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MAKEMYTRIP LIMITED

(MMYT)
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MakeMyTrip : Limited Announces Partnership with Leading AI-Enabled Travel Booking App Hopper

10/14/2021 | 10:01am EST

Tie up to empower MakeMyTrip customers to make better travel decisions and save money while booking flights by leveraging Hopper’s Price Freeze technology

New York, Oct. 14, 2021 (GLOBE NEWSWIRE) -- Gurugram and New York, October 14, 2021: MakeMyTrip Limited (NASDAQ: MMYT) (the “Company”), India’s leading online travel company, today announced its partnership with Hopper, one of the top travel booking apps for flights, hotels and car rentals, to help travelers save money with personalized recommendations and flexible booking capabilities. Through this partnership, MakeMyTrip aims to further enhance the flight booking experience by boosting its recently launched Price Lock feature. Hopper's Price Freeze technology will power MakeMyTrip’s Price Lock feature and enable customers to lock in flight fares for up to seven days while they are in the process of firming up their travel plans.

Since its launch this year, the feature has seen increased adoption amongst flyers as the need for flexible travel has risen sharply post-pandemic. As travel bounces back, the company hopes to see travelers across India actively opting for and benefitting from Price Lock feature. By partnering with Hopper, MakeMyTrip plans to leverage its Price Freeze technology that has proven to drive conversions and increase revenue while offering transparency and flexibility to its customers.

Commenting on the partnership and the benefits that MakeMyTrip aims to pass on to its flyers, Rajesh Magow, Co-founder & Group CEO, MakeMyTrip shared, “Flexibility is the future of travel – it is how we want to build back demand and put consumer confidence back in booking travel freely, just as they did before the pandemic. As we double down in our efforts to enrich the flight booking experience on the MakeMyTrip platform, we are partnering with Hopper to make use of its innovative technology and pass on the benefits of smart and prudent flight booking to travelers. We are thrilled to extend valuable benefits and bring home best global practices of predictive pricing through Hopper’s data-driven capabilities and AI-rich airfare forecasting tools for our customers.”

Expressing excitement at joining hands with MakeMyTrip, Frederic Lalonde, CEO and Co-Founder of Hopper, said, “Consumer expectations have changed over the past year and a half, and flexibility is a make-it or break-it factor for travelers. Hopper’s Price Freeze technology will empower MakeMyTrip customers to plan and book their trips with peace-of-mind. As travel continues to rebound, and even enters a travel supercycle, Hopper Cloud is providing the fintech solutions that drive conversions and revenue.”

With the addition of Hopper’s predictive algorithms and AI-enabled dynamic pricing tools, MakeMyTrip will be able to protect travelers against airfare volatility. By offering an opportunity for users to lock in low fares before they rise, Hopper's Price Freeze algorithms also help solve one of the major dilemmas of travelers – when is the best time to book my trip? Hopper is powering this partnership as part of its B2B initiative, Hopper Cloud.

About MakeMyTrip: MakeMyTrip Limited is India's leading online travel company. We own and operate well-recognized online brands, including MakeMyTrip, Goibibo and redBus. Through our primary websites, www.makemytrip.comwww.goibibo.comwww.redbus.in, and mobile platforms, travellers can research, plan and book a wide range of travel services and products in India as well as overseas. Our services and products include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, rail ticketing, bus ticketing, car hire and ancillary travel requirements such as facilitating access to third-party travel insurance and visa processing.

About Hopper: Hopper is the world’s fastest-growing mobile-first travel marketplace. By leveraging massive amounts of data and machine learning, the company has developed several unique fintech solutions that help customers save money and travel better. Through its B2B initiative, Hopper Cloud, the company is syndicating its fintech solutions, infrastructure, and agency content. Whether it’s pricing volatility or trip disruptions, Hopper’s proprietary suite of fintech solutions address every pain point in the customer journey while driving conversion, repeat purchases, and profitability.

For more details, please contact:
Jonathan Huang
MakeMyTrip Limited
Vice President - Investor Relations
+1 (917) 769-2027
jonathan.huang@go-mmt.com.com


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Financials (USD)
Sales 2022 411 M - -
Net income 2022 -23,4 M - -
Net cash 2022 322 M - -
P/E ratio 2022 -792x
Yield 2022 -
Capitalization 2 758 M 2 758 M -
EV / Sales 2022 5,92x
EV / Sales 2023 3,14x
Nbr of Employees 3 256
Free-Float 45,9%
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 26,33 $
Average target price 36,20 $
Spread / Average Target 37,5%
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Managers and Directors
Rajesh Magow Group Chief Executive Officer & Director
Mohit Kabra Group Chief Financial Officer
Deep Kalra Group Executive Chairman
Aditya Tim Guleri Independent Director
Jian Zhang Liang Independent Director
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