform
Kind
IPO
Founded
2000
Sector
Commerce & Consumer Brands

What they do

MakeMyTrip is evaluating a Nasdaq-listed India listing to access domestic capital

What happened

The company merged RebBus and RedBus India into a single Indian entity

Why it matters

Q3 FY26 net profit fell 73% YoY to $7.3 Mn, while revenue rose 11%

The details

  • MakeMyTrip is evaluating a Nasdaq listing for its Indian entity.
  • This move aims to access domestic capital markets effectively.
  • The plan remains contingent on regulatory approvals and market conditions.
  • The company recently merged RedBus India into its main entity.
  • Q3 FY26 net profit showed a sharp 73% year-on-year decline.
  • Operating revenue increased by 11% year-on-year in the same period.
  • Market capitalization has dropped from $10 billion to lower levels.
  • This follows a deferred attempt to list in India previously.

The bigger picture

  • The company's market cap has dropped to $4.5 billion amid changing market dynamics.
  • A profit decline signals operational or competitive pressures.
  • Listing abroad offers access to deeper liquidity pools.
  • Regulatory hurdles remain a key condition for success.

About the business

  • MakeMyTrip processes over 8.7 crore transactions annually.
  • It serves 77,000 SME and corporate customers.
  • The firm owns brands like Goibibo and redBus.
  • It holds a majority stake in Flamingo Transworld.
  • The company operates primarily in the Indian travel sector.
  • Revenue growth stands at 11% year-on-year.
  • It integrates multiple travel services under one platform.
  • The business model relies on digital booking commissions.
  • Consolidation helps streamline operational efficiency.

What happens next

  • The company will pursue regulatory approvals for the listing.
  • Management will monitor market conditions closely.
  • Further brand consolidation may follow current trends.

Founders

  • Deep Kalra, Founder
  • Rajesh Magow, Co-founder

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