MakeMyTrip Limited (NASDAQ: MMYT)Investor PresentationJune 2018

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Safe Harbor

Certain statements contained in this presentation are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations or forecasts of future events and our future performance and do not relate directly to historical or current events or our historical or current performance and are subject to risks and uncertainties, some of which are outside of our control, that could cause actual outcomes and results to differ materially from historical results or current expectations. Most of these statements contain words that identify them as forward looking, such as “anticipate”, “estimate”, “expect”, “project”, “intend”, “plan”, “believe”, “seek”, “will”, “may”, “should”, “opportunity”, “target” or other words that relate to future events, as opposed to past or current events. Among the factors that could cause actual results to differ materially include, but are not limited to, the slowdown of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, the inability to successfully integrate the businesses of MMYT and ibibo Group within the anticipated timeframe or at all, the risk that the acquisition will disrupt current plans and operations, increase in operating costs and potential difficulties in customer or supplier loss and employee retention as a result of the acquisition, the inability to recognize the anticipated benefits of the combination of MMYT and ibibo Group, including the realization of revenue and cost synergy benefits within the anticipated timeframe or at all, 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 18, 2017 filed with the U.S. Securities Exchange Commission (“SEC”), copies of which are available from the SEC, our website or our Investor Relations department.

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. These forward-looking statements speak only as of the date of this presentation, and we do not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. 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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Non-IFRS Metrics & Note on Unaudited Financials

The following non-IFRS metrics will be used in this presentation:

Gross Bookings represents total amount paid by our customers for travel services and products booked through us, including taxes, fees, and other charges, and are net of cancellations, discounts and refunds, but does not include other revenues that are generated from 3rd party advertisement on our website, commissions and fees earned from the sale of bus and rail tickets and fees earned by facilitating travel insurance policies to customers.

Net Revenues or Revenues less Service Costs represents IFRS revenue after deducting cost for the acquisition of relevant services and products for sale to customers and adding back certain expenses in the nature of promotions which had been adjusted against revenue. Cost for the acquisition of relevant services and products for sale to customers include procurement costs paid to hotel and package suppliers for the acquisition of hotel rooms, sightseeing costs, local transport costs and on occasion the cost of air tickets when the company pre-purchases air ticket inventory in order to enjoy special negotiated rates and revenues.

Net Revenue Margins is defined as Net Revenues as a percentage of Gross Bookings, and represents commissions, fees, incentive payments and other amounts earned in our business. We follow net revenue margin trends closely across our various lines of business to gain insight into the profitability of our various businesses.

Flight Segment is defined as a flight between two cities, whether or not such flight is part of a larger or longer itinerary.

Room Nights, also referred to as a “hotel-room nights,” is the total number of hotel rooms occupied by a customer or group,multiplied by the number of nights that such customer or group occupies those rooms.

Constant Currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on

the reporting for the historical average rate used in the prior year’s comparable fiscal period.

Fiscal Year End – March 31st

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Key Investment Highlights

Leading OTA with Multiple Brand Strategy & Accredited Hotel Brands (GoStays & MMT Assured)

Hotels & Packages Contributing to Over Half of Net Revenues

Strong & Experienced Management Team

Driving Online Growth in Underpenetrated Hotels Segment with Improving Spend Efficiencies to Leverage Fast Growing Online Customer Base in India

6

1

2

3

4

5

Leveraging a Fast Growing Smartphone Internet Ecosystem in India

Large Total Market Share in Air Ticketing, Online Bus Ticketing & Online Hotel Bookings

5

224

663

478

760

US China India India

Fastest Growing Large Economy1

Source: 1IMF World Economic Outlook, Real GDP Growth 2CIA World Factbook 2017 estimates;

*Internet Live Stats Dec 2017, IAMAI estimates for India Internet users in 2018, India’s Trillion

Dollar Digital Opportunity”

46%

32%

30%

49%

52%

59%

6%

16%

11%

Age 0–24 Age 25–64 Age 65+

Largest Young Population (2017)2

2nd Largest Base of Active Smartphone Users (in millions)

312

772

500

850

US China India India

96%

55%

37%

60%

US China India India

2022E2018 2022E2018 2022E2018

Growth Driven by Low Internet Penetration

2nd Largest Base of Internet Users (in millions)

Attractive Macro Growth Drivers

2018 2019

7.4% 7.8%

6.6% 6.4%

2.7% 2.5%

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Large Domestic Travel Market with High Growth & Underpenetrated Segments

Continued robust domestic air passenger growth

UDAN program to increase regional

air connectivity via subsidies & fare caps

***********************************************************

FY2019 Domestic Aviation CAPA Forecasts:

Passengers growth: 18% - 20%

Capacity growth: ~25%

Online Flight Ticketing Online Hotel Booking

India domestic hotels Supply:

100k Properties

2 million rooms, growing +10% p.a.

Average occupancy rates @ 65%

Current Online Penetration Rates:

15% going to 30% by 2020 per BCG-Google

Low penetration of hotels booked online

relative to developed markets presents large growth

opportunities

23.0 24.6 25.1

27.2 27.3 28.9 28.8

32.2 33.8

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

JFM2016

AMJ2016

JAS2016

OND2016

JFM2017

AMJ2017

JAS2017

OND2017

JFM2018

Mill

ions o

f D

om

estic P

assengers

Flo

wn

Source: DGCA.nic.in

YoY

Growth

%24% 21% 24% 23% 19% 18% 15% 18% 24%

India China EU US

10% - 15% 25% - 30% 41% 46%

Source: Morgan Stanley India Internet: Chart of the Week: Online penetration of

hotel bookings is low and has room to grow

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Multiple Brands with Superior Online Scale & Reach

Source: Company data as disclosed on Q4 FY2018 Earnings Call & SEC Form 6K Filed on May 30, 2018

167Million

Total Unique

Visitors

129 Million

Cumulative App

Downloads

97 Million

Monthly

Shopper Visits

31 Million

Transacted

Customers

18Million

Monthly Active

Mobile Users

Comprehensive Product Offerings | Expanded Customer Reach | Cross Selling Opportunities

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Hotel Segment Focus Mid-premium (3/4/5 star); > INR 3,500 GoStays Budget Hotels (2/3 star); < INR 3,500

Core Brand MessagingLeisure Travel Expert which helps users

Discover the World.

Delivering value to travelers through

smart product & tech innovations

Differentiated Consumer

Offerings

Pay @ Hotel; Zero Cancellation Charge;

Best Price Guarantee

Slot Bookings, Early Check-In;

Couple Friendly Hotels

Acquisition StrategyBuild Preference & Choice largely through

Credible Online Channels & ATL

Offline Mediums (Kiosks, In-flight Branding, Airport

& Railway Station Signage), ATL & Online Channels

Loyalty Enablers MMT BLACK, MMT DoubleBlack GoContacts, GoCash+, GoStays, Network effects

Product FeaturesOriginal Hotel Content, Personalized Listing,

Video Hotel Content

Traveler Rating and Reviews, Q&A,

Video Product Marketing Features

Campaign StrategySolving for Key Consumer Barriers

(Advanced Payment & Cancellation Charge)

& Best Price Guarantee

Drive “network effect” through GoCash+.

Offers Differentiated & Powerful Budget Hotel

Experience through GoStays

Multiple Brand Positioning with Distinct Go to Market Strategies

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Superior Brand Awareness

48

13

12

3

2

02550

47

18

8

9

7

0 25 50

MakeMyTrip

Competitors

Source: March 2018 Millard Brown Study commissioned by Company

Top of Mind AwarenessConsideration Top

Box Score

Goibibo

YT

CT

Other

India Online Travel Industry Brand Recall

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MakeMyTrip & Goibibo

63%

#2 & #3 Peers37%

Domestic Hotel Online Market Share2

(2017)

MakeMyTrip & Goibibo

64%Yatra12%

Cleartrip10%

Other14%

Domestic Air Ticketing Total OTA Market Share3

(JFM 2018)

MakeMyTrip48%

Yatra24%

Cleartrip18%

Other10%

India Online Travel Market1

(2010)

Online Travel Market Leadership Gains Since Initial Public Offering

MakeMyTrip & Goibibo

63%

#2 & #3 Player26%

Others11%

1 – Phocuswright 2010 Research in Gross Bookings share

2 – Morgan Stanley Research Estimates for 2017, as of May 2018

3 – Calculated as per DGCA Segment data for the quarter ending March 31, 2018

Indian Online Travel Market2

(2017)

Demonstrable Market Share Gains

with Widening Gap from Peers

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Underpenetrated Online Hotels Market - Long Term Growth Opportunities

Premium Hotels(5 & 4 stars)

$4.8 billion bookings

opportunity

Positioning MakeMyTrip

as premium brand

Leveraging new loyalty

programs to drive retention

Targeting high spending

& repeat customers

Delivering superior

end-to-end user experience

Mid Tier Hotels(3 & 2 stars)

$4.0 billion bookings

opportunity

Expanding selection & choice

Enhancing service

guarantee to users

Offering accredited hotels to

deliver consistent

stay experience

Supporting customers

post sales & on trip

Budget & Alternative

Accommodations

$4.0 billion bookings

opportunity

Differentiated & accredited

supply from 3rd party budget

hotel chains

4,600+ goStays available

goibibo value brand

positioning

GoContacts programs to

enhance reach

Note: 2017 Bookings opportunity based on company estimates

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Mobile Focused Approach Enabling Continued Reach & Growth

Mobile Air

Ticketing

67%

Mobile Bus

Ticketing

65%

Mobile Hotel

Booking

77%

*FY2018 mobile transactions as % of total

129 mln cumulative app downloads to date

18 mln monthly average active mobiles users

81% of monthly shopper visits via mobile apps & web

Tier II & III

penetration

with 1.5 MB lite app

UPI Enabled Payments

New Payment Options

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A.I. + Machine Learning + Big Data Driving Improved User Experience

More Personalized

Shopping Experiences

Wider User Reach with WhatsApp Integration

Vernacular & Voice Based Interactions

A.I. Powered Chat for Post

Sales Customer

Service Automation

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Driving Customer Retention & Repeat through Loyalty Programs

MMT Black

Earn Wallet+ Cash by Spending

Wide Range of Redemption Options

+750K Enrollees

MMT Double Black

Annual Subscription Model

Value for Frequent Travelers

+30K Enrollees

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Corporate Social Responsibility

Planting trees to offset individual’s

CO2 emissions & Zero Single Use

Plastics across offices

Safeguarding living culture and artistic

heritage and ensuring sanitation and

cleanliness of the surroundings to offset

damage from mass tourism

Provide minimum level of income and other

support for disadvantaged groups such as

the poor, elderly, disabled, students, minor

children

‘Be the Change’ is a crowd sourced funding initiative, created with a vision to impact

society and the environment positively. It is focused on offsetting our carbon footprints and

promoting sustainable tourism.

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Experienced Founding & Management Team Driving Execution

Deep Kalra Co-Founder, Chairman and Group CEO

- Started MakeMyTrip in 2000

- Group Chairman

- 25+ Years of Experience

- Prior Experience: GE Capital India, AMF Bowing Inc. & ABN AMRO Bank

- Board member & past President of The IndUSEntrepreneurs (TIE) New Delhi chapter

- Founding member of Ashoka University & serves on the Board & Governing Council

- Bachelor’s degree in Economics –St. Stephen’s College

- MBA IIM Ahmedabad, India

Rajesh MagowCo-Founder and CEO India

- Senior founding team member

- Member of the Board of Directors

- Previously Group CFO and Chief Operating Officer

- 24+ Years of Experience

- Prior Experience: eBookers.com, AptechLimited & Voltas Limited

- Independent Director of FlipKart Board

- Chartered Accountant from Institute of Chartered Accountants of India

Mohit KabraGroup Chief Financial Officer

- 23+ Years of Experience

- Prior Experience: Kohler India, PepsiCo, Colgate & Seagrams

- Bachelor of Commerce - St. Joseph’s Junior College

- Chartered Accountant from Institute of Chartered Accountants of India

- Cost Accountant from Institute of Cost Accountants of India

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Financial Overview

Results presented include the consolidation of ibibo group from

February 1, 2017 onwards, unless otherwise noted

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Financial Summary for Full Year Fiscal 2018

Source: Company data, SEC 6K Filed on May 30, 2018. Gross Bookings include Bus Ticketing gross booking as disclosed in FORM 6-K YoY % growth for Revenue Less Service Costs, flight segments, room nights stayed, bus tickets sold on pro forma basis

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High Revenue Less Service Costs Growth for FY2018 (Pro Forma basis)

Air Ticketing Hotels & Packages Other

% change represents the comparison of FY18 reported revenue less service costs to the Pro Forma revenue less service costs disclosed on SEC form 6-K filed on July 18, 2017

Full Year FY18 Total Revenue Less Service Costs

$577.1 million, +39.5%

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High Net Revenue Growth & Improving Marketing Spend Efficiencies

($ in millions) Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18

Total Revenue Less Service Costs (Net Revenue) $141.2 $139.2 $151.4 145.3

Air Ticketing Net Revenue $45.6 $47.1 $50.9 $58.5

Hotels & Packages Net Revenue $81.3 $79.2 $83.9 $69.4

Other Net Revenue $14.3 $12.9 $16.6 $17.5

Total Net Revenue as % of Total Gross Bookings 12.3% 13.0% 12.8% 12.3%

Total Gross Bookings $1,149.6 $1,070.2 $1,187.3 $1,183.9

Marketing & Sales Promotion Spend $142.4 $135.9 $133.3 $118.0

As % of Total Gross Bookings 12.3% 13.0% 11.2% 10.0%

Adjusted Operating (Losses) ($52.3) ($45.0) ($33.9) ($23.5)

As % of Total Gross Bookings (4.6%) (4.2%) (2.9%) (2.0%)

Sequential Reduction in Adjusted Operating (Losses)

Driven by Increased Marketing Efficiencies & Improved Unit Economics

Source: Company data, SEC 6-K FilingsTotal Gross Bookings includes Bus Ticketing bookings Marketing & Sales Promotion includes adjustments for other promotions netted against revenue less service costs

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Improving Mix and Margins with Strategic Focus on Hotels and Packages

Air Ticketing Net Revenue Margin

Hotels and Packages Net Revenue Margin

• Commissions and volume incentives from airlines

• Convenience & Service fees from customers

• Fees from GDS partner

Effective Product Bundling & Scale

• Mark up on Net Rates

• Commissions & volume incentives from hoteliers

Multiple sources of Net Revenue

Total Net Revenue as % of Total Gross Bookings1

8.1% 8.1%8.8%

11.3%

12.6%

0%

2%

4%

6%

8%

10%

12%

14%

FY14 FY15 FY16 FY17 FY18

6.6%6.1% 6.0%

7.7% 7.5%

0%

2%

4%

6%

8%

10%

FY14 FY15 FY16 FY17 FY18

12.6% 13.2%15.3%

18.8%

22.6%

0%

5%

10%

15%

20%

25%

FY14 FY15 FY16 FY17 FY18

Note 1: FY18 calculations includes Bus Ticketing bookings, prior periods only included air ticketing

& hotels & packages gross bookings