MakeMyTrip is an online travel company which was founded in 2000. It is a leading tour and travel agency in India. Travel industry was once a highly unorganized industry, MMT saw a great opportunity in it.
The online travel industry in India is dynamic and constantly evolving. It is one of the fastest-growing industries in the E-commerce segment. These companies provide a platform for customers to plan and book their travel. It provides services from booking flights to hotel rooms. Users can book rail and bus tickets along with holiday packages and compare prices. It serves as a one-stop solution for all your travel-related problems.
It operates in places including New York, Dubai, Bangkok, Singapore, Istanbul, Phuket, etc. By the end of 2023, the company had 146 active franchises.
According to Mordor Intelligence, the Indian online travel market size is estimated at $17.24 billion in 2024 and is expected to grow at a CAGR of 10.5% during 2024-2029.
This highly competitive market and MakeMyTrip has numerous competitors such as TripAdvisor, Yatra.com, ClearTrip, Airbnb, etc.
MakeMyTrip dominates the industry in the country. It reported a revenue of $0.728 billion in 2023. The company reported its highest-ever quarterly revenue and profit in Q3 for FY2024.
Revenue Channels of MakeMyTrip
- It charges a booking fee or consultation fee for every booking either hotel or tickets (flights, bus, rail, etc.)
- Travel agencies have tie-ups with several hotels or airlines. They suggest only those companies and charge a certain percent commission on successful conversion.
- The company also provides extra services such as travel insurance, visa support, tour guides, car rentals, foreign exchange, etc.
- It offers a loyal programme/ membership called MMT Black which has two tiers- MMTBLACK Gold and MMTBLACK Platinum. They charge subscriptions from users but in exchange provide rewards, cashback and discounts.
- The company’s MyBiz is a B2C model for corporate travel needs. It is a one-stop solution for business-related travel. It also maintains the expenses of all employees.
Other than this, MMT also charges a cancellation fee.
Successful Marketing Campaigns
- MMT has some notable campaigns with its brand ambassador Alia Bhat and Ranveer Singh. One of its significant campaigns is Dil toh romaing hai. Its ads are entertaining and attention-grabbing.
- It develops content in the form of blogs that are available on its website. The content ranges from travel destinations to guides to tips and many more.
- The company invests in digital marketing to run targeted ads for potential customers.
- It uses paid marketing for advertisements through TV and through third-party apps.
- MMT promotes through heavy discounts and offers during the holiday season. During festivals as well, it provides great deals and packages to attract customers.
- It tailors its offerings and services according to the locals’ needs. It does so by functioning in various languages to best suit the region, offering discounts on the popular festivals of that area, etc.
MakeMyTrip is a pioneer in the field of tours and travel. The company wishes to grow by tapping into opportunities and expanding its reach. It has revolutionized the industry and aims to empower travelers in the future as well.