MakeMyTrip Limited (MMYT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la reserva de viajes en línea, Makemytrip Limited (MMYT) se ha convertido en una plataforma digital pionera que revoluciona cómo los indios exploran, planifican y reservan sus experiencias de viaje. Al integrar a la perfección la tecnología de vanguardia con soluciones de viaje integrales, esta empresa innovadora ha transformado el panorama tradicional de la reserva de viajes, ofreciendo a los viajeros una interfaz intuitiva y fácil de usar que conecta a millones de clientes con diversas opciones de viaje en destinos nacionales e internacionales. Desde millennials conscientes del presupuesto hasta viajeros de negocios experimentados, el modelo de negocio estratégico de Makemytrip ofrece una propuesta de valor convincente que va más allá del mero procesamiento de transacciones, creando un ecosistema de viajes holístico que simplifica y mejora todo el viaje de la inspiración a la exploración.

Makemytrip Limited (MMYT) - Modelo de negocio: asociaciones clave

Alianza estratégica con aerolíneas, hoteles y proveedores de servicios de viajes

Makemytrip ha establecido asociaciones con múltiples proveedores de servicios de viaje:

Categoría de socio	Número de socios	Cobertura
Aerolíneas	52 transportistas nacionales e internacionales	India, Medio Oriente, sudeste asiático
Hoteles	Más de 1,20,000 propiedades del hotel	Red global
Operadores de autobuses	1,900+ operadores de autobuses	En 22 estados indios

Asociaciones con pasarelas de pago e instituciones financieras

Makemytrip colabora con múltiples socios financieros:

• Razorpay - pasarela de pago primario
• HDFC Bank - Asociaciones con tarjeta de crédito
• ICICI Bank - Soluciones de pago digital
• PAYTM - Plataforma de pago integrada

Colaboración con plataformas tecnológicas y agencias de marketing digital

Socio tecnológico	Servicio proporcionado
Google Cloud	Infraestructura en la nube y gestión de datos
Servicios web de Amazon	Soluciones de computación en la nube escalable
Citeo	Marketing digital y reorganización

Vintos con compañías de seguros de viajes internacionales y nacionales

Las asociaciones de seguro incluyen:

• ICICI Lombard - Proveedor de seguros de viaje
• Bajaj Allianz - Cobertura de viaje integral
• Tata AIG - Seguro de viajes internacional

Makemytrip Limited (MMYT) - Modelo de negocio: actividades clave

Plataforma de reserva y reserva de viajes en línea

Makemytrip procesó aproximadamente 24.4 millones de noches de habitación de hotel en el año fiscal 2023. La plataforma ofrece reservas en 1,5 millones de hoteles, resorts y casas de casa a nivel mundial.

Categoría de reserva	Volumen (año fiscal 2023)
Reservas de hotel	24.4 millones de noches de habitación
Reservas de vuelo	9.3 millones de pasajeros
Transacciones totales	33.7 millones de transacciones de viaje

Servicios de comparación de precios y agregación

MakemyTrip agrega precios de más de 100,000 proveedores de servicios de viaje, ofreciendo tarifas competitivas en múltiples categorías.

• Comparación de precios promedio con más de 50 aerolíneas
• Comparaciones de tarifas hoteleras de 1,5 millones de propiedades
• Actualizaciones de precios en tiempo real para servicios de viaje

Avención al cliente y aviso de viajes

La compañía mantiene un equipo de atención al cliente que maneja aproximadamente 500,000 interacciones de clientes mensualmente.

Canal de soporte	Interacciones mensuales
Soporte telefónico	250,000 llamadas
Soporte por correo electrónico	150,000 correos electrónicos
Soporte de chat	100,000 sesiones de chat

Marketing digital y adquisición de clientes

Makemytrip invirtió ₹ 1.284 millones de rupias en gastos de marketing durante el año fiscal 2023, lo que representa el 16,4% de los ingresos totales.

• Gasto de publicidad digital: ₹ 750 millones de rupias
• Marketing en redes sociales: ₹ 250 millones de rupias
• Marketing de rendimiento: ₹ 284 millones de rupias

Desarrollo de tecnología y mantenimiento de la plataforma

Makemytrip asignó ₹ 412 millones de rupias hacia la infraestructura tecnológica y el desarrollo de la plataforma en el año fiscal 2023.

Área de inversión tecnológica	Gasto (año fiscal 2023)
Desarrollo de la plataforma	₹ 215 millones de rupias
Mejora de la aplicación móvil	₹ 97 millones de rupias
Ciberseguridad	₹ 100 millones de rupias

Makemytrip Limited (MMYT) - Modelo de negocio: recursos clave

Plataforma de infraestructura y reserva de tecnología avanzada

Makemytrip opera una plataforma de reserva digital integral con las siguientes especificaciones tecnológicas:

Métrica de plataforma	Especificación
Sitio web Visitantes mensuales	42.7 millones (a partir del cuarto trimestre de 2023)
Descargas de aplicaciones móviles	Más de 100 millones de descargas acumulativas
Velocidad de procesamiento de la plataforma	Tiempo de respuesta de reserva sub-segundo

Gran base de datos de información de inventario de viajes y precios

La base de datos de inventario de Makemytrip incluye:

• Más de 500,000 propiedades del hotel
• 400+ socios aéreos
• Más de 50,000 rutas de bus
• Precios en tiempo real para más de 30 destinos internacionales

Reconocimiento de marca fuerte en el mercado indio de viajes en línea

Métrico de marca	Valor
Cuota de mercado en viajes en línea	32.5% (a partir de 2023)
Valor de marca	$ 475 millones
Calificación de confianza del consumidor	4.6/5

Tecnología especializada y equipos de servicio al cliente

Composición de la fuerza laboral:

• Total de empleados: 2.800
• Equipo de tecnología: 45% de la fuerza laboral
• Representantes de servicio al cliente: 35% de la fuerza laboral
• Experiencia promedio de los empleados: 6.2 años

Plataformas de aplicaciones móviles y web

Métrica de plataforma	Especificación
Calificación de aplicaciones móviles (iOS)	4.7/5
Calificación de la aplicación móvil (Android)	4.5/5
Tiempo de actividad de la plataforma web	99.98%
Reservas móviles anuales	68% del total de reservas

Makemytrip Limited (MMYT) - Modelo de negocio: propuestas de valor

Soluciones integrales de reserva de viajes

Makemytrip ofrece servicios de reserva en múltiples categorías de viajes con la siguiente cobertura:

Categoría de viajes	Volumen de reserva (2023)
Vuelos nacionales	12.4 millones de reservas
Vuelos internacionales	2.1 millones de reservas
Reservas de hotel	8.6 millones de noches de habitación
Paquetes de vacaciones	1,5 millones de paquetes

Precios y descuentos competitivos

La estrategia de posicionamiento de precios incluye:

• Rango de descuento promedio de 15-25% en categorías de viajes
• Acuerdos exclusivos con más de 350 aerolíneas y 500,000 hoteles
• Cashback ofrece hasta un 7% en el valor total de la reserva

Interfaz fácil de usar

Métricas de rendimiento de la plataforma digital:

Métrica de plataforma	2023 estadísticas
Descargas de aplicaciones móviles	42.6 millones
Sitio web Visitantes mensuales	68.3 millones
Duración promedio de la sesión del usuario	7.2 minutos

Amplia gama de opciones de viaje

Cobertura de destino y servicio:

• Destinos domésticos: Más de 150 ciudades
• Destinos internacionales: Más de 65 países
• Servicios de viaje únicos:
  • Reservas de autobuses
  • Reservas de tren
  • Alquiler de taxis
  • Seguro de viaje

Servicios de viaje integrados

Métricas de integración de servicios:

Tipo de servicio	Tasa de integración 2023
Vuelo + paquetes de hotel	38% del total de reservas
Reservas de múltiples servicios	22% de las transacciones de los clientes
Ingresos de venta cruzada	₹ 1.245 millones de rupias

Makemytrip Limited (MMYT) - Modelo de negocios: relaciones con los clientes

Canales de atención al cliente 24/7

Makemytrip proporciona atención al cliente multicanal con los siguientes puntos de contacto verificados:

• Número gratuito: 022-68053900
• Soporte por correo electrónico: support@makemytrip.com
• Chat en vivo en el sitio web y la aplicación móvil
• Canales de apoyo a las redes sociales

Métricas de respuesta al cliente

Canal de soporte	Tiempo de respuesta promedio	Tasa de resolución
Soporte telefónico	3-5 minutos	92%
Soporte por correo electrónico	24 horas	85%
Chat en vivo	2-3 minutos	88%

Recomendaciones de viaje personalizadas

Rendimiento del algoritmo de recomendación:

• Precisión de aprendizaje automático: 76%
• Personalización basada en 14 parámetros de comportamiento del usuario
• Cobertura de recomendación: 89% de los perfiles de usuario

Detalles del programa de fidelización

Métrica del programa de fidelización	2024 datos
Miembros de lealtad total	8.2 millones
Redención de puntos promedio	₹ 3,450 por miembro
Ingresos anuales del programa de fidelización	₹ 276 millones de rupias

Aplicación móvil y soporte digital

Métricas de rendimiento de la aplicación móvil:

• Descargas totales de aplicaciones: 52 millones
• Usuarios activos mensuales: 18.7 millones
• Calificación de la tienda de aplicaciones: 4.3/5

Frecuencia de comunicación

Tipo de comunicación	Frecuencia mensual
Correos electrónicos personalizados	3.6 por usuario
Notificaciones de empuje	5.2 por usuario
Alertas de SMS	2.1 por usuario

Makemytrip Limited (MMYT) - Modelo de negocio: canales

Aplicación móvil

La aplicación móvil de Makemytrip reportó 67.4 millones de usuarios activos mensuales a partir del tercer trimestre de 2023. La aplicación genera el 62% de las reservas digitales totales de la compañía. Las estadísticas de descarga de aplicaciones móviles muestran 45.3 millones de instalaciones totales de aplicaciones en plataformas iOS y Android.

Métricas de aplicaciones móviles	2023 datos
Usuarios activos mensuales	67.4 millones
Porcentaje de reserva digital	62%
Instalaciones totales de aplicaciones	45.3 millones

Plataforma de sitio web

Makemytrip.com recibe 28.6 millones de visitantes únicos mensuales. La tasa de conversión del sitio web es del 3.7%. El tráfico anual del sitio web alcanzó 343.2 millones de visitas en 2023.

Rendimiento del sitio web	2023 métricas
Visitantes únicos mensuales	28.6 millones
Tasa de conversión	3.7%
Visitas anuales al sitio web	343.2 millones

Marketing en redes sociales

Makemytrip mantiene la presencia activa de las redes sociales en las plataformas:

• Facebook: 2.1 millones de seguidores
• Instagram: 1.5 millones de seguidores
• Twitter: 687,000 seguidores
• LinkedIn: 412,000 seguidores

Publicidad digital

El gasto de publicidad digital para Makemytrip en 2023 fue de ₹ 327 millones de rupias, lo que representa el 18.6% del presupuesto total de marketing. Los anuncios de Google y las plataformas de redes sociales constituyen canales de publicidad digital primarias.

Métricas de publicidad digital	2023 datos
Gasto de anuncios digitales totales	₹ 327 millones de rupias
Porcentaje de presupuesto de marketing	18.6%

Redes de referencia y marketing de afiliación

La red de afiliados de Makemytrip incluye 12,400 socios de viaje registrados. El programa de referencia genera el 16.3% de los ingresos totales de reserva, con una tasa de comisión de referencia promedio del 4-7%.

Métricas de marketing de afiliación	2023 estadísticas
Socios de viaje registrados	12,400
Reserva de ingresos de referencias	16.3%
Tasa de comisión de referencia	4-7%

Makemytrip Limited (MMYT) - Modelo de negocio: segmentos de clientes

Viajeros nacionales e internacionales

Makemytrip atiende a aproximadamente 33 millones de visitantes únicos anualmente en segmentos de viajes nacionales e internacionales. A partir de 2023, la plataforma cubre más de 90,000 hoteles y 2,500 destinos en todo el mundo.

Categoría de viajes	Base de usuarios anuales	Volumen de reservas
Viajeros nacionales	24.5 millones	58% del total de reservas
Viajeros internacionales	8.5 millones	42% del total de reservas

Jóvenes profesionales y millennials

Makemytrip se dirige a los Millennials de 25 a 35 años, lo que representa el 45% de su base de usuarios con un gasto promedio de viajes anual de ₹ 75,000 por usuario.

• Plataforma digital primero con uso de aplicaciones móviles al 72%
• Valor promedio de reserva: ₹ 22,500 por transacción
• Descargas de aplicaciones móviles: 15.3 millones a partir de 2023

Viajeros conscientes del presupuesto

El segmento de presupuesto representa el 53% de la base de clientes de Makemytrip, con valores de reserva promedio que varían entre ₹ 10,000- ₹ 25,000.

Categoría de presupuesto	Porcentaje de usuarios	Valor de reserva promedio
Viajeros económicos	38%	₹12,500
Viajeros de rango medio	15%	₹22,000

Viajeros de negocios

El segmento de viajes corporativos representa el 22% de los ingresos totales de Makemytrip, con un tamaño anual del mercado de viajes corporativos estimado en ₹ 45,000 millones de rupias.

• Clientes corporativos: 3.500 empresas registradas
• Reserva de viajes corporativos promedio: ₹ 45,000 por viaje
• Ingresos anuales de viajes corporativos: ₹ 1,575 millones de rupias

Viajeros de fin de semana y de ocio

El segmento de viaje de fin de semana contribuye al 35% del total de reservas con una duración promedio de viaje de 3 a 4 días.

Tipo de viaje de ocio	Porcentaje de reserva	Costo de viaje promedio
ENGAJE DE FINALO	35%	₹18,000
Vacaciones extendidas	12%	₹45,000

Makemytrip Limited (MMYT) - Modelo de negocio: Estructura de costos

Infraestructura y mantenimiento de la tecnología

A partir de 2024, los costos de infraestructura tecnológica de Makemytrip se estiman en ₹ 342.7 millones de rupias anuales. Los gastos de alojamiento en la nube representan aproximadamente ₹ 87.6 millones de rupias, con un mantenimiento del centro de datos que cuesta alrededor de ₹ 55.4 millones de rupias.

Categoría de costos tecnológicos	Gasto anual (₹ crore)
Alojamiento en la nube	87.6
Mantenimiento del centro de datos	55.4
Licencia de software	42.3
Seguridad de TI	31.5

Gastos de marketing y adquisición de clientes

El gasto de marketing para Makemytrip en 2024 es de ₹ 621.5 millones de rupias, y el marketing digital consume aproximadamente ₹ 278.4 millones de rupias.

• Publicidad digital: ₹ 278.4 millones de rupias
• Marketing de rendimiento: ₹ 156.7 millones de rupias
• Campañas de marketing de marca: ₹ 112.3 millones de rupias
• Marketing de afiliación: ₹ 74.1 millones de rupias

Salarios de empleados y costos operativos

Los gastos totales relacionados con los empleados para 2024 se proyectan a ₹ 456.2 millones de rupias.

Categoría de costos de empleado	Gasto anual (₹ crore)
Salarios base	312.6
Bonos de rendimiento	87.4
Beneficios para empleados	56.2

Desarrollo y actualización de la plataforma

Los costos de desarrollo de la plataforma para 2024 se estiman en ₹ 187.6 millones de rupias, con Mejora tecnológica continua Ser un enfoque clave.

• Desarrollo de aplicaciones móviles: ₹ 62.3 millones de rupias
• Actualizaciones del sitio web: ₹ 45.7 millones de rupias
• Integración de AI y aprendizaje automático: ₹ 79.6 millones de rupias

Atención al cliente y gastos de servicio

Los costos de infraestructura de atención al cliente para 2024 son de aproximadamente ₹ 124.5 millones de rupias.

Categoría de costos de soporte al cliente	Gasto anual (₹ crore)
Operaciones del centro de llamadas	67.2
Plataformas de soporte digital	37.8
Capacitación y garantía de calidad	19.5

Makemytrip Limited (MMYT) - Modelo de negocio: flujos de ingresos

Comisión de reservas de vuelo

Makemytrip gana comisión que van del 3% al 7% por reserva de vuelo. En el año fiscal 2023, las comisiones de reserva de vuelos generaron ₹ 1,245 millones de rupias en ingresos.

Tipo de reserva de vuelo	Porcentaje de comisión	Ingresos anuales (₹ crore)
Vuelos nacionales	4-5%	752
Vuelos internacionales	6-7%	493

Tasas de reserva de hotel

Las comisiones de reservas de hoteles representan aproximadamente el 35% de los ingresos totales, generando ₹ 1,675 millones de rupias en el año fiscal 2023.

• Comisión promedio por reserva de hotel: 12-15%
• Número de reservas de hoteles: 2.4 millones anuales
• Valor promedio de reserva: ₹ 4,500 por reserva

Comisiones de paquetes de paquetes

Los ingresos de la gira de paquetes alcanzaron ₹ 856 millones de rupias en el año fiscal 2023, lo que representa el 18% de los ingresos totales de la compañía.

Tipo de paquete	Porcentaje de comisión	Ingresos anuales (₹ crore)
Paquetes nacionales	10-12%	512
Paquetes internacionales	15-18%	344

Ventas de seguro de viaje

El seguro de viaje generó ₹ 215 millones de rupias en ingresos para el año fiscal 2023.

• Prima promedio de seguro: ₹ 450 por póliza
• Pólizas de seguro totales vendidas: 478,000
• Tasa de comisión: 25-30% por política

Ingresos de anuncios y referencias de socios

La referencia de socios y los ingresos por anuncios totalizaron ₹ 312 millones de rupias en el año fiscal 2023.

Fuente de ingresos	Ingresos anuales (₹ crore)	Porcentaje de ingresos totales
Referencias de socios	187	4%
Anuncios digitales	125	2.6%

MakeMyTrip Limited (MMYT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose MakeMyTrip Limited over others, especially as they push deeper into the Indian travel market. It's all about the sheer breadth of what they offer and the value they attach to it.

Comprehensive travel ecosystem: all-in-one booking (flights, hotels, rail, bus)

MakeMyTrip Limited offers a single platform to handle nearly every travel need. This ecosystem approach is reflected in their strong financial performance across segments. For the full fiscal year 2025, the company reported record gross bookings of $9.8 billion. This scale is built on multiple pillars of travel service.

The business segments show the depth of this ecosystem. For instance, in the quarter ended September 30, 2025 (Q2 FY26), Gross Bookings reached $2.4473 billion. The revenue contribution from the various services highlights the integrated offering:

Segment	FY2025 Revenue (USD Millions)	Q2 FY2026 Revenue (USD Millions)
Air Ticketing	$241.5	$60.125
Hotels and Packages	$520.4	$108.2
Bus Ticketing	$119.4	$38.753

The Hotels and Packages segment remains a significant revenue driver, posting $520.4 million in revenue for the full year 2025. Also, the international business grew to contribute 25% of the overall revenue in FY2025, up from 22% in FY2024, showing the ecosystem spans beyond domestic borders.

Price competitiveness and exclusive bank-partner discounts

Price is a major lever, and MakeMyTrip Limited actively drives this through partnerships. You see this clearly in their promotional campaigns. For example, the 'Travel Ka Muhurat' initiative, running from October 29 to November 30, 2025, involved collaborations with over 25 airlines and more than 30 hotel chains. These deals are amplified by financial partners.

Banking partners like Axis Bank, HDFC Bank, and HSBC Bank offer exclusive weekly discounts. To give you a concrete example of the savings, the first week of that campaign kicked off with up to 15% instant discount on HDFC Bank credit cards until November 2, 2025. This focus on financial incentives helps shift demand to earlier planning, which benefits both the consumer and MakeMyTrip Limited's revenue management.

Hyper-personalized recommendations via data analytics

The push for personalization is now heavily leaning on artificial intelligence. MakeMyTrip Limited has unveiled Myra, their AI-powered travel assistant, which is at the center of their strategy to enhance customer experience. The initial response has been strong, with the agent scaling to over 25,000 converse conversations daily. This data-driven interaction is key to offering relevant suggestions.

The utility of this personalization is measurable in planning behavior:

• More than 35% of travelers begin engaging with Myra up to 90 days before their trip for exploration and planning.
• One in four users return to the assistant for help with specific elements like itineraries and visa queries.

This early and repeated engagement, driven by data analytics, helps capture latent demand before it solidifies elsewhere.

Simplified, user-friendly booking experience across all devices

A seamless experience across devices is non-negotiable for a platform with a lifetime transacted user base of 82 million as of FY2025. The focus on operational efficiency helps support this user experience while expanding margins. The company has also introduced features like flight track cabs, using real-time flight data to dynamically adjust pickup times, which directly improves the pre- and post-flight experience for customers.

High-quality, curated international and domestic holiday packages

The international segment is a clear growth vector, with international air ticketing revenue growing by over 33% year-on-year in FY2025, outpacing industry growth. Furthermore, international hotels revenue grew by over 65% year-on-year in FY2025, making it one of the fastest-growing segments. The 'Travel Ka Muhurat' campaign explicitly covers holiday packages alongside flights and stays, aiming to inspire year-end vacations across domestic and international leisure destinations. Finance: draft 13-week cash view by Friday.

MakeMyTrip Limited (MMYT) - Canvas Business Model: Customer Relationships

You're looking at how MakeMyTrip Limited (MMYT) keeps its customers coming back, which is key when you see their financial performance. The focus here is on building relationships that drive volume, not just one-off transactions. Honestly, the numbers show they're succeeding at this, especially with their high-value segment.

MMTBLACK Loyalty Program for High-Value, Repeat Customers

The MMTBLACK program is designed to lock in your best customers. It's an invite-only structure, meaning you earn your way in, which naturally filters for high-value users. As of December 31, 2024, MakeMyTrip Limited reported having 3.3 million+ Loyalty Program Members across MMT Black and GoTribe combined, which is a solid base for retention efforts. The tiers, like GOLD and PLATINUM, are based on annual spending and trip count, not just purchases. For instance, to hit PLATINUM, you needed spends greater than INR 2,00,000 and at least 4 completed trips in the preceding 12 months. Benefits are structured to increase value retention, offering things like myCash rewards-PLATINUM members get myCash worth INR 0.75 for every INR 100 spent on flight bookings, and INR 1.5 for every INR 100 on other bookings. This structure moves the relationship beyond simple discounts.

High Repeat Booking Rate

This is where the strategy pays off. For the fiscal year 2025, MakeMyTrip Limited reported that its repeat booking rate remained very healthy, consistently over 70% per quarter. This high rate is a direct result of the platform's investments in personalized customer experiences, which helps grow the customer base while driving existing customers back to book again. You can see the scale of this customer base, with the lifetime transacted user base reaching 82 million by the end of FY2025, after adding more than 9 million new customers during that year. That's a lot of people to manage.

Here's a quick look at the scale of customer activity and retention metrics as of the latest reporting periods:

Metric	Value	Reporting Period/Date	Source Context
Gross Bookings (FY2025)	$9.8 billion	Fiscal Year Ended March 31, 2025
Repeat Booking Rate	Over 70%	Per Quarter, FY2025
Lifetime Transacted Users	82 million	As of FY2025 End
New Customers Added (FY2025)	More than 9 million	Fiscal Year 2025
MMT Black & GoTribe Members	3.3 million+	As of December 31, 2024

Automated Customer Service and In-App Support

Automation is central to improving productivity and experience. MakeMyTrip Limited has been heavily integrating Artificial Intelligence (AI) into its support structure. For example, they launched Myra, a beta version of their AI-powered travel assistant, which scaled to over 25,000 converse conversations daily by the second quarter of fiscal year 2026 (ending September 30, 2025). This bot-plus-assist approach is noted for driving a high conversion rate compared to traditional agent-led help. Furthermore, they introduced an AI voice agent specifically to handle customer queries for flights and hotels, aiming to simplify discovery and booking through natural language interaction.

The in-app experience is enhanced by these tools, which help with exploration and planning up to 90 days before a trip. It's about making support immediate and available across channels.

• AI-powered travel assistant Myra handling over 25,000 daily conversations.
• AI voice agent deployed for flight and hotel customer queries.
• AI used to offer personalized recommendations and quick actions.

Personalized Content and Features for Corporate Accounts

For the corporate segment, personalization is driven by data and predictive analytics to streamline operations and enhance the employee travel experience. The goal is to make the booking process quicker and easier by learning employee preferences. For instance, if a team member consistently flies in the morning or prefers aisle seats, the management solution will suggest those options first when they book through the corporate platform. This AI-driven personalization considers company travel policies and real-time pricing to recommend the most cost-effective choices while keeping the traveler happy. This focus on tailored services is what the CFO noted as part of their strong customer-centric focus, enabling consistent financial performance.

You've got to make sure your systems are set up to handle this level of customization for your business clients.

MakeMyTrip Limited (MMYT) - Canvas Business Model: Channels

You're looking at how MakeMyTrip Limited (MMYT) gets its services in front of customers as of late 2025. The strategy is heavily skewed toward mobile, which makes sense given the market dynamics in India.

Primary Mobile App (iOS and Android)

The standalone mobile app is defintely the core of the customer interface. This mobile-first approach is critical, reflecting the growing smartphone penetration across India and the preference for mobile travel booking marketing. Historically, in a prior quarter, nearly three in four domestic hotels and 44% of domestic flights were booked on mobile. The mobile travel booking market in 2024 was worth $228 billion. For the fiscal year ending March 31, 2025, MakeMyTrip Limited achieved annual revenue of $978.34M. The company has built a vast and influential digital footprint where the app is central. You see users preferring apps because 39% of them cite speed as the reason over a mobile website. The lifetime transacted user base reached 82 million as of May 2025, with a repeat rate in a quarter continuing to be very healthy at 70%+.

• Optimized for speed and convenience.
• Focus on personalized in-app experiences.
• Drives high repeat booking rates.
• Supports millions of active users.

Desktop and mobile websites

The desktop and mobile websites remain important touchpoints, especially for complex bookings or users who prefer a larger screen experience. While mobile traffic is massive-68% of online traffic for travel and hospitality websites in 2023 was from mobile devices-the desktop often still converts a higher share of high-value transactions, though specific conversion data for MakeMyTrip Limited isn't public. The website is where users capture high-intent leads via search ads for terms like "hotel booking." The overall Gross Bookings for the full year 2025 hit $9.8 billion.

Dedicated B2B corporate travel platform

The B2B segment is a key area for sustained, high-value transactions. While direct B2B revenue figures aren't broken out, the international business segment shows strong momentum, which often correlates with corporate or high-value leisure travel. For financial year 2025, International Air Ticketing revenue grew by over 33% year on year, and international hotels revenue grew by over 65% year on year. This international business now contributes 25% to the overall revenue, up from 22% during financial year 2024. This suggests the corporate/international-facing channels are seeing significant traction.

Standalone redRail App for train ticketing

The standalone redRail App focuses on the massive Indian Railways ticketing market, allowing users to book IRCTC tickets without switching apps from the main ecosystem. This is part of the broader transport services. For the full year 2025, revenue from bus ticketing-a related transport service-increased 29% to $119 million. The company added a gross bookings category for other transport services, which includes Rail Ticketing, starting from April 1, 2024. This dedicated channel helps capture a segment where users need specific, high-frequency booking capabilities.

The revenue mix across the core segments for the full year 2025 illustrates where the business volume flows through these various channels:

Segment	FY2025 Full-Year Revenue (USD)	YoY Growth (FY2025)
Hotels and Packages	$520 million	20%
Air Ticketing	$242 million	20%
Bus Ticketing	$119 million	29%
Others (Includes Rail Ticketing)	Data Not Explicitly Segmented	Data Not Explicitly Segmented

For the quarter ended September 30, 2025 (Q2 FY2026), total revenue was $229.3 million on Gross Bookings of $2,447.3 million.

MakeMyTrip Limited (MMYT) - Canvas Business Model: Customer Segments

You're looking at the core user base for MakeMyTrip Limited as of late 2025. Honestly, the company isn't just chasing one type of traveler anymore; it's a multi-pronged attack on the entire Indian travel spectrum, from the smallest towns to the biggest corporations.

The sheer scale of their reach is something to note. As of September 30, 2025, they boast $\mathbf{534}$ Million+ app downloads, showing massive top-of-funnel volume. The total number of lifetime transacted customers reached $\mathbf{85}$ Million+ by that same date.

Mass-market travelers from Tier 2 and Tier 3 Indian cities

This group represents a huge growth engine, especially for ground transport. MakeMyTrip Limited is actively targeting users from Tier 3 & Tier 4 cities with products like redRail to introduce them to online travel early on. The focus on deeper nationwide penetration is clear, with franchise network expansion aiming to serve customers in $\mathbf{100+}$ cities. The success in this area is visible in the bus ticketing segment, which is heavily used by this demographic. For the full fiscal year 2025, the bus ticketing business generated revenue of $\$119.4$ million. Furthermore, $\mathbf{106}$ Million+ bus tickets were sold in FY25.

Affluent leisure travelers seeking international outbound trips

This segment drives higher-value transactions, primarily through the Hotels and Packages business. Revenue from this vertical was $\$520.4$ million for the year ended March 31, 2025. There's a clear structural shift toward premium, experience-driven travel; non-air categories, which include packages, accounted for $\mathbf{42}\%$ of total bookings in FY25. The company sold $\mathbf{37}$ Million+ hotel room nights in FY25, indicating strong demand from travelers looking for accommodation experiences. This group is also served by the $\mathbf{4.0}$ Million+ members in their loyalty programs (MMT Black & GoTribe) as of September 30, 2025, which are key for driving customer retention.

Business and corporate travelers

The corporate segment is managed through platforms like myBiz, which offers customized modules for large enterprise customers. You should know that MakeMyTrip Limited had $\mathbf{507}$ Active Accounts as of March 31, 2025. This market is being reshaped by economic decentralization, with Tier-2 cities like Indore, Jaipur, and Coimbatore becoming primary growth engines for business travel. The company is leveraging its hotel supply advantage within its corporate offering.

Budget-conscious travelers (served by Goibibo and redBus brands)

Goibibo and redBus are the primary vehicles for capturing the budget-conscious and high-frequency user. The bus ticketing segment, largely driven by redBus, saw revenue increase by $\mathbf{28.8}\%$ year-over-year in FY25. The platform is focused on capturing the next $\mathbf{100}$ million users, often through high-frequency use cases like bus travel, which helps with user retention. The sheer volume here is significant, with $\mathbf{106}$ Million+ bus tickets sold in FY25. This focus helps in extending reach to users who are at an early stage of internet adoption.

Here's a quick look at the operational scale across these key areas for the fiscal year ending March 31, 2025, or as of late 2025:

Customer Segment Focus	Key Metric	Value (FY25 or as of Sep 2025)
Overall Platform Reach	Lifetime Transacted Customers	$\mathbf{85}$ Million+ (as of Sep 30, 2025)
Mass-Market/Budget	Bus Tickets Sold	$\mathbf{106}$ Million+ (FY25)
Affluent Leisure	Hotel Room Nights Sold	$\mathbf{37}$ Million+ (FY25)
Business/Corporate	Active Corporate Accounts	$\mathbf{507}$ (as of March 31, 2025)
Affluent Leisure/Retention	Loyalty Program Members	$\mathbf{4.0}$ Million+ (as of Sep 30, 2025)

The company's overall Gross Bookings for FY25 hit $\$9,803.1$ million, showing that all these segments are contributing to a massive transaction base. If onboarding takes 14+ days, churn risk rises, so speed across all these segments is defintely key.

Finance: draft 13-week cash view by Friday.

MakeMyTrip Limited (MMYT) - Canvas Business Model: Cost Structure

You're looking at the cost side of the MakeMyTrip Limited engine for fiscal year 2025 (FY25), which ended March 31, 2025. Honestly, the biggest drain on resources is getting and keeping customers, which is typical for a high-growth online platform.

High marketing and sales promotion spend is the most visible cost. For the full year ended March 31, 2025, MakeMyTrip Limited reported Marketing and Sales Promotion Expenses of $165.3 million. This was up from $123.3 million in the prior year, driven by variable costs and brand building initiatives to capture robust travel demand. This spend is essential to maintain market share against competitors.

The core operational costs are also significant. Here's a quick look at some of the major expense categories for the full year ended March 31, 2025:

Cost Component	Amount (FY25)	Period End Date
Marketing and Sales Promotion Expenses	$165.3 million	March 31, 2025
Personnel Expenses	$160.1 million	March 31, 2025
Customer Inducement Costs (Hotels and Packages only)	$155.6 million	March 31, 2025
Service Cost	$274.3 million	March 31, 2025

Personnel expenses, covering customer service and engineering teams, also represent a substantial fixed and semi-fixed cost. For FY25, these expenses totaled $160.1 million, an increase of 8.5% compared to FY24, reflecting annual wage adjustments. This cost base supports the platform's operations and ongoing feature development.

Customer inducement costs are a direct reduction of revenue, essentially the cost of discounts and loyalty benefits used to drive bookings. For the Hotels and Packages segment alone, these costs were $155.6 million in FY25. This shows how aggressive the pricing strategy is to win market share in that vertical.

Technology development and cloud hosting costs are embedded within various line items, but we see components mentioned in operating expenses. While a clean FY25 total for only technology and cloud hosting isn't explicitly broken out in the full-year summary, we know these costs are rising with scale. For instance, in the quarter ended September 30, 2025 (Q2 FY26), Other Operating Expenses included increases in website hosting charges and technology and maintenance expenses linked to higher bookings.

Payment gateway fees and transaction processing costs are part of the variable costs associated with every booking. These are grouped into Other Operating Expenses. For the quarter ended December 31, 2024 (Q3 FY25), Other Operating Expenses rose to $61.5 million, which included growth in distribution costs and payment gateway charges linked to increased booking volumes.

You can see the major cost drivers are:

• Marketing and Sales Promotion: $165.3 million in FY25.
• Personnel: $160.1 million in FY25.
• Customer Incentives: At least $155.6 million in FY25 (Hotels/Packages).

MakeMyTrip Limited (MMYT) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how MakeMyTrip Limited actually makes its money as of late 2025. It's all about transaction volume flowing through their platform, which translates into various forms of revenue.

The top-line figure for the full fiscal year ended March 31, 2025, is clear: Total IFRS Revenue for FY25 was $978.3 million. That's the official accounting number.

To understand the engine driving that total, we look at the Adjusted Margin, which is a non-IFRS measure that gives a clearer view of the gross profit generated from bookings after accounting for certain customer incentives. This is where the bulk of the revenue originates.

Here's the quick math on the primary revenue-generating segments for FY25:

• Hotels and Packages is the clear leader, representing the largest share of the Adjusted Margin.
• Air Ticketing remains a substantial, foundational revenue stream.
• Bus Ticketing shows very strong growth momentum.
• The \'Others\' category is expanding rapidly, likely capturing rail, cab, and other ancillary services.

The breakdown of the Adjusted Margin for the full year FY25 provides the best available detail on the revenue mix:

Revenue Stream Component	FY25 Adjusted Margin ($ Million)	YoY Growth (Constant Currency)
Hotels and Packages	$429.5 million	25.7%
Air Ticketing	$373.1 million	19.7%
Bus Ticketing	$131.0 million	30.6%
Others	$72.0 million	50.7%

The structure of these streams directly maps to the business model components you listed. Commissions on air ticketing and bus bookings are embedded within those respective Adjusted Margin figures. Similarly, markups and commissions on Hotels and Packages drive the largest segment's $429.5 million Adjusted Margin.

Transaction fees on rail and cab bookings, along with advertising revenue from suppliers and financial partners, are aggregated into the Others segment, which saw a 50.7% year-over-year increase in Adjusted Margin to $72.0 million for FY25. That growth rate defintely signals emerging revenue streams gaining traction.

Also, note that the international business is becoming more significant. Group CEO Rajesh Magow noted that the international business now contributes 25% to overall revenue, up from 22% in FY24.