Nasdaq Listed MakeMyTrip Seeking IPO for India Unit: Scaled India Business Across Segments

On Monday, March 16, 2026, Nasdaq-listed MakeMyTrip Ltd announced that it is evaluating a potential listing of its India unit, MakeMyTrip India, as part of its strategy to support long-term growth and strengthen its leadership in India’s largely underpenetrated travel and tourism market.

Makemytrip said in exchange filing on SEC, “MakeMyTrip has completed its internal restructuring to combine its key brands operating in India under a single entity, with the merger of RedBus India into MakeMyTrip (India) Private Limited (“MakeMyTrip India”). 

As part of its long‑term growth objectives, the Company is evaluating a potential listing of MakeMyTrip India in India, which could provide an additional avenue to access capital, including from domestic institutional and retail investors as well as enable it to provide India‑listed equity as potential consideration for growth initiatives. The Company believes that an India listing can be a catalyst to further boost the MakeMyTrip brand in its core market, strengthen its leadership in India and support longer-term growth. 

Any potential India listing remains subject to, among other things, market conditions, regulatory approvals and customary corporate considerations.”

Strong Position Across Travel Segments

Over more than two decades, MakeMyTrip has established itself as a major player in India’s travel industry. While the company remains a leading platform for air ticket bookings, it has also built a significant presence in hotels, holiday packages, alternative accommodations and bus ticketing in a fragmented market.

The company attributes its growth to strong supplier partnerships, proprietary technology and established operational capabilities.

Its scale is reflected in a wide customer base, including more than 87 million lifetime transacted retail customers and over 77,000 SME and large corporate clients. The platform has also recorded more than 549 million app downloads.

In addition, MakeMyTrip has sold over 32.5 million hotel room nights through its hotels and packages segment and more than 104.6 million bus tickets, highlighting the breadth of its travel services platform.

Strategy Driven by Acquisitions and Partnerships

Since its inception in 2000, MakeMyTrip has complemented organic growth with a disciplined acquisition and investment strategy aimed at strengthening its presence across travel segments.

The company previously consolidated its position in the market through acquisitions such as Goibibo and redBus. It has also made several strategic investments to deepen supply integration, enable cross-selling opportunities and strengthen control across the end-to-end travel journey.

Stake Acquisition in Flamingo Transworld

As part of its latest strategic moves, MakeMyTrip has completed the acquisition of a majority stake in Flamingo Transworld, an India-based group holiday packages operator.

Flamingo Transworld has a strong regional presence across Gujarat, Maharashtra, Rajasthan and Madhya Pradesh, offering curated group tours tailored for domestic and international travellers, with a focus on customised experiences and regional expertise.

Also Read: Upcoming IPO: SEBI Clears IPO Plans Fab Hotels, Tea Post and Learnfluence Education

Strategic Investment in Visa Platform Atlys

The company has also made a strategic minority investment in Atlys, a visa processing platform, while entering into a partnership with the firm.

Through this collaboration, MakeMyTrip customers will gain access to a streamlined visa application process powered by Atlys. The partnership is also expected to allow MakeMyTrip to cross-sell its travel services to Atlys’ base of outbound travellers.

The company believes the partnership will help expand its share in the outbound travel segment while strengthening its ability to offer a more integrated end-to-end travel experience.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks. Read all related documents carefully before investing.