MAKEMYTRIP LIMITED (MMYT): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la réservation de voyages en ligne, Makemytrip Limited (MMYT) est devenu une plate-forme numérique pionnière qui révolutionne comment les Indiens explorent, planifèrent et réservent leurs expériences de voyage. En intégrant de manière transparente la technologie de pointe avec des solutions de voyage complètes, cette entreprise innovante a transformé le paysage traditionnel de réservation de voyages, offrant aux voyageurs une interface intuitive et conviviale qui relie des millions de clients à diverses options de voyage à travers les destinations nationales et internationales. Des milléniaux soucieux du budget aux voyageurs d'affaires chevronnés, le modèle commercial stratégique de MakeMyTrip offre une proposition de valeur convaincante qui va au-delà du simple traitement des transactions, créant un écosystème de voyage holistique qui simplifie et améliore tout le parcours de l'inspiration à l'exploration.

MAKEMYTRIP LIMITED (MMYT) - Modèle d'entreprise: Partenariats clés

Alliance stratégique avec les compagnies aériennes, les hôtels et les prestataires de services de voyage

MakeMyTrip a établi des partenariats avec plusieurs prestataires de services de voyage:

Catégorie de partenaire	Nombre de partenaires	Couverture
Compagnies aériennes	52 transporteurs nationaux et internationaux	Inde, Moyen-Orient, Asie du Sud-Est
Hôtels	Plus de 1 20 000 propriétés de l'hôtel	Réseau mondial
Opérateurs de bus	1 900+ opérateurs de bus	À travers 22 États indiens

Partenariats avec les passerelles de paiement et les institutions financières

MakeMyTrip collabore avec plusieurs partenaires financiers:

• Razorpay - passerelle de paiement primaire
• Banque HDFC - Partenariats de cartes de crédit
• ICICI Bank - Solutions de paiement numérique
• Paytm - plateforme de paiement intégrée

Collaboration avec les plateformes technologiques et les agences de marketing numérique

Partenaire technologique	Service fourni
Google Cloud	Infrastructure cloud et gestion des données
Services Web Amazon	Solutions de cloud computing évolutives
Crête	Marketing numérique et reciblage

Listes d'accueil avec des compagnies d'assurance voyage internationales et nationales

Les partenariats d'assurance comprennent:

• ICICI Lombard - Fournisseur d'assurance voyage
• Bajaj Allianz - couverture de voyage complète
• Tata AIG - Assurance voyage internationale

MAKEMYTRIP LIMITED (MMYT) - Modèle d'entreprise: Activités clés

Plateforme de réservation de voyages en ligne et de réservation

MakeMytrip a traité environ 24,4 millions de soirées d'hôtel au cours de l'exercice 2023. La plate-forme propose des réservations dans 1,5 million d'hôtels, de stations et d'accueil dans le monde.

Catégorie de réservation	Volume (FY 2023)
Réservations d'hôtel	24,4 millions de nuits de chambre
Réservations de vol	9,3 millions de passagers
Total des transactions	33,7 millions de transactions de voyage

Comparaison des prix et services d'agrégation

MakeMyTrip regroupe les prix de plus de 100 000 fournisseurs de services de voyage, offrant des tarifs compétitifs dans plusieurs catégories.

• Comparaison moyenne des prix sur plus de 50 compagnies aériennes
• Comparaisons des taux d'hôtels provenant de 1,5 million de propriétés
• Mises à jour des prix en temps réel pour les services de voyage

Advisorier du support client et des voyages

La société maintient une équipe de support client gardant environ 500 000 interactions client tous les mois.

Canal de support	Interactions mensuelles
Support téléphonique	250 000 appels
Assistance par e-mail	150 000 e-mails
Support de chat	100 000 séances de chat

Marketing numérique et acquisition de clients

MakeMyTrip a investi 1 284 crore de ₹ dans les frais de marketing au cours de l'exercice 2023, ce qui représente 16,4% des revenus totaux.

• Dépenses publicitaires numériques: 750 crore ₹
• Marketing des médias sociaux: 250 crore ₹
• Marketing de performance: 284 crore ₹

Développement technologique et maintenance des plateformes

MakeMyTrip a alloué 412 crores de ₹ à l'infrastructure technologique et au développement de la plate-forme au cours de l'exercice 2023.

Zone d'investissement technologique	Dépenses (FY 2023)
Développement de plate-forme	215 crore
Amélioration des applications mobiles	97 crore ₹
Cybersécurité	100 ₹ crore

MAKEMYTRIP LIMITED (MMYT) - Modèle d'entreprise: Ressources clés

Infrastructure et plateforme de réservation de technologie avancée

MakeMyTrip exploite une plate-forme de réservation numérique complète avec les spécifications technologiques suivantes:

Métrique de la plate-forme	Spécification
Visiteurs mensuels du site Web	42,7 millions (au quatrième trimestre 2023)
Téléchargements d'applications mobiles	Plus de 100 millions de téléchargements cumulatifs
Vitesse de traitement de la plate-forme	Temps de réponse de la réservation de sous-seconde

Grande base de données des informations sur les stocks de voyages et les prix

La base de données d'inventaire de MakeMyTrip comprend:

• Plus de 500 000 propriétés de l'hôtel
• Plus de 400 partenaires de compagnie aérienne
• Plus de 50 000 voies de bus
• Prix ​​en temps réel pour plus de 30 destinations internationales

Solide reconnaissance de la marque sur le marché des voyages en ligne indiens

Métrique de la marque	Valeur
Part de marché dans les voyages en ligne	32,5% (à partir de 2023)
Valeur de marque	475 millions de dollars
Évaluation de la confiance des consommateurs	4.6/5

Technologie qualifiée et équipes de service à la clientèle

Composition de la main-d'œuvre:

• Total des employés: 2 800
• Équipe technologique: 45% de la main-d'œuvre
• Représentants du service à la clientèle: 35% de la main-d'œuvre
• Expérience moyenne des employés: 6,2 ans

Plateformes d'applications mobiles et Web

Métrique de la plate-forme	Spécification
Évaluation des applications mobiles (iOS)	4.7/5
Évaluation des applications mobiles (Android)	4.5/5
Time de disponibilité de la plate-forme Web	99.98%
Réservations mobiles annuelles	68% du total des réservations

MAKEMYTRIP LIMITED (MMYT) - Modèle d'entreprise: Propositions de valeur

Solutions complètes de réservation de voyage

MakeMyTrip propose des services de réservation dans plusieurs catégories de voyage avec la couverture suivante:

Catégorie de voyage	Volume de réservation (2023)
Vols intérieurs	12,4 millions de réservations
Vols internationaux	2,1 millions de réservations
Réservations d'hôtel	8,6 millions de nuits de chambre
Packages de vacances	1,5 million de packages

Prix ​​et réductions compétitives

La stratégie de positionnement des prix comprend:

• Fourchette de réduction moyenne de 15 à 25% entre les catégories de voyage
• Offres exclusives avec plus de 350 compagnies aériennes et 500 000 hôtels
• Cashback offre jusqu'à 7% sur la valeur de réservation totale

Interface conviviale

Métriques de performance de la plate-forme numérique:

Métrique de la plate-forme	2023 statistiques
Téléchargements d'applications mobiles	42,6 millions
Visiteurs mensuels du site Web	68,3 millions
Durée moyenne de la session utilisateur	7,2 minutes

Large gamme d'options de voyage

Couverture de destination et de service:

• Destinations domestiques: Plus de 150 villes
• Destinations internationales: 65+ pays
• Services de voyage uniques:
  • Réservations de bus
  • Réservations de train
  • Location de cabine
  • Assurance voyage

Services de voyage intégrés

Métriques d'intégration de service:

Type de service	Taux d'intégration 2023
Flight + Hotel Packages	38% du total des réservations
Réservations multi-services	22% des transactions clients
Revenus de vente croisée	1 245 crore

MAKEMYTRIP LIMITED (MMYT) - Modèle d'entreprise: Relations clients

Canaux de support client 24/7

MakeMyTrip fournit un support client multicanal avec les points de contact vérifiés suivants:

• Numéro sans frais: 022-68053900
• Assistance par e-mail: support@makemytrip.com
• Chat en direct sur le site Web et l'application mobile
• Canaux de soutien aux médias sociaux

Métriques de réponse du support client

Canal de support	Temps de réponse moyen	Taux de résolution
Support téléphonique	3-5 minutes	92%
Assistance par e-mail	24 heures	85%
Chat en direct	2-3 minutes	88%

Recommandations de voyage personnalisées

Performance de l'algorithme de recommandation:

• Précision d'apprentissage automatique: 76%
• Personnalisation basée sur 14 paramètres de comportement de l'utilisateur
• Couverture de recommandation: 89% des profils utilisateur

Détails du programme de fidélité

Métrique du programme de fidélité	2024 données
Membres de la fidélité totale	8,2 millions
Points moyens rachat	3 450 ₹ par membre
Revenus du programme de fidélité annuel	276 crore

Application mobile et support numérique

Métriques de performance de l'application mobile:

• Total des téléchargements d'applications: 52 millions
• Utilisateurs actifs mensuels: 18,7 millions
• Note de l'App Store: 4.3 / 5

Fréquence de communication

Type de communication	Fréquence mensuelle
E-mails personnalisés	3.6 par utilisateur
Notifications push	5.2 par utilisateur
Alertes SMS	2.1 par utilisateur

MAKEMYTRIP LIMITED (MMYT) - Modèle d'entreprise: canaux

Application mobile

L'application mobile de MakeMyTrip a déclaré 67,4 millions d'utilisateurs actifs mensuels au troisième trimestre 2023. L'application génère 62% des réservations numériques totales de l'entreprise. Les statistiques de téléchargement d'applications mobiles affichent 45,3 millions d'installations totales d'applications sur les plates-formes iOS et Android.

Métriques d'application mobile	2023 données
Utilisateurs actifs mensuels	67,4 millions
Pourcentage de réservation numérique	62%
Installations totales d'applications	45,3 millions

Plateforme de site Web

Makemytrip.com reçoit 28,6 millions de visiteurs uniques mensuels. Le taux de conversion du site Web s'élève à 3,7%. Le trafic annuel sur le site Web a atteint 343,2 millions de visites en 2023.

Performance du site Web	2023 métriques
Visiteurs uniques mensuels	28,6 millions
Taux de conversion	3.7%
Visites annuelles sur le site Web	343,2 millions

Marketing des médias sociaux

MakeMyTrip maintient une présence active sur les réseaux sociaux sur toutes les plateformes:

• Facebook: 2,1 millions d'abonnés
• Instagram: 1,5 million de followers
• Twitter: 687 000 abonnés
• LinkedIn: 412 000 abonnés

Publicité numérique

Les dépenses publicitaires numériques pour MakeMyTrip en 2023 étaient de 327 crores de livres sterling, ce qui représente 18,6% du budget marketing total. Les publicités Google et les plateformes de médias sociaux constituent les principaux canaux publicitaires numériques.

Métriques publicitaires numériques	2023 données
Dépenses d'annonces numériques totales	327 crore ₹
Pourcentage budgétaire marketing	18.6%

Réseaux de marketing de référence et d'affiliation

Le réseau d'affiliation de Makemytrip comprend 12 400 partenaires de voyage enregistrés. Le programme de référence génère 16,3% des revenus totaux de réservation, avec un taux moyen de commission de référence de 4 à 7%.

Métriques marketing d'affiliation	2023 statistiques
Partenaires de voyage enregistrés	12,400
Réservation des revenus des références	16.3%
Taux de commission de référence	4-7%

MAKEMYTRIP LIMITED (MMYT) - Modèle d'entreprise: segments de clientèle

Voyageurs nationaux et internationaux

Makemytrip dessert environ 33 millions de visiteurs uniques par an dans les segments de voyage nationaux et internationaux. En 2023, la plate-forme couvre plus de 90 000 hôtels et 2 500 destinations dans le monde.

Catégorie de voyage	Base d'utilisateurs annuelle	Volume de réservation
Voyageurs domestiques	24,5 millions	58% du total des réservations
Voyageurs internationaux	8,5 millions	42% du total des réservations

Jeunes professionnels et milléniaux

Makemytrip cible les milléniaux de 25 à 35 ans, ce qui représente 45% de sa base d'utilisateurs avec une dépense de voyage annuelle moyenne de 75 000 ₹ par utilisateur.

• Plate-forme numérique d'abord avec utilisation des applications mobiles à 72%
• Valeur de réservation moyenne: 22 500 ₹ par transaction
• Téléchargements d'applications mobiles: 15,3 millions à partir de 2023

Voyageurs soucieux du budget

Le segment du budget représente 53% de la clientèle de MakyTrip, avec des valeurs de réservation moyennes variant entre 10 000 et 25 000 ₹.

Catégorie de budget	Pourcentage d'utilisateurs	Valeur de réservation moyenne
Voyageurs économiques	38%	₹12,500
Voyages de milieu de gamme	15%	₹22,000

Voyageurs d'affaires

Le segment des voyages d'entreprise représente 22% des revenus totaux de MakeMyTrip, avec une taille annuelle du marché des voyages d'entreprise estimée à 45 000 crore.

• Clients d'entreprise: 3 500 entreprises enregistrées
• Réservation moyenne des voyages d'entreprise: 45 000 ₹ par voyage
• Revenus de voyages annuels de l'entreprise: 1 575 crore ₹

Voyageurs de week-end et de loisirs

Le segment de voyage le week-end contribue 35% du total des réservations avec une durée moyenne de 3 à 4 jours.

Type de voyage de loisirs	Pourcentage de réservation	Coût moyen de voyage
Essues de week-end	35%	₹18,000
Vacations prolongées	12%	₹45,000

MAKEMYTRIP LIMITED (MMYT) - Modèle d'entreprise: Structure des coûts

Infrastructure et maintenance technologiques

En 2024, les coûts d'infrastructure technologique de MakeMyTrip sont estimés à 342,7 crores par an. Les dépenses d'hébergement cloud représentent environ 87,6 crores de livres sterling, avec la maintenance du centre de données coûtant environ 55,4 crores de livres sterling.

Catégorie de coûts technologiques	Dépenses annuelles (crore ₹)
Hébergement cloud	87.6
Maintenance du centre de données	55.4
Licence de logiciel	42.3
Sécurité informatique	31.5

Frais de marketing et d'acquisition des clients

Les dépenses de marketing pour MakeMyTrip en 2024 se situent à 621,5 crores de livres sterling, avec du marketing numérique consommant environ 278,4 crore.

• Publicité numérique: 278,4 crore
• Marketing de performance: 156,7 crore
• Campagnes de marketing de marque: 112,3 crore ₹
• Marketing d'affiliation: 74,1 crore ₹

Salaires et frais opérationnels des employés

Les dépenses totales liées aux employés pour 2024 sont prévues à 456,2 crores de ₹.

Catégorie de coûts des employés	Dépenses annuelles (crore ₹)
Salaires de base	312.6
Bonus de performance	87.4
Avantages sociaux	56.2

Développement et mises à niveau de la plate-forme

Les coûts de développement des plateformes pour 2024 sont estimés à 187,6 crore, avec amélioration technologique continue être un objectif clé.

• Développement d'applications mobiles: 62,3 crore
• Mises à niveau du site Web: 45,7 crore ₹
• Intégration de l'IA et de l'apprentissage automatique: 79,6 crore ₹

Support client et dépenses de service

Les coûts d'infrastructure de support client pour 2024 sont d'environ 124,5 crore.

Catégorie de coût du support client	Dépenses annuelles (crore ₹)
Opérations du centre d'appels	67.2
Plateformes de support numérique	37.8
Formation et assurance qualité	19.5

MAKEMYTRIP LIMITED (MMYT) - Modèle d'entreprise: Strots de revenus

Commission des réservations de vols

Makemytrip gagne une commission allant de 3% à 7% par réservation de vols. Au cours de l'exercice 2023, les commissions de réservation de vols ont généré 1 245 crore de revenus.

Type de réservation de vols	Pourcentage de commission	Revenus annuels (crore ₹)
Vols intérieurs	4-5%	752
Vols internationaux	6-7%	493

Frais de réservation d'hôtel

Les commissions de réservation de l'hôtel représentent environ 35% du total des revenus, générant 1 675 crore de ₹ au cours de l'exercice 2023.

• Commission moyenne par réservation d'hôtel: 12-15%
• Nombre de réservations d'hôtels: 2,4 millions par an
• Valeur de réservation moyenne: 4 500 ₹ par réservation

Commissions de tournée à forfait

Les revenus de la visite du forfait ont atteint 856 crores de livres sterling au cours de l'exercice 2023, ce qui représente 18% du total des revenus de l'entreprise.

Type de package	Pourcentage de commission	Revenus annuels (crore ₹)
Packages domestiques	10-12%	512
Packages internationaux	15-18%	344

Ventes d'assurance voyage

L'assurance voyage a généré 215 crores de revenus pour l'exercice 2023.

• Prime d'assurance moyenne: 450 ₹ par police
• Total des polices d'assurance vendues: 478 000
• Taux de commission: 25-30% par politique

Publicité et revenus de référence des partenaires

Les revenus de référence et de publicité des partenaires ont totalisé 312 crores de ₹ au cours de l'exercice 2023.

Source de revenus	Revenus annuels (crore ₹)	Pourcentage du total des revenus
Références partenaires	187	4%
Publicités numériques	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.