MakeMyTrip

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MakeMyTrip.com
Public
Traded as NASDAQMMYT
Industry Online travel
Founded 2000
Founder Deep Kalra
Headquarters Gurgaon, Haryana, India
Products Booking flights, hotels, holidays, buses, trains and cars
Revenue Increase US$255.37 Million (2013-14)
Number of employees
1712 (March 2014)[1]
Website MakeMyTrip.com

Makemytrip Inc. is an Indian online travel company, founded by Deep Kalra in 2000. Headquartered in Gurgaon, Haryana, the company provides online travel services including flight tickets, domestic and international holiday packages, hotel reservations, rail and bus tickets. In 2011 and 2012, MakeMyTrip made strategic acquisitions in pursuit of growth through new channels and markets in Southeast Asia. Recently, it launched Travel Apps for mobile devices.[2] The company has been consistently recognised as one of India's best travel portals.[3] In addition to a full-service online portal, the company also operates through 65 retail stores[4] across 50 cities in India, along with international offices in New York City and Sydney.[5]

Launched in India in 2005, MakeMyTrip has pioneered the Indian online travel industry and is now the preferred choice of millions of travellers.[6] The company leads the OTA hotel booking segment with close to 25% market share.[7]

History[edit]

MakeMyTrip was founded by Deep Kalra, an alumnus of Indian Institute of Management Ahmedabad.[8] Prior to setting up MakeMyTrip, Deep had worked with GE Capital as vice president of business development (retail), as well as serving stints with ABN AMRO Bank and AMF Bowlinghai.

MakeMyTrip was launched in the US market[9] in 2000 to cater to the overseas Indian community for their US-to-India travel needs. The founding team consisted of Deep Kalra, Keyur Joshi[10] (Co-Founder & Chief Commercial Officer), Rajesh Magow[11]( Co-Founder & CEO - India, formerly Chief Operating Officer & Chief Financial Officer) and Sachin Bhatia (ex-Chief Marketing Officer). After serving a long tenure of 10 years, since the company's inception, Sachin Bhatia[12] quit MakeMyTrip as an active member and decided to work as an independent advisor and a prime shareholder in the company. In August 2013, the company announced the appointment of Rajesh Magow as CEO – India and Mohit Kabra (previously Senior Vice President – Finance, Administration and Legal) as the Chief Financial Officer.[13]

With the success of IRCTC (Indian Railways Catering and Tourism Corporation)'s online business model which enabled the Indian traveller to purchase railway tickets[14] on the Internet, things started to look brighter for the travel market in India. This was also the time when Low-Cost Carriers entered the Indian Aviation space. MakeMyTrip started its Indian operations in September 2005,[15] offering online flight tickets to Indian travellers. To broaden its travel portfolio, the company also started to focus on non-air businesses like holiday packages and hotel bookings. On 13 August 2010, MakeMyTrip was listed on the NASDAQ[16] and went public, making a debut in the US market. Trade Analysts believed that this was an encouraging sign for both the investors and other Indian firms.

In 2011, the company strengthened focus on the mobile route by creating several travel-related Apps[17] for all types of mobile devices (smartphones and basic cellphones). In the same year, MakeMyTrip also made three acquisitions,[18] namely, Luxury Tours and Travel Private Limited (Singapore), Le Travenues Technology Private Limited (Gurgaon, India) and My Guest House Accommodation (New Delhi, India). MakeMyTrip's other acquisitions include travel operators like ITC Group and Hotel Travel Group to enter new markets in the South-East Asian region in the year 2012. In June 2015 MakeMyTrip invested $3 Million Dollars in Inspirock, a vacation itinerary planning website to improve trip planner.[19]

In February 2014, MakeMyTrip acquired EasyToBook, an Amsterdam-based hotel booking portal to strengthen its online hotel bookings segment, and also target inbound customers traveling to Asia. [16] In September 2014, MakeMyTrip instituted a $15 million (over Rs 90 crore) innovation fund to support early stage companies in the travel space. [17]

MakeMyTrip acquired Mygola, a travel planning website in April 2015. The acquisition was done through the innovation fund and as part of the acquisition, all employees of MyGola were absorbed into the MakeMyTrip team.[20]

In July 2015, MakeMyTrip invested in travel information and hotel review portal, HolidayIQ to pick up 28% stake in the company.[21] In the same month, it also invested $5 million in Bona Vita Technologies, a start-up which plans to utilize the funds to build innovative products in the travel industry.[22]

In October 2015, MakeMyTrip conducted an app only sale, called the Great Indian Getaway.[23] In November 2015, MakeMyTrip launched a new offering called Value+, in the quality budget hotels category.[24]

In 2016, a Chinese travel booking giant Ctrip agreed to invest $180 million to MakeMyTrip.[25]

Mergers, Acquisitions and Investments[edit]

Number Acquisition / Investment Date Company Business Country Ref(s)
1 9 May 2011 Luxury Tours and Travel Private Limited Travel Agency Singapore [26]
2 August 2011 Le Travenues Technology Private Limited which owns Ixigo.com Online travel meta search engine Gurgaon, India [27]
3 November 2011 My Guest House Accommodation Budget Lodging/Hotel Operator New Delhi, India [28]
4 November 2012 ITC Group Tour Operator Thailand [29]
5 November 2012 Hotel Travel Group (HT Group) Travel Firm Thailand, Singapore and Malaysia [30]
6 February 2014 easytobook.com (ETB) Online Hotel Operator Amsterdam [31]
7 June 2015 Inspirock Online Travel Planner California, USA [32]
8 April 2015 MyGola Travel Guide Start-up India [33]
9 July 2015 Holiday IQ Online Travel Portal India [21]
10 July 2015 Bona Vita Technologies Travel Start Up India [22]

Products and services[edit]

  • Flights - MakeMyTrip provides flight tickets for travel in all major domestic, international as well as low-cost carriers operating in India. It caters to travellers for both domestic and international travel from India. Apart from this, it caters to inbound travel to India from countries like US, Canada, Singapore and UAE.
  • Rail and Bus tickets - MakeMyTrip sells online rail tickets to its customers offering features like return tickets with single payment option, flexi-search and automatic alerts and updates on the availability of tickets. It also offers bus tickets across different categories like Volvo, Air Conditioned, Non Air Conditioned, Deluxe, Semi-Deluxe and Sleeper vehicles.
  • Cab Service - MakeMyTrip introduced car hire services on its Indian website in May 2010. It currently provides car hire services in conjunction with holiday package bookings.
  • Hotels and Packages (Holidays) - The company offers hotel reservations in India and international cities alike. There are over 13,000 hotels and guesthouses in India that can be searched and compared online on the MakeMyTrip website. The hotels range from luxury to budget accommodations. In November 2012, MakeMyTrip acquired My Guest House Accommodation to increase the overall inventory for budget rooms and service apartments. MakeMyTrip also offers a wide selection of hotels outside India. Through the acquisition of easytobook.com, MakeMyTrip now offers access to more than 184,000 hotels outside India. MakeMyTrip also offers group and customised holiday packages for popular domestic and international destinations.
  • Mobile Solutions - In 2012, MakeMyTrip launched travel mobile applications (Apps) for iPhone, Android, and BlackBerry devices. The app offers services like flight and bus bookings, hotel reservations and holiday packages. It also caters to other post-purchase requirements like generating e-tickets, making cancellations, tracking status of refunds and other travel alerts. The travel itineraries available on the Apps can be shared on Facebook and Twitter.
  • Route Planner - Makemytrip route planner section provides all basic required information on more than 1 Million routes in India.[34]

Work culture[edit]

The company has been consistently ranked among the Top 10 "Great Places to Work for in India" by the Great Place to Work (GPTW) Institute and The Economic Times, for four years in a row (2010 to 2013).[35]

Awards and recognition[edit]

Number Year Name of the Award Awarded by Ref(s)
1 2015 Most Favourite Online Tour Operator Award Readers' Travel Awards 2015- Conde Nast Traveller
2 2015 Runner Up in Most Favoured Travel App Category Readers' Travel Awards 2015- Conde Nast Traveller
3 2014, 2013 Best Travel Portal India World Travel Awards [36]
4 2014, 2013 e-tailer of the Year ET Retail Awards [37]
5 2014, 2013 Favourite Online Travel Agent Conde Nast Traveller Readers' Travel Award
6 2013, 2012 Best Travel Portal Outlook Traveller Reader's Choice Travel Awards [38]
7 2013 Best Travel portal (India) Travel & Leisure South Asia Readers Choice Awards
8 2013 Most Innovative B2C Company creating consumer friendly technologies Travel Innovation Summit by PhocusWright [39]
9 2013 Website of the Year Ascendas
10 2013 Crisil Emerging India Awards ICICI
11 2013, 2012, 2011, 2010 Ten Best Companies to Work For in India Great Place to Work® Institute [40]
12 2013, 2012 Best Travel Facilitator (Indian) Lonely Planet Travel Award [41]
13 2013, 2009 Best Travel Portal CNBC Awaaz Travel Award [42]
14 2012 e-Retailer of the Year Star Retailer Awards
15 2012 Best Mobile Strategy and Best Mobile Solution Eyefortravel Award [43]
16 2012 Industry Architecture Shift Porter Prize (named after Michael E Porter) [44]
17 2012 Best Travel Innovator Travel Distribution World Asia Awards (Budgie & Travel Awards) [45]
18 2012 Leisure and Travel E-Retailer Award Franchise India e-Retailer Awards [46]
19 2012 Best Online Tour Company Safari India National Tourism Award [47]
20 2012 Retailer of the Year Franchise India awards [48]
21 2012 Ranked 1st in Professional Services category Great Places to Work (GPTW) by The Economic Times [49]
22 2011 Best Online Travel Service Firm Times Travel Honours [50]
23 2011 Best Domestic Tour Operator Times Travel Honours [50]
24 2010 Most Preferred Travel and Holiday Website IMINT Shoppers and Consumer Insights Awards [51]
25 2009 Best Service Provider Company (tour operators category) Indian Council of Market Research [52]
26 2009 Superbrand Consumer Superbrands India [53]
27 2008 Most-preferred full-service Online Travel Agency in India User Survey conducted by TravelBiz Monitor [54]
28 2008 Most-preferred full-service OTA in India TravelBizMonitor
29 2007 Best Online Travel Agent (OTA) Award Galileo-Express Travel World [55]

References[edit]

  1. ^ http://investors.makemytrip.com/mobile.view?c=238356&v=202&d=3&id=aHR0cDovL2FwaS50ZW5rd2l6YXJkLmNvbS9maWxpbmcueG1sP2lwYWdlPTk2NDMxMjcmRFNFUT0xJlNFUT00MSZTUURFU0M9U0VDVElPTl9QQUdFJmV4cD0mc3Vic2lkPTU3
  2. ^ "MakeMyTrip launches mobile apps", The Hindu Business Line, 11 July 2012
  3. ^ "Why Did Ctrip Invest In India's Biggest OTA, MakeMyTrip?". Forbes. 15 January 2016. 
  4. ^ "MakeMyTrip's retail store now in Coimbatore", The Hindu Business Line, 12 June 2012
  5. ^ "MakeMyTrip Branch Offices". MakeMyTrip. 
  6. ^ "MakeMyTrip. Empowering travelers. Creating memories". Opera India. 2 June 2014. 
  7. ^ "Only 25% hotels booked online, says study". The Economic Times. 12 January 2016. 
  8. ^ Subroto Bagchi, "Making His Own Trip", Forbes India, 23 March 2010
  9. ^ Maggie Rauch, Travel Daily China,"The making of MakeMyTrip, and what will drive future growth" WebInTravel, 2 May 2011
  10. ^ "Keyur Joshi: Co-Founder and COO, MakeMyTrip.com Pvt. Ltd.", PhoCusWright Conference. Retrieved 20 March 2013.
  11. ^ "Makemytrip Ltd (MMYT:Consolidated Issue Listed on NASDAQ Global Select)", Bloomberg Businessweek. Retrieved 18 June 2013.
  12. ^ Robin Thomas, "Sachin Bhatia quits MakeMyTrip to start own venture", exchange4media.com, 14 January 2010
  13. ^ "MakeMyTrip promotes Rajesh Magow as CEO-India". The Economic Times. 7 August 2013. 
  14. ^ "Deep Kalra, 38, IIM-A: IRCTC online business", Outlook India.com, 17 September 2007
  15. ^ "MakeMyTrip launches India Travel Site", SmartSurat.com. Retrieved 20 June 2013.
  16. ^ "MakeMyTrip soars after Nasdaq listing", hindustantimes.com, 14 August 2010
  17. ^ "MakeMyTrip launches comprehensive mobile suite", The Hindu Business Line, 11 July 2012
  18. ^ P.R. Sanjai,"MakeMyTrip seeks to diversify business through small acquisitions" livemint.com, 24 July 2012
  19. ^ "Inspirock Gets $3M Seed Funding To Make Vacation Itinerary Planning Easier", TechCrunch. Retrieved on 20 July 2015.
  20. ^ "MakeMyTrip acquires travel planning website Mygola using innovation fund". The Economic Times. 22 April 2015. 
  21. ^ a b "Makemytrip invests Rs 95 crore in HolidayIQ". The Times of India. 23 July 2015. 
  22. ^ a b "MakeMyTrip invests $5 million in former Snapdeal CTO's Bona Vita Technologies". The Economic Times. 30 July 2015. 
  23. ^ "MakeMyTrip rolls out seven-day, app-only sale for festive season". The Economic Times. 27 October 2015. 
  24. ^ "MakeMyTrip Launches Value+ Chain; Blocks Oyo Rooms and Zo Rooms". www.ndtv.com. 13 November 2015. 
  25. ^ "Chinese Travel Booking Giant Ctrip Invests $180M In India’s MakeMyTrip", TechCrunch.com, 8 January 2016
  26. ^ "MakeMyTrip acquires Luxury Tours & Travels" pata.org, 20 May 2011
  27. ^ "SAIF Partners, MakeMyTrip Buy 76.6% In iXiGO.com For $18.5 Mn" dealcurry.com, 11 August 2011
  28. ^ "MakeMyTrip buys My Guest House Accommodation Kochhar and ARA advise" barandbench.com, 21 November 2011
  29. ^ "MakeMyTrip Acquires Majority Interest In Thailand’s ITC Group For $3.2M" medianama.com, 27 November 2012
  30. ^ "MakeMyTrip acquires Hotel Travel Group for $25 m" The Hindu Business Line.com, 7 November 2012
  31. ^ "MakeMyTrip acquires EasyToBook.com" livemint, 7 February 2014
  32. ^ "Inspirock attracts seed funding of $3m, unveils new site", Tnooz. Retrieved on 20 July 2015.
  33. ^ [1], The Hindu. Retrieved on 14 August 2015
  34. ^ http://www.nextbigwhat.com/makemytrip-routeplanner-ixigo-competition-297/
  35. ^ "India's Best Companies to Work For" GreatPlacetoWork.in. Retrieved 25 June 2013..
  36. ^ "The 21st World Travel Awards"
  37. ^ "Honouring Excellence in Retail"
  38. ^ "Readers’ Choice Winners" Outlook Traveller Magazine, 1 February 2013
  39. ^ "The Next Generation of Groundbreaking Travel Innovators"
  40. ^ "Amongst the Top 10 best places to work in India for 4 consecutive years"
  41. ^ "Lonely Planet Magazine India launches first-ever Travel Awards on 3rd May" mediavataar.com, 30 April 2012
  42. ^ "MakeMyTrip.com awarded the best Travel & Tourism company in India" afaqs.com, 10 May
  43. ^ "Social Media & Mobile in Travel Asia 201327-28th November 2013, Langham, Hong Kong" events.eyefortravel.com. Retrieved 27 June 2013.
  44. ^ Abhinandan Mishra, "Porter Prize 2012 awarded" Porter Prize- Sunday Guardian. Retrieved 2010-10.
  45. ^ "Celebrating Excellence in Asia's Low Cost Aviation and Travel Industry" Budgie$ & Travel Awards – terrapin.com, 9 February 2012
  46. ^ "Leisure & Travel E-Retailer Award" franchiseindia.com, 2012
  47. ^ "Safari India National Tourism Awards" patwainternational.com. Retrieved 14 February 2013.
  48. ^ Gunjan Piplani, “Retailers eye tier II & tier III cities in 2013" indianretailer.com.Retrieved 20 March 2013.
  49. ^ Saswati Mukherjee, "MakeMyTrip voted fourth best place to work" timesofindia.indiatimes.com, 17 July 2012
  50. ^ a b TNN, "Jet Airways, Makemytrip sweep inaugural Times Travel Honours" timesofindia.indiatimes.com, 18 October 2011
  51. ^ "Lowest price guarantee on Bus ticket-booking on MakeMyTrip.com" arrowtimesmedia.com. Retrieved 14 February 2013.
  52. ^ "MakeMyTrip Ties Up with Visa- About MakeMyTrip" thetelegraphindia.com, 23 June 2011
  53. ^ "MakeMyTrip.com- Superbrands" superbrandsindia.com. Retrieved 27 June 2013.
  54. ^ "MakeMyTrip: Preferred Online Travel agency in India" moneycontrol.com, 15 December 2008
  55. ^ "A trip to success" Express TravelWorld, December 2007

External links[edit]