MakeMyTrip : Investor Presentation February 2023

MakeMyTrip Ltd. (NASDAQ: MMYT)

Investor Presentation

February 2023

Safe Harbour

This presentation contains certain statements concerning MakeMyTrip's (MMYT) future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the MMYT's current expectations, assumptions, estimates and projections about MMYT and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate", "believe", "estimate", "expect", "intend", "will", "project", "seek", "should" and similar expressions. Such statements include, among other things, quotations from management as well as MMYT's strategic and operational plans. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, a slow-down of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, volatility in the trading price of MMYT's shares, MMYT's reliance on its relationships with travel suppliers and strategic alliances, failure to further increase MMYT's brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in India and overseas, failure to successfully develop MMYT's corporate travel business, damage to or failure of MMYT's infrastructure and technology, loss of services of MMYT's key executives, and inflation in India and in other countries. In addition to the foregoing factors, a description of certain other risks and uncertainties which may cause actual results to differ materially can be found in the "Risk Factors" section of MMYT's 20-F dated July 12, 2022, filed with the U.S. Securities Exchange Commission ("SEC"), copies of which are available from the SEC, our website or our Investor Relations department. COVID-19 pandemic, and the volatile regional and global economic conditions stemming from it, and additional or unforeseen effects from the COVID-19 pandemic, could also continue to give rise to or aggravate these risk factors, which in turn could continue to materially adversely affect our business, financial condition, liquidity, results of operations (including revenues and profitability) and/or stock price. Further, COVID-19 pandemic may also affect our operating and financial results in a manner that is not presently known to us or that we currently do not consider to present significant risks to our operations. All information provided in this presentation is provided as of the date of issuance of this presentation, and MMYT does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

We cannot assure you that the assumptions made in preparing any of the forward-looking statements will prove accurate or that any projections will be realized. We expect that there will be differences between projected and actual results. The forward-looking statements made in this presentation relate only to events or information as of the date on which the statements are made in this presentation. Our actual results, performance, or achievement may differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, we can give no assurances that any of the events anticipated by these forward-looking statements will transpire or occur or, if any of the foregoing factors or other risks and uncertainties described elsewhere in this presentation were to occur, what impact they would have on these forward-looking statements, including our results of operations or financial condition. In view of these uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements attributable to us are expressly qualified in their entirety by the cautionary statements contained herein and in our future annual and quarterly reports as filed with the SEC.

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Key Highlights

1

2

3

4

5

India's fast-growing economy offers a large travel market with low online penetration and high growth potential. Domestic air travel and short haul outbound travel has recovered to pre-pandemic levels.

Strong brands (MakeMyTrip, Goibibo & redBus) with market leadership across Travel Segments

One Stop shop for all travel and travel related services across all demand segments

Significant cost rationalization through pandemic has improved operating leverage & profitability

Well capitalized to leverage growth opportunity with organic & inorganic investments

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Multiple Tailwinds to Drive India's Low e-commerce Penetration Higher

Large Economy with High Growth Forecasted1

2021		2022		2024

8.7%

6.8%

6.8%

8.4 %		3.0%		4.5%

Largest Young Population3 to Drive Digital Adoption

44%

49%

7%

29%

59%

12%

5.4%		2.7%		2.5%

India to Become $5 Trillion Economy by 20262

~142 Million Additional Middle-Income Households by 20304

54%	78%
	~300
~158
2018	2030

Share of Middle-Income Households

	31%	52%			17%
			Age 0-24		Age 25-64			Age 65+
	2nd Largest Base of Internet Users5
Internet Users	838	686
(In Millions)

86%
59%	1.1
Billion
50%
	Internet Users by
	20304

Source: 1IMF World Economic Real GDP Outlook January 2023, 2Government of India estimates 3CIA

4 World Fact book 2022 estimates, 4World Economic Forum (January 2019), 5World Economic Forum (August 2020) % of total internet users to total population

Large Segments with Low Online Penetration and Long-Term Growth Potential

Flight Ticketing

Hotel Booking

Inter-City Bus Ticketing

• Leading Domestic & International Market Share in Long Term Growth Air Travel Market
• Domestic Capacity Restrictions Fully Lifted in October 2021
• International Air Travel Resumption from March 2022

32.9	Domestic Air Passengers Flown	35.8
(in millions)1	30.7	32.5
	30.2

23.424.8

18.918.8

11.0

8.9

2.3

Q1CY20

Q2CY20

Q3CY20

Q4CY20

Q1CY21

Q2CY21

Q3CY21

Q4CY21

Q1CY22

Q2CY22

Q3CY22

Q4CY22

• Large Domestic & Outbound Opportunity Available
• Low Online Domestic Hotel Penetration
• Fragmented Hotels & Alternative Accommodations Supply
• Pan India & International Destinations Supply Available for All Hotels Segments & Alternative Accommodations
• Proprietary Supplier Enablement Technology Platform for Distribution
• 2 Strong Brands to Drive Volumes

• High Fragmentation of Bus Operators - Seeking Digitization & Online Distribution
• 3,500+ Active Bus Operators Signed on Platform in India with 3+ Million bookable Seats
• 20+ Road Transport Corporations (State Government Operators) within India Connected on redBus Platform
• Unique Bus Operator GDS Platform to Digitize Inventory & redBus App for Online Distribution
• India's Playbook Expanded into
  International Bus Markets

Source: 1Director General Civil Aviation Data, Ministry of Civil Aviation; UDAN scheme (Ude Desh ka

5 Aam Nagrik) is a regional airport development and connectivity scheme aimed at making air travel affordable and widespread by Government of India