MakeMyTrip Limited (NASDAQ: MMYT)Investor PresentationFebruary 2018

2

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 and MMYT’s 6-K dated November 22, 2016, each 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 cancellation 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 railway and bus operators and fees earned byfacilitating travel insurance policies to customers.

Net Revenues represents Revenues less Service Costs (costs of procuring the relevant services for sale to customers, including 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 negotiatedrates 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 Online Travel Agency with Multiple Well Recognized Brands

Hotels & Packages Business Contributing to Over Half of Net Revenues

Strong & Experienced Management Team

Driving High Growth in Underpenetrated Hotels Segment with Improving Spend Efficiency

6

1

2

3

4

5

Leveraging a Fast Growing Smartphone Internet Ecosystem

Large Total Market Share in Transportation Ticketing & Hotel Bookings

5

224

663

416

650

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 2017,

KPMG April 2017 analysis “Indian Languages Defining India’s Internet”

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 ofActive Smartphone Users

312

772

481

735

US China India India

96%

55%

36%

52%

US China India India

2020E2017 2020E2017 2020E2017

Growth Driven by Low Internet Penetration

2nd Largest Base of Internet Users

Attractive Macro Growth Drivers

2018 2019

7.4% 7.8%

6.6% 6.4%

2.7% 2.5%

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23.0 24.6 25.1

27.2 27.3 28.9 28.8

32.2

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

JFM2016

AMJ2016

JAS2016

OND2016

JFM2017

AMJ2017

JAS2017

OND2017

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%

Large Domestic Travel Market with High Growth & Underpenetrated Segments

Robust domestic air passenger growth

High growth driven by pent up demand

& affordable airfares

UDAN program to increase regional

air connectivity via subsidies & fare caps

Round 2 of route allocations completed

Online Flight Ticketing Online Hotel Booking

Low penetration of hotels booked online

Currently 15% going to 30% by 2020 (BCG-Google)

Currently offering 50,000 properties

across India across 3 platforms

Operating sub brands to address budget

accommodation market needs

Shifting booking behavior online

by addressing customer concerns

7

Multiple Brands with Superior Online Scale & Reach

Source: Company data as disclosed on Q3 FY2018 Earnings Call & SEC Form 6K Filed on February 8 2018

166Million

Total Unique

Visitors

115 Million

Cumulative App

Downloads

94 Million

Monthly

Shopper Visits

29 Million

Transacted

Customers

17Million

Monthly Active

Mobile Users

Comprehensive Product Offerings | Expanded Customer Reach | Cross Selling Opportunities

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Superior Brand Awareness

51

13

11

6

3

02550

46

14

8

11

10

0 25 50

MakeMyTrip

Competitors

Source: November 2017 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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Underpenetrated Online Hotels Market - Long Term Growth Opportunities

Premium Hotels(5 & 4 stars)

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)

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

Differentiated supply from

3rd party budget hotel brands

goibibo value brand

positioning

GoContacts programs to

enhance reach

Focused on expanding

Alternative Accommodations

10

Proprietary Platform to Aggregate Content & Rooms from Independent Hotels

Common Hotel Supplier

Extranet Platform

Single platform for multiple

brand inventory & rates

management

Supplier driven discounting

capabilities

Competitive & demand signals

to provide (hyper local market)

intelligence

Management of Goods &

Services Tax compliance for

hoteliers

Hotelier & guest live chat

Participation in Q&A: talk to

guest before booking

11

Innovations Enhances Experiences for Users & Suppliers

Greater Personalization

AI Powered Customer Support In App Feedback with Suppliers WhatsApp Integration

Enhanced Referral ProgramUnique Customer

Refund Program

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Improved Loyalty Programs – Driving Customer Retention & Satisfaction

MMT Black

Earn Wallet+ Cash by Spending

Wide Range of Redemption Options

+135K Enrollees

MMT Double Black

Annual Subscription Model

Value for Frequent Travelers

~20K Enrollees

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Mobile Focused Approach Enabling Continued Reach & Growth

Mobile Air

Ticketing 62%

Mobile Bus

Ticketing 60%Mobile Hotel

Booking 76%

*Q3 FY2018 mobile transactions as % of total

• Top Ranked iOS &

Google Play Apps

• Driving Tier II & III

penetration

• 115+ million

cumulative app

downloads to date

• 17+ million monthly

average active

mobiles users

• 80% of Monthly

Shopper Visits via

Mobile App & Web

• UPI, Google Tez &

Amazon Pay enabled

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Experienced Founding & Management Team Driving Execution

Deep Kalra Co-Founder, Chairman and Group CEO

- Started MakeMyTrip in 2000

- Chairman of the Board of Directors

- 24+ 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 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 CFO and Chief Operating Officer

- 23+ Years of Experience

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

- Independent FlipKart.com Board Member

- Chartered Accountant from Institute of Chartered Accountants of India, Delhi

Mohit KabraGroup Chief Financial Officer

- 22+ 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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9 Months Year to Date Financial Summary (Fiscal Year 2018)

Source: Company data, SEC 6K Filed on February 8 2018. Gross Bookings include Bus Ticketing business. YoY % growth on pro forma basis as disclosed

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High Net Revenue Growth & Improving Marketing Spend Efficiencies

Source: Company data, SEC 6K Filed on February 8 2018 YoY % change on Constant Currency Basis, as reportedMarketing & Sales Promotion includes adjustments for other promotions netted against revenue less service costs. Gross Bookings includes Bus Ticketing bookings

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

Total Revenue Less Service Costs

(Net Revenue)$141.2 +135% $139.2 +157% $151.4 +94%

Air Ticketing Net Revenue $45.6 +86% $47.1 +95% $50.9 +30%

Hotels & Packages Net Revenue $81.3 +140% $79.2 +180% $83.9 +132%

Other Net Revenue $14.3 +703% $12.9 +568% $16.6 +476%

Marketing & Sales Promotion Spend $142.4 +165% $135.9 +176% $133.3 +194%

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

Adjusted Operating (Losses) as % of Gross Bookings (4.6%) (4.2%) (2.9%)

$2.6 million reduction in total Marketing & Sales Promotion spend in Q3FY18 vs Q2FY18

& $9.1 million reduction vs. Q1FY18

Adjusted Operating (Losses) as % of Gross Bookings improved to 2.9%

as a result of improving Marketing efficiencies

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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%

12.7%

0%

2%

4%

6%

8%

10%

12%

14%

FY14 FY15 FY16 FY17 YTD FY18

6.6%6.1% 6.0%

7.7%7.3%

0%

2%

4%

6%

8%

10%

FY14 FY15 FY16 FY17 YTD FY18

12.6% 13.2%15.3%

18.8%

22.5%

0%

5%

10%

15%

20%

25%

FY14 FY15 FY16 FY17 YTD FY18

Note 1: YTDFY18 calculation includes Bus Ticketing bookings,

prior periods only included air ticketing & hotels & packages gross bookings

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2.1% 1.9% 1.9% 2.0% 1.5%

1.4% 1.4% 1.4% 1.2%1.1%

2.7%2.2% 2.3% 2.1%

1.6%

2.2%2.6%

5.9%

9.8% 12.1%

0.3% 0.4%

0.4%

0.5%

0.3%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

FY14 FY15 FY16 FY17 YTD FY18

Personnel Expenses Payment Gateway SGA Marketing Depreciation & Amortization

11.9%

15.6%

8.7%

16.5%

8.5%

Investing to Drive Higher Hotels & Packages Net Revenue Contribution %

of

Gro

ss B

oo

kin

gs

45%H&P Net Rev Mix 51% 51% 57%38%

Blended Net Rev Margin

8.1% 8.1% 8.8% 11.3% 12.7%

Marketing as % of Net Rev

26.2% 30.6% 64.4% 82.0% 95.3%

Note:

YTD FY18’s Gross Bookings calculation includes Bus Ticketing bookings

Personnel Expenses excluded share based compensation charges and Severance cost related to a prior acquisition

Depreciation and amortization excluded Acquisition related intangibles amortization

SGA excluded Merger and acquisitions related expenses