India's largest online travel company (MakeMyTrip, Goibibo, redBus) - listed on Nasdaq, not in India
Strengths
Leader in hotels and holidays, the high-commission end of online travel
Profitable with large cash reserves
Risks
Not listed in India; Trip.com reduced its stake in 2025
Competition from ixigo in trains/buses and from direct airline bookings
Background
Listed on Nasdaq (MMYT); reported to have filed confidentially for an Indian listing in 2026 (unverified)
No NSE market data
Compiled from public reporting — not exchange-listed.
Where it fits
Sells tickets and rooms on behalf of airlines, Indian Railways, bus operators and hotels, earning a commission or convenience fee per booking plus ads and add-ons (insurance, free cancellation). IRCTC is the only online seller of railway tickets; others such as ixigo sell rail tickets as its authorised partners.
Why it matters
Travel is a big, frequent online category in India, and the economics are asset-light. Trains give mass reach (ixigo is the largest rail-booking partner), flights and hotels give margin, and corporate travel (Yatra) gives sticky B2B revenue.
Where the value pool sits
Take rates are low on flights (a few % of ticket value) and higher on hotels and holidays (10-20%). ixigo's gross transaction value grew ~22% in Q2 FY27, led by flights (+37%) and hotels. MakeMyTrip dominates hotels and holidays but is listed only on Nasdaq.
Key drivers
Rising air travel and new airports
Hotel and holiday mix shift toward higher-commission products
Gen-Z and tier-2 travellers booking on mobile
Corporate travel growth for B2B specialists
Potential bottlenecks
Airline consolidation (IndiGo and Air India hold most seats) squeezes agent commissions
IRCTC controls rail inventory and convenience fees
Hotel supply is fragmented and Google and the airlines' own apps compete for the traffic