MakeMyTrip says no immediate plans to list in India
Rajesh Magow, Co-Founder and Group CEO of the online travel portal said the company will consider a listing in India if and when there is a need to raise capital.
Rajesh Magow, Co-Founder and Group CEO of Gurgaon-based MakeMyTrip, said the online travel company has no immediate plans to get publicly listed in India though it remains a possibility in the future.
“Thankfully, the stock in the US market is also recovered nicely and doing quite well. And we've been listed there for over 13 years now....when we feel the need of sort of raising capital, which we don't feel, we're profitable today, we have a very strong balance sheet. So it'd be a function of when you need...we would want to evaluate India market then,” he said.
MakeMyTrip faced a period of slower bookings leading up to the World Cup. However, Magow expressed optimism about the gradual recovery and resilience of the travel sector.
Magow said there was a significant surge in bookings during the extended Christmas weekend. “We have seen a very robust holiday quarter trends. It had a slow start getting into the quarter starting in October and November until the World Cup and as soon as the World Cup got over, it took off,” he said.
This uptick suggests a growing confidence among travelers and a willingness to explore destinations during festive seasons.
Also Read | Consumer court asks MakeMyTrip, Oyo Rooms to pay ₹42,000 to customer for cancelling hotel booking
During the December 23-25th long weekend, MakeMyTrip posted record number of single-day check-ins in hotels.
“From December 23 onwards, we have full peak sort of travel dates – December 23, December 24, and December 25 were a long weekend. We have one more coming up on December 30, December 31 and January 1 and we have seen record-breaking bookings happening, record-breaking check-ins happening on a single day. For our hotel business, we would have seen record single-day checking-in of the customers into the hotels which would be about 20% increase of the previous peak,” he said.
This surge in hotel bookings indicates a shift in consumer behavior towards more spontaneous travel plans.
For more, watch the accompanying video
(Edited by : Shweta Mungre)
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