MakeMyTrip Plans India IPO To Raise Funds For Long-Term Growth

SUMMARY

A potential India IPO could also act as a catalyst to bolster its presence in its core Indian market and consolidate leadership, the company said in a statement

The travel major is weighing a domestic IPO about 16 years after listing on Nasdaq in 2010

On the financial front, MakeMyTrip reported a 73% YoY decline in its net profit to $7.3 Mn for Q3 FY26 from $27.1 Mn in the year-ago period, largely due to rise in finance costs

Nasdaq-listed travel major MakeMyTrip (MMT) is evaluating a potential listing in the Indian bourses to open up an access to capital from domestic institutional and retail investors. A potential India IPO could also act as a catalyst to bolster its presence in its core Indian market and consolidate leadership, the company said in a statement today.

Ahead of the IPO, the Delhi NCR-based company has completed an internal restructure by combining its key brands under a single Indian entity. A key part of the amalgamation was the merger of RebBus India with MakeMyTrip (India) Pvt Ltd, it said.

The company’s India listing plans would be contingent on it getting key regulatory approvals and customary corporate considerations as well as supporting market conditions.

The travel major is weighing a domestic IPO about 16 years after listing on Nasdaq in 2010. The company opted for a US listing at the time due to factors such as greater market maturity and access to institutional capital for a tech-focused business.

Since incorporation in 2000, the company has processed over 8.7 Cr transactions for retail consumers as well as onboarding 77,000 SME and large corporate customers. Its market cap has also expanded to over $5 Bn as of now.

On the financial front, MakeMyTrip reported a 73% YoY decline in its net profit to $7.3 Mn for Q3 FY26 from $27.1 Mn in the year-ago period, largely due to rise in finance costs. Operating revenue increased 11% YoY and 29% QoQ to $295.7 Mn in Q3 FY26.

Over the years, MMT acquired rivals such as Goibibo and redBus to supplement its primary focus of air ticketing and hotels. Recently, it acquired a minority stake in Visa processing platform Atlys and holiday packages business Flamingo Transworld.

MakeMytrip would become the second Indian travel tech company to list in India after a Nasdaq debut. Yatra made its Indian markets debut in 2023, seven years after listing in the US.Yatra India raised ₹602 Cr from the IPO and reported revenue of ₹256.8 Cr in Q3 FY26,with a net profit of ₹8.3 Cr.