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<ul><li>For the first three months of the year, <keyword id="54613" type="COMPANY" weightage="20" keywordseo="makemytrip">MakeMyTrip</keyword> has reported a 15.9% fall in revenue to $137.2 million from $163.3 million in the same quarter the previous year. </li><li>While MakeMyTrip’s numbers for Q4 show the impact of cancellations from February, the real dent will be seen in the current quarter. </li><li>The company has a liquidity of nearly $168 million as on 31st March which will help them survive for two years.</li></ul>India’s leading aggregator MakeMyTrip is hopeful that with domestic <keyword id="6354692" type="UNKNOWN" weightage="20" keywordseo="Travel">travel</keyword> opening up and the possibility of international travel opening after July, the worst is over. Mohit Kabra, Chief Financial Officer of <keyword id="255878" type="ORGANIZATION" weightage="20" keywordseo="MMT">MMT</keyword> during an earnings call said that over the next few quarters they will bring down the losses to the $10 million range before targeting breakeven. For the first three months of the year, MakeMyTrip has reported a 15.9% fall in adjusted revenue to $137.2 million, compared to the same quarter the previous year. The NASDAQ-listed company also posted an adjusted operating loss of $10.3 million. <div type="image" title="MMT losses new." msid="76702827" hostid="261"></div> However, Kabra told analysts that between April and June 2020, the loss balloon to the $20 million range.“The quarterly run rate on fixed cost has been brought down from almost like $45 million/$50 million to less than $30 million. And therefore, we do expect that we will be able to keep the burn into the 20s, if at all, during the first highly impacted quarter,” he said. Kabra added that because of the coronavirus pandemic there has almost been “a reset of the business”. From <a href="https://www.businessinsider.in/business/news/oyo-mahindra-holidays-emirates-and-boeing-agree-people-wont-fly-for-a-while/articleshow/75731204.cms">airline companies to hoteliers</a>, most do not expect an immediate revival in international tourism. In fact, hotel chains like OYO and Mahindra Holidays do not see much air travel even within countries. Instead, they expect people to choose destinations that they can drive to, in order to avoid the risk of infections and quarantine. Stowing cash for times are getting worse While the company has taken several initiatives to cut costs and also cut down on marketing and promotional activities, it still has a long way to go as the future for travel and tourism still looks grim. However, Kabra said that the company has enough in the money in the bank to last two years. <div type="image" title="MMT cash new." msid="76702959" hostid="261"></div> “We believe our liquidity of nearly $168 million as on 31st March, along with the cost optimization initiatives that I've talked about, will provide us a runway of almost two years, even if travel demand is not restored due to unforeseen worsening of the current situation. While a zero revenue scenario is unlikely beyond a quarter or two, we feel it is prudent to be geared up for a longer period given the uncertainty of the pandemic and to be able to survive with the available cash,” said Kabra during the call. During this time, the company’s top management let go of its salary for the entire year. But even then, the company ended up firing 350 employees. SEE ALSO: <a href="https://www.businessinsider.in/india/news/an-indian-covid-19-vaccine-made-by-bharat-biotech-is-set-to-enter-human-trials/articleshow/76702286.cms">An Indian COVID-19 vaccine made by Bharat Biotech is set to enter human trials</a> <a href="https://www.businessinsider.in/business/auto/news/what-to-expect-from-maruti-mm-hero-moto-bajaj-in-june-monthly-auto-sales/articleshow/76702678.cms">Here’s what to expect from Maruti and M&amp;M to Hero Moto and Bajaj in monthly auto sales in June</a>

MakeMyTrip is hoping international flights will start from July⁠— but it is also preparing for many quarters of big losses

<ul><li><keyword id="54613" type="COMPANY" weightage="20" keywordseo="makemytrip">MakeMyTrip</keyword> share price jumped by 6.75% on Monday as the news of Moderna’s vaccine being 94.5% effective hit the market. </li><li>After Pfizer’s vaccine’s report of being over 90% effective, Moderna’s became the second positive vaccine news from the US within a month. </li><li>Major travel (airline and hotel) stocks in the US witnessed a strong rally as the vaccine revived hopes of recovery in the travel segment soon.</li></ul>NASDAQ-listed Indian travel giant MakeMyTrip saw its share price jump by 6.75% on Monday as the news of Moderna’s vaccine being 94.5% effective hit the market. <div type="image" title="Mmt." msid="79255510" hostid="261"></div> Vaccine news uplifts spirits After Pfizer’s vaccine’s report of being over 90% effective, Moderna’s became the second positive vaccine news from the US within a month. <a href="https://www.businessinsider.in/science/space/news/within-days-of-pfizer-results-russia-claims-sputnik-v-vaccine-demonstrates-92-efficacy/articleshow/79171485.cms">Russia’s Sputnik V too</a> has claimed that it has a 92% efficiency against the virus. Meanwhile India’s COVID vaccine contender Bharat Biotech also announced on Monday that Covaxin had entered phase III of the trial. All the positive vaccine news saw the US' major travel (airline and hotel) <a href="https://www.businessinsider.in/stock-market/news/travel-stocks-rally-after-modernas-vaccine-progress-lifts-hopes-for-near-term-reopening/articleshow/79248718.cms">stocks rally</a> as people saw it as a sign that travel will recover soon. The <a href="https://www.livemint.com/market/stock-market-news/dow-jumps-350-pts-as-moderna-says-covid-vaccine-94-5-effective-11605538218252.html">Dow</a> too touched record highs after the news about Moderna’s vaccine. Back home, India’s <a href="https://www.businessinsider.in/india/news/air-travel-back-at-pre-covid-level-by-early-january-says-civil-aviation-minister-puri/articleshow/79254692.cms">aviation minister is hopeful</a> that air travel will hit pre-COVID levels in India by early January. "We opened civil aviation on 25th May, a good two months and two days after we had completely locked down, with 30,000 passengers a day. Two or three days ago, just before Diwali, we carried 225,000 people," said Civil Aviation Minister Hardeep Singh Puri. MakeMyTrip is hopeful of faster <keyword id="9459835" type="UNKNOWN" weightage="20" keywordseo="travel-recovery">travel recovery</keyword> MakeMyTrip which posted its second quarter results on October 27 is also hopeful that a vaccine would bring travel back to normalcy. “While we are already seeing green-shoots of demand across different travel services, we believe business recovery would significantly accelerate once a vaccine becomes widely available,” the company’s founder and Chairman Deep Kalra had said during the call. With the travel opening up within India, MakeMyTrip has seen a gradual recovery. The company’s adjusted operating loss for the quarter stood at $12.9 million, which was significantly lower than the previous quarter's loss of $21.3 million. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Segment </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adjusted Gross Margin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Y-O-Y Change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Air Ticketing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$11.9 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">- 81.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hotels and packages </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$5.5 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">93.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bus ticketing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.5 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-85% </td></tr></tbody></table> While there has been a quarter-on-quarter recovery, MakeMyTrip still has a long way to go for recovery. SEE ALSO: <a href="https://www.businessinsider.in/india/news/indias-first-vaccine-candidate-covaxins-phase-3-trials-begin/articleshow/79249854.cms">India's first vaccine candidate - Bharat Biotech's Covaxin begins its Phase-3 trials</a>

MakeMyTrip shares soar as COVID vaccine progress from Moderna and Pfizer spark optimism of faster travel recovery

Gurgaon based online travel services agency <keyword id="54613" type="COMPANY" weightage="100" keywordseo="makemytrip">MakeMyTrip</keyword> (MMT) has been eyeing a huge move into the online budget hotels market, for which it has held talks with <keyword id="2870818" type="UNKNOWN" weightage="100" keywordseo="FabHotels">FabHotels</keyword> and <keyword id="2913812" type="UNKNOWN" weightage="100" keywordseo="Treebo-Hotels">Treebo Hotels</keyword>. The <a href="http://www.businessinsider.in/markets/heres-the-indian-travel-company-that-just-went-public-on-the-nasdaq/articleshow/56092065.cms">Nasdaq</a>-listed company wanted to pick up a strategic stake in either of the companies. However, its talks with Bengaluru-based <a href="http://www.businessinsider.in/small-business/companies/budget-hotel-brand-treebo-is-a-value-for-money-affair/articleshow/56357162.cms">Treebo</a> didn’t yield any results despite an offer of $10-12 million. Now, MMT might be investing in FabHotels, founded by Vaibhav Aggarwal and Adarsh Manpuria in 2014. The deal could be worth five to ten million dollars, said <a href="http://economictimes.indiatimes.com/small-biz/money/after-talks-with-treebo-fail-makemytrip-may-invest-in-fabhotels/articleshow/58353902.cms">ET</a> sources. Also read: <a href="http://www.businessinsider.in/budget-2017-didnt-promote-muchof-tourism-in-india-heres-why/articleshow/56918518.cms">Budget 2017 didn’t promote much of tourism in India. Here’s why</a> If the deal goes through, MMT will be in direct competition with market leader <a href="http://www.businessinsider.in/small-business/oyo-rooms-valuation-to-touch-850-million-this-will-be-the-size-of-its-funding/articleshow/58337939.cms">Oyo Rooms</a> and Priceline group-backed <a href="http://www.businessinsider.in/small-business/companies/booking-com-is-providing-startups-in-tourism-sector-a-chance-to-go-to-amsterdam/articleshow/57253587.cms">Booking.com</a>. "The deal is likely to have a clause which will see the budget hotel brand only list with MMT-Goibibo combine. This way they get to lock them into exclusivity," said an insider requesting anonymity. Also read: <a href="http://www.businessinsider.in/MakeMyTrip-to-issue-960m-worth-shares-to-acquire-Ibibo-group/articleshow/55807276.cms">MakeMyTrip to issue $960m worth shares to acquire Ibibo group</a> Talking of FabHotels, the Gurgaon-based budget hotel chain of 175+ hotels has <keyword id="144381" type="COMPANY" weightage="100" keywordseo="Accel-Partners">Accel Partners</keyword> and <keyword id="192167" type="CITY" weightage="100" keywordseo="Qualcomm-Ventures">Qualcomm Ventures</keyword> as its investors, and secured around $10 million in last funding round.

Makemytrip to soon enter online budget hotel space with investment in FabHotels

MakeMyTrip is a household name in most metros and large cities of India. People of India love to <keyword id="6354692" type="ORGANIZATION" weightage="100" keywordseo="Travel">travel</keyword> and MakeMyTrip is one of the preferred choices for them to make a reservation (for both airlines and <keyword id="6368036" type="PERSON" weightage="80" keywordseo="Hotels">hotels</keyword>). Recently, MMT announced <keyword id="6357455" type="EVENT" weightage="80" keywordseo="Funding">funding</keyword> of $15 million <keyword id="306629" type="ORGANIZATION" weightage="80" keywordseo="Innovation-Fund">innovation fund</keyword> for new entrepreneurs in the travel circuit. We got a chance to catch up with Rajesh Magow, <keyword id="170488" type="POSITION" weightage="80" keywordseo="co-founder">Co-Founder</keyword> and CEO-India, <keyword id="143717" type="COMPANY" weightage="100" keywordseo="Makemytrip-com">MakeMyTrip.com</keyword> and he told us some interesting facts about the journey so far and why did the company decide to raise this fund. 
 
MakeMyTrip has grown by leaps and bounds. Can you give BI India readers a small glimpse of the MMT’s journey till date? 
 
MakeMyTrip.com was founded in the year 2000. Deep Kalra (Founder) conceptualized it with the idea to empower Indian travellers through choice, flexibility and transparency of pricing. The travel industry in 2000 had not achieved momentum yet. There were a couple of websites that offered air-tickets but none that could comprehensively claim to cater across categories (LCCs and full-service) and offer Best Deal and Lowest Airfare Guarantee. 
 
Upon launching the first version of the site in October 2000, we received a favourable response from the US. In India however, travellers were more inclined to research online, but make the actual buying decision using traditional modes of payment. We had to take a hard call to stop all marketing in India; on hindsight this turned out to be one of the best decisions for the company. By focusing solely on the NRI market, we managed to conserve precious marketing dollars while our competitors burnt their fingers in a pre-mature online market. 
 
After consolidating our position in the market as a brand recognized for its reliability and transparency, we launched our India operations in 2005. As the pioneer among Online Travel Companies in India, MakeMyTrip heralded a revolution in the way travel was purchased in India – and soon became the go-to website for booking travel. In 2010 we became the first Indian travel company to list overseas through a successful IPO on NASDAQ. 
 
Today, we are the dominant market-leader with 47% market-share (per a study conducted by PhocusWright in 2013). 
 
MMT like many others has started a venture fund, what was the reason behind it? 
 
We have announced the institution of a $15 million Innovation Fund primarily to support early stage companies/ start-ups in the travel technology space with a special focus on Mobile and IP-based companies. The fund will be focused on young and new ventures in the travel technology space for our market. 
 
This initiative is an additional prong of our inorganic growth strategy of pursuing M&amp;A opportunities in the travel technology space. We intend to purposefully go out and look for such companies and take early stage positions. 
 
What is MMT expectations from this venture funding? 
 
We are excited about the Technology talent in the global marketplace and how it can be leveraged to serve customer needs. We are hopeful that this initiative will encourage entrepreneurs building niche companies in the travel technology domain. 
 
What are the future plans for MMT besides this? 
 
We are already the largest travel company in the country and the largest eCommerce business, recognized for providing the best value-based offerings. In the mid to long-term, we intend to use our core strength i.e. technology to innovate, provide best-in-class service and delight customers. 
 
Rajesh Magow, Co-Founder and CEO-India, MakeMyTrip.com 
 
Top Image: Thinkstock

Rajesh
Magow From MakeMyTrip Is Excited About The $15 Million
Innovation Fund, Will Bring New Talent To The Indian Travel Industry

The <keyword id="44734" type="ORGANIZATION" weightage="80" keywordseo="Indian-Government">Indian government</keyword> has finally allowed non-listed domestic firms to list abroad and raise capital without prior or simultaneous listings in India. The <keyword id="156153" type="ORGANIZATION" weightage="100" keywordseo="Ministry-of-Finance">Ministry of Finance</keyword> (MoF) made the announcement a couple of days ago – clearly a proactive step to boost the inflow of foreign <keyword id="6362476" type="ORGANIZATION" weightage="80" keywordseo="investments">investments</keyword> in the country. 
 Unlisted Indian companies are now allowed to list abroad on a pilot basis for two years, after which the <keyword id="47209" type="ORGANIZATION" weightage="80" keywordseo="Finance-Ministry">finance ministry</keyword> will review its impact. On the paper, it looks good, but let <keyword id="6354458" type="COUNTRY" weightage="100" keywordseo="US">us</keyword> have a quick look at the mandatory requirements and their feasibility. 
 To start with, businesses can list only on exchanges in International Organization of Securities Commissions (IOSCO)/Financial Action Task Force (FATF)-compliant jurisdictions or in countries with which India’s securities <keyword id="6378893" type="UNKNOWN" weightage="60" keywordseo="market-regulator">market regulator</keyword> <keyword id="35210" type="ORGANIZATION" weightage="80" keywordseo="sebi">SEBI</keyword> has signed bilateral agreements. Also, SEBI must have a copy of the return submitted to the proposed exchange/regulator to ensure that the firms are complying with the Prevention of <keyword id="6355008" type="UNKNOWN" weightage="60" keywordseo="money-laundering">Money Laundering</keyword> Act (PMLA). That should not be much of a problem but here is the biggest hitch. 
 In spite of the new provision, one can’t override the current <keyword id="44528" type="ORGANIZATION" weightage="80" keywordseo="FDI">FDI</keyword> (<keyword id="44749" type="ORGANIZATION" weightage="80" keywordseo="Foreign-Direct-Investment">Foreign Direct Investment</keyword>) norms, which means e-commerce companies floated in India cannot list overseas. And that brings us to the second crucial point. According to the <keyword id="25455" type="ORGANIZATION" weightage="80" keywordseo="finance">finance</keyword> ministry, companies listing abroad can use the funds only to repay outstanding foreign debts or to expand overseas operations including acquisitions. But that could be a body blow as not all Indian companies have foreign investors on board or raised debt capital overseas or actively sought global expansion. 
 
So who all will gain and why Quite a few companies may find it an exciting initiative in spite of initial criticism. Check out how businesses can gain from the latest ‘Open <keyword id="6354763" type="EVENT" weightage="100" keywordseo="IPO">IPO</keyword>’ initiative, rolled out by the Indian government. 
 
More industries get a global window: Fast-growing and fast-maturing technology start-ups with focus on Cloud/SaaS-based enterprise solutions are bound to benefit, since the majority of them are already active in the U.S./European markets. This also holds true for a plethora of companies operating in segments like the Internet, digital business, biotechnology and exports. Interestingly, even mature companies prefer to skip the domestic issue at times. One interesting example is Karan A. Chanana-led specialty rice company Amira Nature Foods, which got listed on the <keyword id="115417" type="CITY" weightage="80" keywordseo="New-York-Stock-Exchange">New York Stock Exchange</keyword> in 2012 after 97 years of success as a private firm and in spite of the fact that just around 2% of its revenues come from the US market. Amira is the 12th Indian company to list on the <keyword id="147224" type="CITY" weightage="80" keywordseo="NYSE-Euronext">NYSE Euronext</keyword> markets. 
 
Greater growth possible for Indian e-commerce: First of all, it should not be a dampener for e-commerce companies in India in case they are eyeing global IPOs sans the India route. Till date, the usual practice of listing abroad is to float a holding company out there, which has firms/assets in India, and then take that overseas firm public in a foreign market. E-commerce firms can still do it, but this time with the additional benefit of making strategic acquisitions abroad (like the Myntra-Fitiquette deal) without any hassle or implementing a global rollout and getting growth <keyword id="6357455" type="EVENT" weightage="80" keywordseo="Funding">funding</keyword> for the same. 
 
Valuation gains on the cards: Experts also feel that listing abroad may lead to permanent valuation gains for Indian companies. For instance, in 2010, MakeMyTrip, India’s largest online travel agency (OTA), raised $70 million through an IPO on the NASDAQ. The firm’s shares nearly doubled on debut, valuing it at $800 million. We are just wondering if Indian e-com giants Flipkart and Myntra will do an MMT when it comes to <keyword id="35216" type="UNKNOWN" weightage="100" keywordseo="initial-public-offering">initial public offering</keyword>. 
 
Profitable exits for investors: Although most SME IPOs get fully subscribed at home (because of their small size), a lot many companies have deferred their public issues due to a weak market and raised considerably large pre-IPO amounts from private equity/venture capital investors (Flipkart does it often enough and one is left to wonder what the company intends to do with the IPO money when that finally happens). However, it clearly shows a lack of confidence in the primary market and PE/VC investors are not able to exit their investments in many cases (or did so with huge losses). Therefore, the latest initiative could send them looking for profitable exits via overseas IPOs. If that happens and the viability factor gets proven beyond a doubt, more investments are likely roll in, especially from investors keen to bet on the emerging markets. 
 
Market sentiment may improve: We may not see a slew of U.S./UK listings right now, but favourable negotiations in that direction may start soon. Better still, the domestic IPO market may take a cue and Indian firms looking for Indian listings may have a field day, following a positive impact globally (the JustDial IPO showed it can definitely happen in India). So let us keep our fingers crossed and wait for the outcome.

You Searched For "MMT Nasdaq" and got 5 results

MakeMyTrip is hoping international flights will start from July⁠— but it is also preparing for many quarters of big losses

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Rajesh Magow From MakeMyTrip Is Excited About The $15 Million Innovation Fund, Will Bring New Talent To The Indian Travel Industry

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