Recovery Through Rediscovery

Scripting a dramatic turnaround from pandemic-induced lows , India’s largest online travel company discovered new business segments, raised $225 million and posted its biggest profits. How did it manage to do all that?

- Ashish Sinha

IN THE SECOND QUARTER of 2020, the revenue of MakeMyTrip (MMYT), country’s largest player in the online travel business, fell as much as 95 per cent. Two years later, for the quarter ended June 30, 2022, it reported an adjusted operating profit of $16.5 million, the highest till date, compared to an adjusted operating loss of $8.6 million in the same period a year ago. The company attributed this phenomenal growth to ‘strong recovery’ and an ‘increased demand for travel’. But that is only a part of the story though behind the dramatic turnaround of the Nasdaq-listed MMYT which owns and operates well-known online brands including goibibo.com and redbus.in.

What happened to MMYT after a countrywide lockdown came into force in late March 2020? What was going on back then when the travel sector virtually came to a standstill? This reporter caught up with Rajesh Magow, Co-founder and Group CEO, MMYT, in the spacious meeting room located on the 19th floor of Epitome, a prominent office address in Gurugram to get the fully story. Magow walked in at the appointed time with his trademark smile. After a quick exchange of pleasantries and the initial ‘what’s’ going on in the economy’ discussion, the conversation moved to the subject of the pandemic and how it had impacted MMYT.