MakeMyTrip is an Indian online travel booking company founded in 2000 by Deep Kalra, Rajesh Magow, Keyur Joshi, and Sachin Bhatia.Its headquarter is located in Gurugram, Haryana. The services provided by the company include the booking of airline tickets, domestic and international holiday packages, hotel reservations, and rail and bus tickets. TripMoney, MakeMyTrip's fintech arm, recently acquired a majority stake in foreign exchange services provider BookMyForex.
As of March 31, 2022, they have 14+ company-owned travel stores in 14+ cities, over 30+ franchisee-owned travel stores in 29 cities, and counters in four major airports in India. MakeMyTrip has also established numerous international offices in New York, Singapore, Kuala Lumpur, Phuket, Bangkok, and Dubai.
COVID-19 PRE AND POST IMPACT
Before COVID hit India, MMT increased its franchisee stores footprints and signed about 150 centers, which allowed it to shut down all its company-owned offline retail stores across the country. This was the time when Make My Trip was at the peak of the acquisition of various startups which was becoming a competitor to them. During this period The company was flouring with various and wide spectrum of products and it was a golden age for them as they were having good revenue. But having a wide spectrum of services can be caught to taxation due to which the Net income of MMT was becoming weak and there was a phase where it was going negative(loss). During the pre-pandemic, there were many incidents like an Increase in oil prices which had an adverse effect on the travel industry but Make my trip has overcome it as one of the best business models. The business model is shown below.
MakeMyTrip operates on a B2C (business to customer) business model, allowing customers to book their tickets online with a single click of the mouse, allowing them to access a wide range of the brand's products and services.
A number of confidence-building measures have been implemented, including technology-rich product innovations, contactless check-in at hotels for customers, a price lock feature that will help lock up flight fares seven days in advance, and seats are reserved for a minimum fee with paying for the upfront and safety checks (mask usage by cab drivers and proper vehicle sanitization before and after every trip). Due to COVID's impact on the business, they laid off 350 employees.
IMPACT ON SUPPLY CHAIN: Since the services opted for by the customers were cancelled by the government, the company had to bear losses due to the supply chain, and they had to refund the total amount of money to the customers, including commission and the convenience fee as well.
HR POLICY TAKEN PLACE: They launched "Stays for Saviors," an initiative for providing temporary accommodations at special rates to the medical frontline force that was fighting COVID-19. Customers who had booked their tickets but were stuck were given the option to change the dates of their trips.