MakeMyTrip evaluates India IPO, merges RedBus into local entity as part of restructuring

Tipco Engineering India IPO News

Online travel platform MakemyTrip in a filing on March 16 said that it is evaluating a potential listing in India.

As part of its long‑term growth objectives, the company is evaluating a potential listing of MakeMyTrip India in India, which could provide an additional avenue to access capital, including from domestic institutional and retail investors as well as enable it to provide India‑listed equity as potential consideration for growth initiatives, the company said in a United States Securities and Exchange Commission.

"The Company believes that an India listing can be a catalyst to further boost the MakeMyTrip brand in its core market, strengthen its leadership in India and support longer-term growth."

Any potential India listing remains subject to, among other things, market conditions, regulatory approvals and customary corporate considerations, the filing added.

MakeMyTrip's market cap currently stands at $4.944 billion versus $10.758 billion a year ago. The company had listed on American stock exchange Nasdaq in 2010. In 2022, the company's chairman and founder Deep Kalra had said that they were exploring a public offering in India.

The intention of listing in India comes just after MakeMyTrip last year raised $2.6 billion to repurchase shares from the Trip.com Group (formerly Ctrip), a China-based online travel agency (listed in the US on the Nasdaq), that was a major shareholder at 45.95 percent. Trip.com's stake in MakeMyTrip now stands below 20 percent.

Travel IPOs in India have experienced a significant boom, particularly between 2021 and 2025, driven by strong post-pandemic recovery and digital adoption. Key listings include EaseMyTrip in 2021, TBO Tek in 2024. Easy Trip Planners (EaseMyTrip) listed on the Indian exchanges in 2021 in the post-pandemic recovery phase.

The company also said that it has completed its internal restructuring to combine its key brands operating in India under a single entity, with the merger of RedBus India into MakeMyTrip (India) Private Limited (“MakeMyTrip India”).

The travel aggregator continues to see robust travel demand in India, over the long term enabled by structural demand drivers including a growing middle class, rising propensity to spend on travel, increasing digital adoption and continued under‑penetration of organized travel services.

Over two decades of execution, in addition to being a leading company in the Indian travel market for air ticketing, it has also built a leading position across hotels, holiday packages, alternative accommodations and buses in a highly fragmented Indian market, supported by deep supplier relationships, proprietary technology and operating capabilities.

MakeMyTrip has more than 87 million lifetime transacted retail customers, and over 77,000 SME and large corporate customers, over 549 million app downloads, more than 32.5 million hotel room nights sold under its hotels and package business and over 104.6 million bus tickets sold.

Apart from the consolidation in the Indian market with its acquisition of Goibibo and redBus, the company has made several other investments to expand its capabilities across travel segments with deeper supply integration, cross sell opportunities and greater end to end control across the connected trip journey.

The company has completed the acquisition of majority stake in Flamingo Transworld, a regional group holiday packages business based in India. Flamingo has built a strong presence across Gujarat, Maharashtra, Rajasthan and Madhya Pradesh, with curated group tours known for regional focus, customised experiences and service for domestic and international travellers.

In addition, MakeMyTrip has completed a strategic minority investment in and entered into a partnership with Atlys, a visa processing platform. This investment will allow MakeMyTrip travellers to benefit from a streamlined visa application process powered by Atlys, as well as create an opportunity for MakeMyTrip to cross-sell its travel offerings to Atlys's customer base of outbound travellers.

"We believe that this will help further expand our market share and consolidate our position in the outbound travel market by creating a differentiated, vertically integrated customer experience," the filing noted.