<div id="readability-page-1"><div><p>Nasdaq-listed MakeMyTrip’s (MMT’s) India public listing plans reflect maturity of the Indian market with institutional capital coming in and consumer spend on travel rising. However, sentiment may take a hit in upcoming quarters if the West Asian crisis prolongs, said MMT co-founder and group Chief Executive Officer (CEO) Rajesh Magow in an exclusive interaction with Business Standard.</p></div><div><div><div id="article-index-0">  <p>  In March this year, India’s largest travel services provider had said that it was evaluating listing on Indian stock exchanges as part of its long-term thinking that this could open up additional routes to capital while strengthening MMT’s hold in the Indian market. Magow explained the rationale behind the decision being the shift seen in the US markets towards artificial intelligence (AI)-based companies at a time when internet companies listing in India were receiving good investor interest and valuations.</p> </div><div id="article-index-1">  <p>  “Changes in the US market are happening really fast. Lot of capital, including that of foreign institutional investors (FIIs) going back from here (India), is being invested in a concentrated block of companies that are only focusing on AI. There’s much of hype. Other stocks, not necessarily us, but all the others, may not be getting as much attention as they should,” he said.</p> </div><div id="article-index-2">  <p>  “The India market is ready, internet stocks are listed (and they are) doing well in the market, well received. So, it makes sense for us to start thinking about India market more strategically,” Magow added. Asked whether the company had approached bankers in preparation for the India listing, he replied in the negative and said MMT was in no hurry to raise capital.</p> </div><div id="article-index-3">  <p>  On the potential impact on travel of the ongoing West Asia war, and the subsequent rise in aviation turbine fuel (ATF) prices leading to higher airfare and curtailment of West-bound flights, he said while sentiment had bounced back in the first quarter of FY27, upcoming quarters could feel the pinch.</p> </div><div id="article-index-4">  <p>  “If that (West Asia crisis) prolongs, then there could certainly be an impact because then it will be inflationary everywhere, it will start impacting every industry. In such a scenario, discretionary demand goes down because people obviously then start to think and conserve. But, so far, it has been OK,” Magow said, noting the recent upswing in travel seen in the beginning of the summer travel season.</p> </div><div id="article-index-5">  <p>  For the full year ended March 2026, the company reported revenue of $1 billion. Its market capitalisation has taken a beating over the last year from $12.6 billion in May 2025 to $3.88 billion as of April 2026, according to data from Tracxn.</p> </div><div id="article-index-6">  <p>  The cash-rich company is actively looking to expand through acquisitions in niche spaces that complement existing businesses. It recently acquired a majority stake in Flamingo Transworld, a regional group holiday packages business. Flamingo has built a strong presence across Gujarat, Maharashtra, Rajasthan, and Madhya Pradesh, with curated group tours known for regional focus, customised experiences, and service for domestic and international travellers.</p> </div><div id="article-index-7">  <p>The company added that it will continue to invest in AI and integrate AI throughout the organisation to drive benefits for every function.</p> </div></div></div></div>

MMYT

<p>MakeMyTrip is evaluating an IPO on Indian stock exchanges to access capital and strengthen its local presence, citing a shift in US investor focus toward AI. CEO Rajesh Magow noted the maturity of India's market but warned that prolonged West Asian conflict could negatively impact travel sentiment and discretionary spending due to rising fuel costs and inflation.</p>

MMT eyes India listing, cautions against impact if West Asia war continues