MakeMyTrip Co-Founder on India IPO and the AI Question Investors Stopped Asking
Photo Credit: Rajesh Magow, co-founder and group CEO of MakeMyTrip speaking at Skift Forum India on March 18, 2025. Skift
Skift Take
MakeMyTrip is trying to answer three questions at once: can it stay relevant as AI reshapes travel discovery, can a string of small acquisitions build real value rather than just organizational sprawl, and does a domestic listing finally make sense after 16 years on Nasdaq?
MakeMyTrip is still weighing next steps for a domestic Indian IPO and thinks it has already won the AI debate.
The structural hurdles to the IPO are real for the company, which has traded on the Nasdaq since 2010. India's restrictions on dual listings and the company's Mauritius incorporation make this anything but straightforward.
“It is a bit complex, but certainly possible and doable,” said co-founder and group CEO Rajesh Magow. “There is no compulsion for us. Whenever it’s the right opportunity, we will see.”
But the company has already laid some groundwork, including merging redBus India into MakeMyTrip India to consolidate its key brands under a single entity.
On its latest earnings call, chief operating officer, Mohit Kabra had said the group would effectively run two separate listed entities for a period — the existing Nasdaq-listed Mauritius holding company, and a new India-listed one. The longer-term goal is to eve
