The company said it continues to see ‘robust’ travel demand in India, over the long term enabled by structural demand drivers including a growing middle class, rising propensity to spend on travel, increasing digital adoption and continued under‑penetration of organized travel services. MakeMyTrip further stated that its scale and reach is reflected in 87 million+ lifetime transacted retail customers, and over 77,000 SME and large corporate customers,2 549 million+ app downloads,2 32.5 million+ hotel room nights sold under its hotels and package business and 104.6 million+ bus tickets sold.
The company said it has completed its internal restructuring to combine its key brands operating in India under a single entity, with the merger of RedBus India into MakeMyTrip (India) Private Limited (“MakeMyTrip India”).
The company said in the filing that any potential India listing remains subject to, among other things, market conditions, regulatory approvals and customary corporate considerations.
Apart from the consolidation in the Indian market with its acquisition of Goibibo and RedBus, MakeMyTrip said it has made several other investments to expand its capabilities across travel segments with deeper supply integration, cross sell opportunities and greater end to end control across the connected trip journey.
MakeMyTrip said it has completed the acquisition of majority stake in Flamingo Transworld, a regional group holiday packages business based in India.
In addition, it also announced a strategic minority investment in visa processing platform Atlys on Monday.” We believe that this will help further expand our market share and consolidate our position in the outbound travel market by creating a differentiated, vertically integrated customer experience,” the company stated on Monday.