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Global travel service provider <keyword id="54613" type="General" weightage="20" keywordseo="MakeMyTrip" source="Orion">MakeMyTrip</keyword> is experimenting with artificial intelligence (AI) chatbot ChatGPT to see if its integration can make customer experiences and their vacation planning better on the platform, the company has said. Sanjay Mohan, Group CTO at MakeMyTrip (MMT), told IANS that the ChatGPT integration is at a very early stage and the company will decide to use it only if satisfied with results. "Our teams are currently testing ChatGPT for helping customers solve their travel queries and suggest add-on services as they plan holidays. We are working on to see if the new tool can aid our existing AI-powered chatbots," Mohan said. With the use of its in-house AI-powered chatbots, customers on MMT already get suggestions and alerts of rail/flight bookings, baggage details, and car/bus/hotel bookings. According to Mohan, ChatGPT can revolutionise the hospitality sector that has finally come out from the shadow of the three-year long pandemic. "Our goal is to make MMT platform more seamless, while keeping it simple and user-friendly with smooth navigation. ChatGPT can surely help," he added. "We want to make MakeMyTrip a one-stop-shop for all the services that a traveller may need," Mohan told IANS. The online travel aggregator recently reported a growth of 64.4 per cent on gross bookings (year-on-year) that reached $1.75 billion -- its highest-ever -- for the company's fiscal third quarter that ended on December 31. The company earned adjusted operating profit of $19.7 million in Q3 FY23, as compared to $13.2 million in Q3 FY22, over the revenue of $170.5 million (versus $115 million in 3Q22). Profit for the period was $0.2 million as compared to a loss of $9 million during the same quarter last year. Demand for leisure travel and tourism improved on the back of peak seasonality, according to the company. SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/how-to-compare-your-tax-liability-in-old-and-new-tax-regimes/articleshow/98116217.cms">How to compare your tax liability in old and new tax regimes</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-11r-pre-orders-to-begin-today-free-buds-z2-card-discounts-specs-and-more/articleshow/98112032.cms">OnePlus 11R pre-orders to begin today – free Buds Z2, card discounts, specs and more</a> <a href="https://www.businessinsider.in/finance/news/how-to-use-credit-card-to-make-upi-payments/articleshow/98090488.cms">How to use credit card to make UPI payments</a>

MakeMyTrip experimenting with ChatGPT to boost customer experiences

New Delhi, The onus of deducting <keyword id="6357150" type="General" weightage="100" keywordseo="tcs" source="Orion">TCS</keyword> should be banks, in case a person makes an overseas hotel booking using the e-commerce portal of tour operators, said a senior official of MakeMyTrip, a leading online travel service provider. MakeMyTrip Group Vice President-Taxation Tajinder Singh said, in case a tour package is booked from the e-commerce portal, the company will take an undertaking from its customers, on whether the total amount remitted abroad so far has exceeded the threshold of Rs 7 lakh in the fiscal year. The government has said that from October 1, a 5 per cent <keyword id="735754" type="General" weightage="50" keywordseo="tax-collected-at-source" source="Orion">Tax Collected at Source</keyword> (TCS) will be levied on tour packages up to Rs 7 lakh in a fiscal. The rate will go up to 20 per cent for spending beyond the threshold. Currently, 5 per cent TCS is levied on overseas tour packages irrespective of spending. Singh said TCS collection on overseas tour spendings has two aspects -- one where a tour package is booked using the e-commerce portal and secondly, when the customer uses the portal to make a standalone hotel booking. He said in case of tour packages booked from an e-commerce website, the company will seek a declaration from customers about the total money remitted so far in a fiscal year. In case of standalone hotel booking, he said it will fall in the category where authorised dealer banks would be responsible for taking this declaration from customers. "We have been talking to banks that for these declarations, banks will have to come up with their own facility and infrastructure where they would be able to directly use the KYC data available of their customers to collect the information directly from customers. That is where we are pushing it to the banks to do the compliances at their end. "It is the compliance of the banks. Banks are liable to collect the TCS from customers who are remitting outside India. The compliance is on banks, but because we are intermediaries we will have to pitch-in somewhere and facilitate this," Singh said. The government's decision on levying higher TCS on overseas tour packages beyond Rs 7 lakh would impact outbound tourism. "A lot of customers would be looking at the higher TCS rate as a cost... The higher cash outflow at the time of booking might pinch a lot of customers and they might curtail their expenditure," Singh added.

Onus of deducting TCS on standalone overseas hotel bookings should be on banks: MakeMyTrip

<keyword id="5383302" type="General" weightage="20" keywordseo="makemytrip-founder" source="Orion">MakeMyTrip Founder</keyword> and Chairman <keyword id="6467279" type="General" weightage="20" keywordseo="deep-kalra" source="Orion">Deep Kalra</keyword> is moving to a chief mentor's role, 21 years after founding the startup. Kalra has been the Group Executive Chairman of <keyword id="54613" type="General" weightage="20" keywordseo="makemytrip" source="Orion">MakeMyTrip</keyword> since February 11, 2020. According to an SEC filing, the company said: "In his new role as Group Chairman and Chief Mentor effective April 1, 2022, which was approved by the board of directors of MakeMyTrip, Deep Kalra will devote his time in providing mentorship to MakeMyTrip's leadership team, as well as continuing to pursue strategic initiatives such as product innovation and expansion." <keyword id="368700" type="General" weightage="20" keywordseo="rajesh-magow" source="Orion">Rajesh Magow</keyword> as Group Chief Executive Officer will continue to focus on driving the next phase of growth for MakeMyTrip. Under Kalra, MakeMyTrip made a successful listing on Nasdaq in 2010. Kalra is also a founding member of Ashoka University. SEE ALSO <a href="https://www.businessinsider.in/business/auto/news/electric-bus-maker-olectra-greentech-have-surged-540-in-the-last-12-months/articleshow/88685068.cms" style="">Shares of this electric bus maker have surged 540% in the last 12 months</a> <a href="https://www.businessinsider.in/business/auto/news/bmws-colour-changing-paint-feature-may-have-more-uses-than-just-curing-boredom-and-indecisiveness/articleshow/88727490.cms" style="">BMW’s colour-changing paint technology might have more uses than just curing boredom and indecisiveness</a> <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambanis-reliance-acquires-uk-battery-tech-company-faradion/articleshow/88606195.cms">Mukesh Ambani’s clean energy vision gets a New Year boost with the acquisition of this UK battery tech company</a>

MakeMyTrip's founder Deep Kalra moves into a chief mentor role

<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>

You Searched For "makemytrip" and got 4 results

MakeMyTrip experimenting with ChatGPT to boost customer experiences

IANS

Onus of deducting TCS on standalone overseas hotel bookings should be on banks: MakeMyTrip

PTI

MakeMyTrip's founder Deep Kalra moves into a chief mentor role

IANS

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

Sanchita Dash

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