In 2010, the Group approved a share incentive plan in Mauritius, named the MakeMyTrip 2010 Share Incentive Plan (“Share Incentive Plan”). During the years ended March 31, 2022, 2023 and 2024, the Group granted restricted share units, or RSUs, under the plan to eligible employees. Each restricted share unit represents the right to receive one common share. The fair value of each restricted share unit is the market price of one common share of the Group on the date of grant.

The terms and conditions relating to the RSUs grants under this Share Incentive Plan are given below:


Grant details	Number of instruments		Vesting conditions	Contractual life of RSUs
RSUs granted during the year ended March 31, 2022		2,413,442	Refer notes	4 – 9 years
RSUs granted during the year ended March 31, 2023		1,455,554	Refer notes	4 – 8 years
RSUs granted during the year ended March 31, 2024		829,578	Refer notes	4 – 8 years

- Nil (March 31, 2023: Nil and March 31, 2022: 2,529) RSUs have graded vesting over 4 years: 10% on the expiry of 12 months from the grant date, 20% on the expiry of 24 months from the grant date, 30% on the expiry of 36 months from the grant date, 40% on the expiry of 48 months from the grant date.

- 571,784 (March 31, 2023: 1,120,117 and March 31, 2022: 1,072,635) RSUs have graded vesting over 4 years: 25% on the expiry of 12 months from the grant date, 25% on the expiry of 24 months from the grant date, 25% on the expiry of 36 months from the grant date, 25% on the expiry of 48 months from the grant date.

- Nil (March 31, 2023: Nil and March 31, 2022: 564,541) RSUs have graded vesting over 5 years: 20% on the expiry of 12 months from the grant date, 20% on the expiry of 24 months from the grant date, 20% on the expiry of 36 months from the grant date, 20% on the expiry of 48 months from the grant date, 20% on the expiry of 60 months from the grant date.

- Nil (March 31, 2023: Nil and March 31, 2022: 547,060) RSUs have 100% vesting on September 30, 2024, Nil (March 31, 2023: 335,274 and March 31, 2022: Nil) RSUs have 100% vesting on September 30, 2025 and 209,731(March 31, 2023: Nil and March 31, 2022: 225,816) RSUs have 100% vesting on September 30, 2026. Further, the Group's estimate of the number of shares to be issued is adjusted upward or downward based upon the probability of achievement of the factors like Group performance (revenue, profit and gross merchandise value) of next three financial years and service condition. Maximum shares the employees are eligible to receive under this scheme are 150% of the total RSUs granted.

- 48,063 (March 31, 2023: 163 and March 31, 2022: 861) RSUs were fully vested on the grant date.

- These RSUs can be exercised within a period of 48 months from the date of vesting or within a period of 6 months from the date of termination of employment, whichever is earlier.

The number and weighted average exercise price of RSUs under share incentive plan are as follows:


	Weighted Average Exercise Price per share (USD)		Number of Awards			Weighted Average Exercise Price per share (USD)		Number of Awards			Weighted Average Exercise Price per share (USD)		Number of Awards
	For the year ended March 31
Particulars	2022		2022			2023		2023			2024		2024
Outstanding at the beginning of the year		0.0005		5,979,731			0.0005		7,445,641			0.0005		7,773,744
Granted during the year		0.0005		2,413,442			0.0005		1,455,554			0.0005		829,578
Forfeited and expired during the year		0.0005		(424,405	)		0.0005		(369,630	)		0.0005		(178,993	)
Exercised during the year		0.0005		(523,127	)		0.0005		(757,821	)		0.0005		(3,383,113	)
Outstanding at the end of the year		0.0005		7,445,641			0.0005		7,773,744			0.0005		5,041,216
Exercisable at the end of the year		0.0005		3,869,396			0.0005		4,327,478			0.0005		2,234,132

The grant date fair value of RSUs granted during the year is in the range of USD 24.00 to USD 55.42 (March 31, 2023: USD 24.25 to USD 32.62 and March 31, 2022: USD 24.16 to USD 32.97).

The RSUs outstanding at March 31, 2024 have an exercise price per share of USD 0.0005 (March 31, 2023: USD 0.0005 and March 31, 2022: USD 0.0005) and a weighted average contractual life of 4.3 years (March 31, 2023: 3.9 years and March 31, 2022: 4.3 years).

During the year ended March 31, 2024, share based payment expense recognized under personnel expenses (refer note 13) amounted to USD 36,936 (March 31, 2023: USD 34,651 and March 31, 2022: USD 32,921) for the RSUs granted under the Share Incentive Plan.

In 2010, the Group approved a share incentive plan in Mauritius, named the MakeMyTrip 2010 Share Incentive Plan (“Share Incentive Plan”). Each ESOP represents the right to receive one hundred common equity shares of the Group. No options were granted during the years ended March 31, 2022, 2023 and 2024, respectively.

The number and weighted average exercise price of ESOPs under share incentive plan are as follows:


	Weighted Average Exercise Price per ESOP (USD)		Number of Awards		Weighted Average Exercise Price per ESOP (USD)		Number of Awards			Weighted Average Exercise Price per ESOP (USD)		Number of Awards
	For the year ended March 31
Particulars	2022		2022		2023		2023			2024		2024
Outstanding at the beginning of the year		2,229		19,489		2,229		19,489			2,229		18,502
Forfeited and expired during the year		2,229		—		2,229		—			2,229		—
Exercised during the year		2,229		—		2,229		(987	)		2,229		(2,689	)
Outstanding at the end of the year		2,229		19,489		2,229		18,502			2,229		15,813
Exercisable at the end of the year		2,229		12,949		2,229		18,502			2,229		15,813

The ESOPs outstanding at March 31, 2024 have an exercise price per option of USD 2,229 (March 31, 2023: USD 2,229 and March 31, 2022: USD 2,229) and a weighted average contractual life of 1.4 years (March 31, 2023: 2.4 years and March 31, 2022: 3.4 years).

During the year ended March 31, 2024, share based payment expense recognized under personnel expenses (refer note 13) amounted to Nil (March 31, 2023: USD 966 and March 31, 2022: USD 3,724) for the ESOPs granted under the Share Incentive Plan.

Simplotel, one of the Group’s subsidiary (refer note 7 (c)), approved a share option plan in India, named the Employees Stock Option Plan 2015, hereinafter referred as "Simplotel Plan 2015" in the year ended March 31, 2015. During the year ended March 31, 2024, 192 Simplotel Employee Stock Options ("Simplotel ESOP") (March 31, 2023: Nil) were granted to employees. Each Simplotel ESOP represents the right to receive one equity share of Simplotel.

The number and weighted average exercise price of employee stock options under the ESOP Plan 2015 are as follows:


	Weighted Average Exercise Price per share (USD)		Number of Awards			Weighted Average Exercise Price per share (USD)		Number of Awards
	For the year ended March 31					For the year ended March 31
Particulars	2023		2023			2024		2024
Outstanding at beginning of the year		0.12		1,073			0.12		1,065
Granted during the year		—		—			0.12		192
Forfeited and expired during the year		—		(8	)		0.12		(55	)
Outstanding at the end of the year		0.12		1,065			0.12		1,202
Exercisable at the end of the year		0.12		947			0.12		949

Inputs for Measurement of Grant Date Fair Values of Simplotel ESOP Plan


	For the year ended March 31, 2024
Fair value of ESOP and assumptions
Share price at grant date (USD)		442.90
Fair value at grant date (USD)		442.90
Exercise price (USD)		0.12
Expected volatility		46.50	%
Expected term	6 years
Expected dividends		—
Risk-free interest rate		7.60	%

192 Simplotel ESOPs have graded vesting over 4 years: 10% will vest on completion of one year from the grant date, remaining Simplotel ESOPs will equally vest quarterly thereafter in the remaining 3 years in the ratio 20% in second year, 30% in third year and 40% in fourth year from the date of grant.

The Simplotel ESOPs outstanding at March 31, 2024 have an exercise price per Simplotel ESOP of USD 0.12 (March 31, 2023: 0.12). The weighted average contractual life of the Simplotel ESOPs granted under this plan is 10 years.

During the year ended March 31, 2024, share based payment expense recognized under personnel expenses (refer note 13) amounted to USD 1 (March 31, 2023: USD 26), for the Simplotel ESOPs granted under Simplotel Plan 2015.

BMF, one of the Group’s subsidiary (refer note 7 (b)), approved a plan in India, named the Book My Forex Employees Stock Option Plan, 2022, hereinafter referred as "BMF Plan 2022" in the year ended March 31, 2022. During the year ended March 31 2024, 2,490 BMF Employee Stock Options ("BMF ESOPs") (March 31, 2023: Nil) were granted to employees. Each BMF ESOP represents the right to receive one equity share of BMF.

The number and weighted average exercise price of BMF ESOPs under the BMF Plan 2022 are as follows:


	Weighted Average Exercise Price per share (USD)		Number of Awards
	For the year ended March 31
Particulars	2024		2024
Outstanding at beginning of the year		—		—
Granted during the year		0.12		2,490
Outstanding at the end of the year		0.12		2,490
Exercisable at the end of the year		—		—

Inputs for Measurement of Grant Date Fair Values of BMF Plan 2022


	For the year ended March 31, 2024
Fair value of ESOP and assumptions
Share price at grant date (USD)		16.65
Fair value at grant date (USD)		16.65
Exercise price (USD)		0.12
Expected volatility		46.40	%
Expected term	6 years
Expected dividends		—
Risk-free interest rate		7.32	%

- 1,992 BMF ESOPs have graded vesting over 2 years: 50% will vest on completion of one year from the grant date and remaining 50% will vest on completion of two years from the grant date.

- 498 BMF ESOPs have graded vesting over 3 years: one third each will vest on completion of one, two and three years from the grant date respectively.

The BMF ESOPs outstanding at March 31, 2024 have an exercise price per BMF ESOP of USD 0.12. The weighted average contractual life of the BMF ESOPs granted under this plan is 10.6 years.

During the year ended March 31, 2024, share based payment expense recognized under personnel expenses (refer note 13) amounted to USD 26 for the BMF ESOPs granted under BMF Plan 2022.

Savaari, one of the Group’s subsidiary (refer note 7 (d)), approved a share option plan in India, named the 2013 Employee Stock Option Plan, hereinafter referred as "Savaari Plan 2013" during the year ended March 31, 2013. Each Savaari ESOP represents the right to receive one equity share of Savaari. No Savaari ESOPs were granted during the year ended March 31, 2024.

The number and weighted average exercise price of Savaari ESOPs under the Savaari Plan 2013 are as follows:


	Weighted Average Exercise Price per share (USD)		Number of Awards
	For the Year ended March 31
Particulars	2024		2024
Outstanding at the date of acquisition (refer note 7 (d))		0.01		30,710
Forfeited and expired during the year		0.01		(25	)
Outstanding at the end of the year		0.01		30,685
Exercisable at the end of the year		0.01		30,637

The Savaari ESOPs outstanding at March 31, 2024 have an exercise price per Savaari ESOP of USD 0.01. The weighted average contractual life of the Savaari ESOPs granted under this plan is 6.1 years.

During the year ended March 31, 2024, share based payment expense recognized under personnel expenses (refer note 13) amounted to USD *, for the Savaari ESOPs granted under Savaari Plan 2013.