Last year, it was considering an India listing but has now abandoned the plans, said Rajesh Magow, co-founder and group chief executive in an interview with VCCircle. At present, MakeMyTrip does not have any fundraising plans thanks to its strong earnings and a healthy balance sheet, he added, while sharing his views on the firm's outlook and nascent business in the Middle East. Edited excerpts:
MakeMyTrip posted strong financials in Q1, reporting a net profit of $18.6 million on a demand revival. How do you look at the numbers?
It was a pretty good year of recovery after two years of challenging times (due to covid-19). One year went into recovering and almost rebuilding the business. In the June quarter, consumer sentiment was very positive despite the high travel inflation, due to high fares and tariffs. There were tailwinds on the demand side. It was a summer quarter, a high season for leisure travel, which helped.
Besides, we were ready from MakeMyTrip's standpoint with investments we made across platforms during the two or three years of downcycle. They include our platforms like MyBiz, MMT Affiliate, MyPartner, as well as investments in forex companies and our advertisement platform.
Also, the Middle East launch, ironically, happened during the pandemic. Some initiatives were revenue-focused while some others were profitability-focused. They all started coming together: macro recovery, positive demand sentiment, unrestricted travel, and our investments paying off together contributed to the strong numbers.
Bu hikaye Mint Mumbai dergisinin October 02, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Mint Mumbai dergisinin October 02, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
India in economic sweet spot, inflation to moderate: Moody's
India's economy is in a sweet spot and its inflation is expected to moderate despite a temporary spurt, Moody's said, projecting optimism about the country's growth prospects despite recent underwhelming data.
Incentive engine to drive modern ships
Subsidies for green, high-tech ships under ₹18,000 cr policy
Cement firms wage war on costs as competition soars
India's cement makers who once flexed their pricing muscles are caught in a bruising price war, eroding margins at a time of rising demand.
Saudi Arabia doesn’t have enough money for its futuristic city
The giant futuristic planned city of Neom is proving a headache for Saudi Arabia. Costs are up, schedules are delayed, and in recent days the world’s largest construction project replaced its chief executive of six years.
EV adoption is a marathon, not a sprint: Audi India
The slowdown in electric vehicle (EV) sales is temporary, and the industry will grow over time, Audi India head Balbir Singh Dhillon said, pointing to the need for extensive charging networks and supportive government policies.
India's trade gap with China soars in Apr-Oct
The country's green transition increases reliance on Chinese imports
14 nations eye India's generic drug model
Countries will specify their requirements, with HLL and MEA coordinating with them for the pharma exports
India urges $1.3 tn annual climate grant
Intervening on behalf of like-minded developing countries (LMDCs), India said that developed countries need to commit to provide and mobilise at least $1.3 trillion every year in the New Collective Quantified Goal (NCQG) till 2030.
Over 600 mn cyberattacks daily, AI can secure devices
Microsoft is developing a password-free authentication process to eliminate the risk of breaches
Small businesses ramping up cybersecurity, thanks to AI
Rising AI adoption is helping cybersecurity providers hike their marketable base in India
