Makemytrip Reviews India Listing Plans Amid Local Business Restructuring

MakeMyTrip is considering a possible India listing while reorganising part of its domestic business. The Nasdaq-listed travel company has merged RedBus India into its local subsidiary, a step that places key businesses under one domestic entity.

While the company has said it is evaluating a listing, no timeline has been indicated so far. Could this eventually change how investors view India’s online travel space?

Why Is MakeMyTrip Restructuring Now?

MakeMyTrip said it has completed an internal restructuring that consolidates its main India businesses under one entity. As part of the process, RedBus India has been merged into MakeMyTrip (India) Private Limited, aligning the company’s major brands within a single structure.

The company said the step supports its long-term growth plans and may help enable a potential domestic listing in the future. Bringing major businesses under one structure can also make future fundraising and decision-making more straightforward.

A local listing would also place the company more directly before Indian investors, though there is no indication yet of when such a step could happen.

How Has MakeMyTrip Expanded Over The Years?

MakeMyTrip, founded by Deep Karla, began in 2000 with overseas flight bookings forming its earliest business focus. Over time, that offering widened into a full travel platform covering flights, hotels, holidays, buses and rail reservations.

The company listed itself on NASDAQ in 2010, at a time when very few Indian internet businesses had entered overseas public markets. Further growth came through internal scale as well as carefully chosen acquisitions.

The 2016 merger with Ibibo Group marked one of its biggest shifts, adding Goibibo and RedBus to the portfolio. That combination gave it a stronger hold across multiple booking categories in India.

More recently, it bought a majority stake in Flamingo Transworld to expand in organised holiday tours, while a separate investment in Atlys added visa-related services to its broader travel offering.

Its customer base now includes more than 87 million retail users and over 77,000 corporate clients. Its platform has recorded hundreds of millions of app downloads and millions of hotel room nights and bus ticket bookings.

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What Could An India Listing Mean For Investors?

If MakeMyTrip proceeds with an India listing, it could give domestic institutional and retail investors direct exposure to one of India’s largest digital travel platforms, which is currently listed only on NASDAQ.

The bigger takeaway is that India’s online travel sector continues to attract long-term interest because travel spending is becoming more digital, more frequent, and spread across flights, hotels, buses, trains, and holiday packages.

That said, this remains a business where external shocks can quickly alter demand. Travel demand often reacts quickly to slower economic activity, higher fuel costs, geopolitical tension or sudden disruptions in mobility. Competition also remains intense, with pricing pressure often affecting margins, especially during peak booking seasons.

For MakeMyTrip, what matters next is whether this wider structure begins to reflect steadier earnings.

Source:

MoneyControl

Economic Times

Financial Express

Business Standard