MakeMyTrip eyes India IPO as part of long

The Nasdaq-listed company, MakeMyTrip Ltd, on Monday (March 16) said it is evaluating a potential listing of its India business, MakeMyTrip India, to support long-term growth and strengthen its leadership in the underpenetrated Indian travel and tourism market.

"As part of its long‑term growth objectives, the company is evaluating a potential listing of MakeMyTrip India in India, which could provide an additional avenue to access capital, including from domestic institutional and retail investors as well as enable it to provide India‑listed equity as potential consideration for growth initiatives. The company believes that an India listing can be a catalyst to further boost the MakeMyTrip brand in its core market, strengthen its leadership in India and support longer-term growth," it said in its March 16 filing with the US Securities and Exchange Commission.

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The company has completed an internal restructuring, merging RedBus India into MakeMyTrip India, consolidating key brands under a single entity. This restructuring is part of MakeMyTrip’s broader strategy to expand its presence in the Indian travel market.

MakeMyTrip continues to see robust travel demand in India, supported by structural factors such as a growing middle class, rising propensity to spend on travel, increasing digital adoption, and low penetration of organised travel services.

The company has built a leading position across air ticketing, hotels, holiday packages, alternative accommodations, and buses, supported by supplier relationships, proprietary technology, and operating capabilities. Its platform includes over 87 million lifetime transacted retail customers, 77,000 SME and corporate customers, 549 million app downloads, 32.5 million hotel room nights sold, and 104.6 million bus tickets sold.

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The company has made strategic acquisitions and investments, including a majority stake in Flamingo Transworld, a regional group holiday packages business, and a minority investment in Atlys, a visa processing platform. These moves aim to expand supply integration, cross-selling opportunities, and control across the connected trip journey.

Any potential listing remains subject to market conditions, regulatory approvals, and customary corporate considerations.