MakeMyTrip Ltd.

(NASDAQ: MMYT)

Investor Presentation
July 2024
 Safe Harbour

This presentation contains certain statements concerning MakeMyTrip’s (MMYT) future growth prospects and forward-looking statements, as defined in the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the MMYT’s current expectations, assumptions,
estimates and projections about MMYT and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking
statements can be identified by the use of forward-looking terminology such as “may”, "will", "expect", "anticipate", “aim”, "estimate", "intend", “plan”, "believe", “potential”,
“continue”, “is/are likely to”, "project", "seek", "should" or other similar expressions. Such statements include, among other things, quotations from management as well as
MMYT’s strategic and operational plans. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to
differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, a slow-down of economic growth
in India and the global economic downturn, general declines or disruptions in the travel industry, volatility in the trading price of MMYT’s shares, MMYT’s reliance on its
relationships with travel suppliers and strategic alliances, failure to further increase MMYT’s brand recognition to obtain new business partners and consumers, failure to
compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments
or acquisitions, seasonality in the travel industry in India and overseas, failure to successfully develop MMYT’s corporate travel business, damage to or failure of MMYT's
infrastructure and technology, loss of services of MMYT's key executives, and inflation in India and in other countries. In addition to the foregoing factors, a description of
certain other risks and uncertainties which may cause actual results to differ materially can be found in the “Risk Factors” section of MMYT's 20-F dated July 02, 2024, filed
with the U.S. Securities Exchange Commission (“SEC”), copies of which are available from the SEC, our website or our Investor Relations department. COVID-19 pandemic,
and the volatile regional and global economic conditions stemming from it, and additional or unforeseen effects from the COVID-19 pandemic, could also continue to give
rise to or aggravate these risk factors, which in turn could continue to materially adversely affect our business, financial condition, liquidity, results of operations (including
revenues and profitability) and/or stock price. All information provided in this presentation is provided as of the date of issuance of this presentation, and MMYT does not
undertake any obligation to update any forward-looking statement, except as required under applicable law.

We cannot assure you that the assumptions made in preparing any of the forward-looking statements will prove accurate or that any projections will be realized. We expect
that there will be differences between projected and actual results. The forward-looking statements made in this presentation relate only to events or information as of the
date on which the statements are made in this presentation. Our actual results, performance, or achievement may differ materially from those expressed in, or implied by,
these forward-looking statements. Accordingly, we can give no assurances that any of the events anticipated by these forward-looking statements will transpire or occur or,
if any of the foregoing factors or other risks and uncertainties described elsewhere in this presentation were to occur, what impact they would have on these forward-
looking statements, including our results of operations or financial condition. In view of these uncertainties, you are cautioned not to place undue reliance on these
forward-looking statements. All forward-looking statements attributable to us are expressly qualified in their entirety by the cautionary statements contained herein and in
our future annual and quarterly reports as filed with the SEC.

1
 India's Growth Story Has Just Begun…

India Continues to be the fastest-growing large economy1 India’s GDP to surpass Japan and Germany by 2030
In Q4 FY24, India GDP grew by 7.8%1 USD trillion, nominal terms2

2020
7.2% 7.3 2030

6.5
6
5.3%
5
4.1%
4
3.0% 3.1%
2.9%
2.6% 2.8
2.1% 2.1%
1.9%

1.1%

Japan Germany South US France Brazil China Mexico UK Indonesia India India Japan Germany
Africa

2 1. IMF and Government of India Data; 2. Source: S&P Global Market Intelligence
 Government Push on Infra Aiding Growth in Travel & Tourism

Investment (Rs. Tn) FY 17-23 FY 24-30

37.3
Total 51.2 103.8

25.6

18.3 18.9

15.0
12.4
11.1
8.6
7.0

0.8

Road Railways Urban infra Other infra Logistics

3 Source: CRISIL
 Digital Landscape

E-Commerce Shoppers in India India will add By 2030, India will add nearly
~821 Million 90 Million
Internet Users in India ~330 Million 140 Million
middle-income and new households headed by

Penetration 55% Penetration 23%

millennials, who were born
into liberalized India and
50 Million with online buying as their

1 Billion 500 Million high-income households

by 2030
first nature

Internet Users by 2025 Shoppers by 2030

Online Travel Market is expected to grow from $12 Bn in 2022 to $60 Bn in 2030,
5x Growth
4 Source: Invest India; IAMAI Internet Report 2023; Goldman Sachs Research; Statista; Google, Temasek and Bain & Co. Research; Company Estimates
 We are amongst the largest Travel Platforms in India
MakeMyTrip, goibibo & redBus

Unmatched Customer Reach

75Mn+ 462Mn+ 482Mn+ 3 out of 10 31Mn+ 86Mn+

Lifetime App Downloads* Shopper Visits* Domestic Flyers Hotel Room Bus Tickets
Transacted Book with go-mmt Nights
Customers* *These are not unique user visits
Sold in FY24
across brand & devices Sold in FY24

2.0Mn+ Loyalty Program Members (MMT Black & GoTribe) - Driving Customer Retention

5 *Data as of 31st March 2024

 Travel Super-App - Catering to all Travel Use Cases across Demand Segments

B2C Platforms

Travel Insurance Travel Credit Forex

Ancillary Services

Corporate B2B2C
myAffiliate
Amazon Pay
non B2C Platforms Google Pay
HDFC SmartBUY

6
 Technology – Driving Growth & Scale

B2C Platforms Non-B2C Platforms Supplier Platforms

Home Hotel Bus Cab
Stay Owners Operators Operators
Owners
Differentiation & Personalisation
Leveraging Data and AI – Driving

Insights Driven, Differentiated Offerings

(Fare Lock, Zero Cancellation, Trip Guarantee, Hotel-Ranking, Risk/Fraud assessment, etc.)

B2C Business Layer Corporate/B2B2C Business Layer

Common Platforms powering all Businesses

Inventory Data Pipeline & Cloud Infra User Management

& Content Data Science Security Language

Models Reliability Currency

Performance Payment Service

Ad-Tech
UI Components

Key Pillars of Engineering Platforms

7
 Market Leader with Superior Domestic Brand Awareness

Top Of Mind Awareness1

Travel Bus/Ground transport

63

56

10

4
7

8 Source: KANTAR Brand Health Report commissioned by Company during Q1FY25

1 Top of Mind Awareness; Survey Question of first brand that comes to mind when thinking about travel brands
 Air

Opportunity Creating moats with host of industry-first products & practices

➢ Unique features that promote flexibility &

✓ Increasing Per Capita and peace of mind like Visa Rejection Full Refund,
higher disposable income Price Lock, Hold Booking, Free Date Change,
driving long-term growth Flexi Fly & Zero Cancellation. ​
✓ Under-Penetrated
International Outbound ➢ Cohort based funnel enhancements to
Market improve experience for business class
travellers, students & senior citizens.

➢ Customized & personalised bundles

Growth accelerated by including ancillaries like seats, meals, zero
cancellation etc. for better distribution &
✓ Expansion of aviation infrastructure visibility for customers.
✓ New Routes
✓ Additional aircraft orders leading to ➢ Best-in-class customer service + instant
increased supply refunds

has leading market share of Online Air Ticketing

9
 Accommodation Booking

Opportunity How we are creating a differentiation

For premium hotel bookings

✓ Low Online Domestic Hotel Penetration
✓ Delivering superior personalised end-to-end user experience​
✓ Targeting high spending & repeat customers​
✓ Fragmented Hotels & Alternative
✓ Leveraging loyalty programs to drive retention
Accommodations Supply

✓ Cross-Sell Opportunities to Flight and For mid-tier hotel bookings

Ground Transport bookers on us
✓ Wide selection & choice​
✓ Large Pool of Supply for all Stay options in ✓ Enhanced pre-booking, post sales & on trip customer experience
India and International destinations ✓ Use of technology to make discovery & buying experience more
intuitive & delightful​
✓ Proprietary Supplier Technology Platform
For budget hotel bookings
✓ 2 Strong Brands to Drive Volumes
✓ Budget Certification Program & goStays Certified Properties Available​
✓ Good Ratings & Standard Amenities​
✓ Consistency Across Fragmented Supply​

has leading share of online accommodation booking

10
 Alternative Accommodations – Emerging choice and Long-Term Growth Opportunity

Alternative to Traditional Hotel Experience

Wide range of options- Villas, Apartments, Homestays, Hostels

etc.

Unlocking Off-Beat Locations

Broadens Customer Reach

Inventory available for both Independent Hosts and Chains

Partnering with State Tourism Boards to Promote Local &

Community Based Travel

Increasing Supply

11
 Holiday Packages Further Driving Connected Trip Experience

➢ Driving Buying Behaviour Shift from Offline to Online

➢ Demand fulfilment through multiple channels

✓ Online – App / Website
✓ Offline – Holiday Experts, Franchise

➢ Wide range of destinations both Domestic and International

➢ MakeMyTrip curated Packages to suit every need

✓ Fixed & Group Packages
✓ Frequent Individual Traveler (FIT) & Customised Packages

➢ Ancillary Services
✓ Trip Planning
✓ Activity Planning
✓ Forex for International Travelers
✓ Visa Services for International Travelers

Curated Holiday Packages with Deep Integration of Add On & Cross Sell Services

12
 redBus – Leading Bus Ticketing Brand with Full Stack Technology Solutions

Consumer Booking Platform Supplier Distribution Platform

✓ Leading Bus Ticketing Brand with Superior Customer Experience

✓ Comprehensive Selection & Choice of Intercity Bus Operators (Public & Private)
✓ Live Bus Tracking & Fleet Management Platform
Customers Operators Bus Tickets
✓ Supplier Platform for Bus Operators to help Digitize Inventory & Distribution Management
– Hosting Over 50% of Inventory in India’s Private Bus Market 52Mn+ 6,000+ 293Mn+
happy customers network of bus bus tickets sold
✓ Travel Agent & API Distribution Platform (15K+ agents and 120+ API partners across India) globally operators since FY18
✓ India playbook replicated in International markets – now also operating in LATAM & worldwide
Southeast Asia

13
 Ground Transport – Cabs & Trains Extending Customer Reach

Outstation Cabs

➢ Convenience of online booking

➢ Market largely fragmented and offline

➢ Ability to compare prices & cab categories

➢ Expert & verified drivers

➢ Catering Short drive holidays & Staycations

➢ Assuring safety & sanitization using machine

learning algorithm

Train Ticketing
Airport Cabs ➢ Capturing next 100 million users
➢ Convenience of attaching cab while ➢ One of the most frequently used travel method in India - help extend reach
booking a flight
➢ Targeting users from Tier 3 & Tier 4 cities and introducing them to online travel
➢ Easy and quick hop on experience - at an early stage of internet adoption
customers board cabs from partner kiosks ➢ Build lifetime value of onboarded users - cross selling other travel products

➢ Fare lock - no surge pricing ➢ High frequency use case helps in user retention
➢ Standalone redRail App; one of the lightest App with a size of 7.2 MB
➢ Safety & sanitization assurance provided

14
 Increasing Focus on Gaining Corporate Travel Wallet Share

Digital Platform for Large Enterprises with

Comprehensive Self Serve Solution for SMEs
customization capabilities

➢ Simplified User & Booking

Experience

➢ Personalized Content and Travel Policy Approvals Bookings

Features for Corporates

➢ Automated Invoice &

Expense Management
Solution
Documentation Spend Management Reports
2 Platform Approach
➢ Customized Modules to Meet Large Enterprise Customers’
➢ Robust Reporting & MIS
Needs
➢ Cost Savings Features
➢ All Use Cases Automated
➢ MMYT’s Supply Advantage
➢ Leveraging MMYT’s Hotel Supply Advantage
➢ 56k+ Active Accounts
➢ 351 Active Accounts as on 31st March 2024

Largely Fragmented and Offline Corporate Travel Market

Gaining Share in online Corporate Travel Market

15
 International Expansion – New Growth Markets

UAE OTA Platform- International Platform with Localized Offerings redBus

✓ High Digital Reach & GDP ✓ Large and fragmented bus inventory

✓ Scope for increasing online penetration in Travel Booking ✓ Multiple suppliers & competition between bus operators in a
route
✓ Brand Bleed effect
✓ High internet penetration & increasing digital payments
✓ Providing a Localized Booking Experience (UAE Sites Supply, Traffic, Payments,
Arabic Language) ✓ Conducive regulatory environment

16
 MakeMyTrip Foundation - Corporate Social Responsibility

Climate Action Community Empowerment

➢ Dense afforestation pan-India, including Rajasthan, Uttarakhand, Kashmir ➢ Destination level integrated rural tourism initiative in Uttarakhand with
and Sikkim, with plantation of over 1.5 million trees. Tata Trusts – setting up of homestays and cafes as an alternate livelihood
source, curating local experiences and trails led by women from the
➢ Partnership with Andaman Government for an integrated development communities, and setting up an all women led travel agency.
initiative at Neil island in Andamans – tackling marine waste and ocean
plastic, provision of water ATMs to cut down usage of single-use plastic ➢ Scholarship to 100+ Covid orphans to support continuity in education.
bottles.
➢ Supporting visually impaired students with the National Association for the
➢ End to end waste management initiatives in Sahastradhara and Kempty Blind.
Falls in Uttarakhand (including door to door waste collection, awareness and
sensitization, and management of waste (segregation and recycling). ➢ Partnership with Worldwide Fund India to empower local communities and
create alternate livelihood sources – upskilling the locals to run homestays
and eco-cafes.

17
 Experienced Founding & Management Team

Deep Kalra Rajesh Magow Mohit Kabra

Founder & Group Chairman Co-Founder & Group CEO Group Chief Financial Officer

➢ Started MakeMyTrip in 2000 ➢ Senior founding team member ➢ Prior Experience: Kohler India, PepsiCo,
➢ Prior Experience: GE Capital India, AMF Colgate & Seagram
➢ Member of the Board of Directors
Bowling Inc. & ABN AMRO Bank ➢ Received BW Best CFO & Finance Strategy Award for
➢ Previously Group CFO, Chief Executive Officer (India)
➢ Founding member of Ashoka University & serves on the Best CFO for Sustained Wealth Creation
and ex Board of Director for Flipkart
Board & Governing Council ➢ Bachelor of Commerce – Osmania University
➢ Chairperson of ASSOCHAM’s National Council on Travel
➢ Co-chair of CII's National Committee on Tourism and & Tourism ➢ Chartered Accountant from the Institute of
Hospitality Chartered Accountants of India
➢ Vice-Chairperson IAMAI
➢ Vice Chairman of World Travel and Tourism India ➢ Cost Accountant from the Institute of Cost Accountants
Chapter. ➢ Prior Experience: eBookers.com, Aptech
of India
Limited & Voltas Limited
➢ Bachelor’s degree in Economics – St. Stephen’s College
➢ Chartered Accountant from the Institute of Chartered
➢ MBA from Indian Institute of Management Ahmedabad, Accountants of India
India

http://www.paramountconsultancy.co.in/images/company-logo/724861017.jpg

https://encrypted-tbn2.gstatic.com/images?q=tbn:ANd9GcSLzLGiOjs4T6XkBd1zd6ZnTgCPrcIzEDKqoOftdN9SjSMSUHlIPKKLu0h_

18
 Financial Overview

19
 Indian OTA with Leading Market Share, Business Scale & Profitability

Total Gross Bookings Adjusted Operating Profit / (Loss)

(in $ millions) (in $ millions)

Highest Ever Annual Highest Ever Adjusted

COVID DISRUPTION Gross Booking Operating Profit

FY20 FY21 FY22 FY23 FY24

$7,954
FY20 FY21 FY22 FY23 FY24
$6,566
$6,094 122% Growth
$124.2
3x Growth
95% Growth $70.3
$3,189
$23.2
$1,635

($18.0)
Cost Rationalization leading to
($69.9) robust Profitability

Strong Balance Sheet with

Optimised Cost of Customer High Repeat Rates Automation & Efficiencies leading Optimised Tech Cost due to $676 million Cash & Cash
Acquisition to Operating Leverage Unified back-end Infrastructure Equivalent
(as of 06/30/2024)

Highest Ever Gross Bookings and Profit in FY24

COVID 19 related
20 disruption
 Strong Start to FY25

$ in Millions
Adjusted Margin

Air Ticketing Hotels & Packages

$107.3 Bus Ticketing Others
$89.1
$83.7 $88.9
$74.5 $85.6 $32.4
$14.9
$27.3 $26.1 $13.8

$10.9

Q1FY24 Q4FY24 Q1FY25 Q1FY24 Q4FY24 Q1FY25 Q1FY24 Q4FY24 Q1FY25

Q1FY24 Q4FY24 Q1FY25

Growth +21.2% YoY2 Growth +27.3% YoY2 Growth +20.7% YoY2 Growth +38.6% YoY2

Adjusted Operating Profit/(Loss)1

Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25

$39.1
$33.4 $32.4
$30.1 $28.2
Covid19 Nationwide Covid19 2nd Wave $19.7 $19.0
$16.5 $15.1
Lockdown Impact $11.1 Peak in May 2021 $13.2 $12.0
$5.2 $6.6

Highest
($8.6) Quarterly AOP
($12.9) Strong Recovery Post 2nd Wave
($21.3)

Operating Leverage driving Profitability

1. Adjusted for non-cash Share based compensation, Acquisition related Intangible Amortisation, and any other one-off or non-business-related adjustments
21 2. Latest Quarter YoY Constant Currency Growth
Thank you