Inside the MakeMyTrip Business Model of Flights, Stays and Buses

The MakeMyTrip business model is an online travel marketplace. Through the MakeMyTrip, Goibibo and redBus apps and websites, travellers book flights, hotels, holiday packages, bus tickets, trains and cabs from airlines, hotels and bus operators that MakeMyTrip does not own. It earns commissions, fees and incentives on most bookings, and books the full price of holiday packages it puts together.

In FY26 (April 2025 to March 2026), MakeMyTrip reported revenue of $1,044.0 million, up 6.7% in US dollars from $978.3 million, and a profit of $51.7 million, against $95.3 million in FY25. Travellers booked $10,390.8 million of travel through its platforms in the year. In the July to September 2026 quarter (Q2 FY27), it reported a profit of $1.8 million on revenue of $235.2 million.

MakeMyTrip at a glance

What MakeMyTrip does

Deep Kalra started MakeMyTrip in 2000 to sell air tickets for travel between the United States and India, and the company launched its India website in 2005. Today it describes itself as an asset-light marketplace that connects travellers with airlines, hotels, other accommodation providers and ground transport operators.

It reaches customers through three brands. MakeMyTrip and Goibibo sell flights, hotels, homestays, holiday packages, train tickets and cab rides. redBus sells bus tickets in India and in some countries in Southeast Asia and Latin America. myBiz serves companies and small businesses that book work travel. Around the trip, the group also offers foreign exchange and forex cards through BookMyForex, visa help, and access to travel insurance.

How the MakeMyTrip business model makes money

MakeMyTrip reports three main segments plus others. For air and bus tickets it acts as an agent and keeps only its commission, fees and incentives as revenue. For hotels it books the commission it earns on each stay. For holiday packages that it designs itself, it records the full price as revenue and the cost of the hotels and services it buys as an expense.

Hotels and packages made up 51.1% of FY26 revenue. The others line includes rail tickets, car bookings, advertising on its apps and websites, brand alliance fees and fees for facilitating insurance and forex.

MakeMyTrip revenue model and gross bookings

Because most tickets are booked on an agent basis, revenue is far smaller than the value of travel sold. MakeMyTrip calls that value gross bookings: the total value of travel booked, net of cancellations. In FY26 gross bookings were $10,390.8 million, of which air ticketing was $5,830.8 million and hotels and packages $2,661.1 million.

The company also tracks adjusted margin, which adds back customer discounts recorded against revenue and takes out the cost of services it sells as principal. As a share of gross bookings, the adjusted margin in FY26 was 7.0% for air ticketing, 17.9% for hotels and packages and 10.2% for bus ticketing.

MakeMyTrip's Business Model Canvas

Is MakeMyTrip profitable

Yes, MakeMyTrip reported a profit in each of the last three years. Revenue rose from $782.5 million in FY24 to $978.3 million in FY25 and $1,044.0 million in FY26. Profit was $216.7 million in FY24, which included an income tax benefit of $123.8 million, then $95.3 million in FY25 and $51.7 million in FY26.

Results from operating activities rose 30.1% to $156.0 million in FY26. The net finance cost rose to $77.6 million from $3.9 million, mainly because of $74.4 million more interest expense on its convertible notes due 2030 and higher foreign exchange losses.

How many bookings MakeMyTrip handles

In FY26, MakeMyTrip sold 141.5 million bus tickets, up 32.9% from 106.5 million. Hotel and package room nights rose 17.6% to 43.5 million, and flight segments were 59.1 million, against 58.7 million.

In Q2 FY27, gross bookings were $2,724.7 million and revenue was $235.2 million, up 2.5% in US dollars and 11.2% in constant currency. Results from operating activities were $36.7 million, and profit was $1.8 million against a loss of $5.7 million a year earlier.

MakeMyTrip's journey so far

MakeMyTrip owner and the India IPO

MakeMyTrip Limited is incorporated in Mauritius and listed on Nasdaq. Trip.com Group is a significant shareholder; after MakeMyTrip bought back most of Trip.com's Class B shares in July 2025, Trip.com held about 16.90% of the voting power. The Indian business, including the MakeMyTrip, Goibibo and redBus brands, sits in its subsidiary MakeMyTrip (India) Limited.

The planned India IPO is an offer for sale: MakeMyTrip and its subsidiary ibibo Group Holdings (Singapore) would sell shares in MakeMyTrip India, which would stay a subsidiary. The issue size and dates have not been announced.

Who MakeMyTrip competes with

MakeMyTrip competes with Indian online travel platforms such as ixigo, Cleartrip, EaseMyTrip and Yatra. It also competes with airlines that sell tickets on their own websites and apps, and with hotels that push guests to book directly.

Challenges MakeMyTrip faces

Interest on the 2030 convertible notes it issued to fund the Trip.com buyback raised its finance costs in FY26. The company reports in US dollars while most of its business is in rupees, so a weaker rupee lowers reported growth. Its revenue depends on commissions and incentives that airlines and hotels can change. In Q4 FY26 the West Asia conflict hit air travel demand.

Conclusion on the MakeMyTrip business model

MakeMyTrip runs the MakeMyTrip, Goibibo and redBus apps and websites, where travellers book flights, hotels, holiday packages and bus tickets from suppliers it does not own. It earns commissions, fees and incentives on most bookings and the full price on packages it sells, with hotels and packages bringing in about half of revenue.

In FY26 it reported revenue of $1,044.0 million, a profit of $51.7 million and gross bookings of $10,390.8 million. Its shares trade on Nasdaq, and SEBI has given its final observations on the IPO of its Indian subsidiary.

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