MakeMyTrip Limited (MMYT): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine room of the dominant Indian online travel player, and frankly, the numbers from FY25 tell a clear story: this is a platform built on scale, not just transactions. With $978.3 million in IFRS Revenue for the fiscal year, the real magic lies in how they convert that scale-supported by a $165.3 million marketing push-into durable customer loyalty, evidenced by a repeat booking rate consistently over 70%. It's a complex machine balancing commissions from flights with high-margin package curation. Dive into the nine components of the MakeMyTrip Limited Business Model Canvas below to see precisely how they structure partnerships, resources, and revenue streams to maintain that market lead.

MakeMyTrip Limited (MMYT) - Canvas Business Model: Key Partnerships

You're looking at the backbone of MakeMyTrip Limited (MMYT)'s transaction volume-the network of external entities that make their marketplace function. These aren't just vendors; they are critical suppliers of inventory and enablers of customer value, especially as the company pushes for higher-margin segments.

The scale of these relationships is significant, underpinning the $9.8 billion in Gross Bookings recorded for the full fiscal year 2025. MakeMyTrip Limited relies on deep integration with these partners to maintain its market leadership.

Here's a breakdown of the core Key Partnerships:

• Global airlines: Inventory access is non-negotiable for the air ticketing segment, which generated $242 million in revenue for the full fiscal year 2025.
• International and domestic hotel chains: This is the highest-margin business, with Hotels & Packages revenue hitting $520 million in FY2025.
• Financial institutions: Crucial for driving conversion through customer inducement costs, which were $41.8 million in Q2 FY2026 alone.
• Technology providers: Essential for scaling AI and infrastructure, exemplified by the recent October 2025 partnership with Google Cloud.
• Ground transport aggregators: This includes the bus ticketing arm, redBus, which saw revenue of $119 million in FY2025.

The company actively formalizes these relationships, as seen in the 'Travel Ka Muhurat' campaign (October 29 to November 30, 2025), which aligned a broad ecosystem of partners to shift demand toward earlier planning.

The following table details the scope and examples within these key partnership categories:

The technology partnership with Google Cloud, announced in October 2025, is a strategic move to embed generative AI into the Myra platform. This allows for multimodal trip planning (text, audio, image, video) and support in vernacular languages, aiming to improve personalization at scale. The AI agent, Myra, scaled to over 25,000 converse conversations daily as of Q2 FY2026.

For the hospitality segment, which is the company's highest-margin area with an Adjusted Margin percentage of approximately 17.8% for FY2025, the direct contracting of inventory is a key focus. This focus on accommodation is why the company is aggressively pushing its platform for personalized recommendations.

The financial partnerships are designed to directly impact customer acquisition cost and conversion. For instance, customer inducement costs recorded as a reduction of revenue were $41.8 million in Q2 FY2026, a figure heavily influenced by bank offers.

The bus ticketing segment, primarily through redBus, shows strong growth momentum; its Adjusted Margin increased by 44.1% year-over-year in Q2 FY2026. This segment is more favorable than air ticketing, with take rates around 10.2% in Q1 FY2025.

MakeMyTrip Limited (MMYT) - Canvas Business Model: Key Activities

Developing and maintaining the multi-brand technology platform

MakeMyTrip Limited operates on a proprietary Supplier Technology Platform. The company began building its first data platform approximately nine years ago. This platform underpins features like Fare Lock, Zero Cancellation, and Hotel-Ranking. The company has 507 Active Accounts for its corporate travel segment as of March 31, 2025. The overall platform supports 64k+ Active Accounts across its corporate offerings.

Aggressive digital marketing and customer acquisition

Marketing and sales promotion expenses for the full-year 2025 reached $165 million, marking a 34% increase year-over-year. For the third quarter of fiscal year 2025, marketing and sales promotion costs climbed to $47.3 million, a 31.2% increase compared to the same period last fiscal. In the first three months of 2025 (Q1 FY25), MakeMyTrip secured the first position in digital ad spend with Rs 48 crore.

The company focuses on expanding its user base beyond metropolitan areas into Tier 2 and Tier 3 cities.

Curating and selling high-margin holiday packages

The Hotels and Packages segment was the primary driver behind the full-year 2025 revenue. This segment contributed a total revenue of $520.4 million, representing 53% of the total revenue for the year ended March 31, 2025. Full-year revenue from hotels and packages increased by 20% in FY2025. For the quarter ended March 31, 2025, the number of hotel-room nights increased by 23.2% year-over-year. The Adjusted Margin percentage for Hotels and packages in that quarter was 18.0%.

Negotiating supplier contracts and managing inventory

The company is strengthening its product proposition for the International outbound market. International business now contributes 25% to the overall revenue for fiscal year 2025, up from 22% in fiscal year 2024. International Air Ticketing revenue grew by over 33% year-on-year in FY2025. International hotels revenue grew by over 65% year-on-year in FY2025.

The company aims to integrate highly diverse and fragmented travel segments to create a seamless, end-to-end experience, referred to as the "connected trip."

Implementing AI/GenAI for hyper-personalized trip planning

MakeMyTrip Limited launched a GenAI-powered feature, Collections, to make hotel and homestay discovery smarter. The company's AI agent, Myra, already handles more than 25,000 conversations a day as of August 2025. The company has built custom models that help its customer care executives save at least 20% of their time. The cost involved in building these models has seen at least a 50X reduction in the last two years due to GenAI advancements.

The use of GenAI has enabled users to book flight tickets by speaking in Hindi or English, leveraging large language models' translation capability.

• GenAI-powered chatbot for the cab business acts as a recommender and assurance bot.
• GenAI voice agent for flights and hotels can handle customer calls with background noise.
• AI has been used in personalization for nearly a decade.
• The company is focusing on building custom models tailored to flights, hotels, holidays, and ground transportation.

MakeMyTrip Limited (MMYT) - Canvas Business Model: Key Resources

You're looking at the core assets that MakeMyTrip Limited (MMYT) relies on to run its business as of late 2025. These aren't just line items on a balance sheet; they are the engines driving market share and customer lock-in across the Indian travel ecosystem.

The foundation is definitely the proprietary technology platform and mobile app. We see this technology as central, with the stated metric being that it powers 62% of digital bookings. This high concentration speaks to the stickiness of their user experience, which is further supported by a strong repeat customer base; the quarterly repeat rate is holding steady at over 70% as of FY2025.

The scale of the operation is also a massive resource, built on the strength of its multi-brand ecosystem. You have the flagship MakeMyTrip, the strong Goibibo presence, and the dominant redBus brand. The bus ticketing segment alone moved over 106Mn+ tickets in FY25.

Supplier relationships are critical for inventory depth. The company maintains an extensive supplier network, which the outline suggests includes over 1,20,000 hotel properties. This scale is necessary to support the massive transaction volume. For context on the scale of the business in FY2025, here's a quick look at the top-line numbers:

This financial performance is directly tied to the brand equity and market leadership MakeMyTrip Limited commands in the Indian OTA space. It's a powerful moat. Also, the corporate segment, run through myBiz and Quest2Travel, is gaining traction, reporting 507 active accounts as of March 31, 2025.

Finally, the sheer volume of users represents an irreplaceable asset. The large transacted user base has reached over 82 million lifetime customers as of FY2025, with over 9 million new customers added during that fiscal year alone. This user base is the primary target for cross-selling other travel products. The international business has also become a more significant resource, contributing 25% to the overall revenue in FY2025, up from 22% in FY2024.

Here are some supporting operational statistics that underscore the resource strength:

• Lifetime transacted user base (FY2025): 82 million users.
• Quarterly Repeat Customer Rate (FY2025): Over 70%.
• Bus Tickets Sold (FY2025): Over 106 million.
• International Business Revenue Contribution (FY2025): 25%.
• Corporate Travel Active Accounts (Mar 31, 2025): 507.

If onboarding new users slows down, churn risk rises, so maintaining that 70%+ repeat rate is defintely a top priority for the product teams.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.