MakeMyTrip is still weighing next steps for a domestic Indian IPO and thinks it has already won the AI debate.

The structural hurdles to the IPO are real for the company, which has traded on the Nasdaq since 2010. India’s restrictions on dual listings and the company’s Mauritius incorporation make this anything but straightforward.

“It is a bit complex, but certainly possible and doable,” said co-founder and group CEO Rajesh Magow. “There is no compulsion for us. Whenever it’s the right opportunity, we will see.”

But the company has already laid some groundwork, including merging redBus India into MakeMyTrip India to consolidate its key brands under a single entity.

On its latest earnings call, chief operating officer, Mohit Kabra had said the group would effectively run two separate listed entities for a period — the existing Nasdaq-listed Mauritius holding company, and a new India-listed one. The longer-term goal is to eve