“AI continues to be at the center of our core strategy to enhance customer experience and improve productivity,” said company co-founder and Group CEO Rajesh Magow during the company’s Q2 earnings call. Earlier this year, MakeMyTrip launched a generative AI travel assistant named Myra, which allows users to plan and book trips through voice, text, image, or video inputs.
Magow stated that the agent has since scaled to 25,000 conversations daily, with over 35% of travelers engaging with Myra up to 90 days before their trip. Additionally, one in four users returns to the bot to ask queries about itineraries and visa requirements. Myra’s voice-first engagement strategy is also helping the company penetrate deeper into India.
“In Tier 2 and Tier 3 cities, voice adoption is 50% higher than in metros. Around 60% of voice queries come in English compared to just 20% in text chat,” Magow noted. The company is also launching a chatbot to drive sales for its cabs business.
Segment-wise information:
Air Ticketing: Domestic air travel volumes fell 3% Year-on-Year (YoY) due to ongoing supply issues, mainly linked to Indigo’s grounded aircraft. However, international air ticketing grew 29.6% YoY in constant currency. International now contributes 43% of air ticketing, up from 37% last year.
Hotels and Packages: The hotels and packages segment saw 18% volume growth YoY, supported by demand from long weekends and corporate travel (corporate hotel bookings were up 38%). International hotels revenue grew 42% YoY in constant currency, contributing 28% of overall revenue. Overall, accommodation margins grew 21.6% YoY in constant currency, while standalone hotels grew 23.1%.
Bus & Rail: The bus business saw 44.1% margin growth YoY in constant currency, driven by new state transport partnerships (Gujarat and Odisha) and festive demand. The company also launched bus booking within its redRail app. The trains segment added a new “food on trains” service in partnership with Zomato at 130 stations.
Corporate Travel: Corporate platforms continued scaling, myBiz reached 75,500+ corporate customers (up from 59,000 last year), while Quest2Travel grew to 527 corporates (from 462).
How Did MMT’s Buyback Program Go?
In June this year, MakeMyTrip launched a buyback program to purchase shares of the company from Trip.com. It raised $3.1 billion via equity and the issuance of zero-coupon convertible notes to repurchase 34.4 million Class B shares from Trip.com. Of this, $1.4 billion came from the 2030 notes.
A zero-coupon convertible is a type of debt security. Companies seeking to raise money sell such securities at a steep discount. While zero-coupon notes do not pay interest, they ‘mature’ after a fixed period and can be sold or converted to equity shares in the company for a significantly higher value than the sale price. In MMT’s case, these notes will mature in 2030.
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