MakeMyTrip India reports 31% increase in revenue for FY17
MakeMyTrip India, which contributes about 85% revenues of its Nasdaq-listed parent company MakeMyTrip, has posted a revenue of Rs 2,527 crore for the financial year 2016-17, an increase of 31% over its previous year revenue of Rs 1,924 crore, according to recent Registrar of Companies (RoC) filings. Mauritius-based online travel firm MakeMyTrip had recently infused about $24.6 million (Rs 160.5 crore) into its India business, documents filed recently with the RoC stated.
MakeMyTrip India is yet to file the full financial statement for FY17. Last fiscal, MakeMyTrip posted a net loss of Rs 351 crore. The increase in revenue comes on the back of the company being on a spending spree on marketing and promotion. While MakeMyTrip was the main sponsor of the SunRisers Hyderabad team in the last IPL season, it has also roped in Bollywood stars Alia Bhatt, Ranveer Singh and Diana Penty for its high-decibel multi-TVC campaign. Though a substantial portion of MakeMyTrip’s revenues comes from its Indian unit MakeMyTrip (India) Private Limited, its other subsidiaries in Singapore and the UAE also contribute a small volume of revenue towards the parent firm’s revenues. Apart from air tickets, hotel packages, rail tickets, bus tickets, car hire and ancillary travel requirements, it also facilitate access to travel insurance.
This year, MakeMyTrip acquired all shares of the Ibibo group from its investors including, South African internet and technology company Naspers and China’s Tencent Holdings. With the recent merger of MakeMyTrip and Ibibo, the online travel agency (OTA) sector witnessed all three large brands Yatra, MakeMytrip and GoIbibo being in the listed category, thus providing an exit route for investors.
Founded by Deep Kalra, MakeMyTrip started operations in 2000 and in the first five years following the inception, it focused on the non-resident Indian market in the US, servicing mainly their need for US-India inbound air tickets. It started its Indian business with the launch of its Indian portal in September 2005.