20-F

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

(Mark One)

¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR (G) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended March 31, 2015

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to             

OR

¨ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

Commission file number 001-34837

MakeMyTrip Limited

(Exact Name of Registrant as specified in its charter)

Not Applicable	Mauritius
(Translation of Registrant’s Name Into English)	(Jurisdiction of Incorporation or Organization)

Tower A, SP Infocity, 243,

Udyog Vihar, Phase 1

Gurgaon, Haryana 122016, India

(Address of Principal Executive Offices)

Mohit Kabra

Group Chief Financial Officer

Tower A, SP Infocity, 243,

Udyog Vihar, Phase 1

Gurgaon, Haryana 122016, India

(91-124) 439-5000

mohit.kabra@makemytrip.com

(Name, Telephone, E-mail and/or facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Ordinary Shares, par value $0.0005 per share	Nasdaq Global Market
(Title of Class)	(Name of Exchange On Which Registered)

Securities registered or to be registered pursuant to Section 12(g) of the Act.

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

None

(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the Annual Report.

As of March 31, 2015, 41,986,966 ordinary shares, par value $0.0005 per share, were issued and outstanding.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes  ¨            No   x

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes  ¨            No  x

Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  x            No   ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes  ¨            No   ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See the definitions of “large accelerated filer” and “accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  ¨ Accelerated filer   x Non-accelerated filer  ¨

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

US GAAP ¨	International Financial Reporting Standards as issued	Other ¨
	by the International Accounting Standards Board x

If “Other” has been checked in the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17  ¨             Item 18  ¨

If this is an Annual Report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).

Yes  ¨            No  x

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court:

Yes  ¨            No  ¨

TABLE OF CONTENTS

	PAGE
PART I
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS		4
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE		4
ITEM 3. KEY INFORMATION		4
ITEM 4. INFORMATION ON THE COMPANY		30
ITEM 4A. UNRESOLVED STAFF COMMENTS		53
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS		53
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES		76
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS		92
ITEM 8. FINANCIAL INFORMATION		95
ITEM 9. THE OFFER AND LISTING		99
ITEM 10. ADDITIONAL INFORMATION		101
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		121
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES		122
PART II
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES		123
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS		123
ITEM 15. CONTROLS AND PROCEDURES		123
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT		126
ITEM 16B. CODE OF ETHICS		126
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES		126
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES		127
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS		127
ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT		127
ITEM 16G. CORPORATE GOVERNANCE		128
ITEM 16H. MINE SAFETY DISCLOSURE		128
PART III
ITEM 17. FINANCIAL STATEMENTS		129
ITEM 18. FINANCIAL STATEMENTS		129
ITEM 19. EXHIBITS		129
SIGNATURES		133
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS		F-1

CONVENTIONS USED IN THIS ANNUAL REPORT

In this Annual Report, we refer to information regarding the travel service industry and our competitors from market research reports, analyst reports and other publicly available sources, including from PhoCusWright Inc., or PhoCusWright, an independent travel industry research company founded and previously controlled by Mr. Philip C. Wolf, one of our directors. See “Item 7. Major Shareholders and Related Party Transactions — Transactions with PhoCusWright” for details of our transactions with PhoCusWright. We also refer to data from the United States Central Intelligence Agency “World Factbook”, or CIA World Factbook, the Directorate General of Civil Aviation, the Indian governmental regulatory body for civil aviation, or DGCA and the Internet and Mobile Association of India, or IAMAI.

We conduct our business principally through our Indian subsidiary, MakeMyTrip (India) Private Limited, or MMT India. Our other principal operating subsidiaries include Hotel Travel Limited, Malaysia and HTN Co., Ltd., Thailand, the two main operating entities of the group of companies known as the Hotel Travel Group; ITC Bangkok Co., Ltd., Thailand, the main operating entity of the group of companies known as the ITC Group; Luxury Tours & Travel Pte Ltd, Singapore, or Luxury Tours; Luxury Tours (Malaysia) Sdn. Bhd. or Luxury Tours (Malaysia); MakeMyTrip Inc., or MMT USA; and Easy To Book Service B.V., the main operating entity of the group of companies known as the Easytobook.com group, or the ETB Group. In this Annual Report, unless otherwise stated or unless the context otherwise requires, references to “we,” “us,” “our,” “our company” or “our group” are to MakeMyTrip Limited and its subsidiaries collectively, and references to “our holding company” are to MakeMyTrip Limited on a standalone basis.

In this Annual Report, references to “US,” the “United States” or “USA” are to the United States of America, its territories and its possessions, references to “India” are to the Republic of India, references to “Mauritius” are to the Republic of Mauritius, references to “the Netherlands” are to the Kingdom of the Netherlands, references to “Singapore” are to the Republic of Singapore, references to “Malaysia” are to the Federation of Malaysia and references to “Thailand” are to the Kingdom of Thailand. References to “$,” “dollars” or “US dollars” are to the legal currency of the United States, references to “Rs.,” “Rupees” or “Indian Rupees” are to the legal currency of India and references to “Euro” are to the legal currency of the European Union.

Solely for the convenience of the reader, this Annual Report contains translations of certain Indian Rupee amounts into US dollars at specified rates. Except as otherwise stated in this Annual Report, all translations from Indian Rupees to US dollars are based on the noon buying rate of Rs. 63.71 per $1.00 in the City of New York for cable transfers of Indian Rupees, as certified for customs purposes by the Federal Reserve Bank of New York on May 29, 2015. No representation is made that the Indian Rupee amounts referred to in this Annual Report could have been or could be converted into US dollars at such rates or any other rates. Any discrepancies in any table between totals and sums of the amounts listed are due to rounding.

Unless otherwise indicated, the consolidated statement of profit or loss and other comprehensive income (loss) and related notes for fiscal years 2013, 2014 and 2015 and consolidated statement of financial position of March 31, 2014 and 2015 included elsewhere in this Annual Report have been prepared in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB. References to a particular “fiscal year” are to our fiscal year ended March 31 of that year. Our fiscal quarters end on June 30, September 30, December 31 and March 31. References to a year other than a “fiscal” year are to the calendar year ended December 31.

We also refer in various places within this Annual Report to “adjusted operating profit (loss),” “adjusted net profit (loss)” and “revenue less service cost,” which are non-IFRS measures. “Revenue less service cost” is calculated as revenue less costs for the acquisition of relevant services and products for sale to customers. The IFRS measures most directly comparable to “adjusted operating profit (loss)” and “adjusted net profit (loss)” are results from operating activities and profit (loss) for the year, respectively. Each item is more fully explained in

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“Item 5. Operating and Financial Review and Prospects”. The presentation of these non-IFRS measures is not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS as issued by the IASB.

On June 1, 2015, we designated five officers as additional executive officers including Chief Marketing Officer, Chief Human Resource Officer, Chief Technology Officer – International & platforms, Chief Technology Officer – India and Chief Business Officer – Holidays. Since this occurred after the end of fiscal year 2015, this Annual Report only reflects the foregoing in “Item 6.A. Directors and Senior Management” and “Item 6.E. Share Ownership”.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report contains forward-looking statements that relate to our current expectations and views of future events. These forward-looking statements are contained principally in the sections entitled “Item 3. Key Information,” “Item 4. Information on the Company” and “Item 5. Operating and Financial Review and Prospects.” These statements relate to events that involve known and unknown risks, uncertainties and other factors, including those listed under “Item 3. Key Information — D. Risk Factors,” which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions.

These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risk factors set forth in “Item 3. Key Information — D. Risk Factors,” and the following:

• our ability to maintain and expand our supplier relationships;

• our reliance on technology;

• our ability to expand our business, implement our strategy and effectively manage our growth;

• political and economic stability in and around India, Thailand and other key travel destinations;

• our ability to successfully implement our growth strategy;

• our ability to attract, train and retain executives and other qualified employees;

• increasing competition in the Indian travel industry; and

• risks associated with online commerce security.

The forward-looking statements made in this Annual Report relate only to events or information as of the date on which the statements are made in this Annual Report. Our actual results, performance, or achievement may differ 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 Annual Report 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.

Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

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PART I

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not applicable

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable

ITEM 3. KEY INFORMATION

A. Selected Consolidated Financial Data

The following selected consolidated statement of profit or loss and other comprehensive income (loss) data for fiscal years 2013, 2014 and 2015 and the selected consolidated statement of financial position data as of March 31, 2014 and 2015 have been derived from our audited consolidated financial statements included elsewhere in this Annual Report. The selected consolidated statement of profit or loss and other comprehensive income (loss) data for fiscal years 2011 and 2012 and the selected consolidated statement of financial position data as of March 31, 2011, 2012 and 2013 have been derived from our audited consolidated financial statements not included in this Annual Report. The financial data set forth below should be read in conjunction with, and is qualified by reference to, “Item 5. Operating and Financial Review and Prospects” and the consolidated financial statements and notes thereto included elsewhere in this Annual Report. Our consolidated financial statements are prepared and presented in accordance with IFRS as issued by the IASB. Our historical results do not necessarily indicate results expected for any future period.

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The following information should be read in conjunction with, and is qualified in its entirety by reference to, “Item 5. Operating and Financial Review and Prospects” and the audited consolidated financial statements and the notes thereto included elsewhere in this Annual Report.

	Fiscal Year Ended March 31
	2011			2012			2013			2014			2015
	(in thousands, except percentages)
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Loss) Data:
Revenue:
Air ticketing	$	47,622.7		$	76,190.3		$	60,888.8		$	66,523.2		$	74,324.9
Hotels and packages		74,558.0			116,701.1			164,129.3			184,500.7			220,511.9
Other revenue		2,540.7			3,707.8			3,803.8			4,350.7			4,824.9
Total revenue		124,721.4			196,599.3			228,821.9			255,374.6			299,661.7
Other Income		—			—			—			1,312.3			853.4
Service cost:
Procurement cost of hotels and packages services		(63,650.9	)		(98,474.8	)		(136,537.1	)		(144,507.8	)		(157,897.2	)
Cost of air ticket coupons		—			(9,939.6	)		(4,119.6	)		(4,471.7	)		(2,815.7	)
Personnel expenses		(14,399.0	)		(26,520.7	)		(34,520.5	)		(37,220.8	)		(44,317.5	)
Other operating expenses		(40,698.9	)		(54,868.7	)		(67,954.0	)		(80,116.0	)		(102,069.0	)
Depreciation and amortization		(1,910.6	)		(2,790.2	)		(3,752.7	)		(5,692.1	)		(7,954.6	)
Results from operating activities		4,061.9			4,005.4			(18,062.0	)		(15,321.6	)		(14,540.0	)
Net finance income (costs)		(1,923.9	)		(2,969.2	)		(741.9	)		(5,334.0	)		(3,543.5	)
Share of loss of equity-accounted investees		—			(66.0	)		(186.1	)		(171.5	)		(139.2	)
Profit (Loss) before tax		2,138.0			970.2			(18,990.1	)		(20,827.0	)		(18,223.0	)
Income tax benefit (expense)		2,691.7			6,078.1			(8,599.0	)		(78.5	)		(134.6	)
Profit (Loss) for the year	$	4,829.7		$	7,048.4		$	(27,589.1	)	$	(20,905.6	)	$	(18,358.0	)
Earnings (Loss) per ordinary share:
Basic	$	0.17		$	0.20		$	(0.74	)	$	(0.55	)	$	(0.44	)
Diluted	$	0.15		$	0.19		$	(0.74	)	$	(0.55	)	$	(0.44	)
Weighted average number of ordinary shares outstanding:
Basic		28,320,901			36,682,240			37,315,434			37,832,246			41,808,897
Diluted		34,950,246			38,234,070			37,315,434			37,832,246			41,808,897
Proforma earnings (loss) per ordinary share(1)
Basic	$	0.16		$	—		$	—		$	—		$	—
Diluted	$	0.15		$	—		$	—		$	—		$	—
Proforma weighted average number of ordinary shares outstanding(1)
Basic		32,993,361			—			—			—			—
Diluted		34,929,282			—			—			—			—

Note:

(1) In December 2006, August 2007 and May 2008, we issued Series A, Series B and Series C preferred shares, respectively, that were converted into ordinary shares effective upon the completion of our initial public offering on August 17, 2010. Our proforma earnings (loss) per ordinary share (basic and diluted) and proforma weighted average number of ordinary shares outstanding (basic and diluted) have been calculated and presented for fiscal year 2011 assuming that the conversion of all our outstanding preferred shares occurred on a “hypothetical basis” on April 1, 2007 for our Series A and Series B preferred shares and

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April 1, 2008 for our Series C preferred shares. As no preferred shares were outstanding during fiscal years 2012, 2013, 2014 and 2015, proforma earnings (loss) per ordinary share (basic and diluted) and proforma weighted average number of ordinary shares outstanding (basic and diluted) have not been presented for fiscal years 2012, 2013, 2014 and 2015.

The following table sets forth a summary of our consolidated statement of financial position as of March 31, 2011, 2012, 2013, 2014 and 2015:

	As of March 31
	2011		2012		2013		2014		2015
	(in thousands)
Consolidated Statement of Financial Position Data:
Trade and other receivables	$	12,857.2	$	21,382.4	$	26,111.4	$	29,355.7	$	29,852.4
Term deposits		16,941.9		44,325.1		48,115.0		105,169.8		93,491.7
Cash and cash equivalents		51,730.3		43,798.2		36,501.5		38,011.8		49,857.2
Net current assets		66,585.5		89,469.2		57,758.1		37,264.6		97,384.7
Total assets		112,939.6		170,191.4		194,620.1		269,837.0		280,405.0
Total equity (deficit)		76,275.9		118,791.8		101,994.0		162,299.5		157,854.0
Loans and borrowings		209.6		259.4		419.9		318.1		499.5
Trade and other payables		29,694.7		46,697.6		80,592.2		86,213.5		103,655.1
Total liabilities		36,663.8		51,399.6		92,626.2		107,537.5		122,550.8
Total equity (deficit) and liabilities	$	112,939.6	$	170,191.4	$	194,620.1	$	269,837.0	$	280,405.0

Other Data:

The following table sets forth for the periods indicated, certain selected consolidated financial and other data:

	Fiscal Year Ended March 31
	2011			2012			2013			2014			2015
	(in thousands, except percentages)
Number of transactions:
Air ticketing		2,824.6			3,715.4			3,794.1			3,999.2			5,432.8
Hotels and packages		175.9			343.1			568.1			869.8			1,385.5
Revenue less service cost(1):
Air ticketing	$	47,622.7		$	66,250.7		$	56,769.2		$	62,051.5		$	71,509.2
Hotels and packages		10,907.1			18,226.3			27,592.2			39,992.9			62,614.7
Other revenue		2,540.7			3,707.8			3,803.8			4,350.7			4,824.9
	$	61,070.5		$	88,184.9		$	88,165.2		$	106,395.1		$	138,948.8
Gross bookings(2):
Air ticketing	$	647,846.9		$	839,234.3		$	939,637.5		$	943,699.1		$	1,175,379.2
Hotels and packages		94,608.2			153,723.2			229,921.0			317,518.4			472,997.6
Net revenue margins(3):
Air ticketing		7.4	%		7.9	%		6.0	%		6.6	%		6.1	%
Hotels and packages		11.5	%		11.9	%		12.0	%		12.6	%		13.2	%

Notes:

(1) As certain parts of our revenue are recognized on a “net” basis and other parts of our revenue are recognized on a “gross” basis, we evaluate our financial performance based on revenue less service cost, which is a non-IFRS measure, as we believe that revenue less service cost reflects more accurately the value addition of the travel services that we provide to our customers. The presentation of this non-IFRS information is not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in

6

accordance with IFRS as issued by the IASB. Our revenue less service cost may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation. The following table reconciles our revenue (an IFRS measure) to revenue less service cost (a non-IFRS measure):

	Air Ticketing										Hotels and Packages										Other Revenue										Total
	Fiscal Year Ended March 31										Fiscal Year Ended March 31										Fiscal Year Ended March 31										Fiscal Year Ended March 31
	2011		2012		2013		2014		2015		2011		2012		2013		2014		2015		2011		2012		2013		2014		2015		2011		2012		2013		2014		2015
	(in thousands)
Revenue	$	47,622.7	$	76,190.3	$	60,888.8	$	66,523.2	$	74,324.9	$	74,558.0	$	116,701.1	$	164,129.3	$	184,500.7	$	220,511.9	$	2,540.7	$	3,707.8	$	3,803.8	$	4,350.7	$	4,824.9	$	124,721.4	$	196,599.3	$	228,821.9	$	255,374.6	$	299,661.7
Less:
Service Cost		—		9,939.6		4,119.6		4,471.7		2,815.7		63,650.9		98,474.8		136,537.1		144,507.8		157,897.2		—		—		—		—		—		63,650.9		108,414.3		140,656.7		148,979.6		160,712.9
Revenue less service cost	$	47,622.7	$	66,250.7	$	56,769.2	$	62,051.5	$	71,509.2	$	10,907.1	$	18,226.3	$	27,592.2	$	39,992.9	$	62,614.7	$	2,540.7	$	3,707.8	$	3,803.8	$	4,350.7	$	4,824.9	$	61,070.5	$	88,184.9	$	88,165.2	$	106,395.1	$	138,948.8

(2) Gross bookings represent the total amount paid by our customers for the travel services and products booked through us, including taxes, fees and other charges, and are net of cancellations and refunds.

(3) Net revenue margins is defined as revenue less service cost as a percentage of gross bookings.

B. Capitalization and Indebtedness

Not applicable

C. Reasons for the Offer and Use of Proceeds

Not applicable

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D. Risk Factors

This Annual Report contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those described in the following risk factors and elsewhere in this Annual Report. If any of the following risks actually occur, our business, financial condition and results of operations could suffer.

Risks Related to Us and Our Industry

Declines or Disruptions in the Travel Industry Could Adversely Affect Our Business and Financial Performance.

Our business and financial performance is affected by the health of the travel industry in India and worldwide, including changes in supply and pricing. Events specific to the travel industry that could negatively affect our business include continued fare increases, travel-related strikes or labor unrest, general civil unrest, fuel price volatility and bankruptcies or liquidations of our suppliers. For example, events in the Middle East over the past several years have resulted in an adverse impact on travel to that region. Such events also impact crude oil prices which may have an adverse impact on the travel industry globally, including our business. Similarly, political unrest in Bangkok, Thailand, has negatively impacted travel to those locations. In addition, the drop in the average value of the Indian Rupee as compared to the US dollar in fiscal year 2014 adversely impacted the Indian travel industry as it made travel for Indian consumers outside of India more expensive.

Additionally, our business is sensitive to safety concerns, and thus our business has in the past declined and may in the future decline after incidents of actual or threatened terrorism, during periods of political instability or conflict or during other periods in which travelers become concerned about safety issues, including as a result of natural disasters such as tsunamis or earthquakes or when travel might involve health-related risks, such as the influenza A virus (H1N1), avian flu (H5N1 and H7N9) and Severe Acute Respiratory Syndrome, or other epidemics or pandemics. For example, the eruption of the Icelandic volcano in spring 2010, social unrest, such as in the West Indies in 2010 and in Tunisia, Egypt and Syria in recent years, among others, had or may in the future have a negative impact on our tourism business. In addition, there may be work stoppages or labor unrest at airlines or airports. Furthermore, hotels, airlines and cruises have in recent years been the subject of terrorist attacks, notably cruise ship piracy in the Gulf of Aden, India, Spain, Egypt, Russia, Turkey and Sri Lanka. Such events are outside our control and could result in a significant decrease in demand for our travel services. Any such decrease in demand, depending on its scope and duration, together with any other issues affecting travel safety, could significantly and adversely affect our business and financial performance over the short and long term. The occurrence of such events could result in disruptions to our customers’ travel plans and we may incur additional costs and constrained liquidity if we provide relief to affected customers by not charging cancellation fees or by refunding the cost of airline tickets, hotel reservations and other travel services and products. If there is a prolonged substantial decrease in travel volumes, particularly air travel and hotels, for these or any other reasons, our business, financial condition and results of operations would be adversely affected.

Our Business and Results of Operations Could Be Adversely Affected by Global Economic Conditions.

Consumer purchases of discretionary items generally decline during periods of recession and other periods in which disposable income is adversely affected. As a substantial portion of travel expenditure, for both business and leisure, is discretionary, the travel industry tends to experience weak or reduced demand during economic downturns.

Unfavorable changes in the above factors or in other business and economic conditions affecting our customers could result in fewer reservations made through our websites and/or lower our net revenue margins, and have a material adverse effect on our financial condition and results of operations.

Since the beginning of the global financial crisis in the third quarter of 2008, adverse developments in the international financial markets have created challenging economic conditions for businesses and governments

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around the world. These adverse developments have included increased market volatility, tightened liquidity in credit markets, diminished expectations for economic growth and a reduction in consumer and business spending. While the global economy has recovered to some extent since 2010, the recovery remains fragile and slow-paced as high-income countries continue to suffer from volatility and slow growth, and it could be adversely impacted by several factors, including the deterioration of general economic conditions or political unrest in Europe as fiscal austerity continues, negative media coverage about the economic crisis in Greece, unemployment rates remain elevated and the potential for conflict in eastern Europe, restrained monetary policy in the form of tapering and other debt and fiscal issues in the United States and a slowdown in economic growth in China as its new leadership attempts to rebalance its economy from investment and exports to increased domestic consumption and restrain lending practices. The weakness and uncertainty in the global economy have negatively impacted both corporate and consumer spending patterns and demand for travel services, globally and in India, and may continue to do so in the future.

As an intermediary in the travel industry, a significant portion of our revenue is affected by fares and tariffs charged by our suppliers as well as volumes of sales made by us. During periods of poor economic conditions, airlines and hotels tend to reduce rates or offer discounted sales to stimulate demand, thereby reducing our commission-based income. A slowdown in economic conditions may also result in a decrease in transaction volumes and adversely affect our revenue. It is difficult to predict the effects of the uncertainty in global economic conditions. If economic conditions worsen globally or in India, our growth plans, business, financial condition and results of operations could be adversely impacted.

If We Are Unable to Maintain Existing, and Establish New, Arrangements with Our Travel Suppliers, Our Business May Be Adversely Affected.

Our business is dependent on our ability to maintain our relationships and arrangements with existing suppliers, such as airlines which supply air tickets to us directly, Amadeus IT Group, SA, or Amadeus, our global distribution system, or GDS, service provider, Indian Railways, hotels, hotel suppliers and destination management companies, bus operators and car hire companies, as well as our ability to establish and maintain relationships with new travel suppliers. A substantial portion of our revenue less service cost is derived from fees and commissions negotiated with travel suppliers for bookings made through our websites or via our other distribution channels. Adverse changes in existing arrangements, including an inability by any travel supplier to fulfill their payment obligation to us in a timely manner, increasing industry consolidation or our inability to enter into or renew arrangements with these parties on favorable terms, if at all, could reduce the amount, quality, pricing and breadth of the travel services and products that we are able to offer, which could adversely affect our business and financial performance. For example, we have experienced short-term disruptions in the supply of tickets from domestic airlines in the past.

In addition, adverse economic developments affecting the travel industry could also adversely impact our ability to maintain our existing relationships and arrangements with one or more of our suppliers. In particular, adverse changes to the overall business and financial climate for the airline industry in India due to various factors including, but not limited to, rising fuel costs, high taxes, significant depreciation of the Indian Rupee as compared to the US dollar making travel for Indian consumers outside India more expensive, and increased liquidity constraints, could affect the ability of one or more of our airline suppliers to continue to operate or otherwise meet our demand for tickets, which, in turn, could materially and adversely affect our financial results. For example, during fiscal year 2013, Kingfisher Airlines, one of the major airlines in India and one of our airline suppliers, shut down its operations, which resulted in a decline in the total capacity in the airline industry in India. In addition, adverse changes to the overall business and financial climate for the airline industry in India due to various factors including, but not limited to, rising fuel costs, high taxes, significant depreciation of the Indian Rupee as compared to the US dollar making travel for Indian consumers outside India more expensive, and increased liquidity constraints, resulted in airlines in India reducing the base commissions paid to travel agencies. These factors were primarily responsible for causing us to record a net loss of $(27.6) million in fiscal year 2013. Adverse economic developments continued to negatively affect the travel industry in fiscal year 2014,

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which was a significant reason for our net loss of $(20.9) million in fiscal year 2014. During fiscal year 2015, the domestic airlines in India continued to reduce the base commissions paid to travel agencies and we spent significantly on marketing expenses to promote transactions on our mobile platforms in India and to promote our international hotels. These factors were mainly responsible for our net loss of $(18.4) million in fiscal year 2015. Any consolidation in the airline industry involving our suppliers may also adversely affect our existing relationships and arrangements with such suppliers.

No assurance can be given that our agreements or arrangements with our travel suppliers or GDS service provider will continue or that our travel suppliers or GDS service provider will not further reduce or eliminate fees or commissions or attempt to charge us for content, terminate our contracts, make their products or services unavailable to us as part of exclusive arrangements with our competitors or default on or dispute their payment or other obligations towards us, any of which could reduce our revenue and net revenue margins or may require us to initiate legal or arbitral proceedings to enforce their contractual payment obligations, which may adversely affect our business and financial performance. See also “— Some of Our Airline Suppliers (Including Our GDS Service Provider) May Reduce or Eliminate the Commission and Other Fees They Pay to Us for the Sale of Air Tickets and This Could Adversely Affect Our Business and Results of Operations.”

We Do Not Have Formal Agreements with Many of Our Travel Suppliers.

We rely on various travel suppliers to facilitate the sale of our travel services. We do not have formal agreements with many of our travel suppliers, including low-cost airlines and many hotels, whose booking systems or central reservations systems are relied upon by us for bookings and confirmation as well as certain payment gateway arrangements, and there can be no assurance that these third parties will not terminate these arrangements with us at short notice or without notice. Further, where we have entered into formal agreements, many of these agreements are short-term contracts, requiring periodic renewal and providing our counterparties with a right to terminate at short notice or without notice. Some of these agreements are scheduled to expire in the near future and we are in the process of renewing those agreements. Many of our suppliers with whom we have formal agreements, including airlines, are also able to alter the terms of their contracts with us at will or at short notice. For example, our agreement with Indian Railways Catering and Tourism Corporation Limited, or IRCTC, which allows us to transact with Indian Railways’ passenger reservation system through the Internet, can be terminated or temporarily suspended by IRCTC without prior notice and at its sole discretion. Termination, non-renewal or suspension or an adverse amendment of any of the abovementioned agreements and/or arrangements could have a material adverse effect on our business, financial condition and results of operations.

We Have Sustained Operating Losses in the Past and May Continue to Experience Operating Losses in the Future.

We sustained operating losses in fiscal years 2013, 2014 and 2015 and in all our fiscal years prior to and including fiscal year 2010. While we generated operating profits in fiscal years 2011 and 2012, there can be no assurance that we will be able to return to profitability or that we can avoid operating losses in the future. We expect that our advertisement and business promotion expenses going forward will increase as a result of our continued investment in the hotels and packages business. The degree of increase in these expenses will be largely based on anticipated organizational growth and revenue trends. As a result, any decrease or delay in generating additional sales volumes and revenue could result in substantial operating losses.

We Rely on Third-Party Systems and Service Providers, and Any Disruption or Adverse Change in Their Businesses Could Have a Material Adverse Effect on Our Business.

We currently rely on certain third-party computer systems, service providers and software companies, including the GDS used by full service airlines, and the electronic central reservation systems used by low-cost airlines, certain hotels and hotel suppliers which are directly connected to us, Indian Railways and bus operators. In particular, we rely on third parties to:

• assist in conducting searches for airfares and process air ticket bookings;

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• process hotel reservations;

• process credit card, debit card and net banking payments;

• provide computer infrastructure critical to our business; and

• provide customer relationship management, or CRM, software services.

Any interruption or deterioration in performance of these third-party systems and services could have a material adverse effect on our business. Further, the information provided to us by certain of these third-party systems, such as the central reservations systems of certain of our hotel suppliers, may not always be accurate due to either technical glitches or human error, and we may incur monetary and/or reputational loss as a result.

Our success is also dependent on our ability to maintain our relationships with these third-party systems and service providers, including our technology partners. In the event our arrangements with any of these third parties are impaired or terminated, we may not be able to find an alternative source of systems support on a timely basis or on commercially reasonable terms, which could result in significant additional costs or disruptions to our business.

Our Results of Operations Are Subject to Fluctuations in Currency Exchange Rates.

Our presentation currency is the US dollar. However, the functional currency of MMT India, our key operating subsidiary, is the Indian Rupee. We receive a substantial portion of our revenue in Indian Rupees and most of our costs are incurred in Indian Rupees. Any fluctuation in the value of the Indian Rupee against the US dollar, such as the approximately 1.1% drop in the average value of the Indian Rupee as compared to the US dollar in fiscal year 2015 as compared to the average value of the Indian Rupee against the US dollar in fiscal year 2014, will affect our results of operations. For example, our loss on account of foreign exchange fluctuations in fiscal year 2015 was $5.2 million as compared to $2.7 million in fiscal year 2014. We expect to be adversely affected by any further depreciation of the Indian Rupee and Euro against the US dollar. The drop in the average value of the Indian Rupee as compared to the US dollar in fiscal year 2015 adversely impacted the Indian travel industry as it made outbound travel for Indian consumers more expensive. In addition, our exposure to foreign currency risk also arises in respect of our non-Indian Rupee-denominated trade and other receivables, trade and other payables, and cash and cash equivalents. Similarly, the drop in the average value of the Euro as compared to the US dollar in fiscal year 2015 has also adversely impacted the European travel industry.

Based on our operations in fiscal year 2015, a 10.0% appreciation of the US dollar against the Indian Rupee as of March 31, 2015, assuming all other variables remained constant, would have increased our loss for fiscal year 2015 by $1.9 million. Similarly, a 10.0% depreciation of the US dollar against the Indian Rupee as of March 31, 2015, assuming all other variables remained constant, would have decreased our loss for fiscal year 2014 by $1.9 million.

Further, we are also exposed to movements in currency exchange rates between the US dollar and the Euro. As the functional currency of the Hotel Travel Group is the US dollar, our exposure to foreign currency risk primarily arises in respect of our non-US dollar denominated trade and other receivables, trade and other payables and cash and cash equivalents, which were $0.4 million, $3.0 million and $1.7 million, respectively, as of March 31, 2015. Based on our operations in fiscal year 2015, a 10.0% appreciation of the Euro against the US dollar as of March 31, 2015, assuming all other variables remained constant, would have increased our loss for the year by $0.1 million. Similarly, a 10.0% depreciation of the Euro against the US dollar as of March 31, 2014, assuming all other variables remained constant, would have decreased our loss for the year by $0.1 million.

Similarly, as the functional currency of the ETB Group is the Euro, our exposure to foreign currency risk primarily arises in respect of our non-Euro denominated trade and other receivables, trade and other payables and cash and cash equivalents, which were $0.4 million, $6.7 million and $1.7 million, respectively, as of March 31, 2015. Based on our operations in fiscal year 2015, a 10.0% appreciation of the US dollar against the Euro as of

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March 31, 2015, assuming all other variables remained constant, would have increased our loss for the year by $0.4 million. Similarly, a 10.0% depreciation of the US dollar against the Euro as of March 31, 2015, assuming all other variables remained constant, would have decreased our loss for the year by $0.4 million.

We are also exposed to movements between the US dollar and the Indian Rupee in our operations, as 3.9%, 2.9% and 1.8% of our revenue for fiscal years 2013, 2014 and 2015, respectively, was generated by MMT India from its air ticketing business and received in US dollars although our expenses are generally incurred in Indian Rupees. Additionally, we receive revenue from our hotels and packages business in Indian Rupees, but a portion of our expenses in this segment (those relating to outbound packages from India in particular) could be incurred in a non-Indian currency. We currently do not have any hedging agreements or similar arrangements with any counter-party to cover our exposure to any fluctuations in foreign exchange rates. Fluctuation in the Indian Rupee-US dollar exchange rate could have a material adverse effect on our business and our financial condition and results of operations as these are reported in US dollars.

We Outsource a Significant Portion of Our Call Center Services and If Our Outsourcing Service Providers Fail to Meet Our Requirements or Face Operational or System Disruptions, Our Business May Be Adversely Affected.

We outsource our call center service for sales for all international flights and most of our hotel reservations and packages. We also outsource our call center service for post-sales customer service support for all flights (domestic and international), hotel reservations and packages, and rail and bus ticketing, as well as back office fulfillment and ticketing services, to various third parties in India. If our outsourcing service providers experience difficulty meeting our requirements for quality and customer service standards, our reputation could suffer and our business and prospects could be adversely affected. Our operations and business could also be materially and adversely affected if our outsourcing service providers face any operational or system interruptions.

Further, many of our contracts with outsourcing service providers are short-term or have short notice periods. For example, our agreement with Serco BPO Private Limited (formerly Intelenet Global Services Private Limited), or Serco, which provides call center services for our hotels and packages business is for a renewable term of three years but may be terminated by either party on two months’ notice. The agreements with some of our outsourcing service providers, including iEnergizer IT Services Private Limited, or iEnergizer IT Services, and Motif India Infotech Private Limited, or Motif India Infotech, may be terminated by either party on 90 days’ notice after the first year in the case of Motif India Infotech Private Limited and post the initial two year term for iEnergizer IT Services Private Limited. In the event one or more of our contracts with our outsourcing service providers is terminated on short notice, we may be unable to find alternative outsourcing service providers on commercially reasonable terms, or at all. Further, the quality of the service provided by a new or replacement outsourcing service provider may not meet our requirements, including during the transition and training phase. Hence, termination of any of our contracts with our outsourcing service providers could cause a decline in the quality of our services and disrupt and adversely affect our business, results of operations and financial condition.

We Rely on Information Technology to Operate Our Business and Maintain Our Competitiveness, and Any Failure to Adapt to Technological Developments or Industry Trends Could Harm Our Business.

We depend on the use of sophisticated information technology and systems, which we have customized in-house for search and reservation for flights and hotels, as well as payments, refunds, customer relationship management, communications and administration. As our operations grow in both size and scope, we must continuously improve and upgrade our systems and infrastructure to offer our customers enhanced services, features and functionality, while maintaining the reliability and integrity of our systems and infrastructure in a cost-effective manner. Our future success also depends on our ability to upgrade our services and infrastructure ahead of rapidly evolving consumer demands while continuing to improve the performance, features and reliability of our service in response to competitive offerings.

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We may not be able to maintain or replace our existing systems or introduce new technologies and systems as quickly as our competitors, in a cost-effective manner or at all. We may also be unable to devote adequate financial resources to develop or acquire new technologies and systems in the future.

We may not be able to use new technologies effectively, or we may fail to adapt our websites, mobile applications, transaction processing systems and network infrastructure to consumer requirements or emerging industry standards. If we face material delays in introducing new or enhanced solutions, our customers may forego the use of our services in favor of those of our competitors. Any of these events could have a material adverse effect on our operations.

We currently license from third-parties some of the technologies incorporated into our websites. As we continue to introduce new services that incorporate new technologies, we may be required to license additional technology. We cannot be sure that such technology licenses will be available on commercially reasonable terms, if at all.

The Travel Industry in India and Worldwide is Intensely Competitive, and We May Not Be Able to Effectively Compete in the Future.

The travel market is intensely competitive. Factors affecting our competitive success include, among other things, price, availability and breadth of choice of travel services and products, brand recognition, customer service, fees charged to travelers, ease of use, accessibility and reliability. We currently compete with both established and emerging providers of travel services and products, including other online travel agencies both in India and abroad, such as cleartrip.com, expedia.co.in, travelocity.co.in, yatra.com, goibibo.com, booking.com and agoda.com, as well as traditional travel agencies, tour operators, travel suppliers and operators of travel industry reservation databases. Large, established Internet search engines have also launched applications offering travel itineraries in destinations around the world, and meta-search companies who can aggregate travel search results also compete against us for customers. Certain of our competitors have launched brand marketing campaigns to increase their visibility with customers. For example, trivago.com had commenced a television advertising campaign in India. Some of our competitors have significantly greater financial, marketing, personnel and other resources than us and certain of our competitors have a longer history of established businesses and reputations in the Indian travel market (particularly in the hotels and packages business) as compared with us. From time to time we may be required to reduce service fees and net revenue margins in order to compete effectively and maintain or gain market share.

Further, we may also face increased competition from new entrants in our industry. We cannot assure you that we will be able to successfully compete against existing or new competitors in our existing lines of business as well as new lines of business into which we may venture. If we are not able to compete effectively, our business and results of operations may be adversely affected.

Some travel suppliers are seeking to decrease their reliance on distribution intermediaries such as us, by promoting direct distribution channels. Many airlines, hotels, car rental companies and tour operators have call centers and have established their own travel distribution websites and mobile applications. From time to time, travel suppliers offer advantages, such as bonus loyalty awards and lower transaction fees or discounted prices, when their services and products are purchased from supplier-related channels. We also compete with competitors who may offer less content, functionality and marketing reach but at a relatively lower cost to suppliers. If our access to supplier-provided content or features were to be diminished either relative to our competitors or in absolute terms or if we are unable to compete effectively with travel supplier-related channels or other competitors, our business could be materially and adversely affected.

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Some of Our Airline Suppliers (Including Our GDS Service Provider) May Reduce or Eliminate the Commission and Other Fees They Pay to Us for the Sale of Air Tickets, and This Could Adversely Affect Our Business and Results of Operations.

In our air ticketing business, we generate revenue through commissions and incentive payments from airline suppliers, service fees charged to our customers and fees from our GDS service provider. Our airline suppliers may reduce or eliminate the commissions and incentive payments they pay to us. For example, few airlines in India have reduced the base commissions paid to travel agencies during fiscal year 2015. To the extent any of our airline suppliers further reduce or eliminate the commissions or incentive payments they pay to us in the future, our revenue may be further reduced unless we are able to adequately mitigate such reduction by increasing the service fees we charge to our customers in a sustainable manner. Any increase in service fees, to mitigate reductions in or elimination of commissions or otherwise, may also result in a loss of potential customers. Further, our arrangements with the airlines that supply air tickets to us may limit the amount of service fees that we are able to charge our customers. Our business would also be negatively impacted if competition or regulation in the travel industry causes us to reduce or eliminate our service fees.

We Depend on and Expect to Continue to Depend on a Small Number of Airline Suppliers in India for a Significant Percentage of our Air Ticketing Revenue.

The domestic air travel industry in India is dominated by five airlines. As a substantial portion of our air ticketing revenue is represented by base commissions and incentive payments paid to us by these domestic airlines, our dependence on a limited number of domestic airlines means that a reduction or elimination in base commissions and incentive payments by any one or all of these airlines could have a material adverse effect on our revenue.

In addition, our reliance on a small number of airline suppliers in India gives those airline suppliers additional bargaining power in negotiating agreements with us. A reduction or elimination of base commissions and incentive payments by any of these domestic airline suppliers, the loss of any of these domestic airline suppliers or a domestic airline supplier exerting significant price and margin pressure on us could materially and adversely affect our business, financial condition and results of operations.

We Rely on the Value of Our Brands, and Any Failure to Maintain or Enhance Consumer Awareness of Our Brands Could Have a Material Adverse Effect on Our Business, Financial Condition and Results of Operations.

We believe continued investment in our brand, “MakeMyTrip,” is critical to retain and expand our business. We believe that our brand is well respected and recognized in the Indian travel market. We have invested in developing and promoting our brand since our inception and expect to continue to spend on maintaining our brand’s value to enable us to compete against increased spending by our competitors, as well as against emerging competitors, including search engines and meta-search engines, and to allow us to expand into new geographies and products where our brand is not well known. With the acquisition of the Hotel Travel Group and the ITC Group in November 2012, we acquired the brands “HotelTravel” and “ITC,” which we believe are well-known brands globally, especially in Southeast Asia. We also acquired the “Easytobook” brand, which we believe is a well-known brand in Europe, through our acquisition of the ETB Group in February 2014. We have invested and intend to continue to invest in developing and promoting these brands. There is no assurance that we will be able to successfully maintain or enhance consumer awareness of our brands. Even if we are successful in our branding efforts, such efforts may not be cost-effective. Our marketing costs may also increase as a result of inflation in media pricing (including search engine keywords). If we are unable to maintain or enhance consumer awareness of our brands and generate demand in a cost-effective manner, it would negatively impact our ability to compete in the travel industry and would have a material adverse effect on our business. See also “— We Cannot Be Sure That Our Intellectual Property Is Protected from Copying or Use by Others, Including Current or Potential Competitors.”

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We May Not Be Successful in Implementing Our Growth Strategies.

Our growth strategies involve expanding our hotels and packages business (including through our travel agents’ network), expanding our service and product offerings, enhancing our service platforms by investing in technology, expanding into new geographic markets and pursuing strategic partnerships and acquisitions.

Our success in implementing our growth strategies is affected by:

• our ability to increase the number of suppliers, especially hotel suppliers, that are directly connected to us, which is dependent on the willingness of such suppliers to invest in new technology;

• our ability to continue to expand our distribution channels, and market and cross-sell our travel services and products to facilitate the expansion of our business;

• our ability to build or acquire required technology;

• our ability to expand our businesses through strategic acquisitions and successfully integrate such acquisitions;

• the general condition of the global economy (particularly in India and markets with close proximity to India) and continued growth in demand for travel services, particularly online;

• our ability to compete effectively with existing and new entrants to the Indian travel industry, including online travel companies as well as traditional offline travel agents and tour providers;

• the growth of the Internet and mobile technology as a medium for commerce in India; and

• changes in our regulatory environment.

Many of these factors are beyond our control and there can be no assurance that we will succeed in implementing our strategies.

Even if we are successful in executing our growth strategies, our different businesses may not grow at the same rate or with a uniform effect on our revenues and profitability. For example, the rate of growth in our hotels and packages business, which has generally outpaced our air tickets business and is a relatively higher margin business, may not grow at a pace to affect our overall growth in the short term as it is currently smaller than our air tickets business. In addition, the relatively higher margins of our hotels and packages business may be adversely affected by our recent acquisitions, due to the additional expenses associated with such acquisitions.

We are also subject to additional risks involved in our strategies of expanding into new geographic markets and pursuing strategic partnerships and acquisitions. See “— Our International Operations, Some of Which Are New to Us, Involve Additional Risks” and “— We May Not Be Successful in Pursuing Strategic Partnerships and Acquisitions, and Future Partnerships and Acquisitions May Not Bring Us Anticipated Benefits.”

We May Not Be Successful in Pursuing Strategic Partnerships and Acquisitions, and Future Partnerships and Acquisitions May Not Bring Us Anticipated Benefits.

Part of our growth strategy is the pursuit of strategic partnerships and acquisitions. There can be no assurance that we will succeed in implementing this strategy as it is subject to many factors which are beyond our control, including our ability to identify, attract and successfully execute suitable acquisition opportunities and partnerships. This strategy may also subject us to uncertainties and risks, including acquisition and financing costs, potential ongoing and unforeseen or hidden liabilities, diversion of management resources and cost of integrating acquired businesses. We could face difficulties integrating the technology of acquired businesses with our existing technology, and employees of the acquired business into various departments and ranks in our company, and it could take substantial time and effort to integrate the business processes being used in the acquired businesses with our existing business processes. Moreover, there is no assurance that such partnerships or acquisitions will achieve our intended objectives or enhance our revenue.

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We have made a number of acquisitions since March 2010, including the acquisition of certain assets of Travis Internet Private Limited, an online bus ticketing company, 100% of Luxury Tours, a Singapore-based travel agency, 19.9% of Le Travenues Technology Private Limited, which owns and operates www.ixigo.com, an online travel meta search engine, approximately 38% stake in My Guest House Accommodations Private Limited, or My Guest House, which is engaged in the business of aggregation, sales and distribution of hotel room inventory with a special focus on budget lodging accommodations and serviced apartments, a 100% stake in the companies comprising the Hotel Travel Group, a group of companies which operate through their website HotelTravel.com and offers its customers online hotel reservations in South East Asia and other key global travel destinations, and a 100% stake in the ITC Group, a well-established hotel aggregator and tour operator in Thailand.

In February 2014, we acquired a 100% equity interest in the group of companies comprising the ETB Group. Established in 2004, the ETB Group primarily operates through its website www.easytobook.com and offers its customers online hotel reservations in Europe, North America and other key global travel destinations.

In September 2014, we announced the establishment of our innovation fund (“Innovation Fund”), through which we will consider investing up to $3.0 million in each start-up or early-stage companies in the travel technology space. Through the Innovation Fund, in December 2014, we acquired a minority equity stake in Simplotel Technologies Private Limited (“Simplotel”) and have committed to make a further investment by June 2015, which will increase our total equity shareholding in Simplotel to approximately 25%. Simplotel aims to provide hotels with responsive and optimized websites along with booking engines. We believe our investment in Simplotel will help to promote the online distribution of accommodation inventory in India. Further, in April 2015, we acquired certain assets of the online travel-planning service, Mygola.com, and the entire Mygola team joined our Company to focus on innovation in online travel. In April 2015, we acquired approximately 18% of the equity shares of Inspirock, Inc., which owns and operates www.inspirock.com, an online planning tool for developing custom-made itineraries. We believe that this investment will help us to further enhance our capabilities in the online tour planning space.

We believe these acquisitions serve to strengthen our presence in key geographic markets and expand the travel products and services that we can offer our customers. However, there is no assurance that any of these investments or acquisitions will be successful or bring about their intended results. Any such failure could negatively impact our ability to compete in the travel industry and have a material adverse effect on our business.

For further details on these investments and acquisitions, see “Item 4. Business — Recent Acquisitions” and “Information On the Company — History and Development of our Company — Investments and Acquisitions” in this Annual Report.

Our Arrangements with Some of Our Suppliers May Subject Us to Additional Monetary Risks.

We generally do not assume inventory risk in our air ticketing business as we typically act as an agent. However, on a few occasions, we pre-purchase air ticket inventory in order to enjoy special negotiated rates and we assume inventory risk on such tickets. When we sell pre-purchased tickets to our customers, revenue is accounted for on a “gross” basis (representing the price of the tickets paid by our customers) and the amount spent to pre-purchase the ticket is classified as a service cost. We obtain inventory for most hotels outside India through contracts with online travel agents and aggregators outside India. In some instances, in order to enjoy special negotiated rates for these hotels, we pre-purchase hotel room nights and assume inventory risk on them. If we are unable to sell pre-purchased tickets or hotel room nights inventory as anticipated either at all or at expected rates, our revenue and business may be adversely affected.

Our International Operations, Some of Which Are New to Us, Involve Additional Risks.

We have been operating in the United States since 2000, servicing mainly the air ticketing needs of non-resident Indians in the United States traveling inbound to India. We launched our website in the United Arab

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Emirates in December 2009 and in Canada in July 2010. We further expanded our presence in the United Arab Emirates through the incorporation of a new wholly owned subsidiary in fiscal year 2013. We need to continue to tailor our services and business model to the unique circumstances of such markets to succeed, including building new supplier relationships and customer preferences. We have also expanded, and intend to continue to expand, our business in other new markets, particularly those with a significant non-resident Indian population as well as those with proximity to India or favored by Indian travelers. We have entered into new geographies in Southeast Asia and in Europe through our acquisitions of Luxury Tours, the Hotel Travel Group, the ITC Group and the ETB Group. Adapting our practices and models effectively to the supplier and customer preferences in these, or other, new markets could be difficult and costly and could divert management and personnel resources. We could also face additional regulatory requirements in these, or other, new markets which could be onerous. We cannot assure you that we will be able to efficiently or effectively manage the growth of our operations in these, or other, new markets.

In addition, we are subject to risks in our international operations that may not exist in our Indian operations, including:

• differences and unexpected changes in regulatory requirements and exposure to local economic conditions;

• differences in consumer preferences in such markets;

• increased risk to and limits on our ability to enforce our intellectual property rights;

• competition from providers of travel services in such foreign countries;

• restrictions on the repatriation of earnings from such foreign countries, including withholding taxes imposed by certain foreign jurisdictions; and

• currency exchange rate fluctuations.

If we are not able to effectively mitigate or eliminate these risks, our results of operations could be adversely affected.

For example, since our acquisition of the Hotel Travel Group, a portion of our business and some of our employees are located in Thailand, and we intend to continue to develop and expand our business in Thailand. Consequently, our financial performance and the market price of our ordinary shares will be affected by social and civil unrest and other political, social and economic developments in or affecting Thailand, such as the military coup in May 2014 and continuing political unrest in Thailand, as well as any changes in exchange rates and controls, interest rates and changes in government policies, including taxation policies.

Our Business Could Be Negatively Affected by Changes in Search Engine Logic.

We utilize Internet search engines such as Google™ and Yahoo!™ India, including through the purchase of travel-related keywords, to drive traffic to our websites. These search engines frequently update and change the logic that determines the placement and display of results of a user’s search, such that the purchased or optimal placement of links to our websites may be negatively affected. In addition, a significant amount of our business is directed to our websites through pay-per-click and display advertising campaigns on the Internet and search engines whose pricing and operating dynamics can rapidly change, both technically and competitively. If major search engines such as Google™ or Yahoo!™ India, which we utilize for a significant amount of our search engine traffic, change the logic used on their websites for search results in a manner that negatively affects the search engine ranking, paid or unpaid, of our websites or those of our third-party distribution partners, we may experience a decline in traffic on our websites and our business may be adversely affected.

System Interruption in Our Information Systems and Infrastructure May Harm Our Business.

We rely significantly on computer systems to facilitate and process transactions. We may in the future experience system interruptions that make some or all of these systems unavailable or prevent us from efficiently

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fulfilling bookings or providing services to our customers. Any interruptions, outages or delays in our systems, or deterioration in their performance, could impair our ability to process transactions and decrease the quality of our service to our customers. If we were to experience frequent or persistent system failures, our reputation and brand could be harmed.

While we have backup systems and contingency plans for critical aspects of our operations or business processes, certain other non-critical systems are not fully redundant and our disaster recovery or business continuity planning may not be sufficient. Fires, floods, power outages, telecommunications failures, earthquakes, acts of war or terrorism, acts of God, computer viruses, sabotage, break-ins and electronic intrusion attempts from both external and internal sources and similar events or disruptions may damage, impact or interrupt our computer or communications systems, business processes or infrastructure at any time. Although we have put measures in place to protect certain portions of our facilities and assets, any of these events could cause system interruptions, delays and loss of critical data, and could prevent us from providing services to our customers and/or suppliers for a significant period of time. We do not carry business interruption insurance for such eventualities. Remediation may be costly and we may not have adequate insurance to cover such costs. Moreover, the costs of enhancing infrastructure to attain improved stability and redundancy may be time consuming and expensive and may require resources and expertise that are difficult to obtain.

We Are Exposed to Risks Associated with Online Security and Credit Card Fraud.

The secure transmission of confidential information over the Internet is essential in maintaining customer and supplier confidence in us. Security breaches, whether instigated internally or externally on our system or other Internet-based systems, could significantly harm our business. We currently require customers to guarantee their transactions with their credit cards online. We rely on licensed encryption and authentication technology to effect secure transmission of confidential customer information, including credit card numbers, over the Internet. However, advances in technology or other developments could result in a compromise or breach of the technology that we use to protect customer and transaction data. We incur substantial expense to protect against and remedy security breaches and their consequences. However, our security measures may not prevent security breaches and we may be unsuccessful in or incur additional costs by implementing our remediation plan to address these potential exposures. In fiscal year 2015, our key operating subsidiaries in India and Malaysia incurred losses of $0.2 million and $0.7 million, respectively, on unauthorized credit card transactions. These losses pertained to credit card or digital commerce fraud committed by third parties on our websites through the purchase of air tickets and hotels and packages products using fraudulent credit cards.

We also have agreements with banks and certain companies that process customer credit card transactions for the facilitation of customer bookings of travel services from our travel suppliers. The online payment gateway for certain of our sales made through our mobile platform and through international credit and debit cards is not secured by “Verified by VISA”, “MasterSecure” or “American Express SafeKey” and we may be liable for accepting fraudulent credit cards on our websites. We may also be subject to other payment disputes with our customers for such sales. If we are unable to combat the use of fraudulent credit cards, our revenue from such sales would be susceptible to demands from the relevant banks and credit card processing companies, and our results of operations and financial condition could be adversely affected.

Our Processing, Storage, Use and Disclosure of Customer Data of Our Customers or Visitors to Our Website Could Give Rise to Liabilities As a Result of Governmental Regulation, Conflicting Legal Requirements, Differing Views of Personal Privacy Rights or Data Security Breaches.

In the processing of our customer transactions, we receive and store a large volume of customer information. Such information is increasingly subject to legislation and regulations in various jurisdictions and governments are increasingly acting to protect the privacy and security of personal information that is collected, processed and transmitted in or from the governing jurisdiction. We could be adversely affected if legislation or regulations are expanded or amended to require changes in our business practices or if governing jurisdictions

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interpret or implement their legislation or regulations in ways that negatively affect our business, financial condition and results of operations. As privacy and data protection become more sensitive issues in India, we may also become exposed to potential liabilities. For example, under the Indian Information Technology Act, 2000, as amended, we are subject to civil liability for wrongful loss or gain arising from any negligence by us in implementing and maintaining reasonable security practices and procedures with respect to sensitive personal data or information on our computer systems, networks, databases and software. India has also implemented privacy laws, including the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011, which impose limitations and restrictions on the collection, use and disclosure of personal information. Any liability we may incur for violation of such laws and regulations and related costs of compliance and other burdens may adversely affect our business and profitability.

We cannot guarantee that our security measures will prevent data breaches. Companies that handle such information have also been subject to investigations, lawsuits and adverse publicity due to allegedly improper disclosure of personally identifiable information. Security breaches could damage our reputation, cause interruptions in our operations, expose us to a risk of loss or litigation and possible liability, and could also cause customers and potential customers to lose confidence in the security of our transactions, which would have a negative effect on the demand for our services and products. Moreover, public perception concerning security and privacy on the Internet could adversely affect customers’ willingness to use our websites. A publicized breach of security in India or in other countries in which we have operations, even if it only affects other companies conducting business over the Internet, could inhibit the growth of the Internet as a means of conducting commercial transactions, and, therefore, the prospects of our business.

These and other privacy and security developments that are difficult to anticipate could adversely affect our business, financial condition and results of operations.

We Cannot Be Sure That Our Intellectual Property Is Protected from Copying or Use by Others, Including Current or Potential Competitors.

Our websites and mobile applications rely on content and in-house customizations and enhancements of third-party technology, much of which is not subject to intellectual property protection. We protect our logo, brand name, websites’ domain names and, to a more limited extent, our content by relying on copyrights, trademarks, trade secret laws and confidentiality agreements. Even with all of these precautions, it is possible for someone else to copy or otherwise obtain and use our content, techniques, and technology without our authorization or to develop similar technology. While our domain names cannot be copied, another party could create an alternative domain name resembling ours that could be passed off as our domain name. Effective trademark, copyright and trade secret protection may not be available in every country in which we operate, offline or through the Internet, and policing unauthorized use of our content and technological customizations is difficult and expensive. Our logo and brand name, “MakeMyTrip,” are only registered as trademarks in India, Mauritius, Bhutan, Nepal, Singapore, Taiwan, Indonesia, Canada, United Arab Emirates, Australia and Malaysia and the logo “India Ahoy” is registered as a trademark in India. We have applied for registration of the trademark “MakeMyTrip” in Malaysia, Sri Lanka, Thailand, Oman, Qatar, Bahrain, United States and Saudi Arabia. We have also applied for trademark registration of the logos “Happy Holidays, Happy Prices” (our trademark for our holiday packages), “makemytrip.com — Memories Unlimited”, “Uncancel” and “my”; word marks “Traveltalkies” and “Memories Unlimited”; and logos and word marks for “tripalong”, “routeplanner” and “MakeMyTrip — Hotels Unlimited” in India, and such applications are currently pending. We have filed responses to objections raised by the Trademark Registry to certain of these applications. We have recently registered copyrights of our logo and brand name “MakeMyTrip” in India and copyright registration of certain specific representations of the logo “my”. We have also obtained an assignment over the trademark “Luxury Tours & Travel”. After our acquisitions of the Hotel Travel Group, the ETB Group and the ITC Group we filed trademark applications for the logos “HotelTravel”, “Easytobook” and “ITC” in Thailand, Australia, United Kingdom, Italy, India, United States and Japan which are currently pending. We have also applied for patents in India for certain aspects of our technological systems. We cannot be sure that our trademarks or domain names

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will be protected to the same extent as in the countries in which they are already registered or that the steps we have taken will prevent misappropriation or infringement of what we consider our proprietary information. Such misappropriation or infringement could have a material adverse effect on our business. In the future, we may need to engage in litigation to enforce our intellectual property rights, to protect our trade secrets or to determine the validity and scope of the proprietary rights of others. Such litigation might result in substantial costs and diversion of resources and management attention.

Our Business Experiences Seasonal Fluctuations and Quarter-to-Quarter Comparisons of Our Results May Not Be Meaningful.

Our business experiences seasonal fluctuations. We tend to experience higher revenue from our hotels and packages business in the second and fourth calendar quarters of each year, which coincide with the summer holiday travel season and the year-end holiday travel season for our customers in India and other markets. In our air ticketing business, we may have higher revenues in a particular quarter arising out of periodic discounted sales of tickets by our suppliers. As a result, quarter-to-quarter comparisons of our results may not be meaningful.

Changing Laws, Rules and Regulations and Legal Uncertainties in India, Including Adverse Application of Corporate and Tax Laws, May Adversely Affect Our Business and Financial Performance.

The regulatory and policy environment in which we operate is evolving and subject to change. Such changes, including the instances briefly mentioned below, may adversely affect our business, financial condition, results of operations and prospects, to the extent that we are unable to suitably respond to and comply with such changes in applicable law and policy.

The new Companies Act, 2013 and the rules thereunder, or the new Companies Act, contains significant changes to Indian company law, including in relation to the issue of capital by companies, related party transactions, corporate governance, audit matters, shareholder class actions and restrictions on the number of layers of subsidiaries. Moreover, companies exceeding certain net worth, revenue or profit thresholds are required to spend at least 2.0% of average net profits from the immediately preceding three financial years on corporate social responsibility projects, failing which an explanation is required to be provided in such companies’ annual reports. In addition, such companies are required to disclose their corporate social responsibility policies and activities on their websites, if any. While several provisions of the new Companies Act are currently effective, the existing Companies Act, 1956 remains in effect with respect to other provisions. The timeline for implementation of the remaining provisions of the new Companies Act is unclear. We may incur increased costs and other burdens relating to compliance with these new requirements, which may also require significant management time and other resources, and any failure to comply may adversely affect our business and results of operations.

The Government of India proposes to revamp the implementation of direct taxes through the introduction of the Direct Taxes Code (“DTC”). The tax impact of the DTC on our business is currently unclear. The Government has indicated in the union budget for the financial year 2016 that Direct Tax Code shall not be pursued further. The Government of India has also proposed a comprehensive national goods and services tax (“GST”) regime that will combine taxes and levies by the central and state governments into a unified rate structure. Given the limited availability of information in the public domain concerning the GST, we are unable to provide any assurance as to the tax regime following implementation of the GST. The implementation of this new structure may be affected by any disagreement between certain state governments, which could create uncertainty. Any such future amendments may affect the overall tax efficiency of any company operating in India, and may result in significant additional taxes becoming payable. GST is proposed to be effective as of April 1, 2016.

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Further, the General Anti Avoidance Rules (“GAAR”) which was to come into effect from April 1, 2015, has been deferred for two years to April 1, 2017. It is also proposed that the relevant rules be amended to protect investments made up to March 31, 2017 from the applicability of GAAR. The tax consequences of the GAAR provisions being applied to an arrangement could result in denial of tax benefit amongst other consequences. In the absence of any precedents on the subject, the application of these provisions is uncertain. If the GAAR provisions are made applicable to our Company, it may have an adverse tax impact on us

The impact of any or all of the above changes to Indian legislation on our business cannot be fully determined at this time. Additionally, our business and financial performance could be adversely affected by unfavorable changes in or interpretations of existing, or the promulgation of new, laws, rules and regulations applicable to us and our business, including those relating to the Internet and e-commerce, consumer protection and privacy. Such unfavorable changes could decrease demand for our services and products, increase costs and/or subject us to additional liabilities. For example, there may continue to be an increasing number of laws and regulations pertaining to the Internet and e-commerce, which may relate to liability for information retrieved from or transmitted over the Internet or mobile networks, user privacy, taxation and the quality of services provided through the Internet. Furthermore, the growth and development of e-commerce may result in more stringent consumer protection laws that may impose additional burdens on Internet businesses generally. Any such changes could have an adverse effect on our business and financial performance.

The application of various Indian and international sales, use, occupancy, value-added and other tax laws, rules and regulations to our services and products is subject to interpretation by the applicable taxing authorities. Many of the statutes and regulations that impose these taxes were established before the growth of the Internet, mobile networks and e-commerce. If such tax laws, rules and regulations are amended, new adverse laws, rules or regulations are adopted or current laws are interpreted adversely to our interests, particularly with respect to occupancy or value-added or other taxes, the results could increase our tax payments (prospectively or retrospectively) and/or subject us to penalties and, if we pass on such costs to our customers, decrease the demand for our services and products. As a result, any such changes or interpretations could have an adverse effect on our business and financial performance. In recent years, we have received notices from the Indian tax regulatory authority for a demand of service tax on certain matters, some of which relate to the travel industry in India and involve complex interpretation of law. We have also received notices and various assessment orders from the Indian income tax authorities, to which we have responded. There can be no assurance that the Indian tax authorities will not take a different view. See “Item 8. Financial Information — A. Consolidated Statements and Other Financial Information — Legal Proceedings.”

Infrastructure in India May Not Be Upgraded in Order to Support Higher Internet Penetration, Which May Result in Additional Investments and Expenses for Us.

The majority of our bookings are made through our Indian website and our mobile offerings. According to the IAMAI’s forecasts, India’s Internet user population is forecasted to reach over 350 million by June 2015, driven by an estimated 213 million users who more access the Internet via mobile devices. There can be no assurance that Internet penetration in India will increase in the future as slowdowns or disruptions in upgrading efforts for infrastructure in India could reduce the rate of increase in the use of the Internet. As such we may need to make additional investments in alternative distribution channels. Further, any slowdown or negative deviation in the anticipated increase in Internet penetration in India may adversely affect our business and prospects.

Our Significant Shareholders Exercise Significant Influence over Our Company and May Have Interests That Are Different from Those of Our Shareholders.

As of March 31, 2015, SB Asia Investment Fund II L.P., or SAIF, owns 15.97% of the issued and outstanding shares of our company and each of T. Rowe Price (as defined in “Major Shareholders and Related Party Transactions”), Tiger Global (as defined in “Major Shareholders and Related Party Transactions”), Mr. Deep Kalra, personally and through Travogue (as defined in “Major Shareholders and Related Party

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Transactions”), Wasatch Advisors Inc., Novel Century Ventures Ltd and Wells Fargo & Company beneficially own 11.06%, 6.27%, 9.53%, 10.13%, 7.01% and 5.48% respectively, of the issued and outstanding shares of our company. By virtue of such significant shareholdings, these shareholders have the ability to exercise significant influence over our company and our affairs and business, including the election of directors, the timing and payment of dividends, the adoption and amendments to our Constitution, the approval of a merger or sale of substantially all our assets and the approval of most other actions requiring the approval of our shareholders. The interests of these shareholders may be different from or conflict with the interests of our other shareholders and their influence may result in the delay or prevention of a change of management or control of our company, even if such a transaction may be beneficial to our other shareholders.

Our Ability to Attract, Train and Retain Executives and Other Qualified Employees Is Critical to Our Business, Results of Operations and Future Growth.

Our business and future success is substantially dependent on the continued services and performance of our key executives, senior management and skilled personnel, particularly personnel with experience in our industry and our information technology and systems. Any of these individuals may choose to terminate their employment with us at any time and we cannot assure you that we will be able to retain these employees or find adequate replacements, if at all. The specialized skills we require can be difficult, time-consuming and expensive to acquire and/or develop and, as a result, these skills are often in short supply. A lengthy period of time may be required to hire and train replacement personnel when skilled personnel depart our company. Our ability to compete effectively depends on our ability to attract new employees and to retain and motivate our existing employees. We may be required to increase our levels of employee compensation more rapidly than in the past to remain competitive in attracting the quality of employees that our business requires. If we do not succeed in attracting well-qualified employees or retaining or motivating existing employees, our business and prospects for growth could be adversely affected.

Inaccurate Information from Suppliers of Hotel Room Inventory May Lead to Customer Complaints.

Our customers that purchase hotel room inventory online through our websites may rely on the description of the accommodation presented on such websites to ascertain the quality of amenities and services provided at the relevant accommodation. We receive information utilized in the accommodation description on our websites directly from the accommodation provider. To the extent that the information presented on our websites does not reflect the actual quality of amenities and services at the accommodation, we may face customer complaints that may have an adverse effect on our reputation and the likelihood of repeat customers, which in turn may adversely affect our business.

Risks Related to Operations in India

A Substantial Portion of Our Business and Operations Are Located in India and We Are Subject to Regulatory, Economic, Social and Political Uncertainties in India.

A substantial portion of our business and most of our employees are located in India, and we intend to continue to develop and expand our business in India. Consequently, our financial performance and the market price of our ordinary shares will be affected by changes in exchange rates and controls, interest rates, changes in government policies, including taxation policies, social and civil unrest and other political, social and economic developments in or affecting India.

The Government of India has exercised and continues to exercise significant influence over many aspects of the Indian economy. Since 1991, successive Indian governments have generally pursued policies of economic liberalization and financial sector reforms, including by significantly relaxing restrictions on the private sector. Nevertheless, the role of the Indian central and state governments in the Indian economy as producers, consumers and regulators has remained significant and we cannot assure you that such liberalization policies will continue.

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The rate of economic liberalization could change, and specific laws and policies affecting travel service companies, foreign investments, currency exchange rates and other matters affecting investments in India could change as well. A significant change in India’s policy of economic liberalization and deregulation or any social or political uncertainties could adversely affect business and economic conditions in India generally and our business and prospects.

As the Domestic Indian Market Constitutes a Significant Source of Our Revenue, a Slowdown in Economic Growth in India Could Cause Our Business to Suffer.

In fiscal years 2013, 2014 and 2015, 85.7%, 83.2% and 82.5%, respectively, of our revenue was derived directly from sales by our subsidiary in India. The performance and growth of our business are necessarily dependent on economic conditions prevalent in India, which may be materially and adversely affected by political instability or regional conflicts, a general rise in interest rates, inflation, and economic slowdown elsewhere in the world or otherwise. The CIA World Factbook estimates that consumer inflation in India was 9.7% in 2012 and 9.6% in 2013. The Indian economy also remains largely driven by the performance of the agriculture sector which depends on the quality of the monsoon which is difficult to predict. The Indian economy has grown significantly over the past few years, although it has recently experienced an economic slowdown. In the past, economic slowdowns in the Indian economy have harmed the travel industry as customers have less disposable income for their travels, especially holiday travel. Any continued or future slowdown in the Indian economy or a further increase in inflation could have a material adverse effect on the demand for the travel products we sell and, as a result, on our financial condition and results of operations.

Trade deficits could also adversely affect our business and the price of our ordinary shares. India’s trade relationships with other countries and its trade deficit, driven to a major extent by global crude oil prices, may adversely affect Indian economic conditions. If trade deficits increase or are no longer manageable because of the rise in global crude oil prices or otherwise, the Indian economy, and therefore our business, our financial performance and the price of our ordinary shares could be adversely affected.

India also faces major challenges in sustaining its growth, which include the need for substantial infrastructure development and improving access to healthcare and education. If India’s economic growth cannot be sustained or otherwise slows down significantly our business and prospects could be adversely affected.

The Travel Industry in India is Susceptible to Extraneous Events Such As Terrorist Attacks and Other Acts of Violence, Which May Result in a Reduction in Travel Volumes to Affected Areas.

Terrorist attacks and other acts of violence or war involving India or other neighboring countries may adversely affect the Indian markets and the worldwide financial markets. As many terrorist attacks tend to be focused on tourists or tourist destinations, such acts may also result in a reduction in confidence in the Indian travel industry and could adversely impact our business and prospects. In addition, any deterioration in international relations between India and other countries may result in concerns regarding regional stability which could adversely affect the price of our ordinary shares. The occurrence of any of these events may result in a loss of business confidence and have an adverse effect on our business and financial performance.

South Asia has also experienced instances of civil unrest and hostilities among neighboring countries from time to time, including between India and Pakistan. There have also been incidents in and near India such as terrorist attacks and troop mobilizations along the border. Such military activity, terrorist attacks or other adverse social, economic and political events in India in the future could adversely affect the Indian economy by disrupting communications and making travel more difficult. Resulting political tensions could create a greater perception that investments in Indian companies involve a high degree of risk and could have an adverse impact on our business and the price of our ordinary shares. Furthermore, if India were to become engaged in armed hostilities, we might not be able to continue our operations. While we maintain insurance for losses arising from terrorist activities, our insurance policies do not cover business interruptions from terrorist attacks or for other reasons.

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Natural Calamities Could Have a Negative Impact on the Indian Economy and Cause Our Business to Suffer.

India has experienced natural calamities such as earthquakes, tsunamis, floods and drought in the past few years. For example, in September 2014, the state of Jammu and Kashmir in northern India, a popular tourism destination, experienced widespread floods and landslides, and in April 2015, an earthquake occurred in the Federal Democratic Republic of Nepal with aftershocks and landslides subsequently affecting the country. The extent and severity of these natural disasters determines their impact on the Indian economy. Substantially all of our operations and employees are located in India and there can be no assurance that we will not be affected by natural disasters in the future. Furthermore, if any of these natural disasters occur in tourist destinations in India, travel to and within India could be adversely affected, which could have an adverse impact on our business and financial performance.

Restrictions on Foreign Investment in India May Prevent Us from Making Future Acquisitions or Investments in India, Which May Adversely Affect Our Results of Operations, Financial Condition and Financial Performance.

India regulates ownership of Indian companies by foreigners, although some restrictions on foreign investment have been relaxed in recent years. These regulations and restrictions may apply to acquisitions by us or our affiliates, including MMT India and affiliates which are not resident in India, of shares in Indian companies or the provision of funding by us or any other entity to Indian companies within our group. For example, under its consolidated foreign direct investment policy, the Government of India has set out additional requirements for foreign investments in India, including requirements with respect to downstream investments by Indian companies, owned or controlled by foreign entities, and the transfer of ownership or control of Indian companies in sectors with caps on foreign investment from resident Indian persons or entities to foreigners. Further, India’s Foreign Exchange Management Act, 1999, as amended, and the rules and regulations promulgated thereunder, or FEMA, restrict us from lending to or borrowing from our Indian subsidiary. These requirements, which currently include restrictions on valuations and sources of funding for such investments and may include prior approval from the Foreign Investment Promotion Board, may adversely affect our ability to make investments in India, including through MMT India. There can be no assurance that we will be able to obtain any required approvals for future acquisitions or investments in India, or that we will be able to obtain such approvals on satisfactory terms.

Our Business and Activities Are Regulated by the Competition Act, 2002.

The Competition Act, 2002, as amended, or the Competition Act, prohibits practices that could have an appreciable adverse effect on competition in India. Under the Competition Act, any arrangement, understanding or action, whether formal or informal, which causes or is likely to cause an appreciable adverse effect on competition in India is void and may result in substantial penalties and compensation to be paid to persons shown to have suffered losses. Any agreement among competitors which directly or indirectly determines purchase or sale prices, results in bid rigging or collusive bidding, limits or controls production, supply, markets, technical development, investment or the provision of services, or shares the market or source of production or provision of services in any manner, including by way of allocation of geographical area or types of goods or services or number of customers in the market, is presumed to have an appreciable adverse effect on competition. Further, the Competition Act prohibits the abuse of a dominant position by any enterprise either directly or indirectly, including by way of unfair or discriminatory pricing or conditions in the sale of goods or services, using a dominant position in one relevant market to enter into, or protect, another relevant market, and denial of market access, and such practices are subject to substantial penalties and may also be subject to compensation for losses and orders to divide the enterprise. Further, the Competition Commission of India has extraterritorial powers and can investigate any agreements, abusive conduct or combination occurring outside India if such agreement, conduct or combination has an appreciable adverse effect on competition in India.

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If we or any member of our group, including MMT India, are affected, directly or indirectly, by the application or interpretation of any provision of the Competition Act or any proceedings initiated by the Competition Commission of India or any other relevant authority (or any other claim by any other party under the Competition Act) or any adverse publicity that may be generated due to scrutiny or prosecution under the Competition Act, including by way of financial penalties, our business, financial performance and reputation may be materially and adversely affected.

Acquisitions, mergers and amalgamations which exceed certain revenue and asset thresholds require prior approval by the Competition Commission of India. Any such acquisitions, mergers or amalgamations which have an appreciable adverse effect on competition in India are prohibited and void. There can be no assurance that we will be able to obtain approval for such future transactions on satisfactory terms, or at all.

Our Investors May Be Subject to Indian Taxes on Income Arising Through the Sale of Our Ordinary Shares.

Amendments introduced in 2012 to the Income Tax Act, 1961, as amended, provide that income arising directly or indirectly through the sale of a capital asset, including any shares or interest in a company incorporated outside of India, will be subject to tax in India, if such shares or interest directly or indirectly derive their value substantially from assets located in India, irrespective of whether the seller of such shares has a residence, place of business, business connection, or any other presence in India. Through amendments introduced in 2015 to the Income Tax Act, 1961, the word “substantially” has been defined and investors may be subject to Indian income taxes on the income arising directly or indirectly through the sale of our ordinary shares subject to the provisions of double taxation avoidance agreements that India has entered into with other countries. Further, the amendments also contain an exemption with respect to alienation of shares by a transferor-investor whose voting rights or share capital, at any time during twelve-month period preceding the date of sale, does not exceed five percent of the total voting rights or share capital in the company, provided such transferor-investor is not vested with rights of management or control in any other form.

Risks Related to Investments in Mauritian Companies

As Our Shareholder, You May Have Greater Difficulties in Protecting Your Interests Than As a Shareholder of a United States Corporation.

We are incorporated under the laws of Mauritius. The laws generally applicable to United States corporations and their shareholders may provide shareholders of United States corporations with rights and protection for which there may be no corresponding or similar provisions under the Companies Act 2001 of Mauritius, as amended, or the Mauritius Companies Act. As such, if you invest in our ordinary shares, you may or may not be accorded the same level of shareholder rights and protection that a shareholder of a United States corporation may be accorded under the laws generally applicable to United States corporations and their shareholders. Taken together with the provisions of our Constitution, some of these differences may result in your having greater difficulties in protecting your interests as our shareholder than you would have as a shareholder of a United States corporation. This affects, among other things, the circumstances under which transactions involving an interested director are voidable, whether an interested director can be held accountable for any benefit realized in a transaction with us, what rights you may have as a shareholder to enforce specified provisions of the Mauritius Companies Act or our Constitution, and the circumstances under which we may indemnify our directors and officers.

We May Become Subject to Unanticipated Tax Liabilities That May Have a Material Adverse Effect on Our Results of Operations.

We are a Mauritius Category 1 Global Business Company and are tax resident in Mauritius. The Income Tax Act 1995 of Mauritius imposes a tax in Mauritius on the chargeable income of our company at the rate of 15.0%. However, under the Income Tax (Foreign Tax Credit) Regulations 1996 of Mauritius, subject to the

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Income Tax Act 1995 and the regulations under the Income Tax (Foreign Tax Credit) Regulations 1996, credit is allowed for foreign tax on the foreign source income of a resident of Mauritius against Mauritius tax computed by reference to the same income, and where credit is allowed against Mauritius tax chargeable in respect of any income, the amount of Mauritius tax so chargeable shall be reduced by the amount of the credit. Under the Income Tax Act 1995, “foreign source income” means income which is not derived from Mauritius and includes, in the case of a corporation holding a Category 1 Global Business License under the Financial Services Act 2007 of Mauritius, income derived from its transactions with non-residents or corporations holding a Category 1 Global Business License under the Financial Services Act. Subject to the provisions of the Income Tax (Foreign Tax Credit) Regulations 1996, no credit is allowed in respect of foreign tax unless written evidence is presented to the Mauritius Revenue Authority showing the amount of foreign tax which has been charged. For this purpose, “written evidence” includes a receipt of the relevant authorities of the foreign country for the foreign tax or any other evidence that the foreign tax has been deducted or paid to the relevant authorities of that country. However, pursuant to regulation 8 of the Income Tax (Foreign Tax Credit) Regulations 1996, if written evidence is not presented to the Mauritius Revenue Authority showing the amount of foreign tax charged on our company’s foreign source income, the amount of foreign tax shall nevertheless be conclusively presumed to be equal to 80.0% of the Mauritius tax chargeable with respect to that income and in such circumstance, the effective tax rate in Mauritius on our company’s chargeable income would be 3.0%.

Following amendments to the Financial Services Act 2007 of Mauritius pursuant to the Finance (Miscellaneous Provisions) Act 2010 in December 2010, Mauritius companies holding a Category 1 Global Business License, or GBC1, issued by the Financial Services Commission in Mauritius are permitted to conduct business both in and outside Mauritius (instead of outside Mauritius only). The operations of a GBC1 company in Mauritius will be subject to tax on chargeable income at the rate of 15.0% in Mauritius. Our company holds a specific Tax Residence Certificate for India, valid until May 4, 2016 and a general Tax Residence Certificate for all jurisdictions, valid until May 8, 2016, from the Mauritius Revenue Authority, as per the guidelines prescribed by the Mauritius Revenue Authority. These tax residence certificates are renewed annually and we have applied for their renewal and currently await the renewed certificates.

We believe that a significant portion of the income derived from our operations will not be subject to tax in countries in which we conduct activities or in which our customers are located, other than Mauritius, India, the Netherlands, Malaysia, Thailand and Singapore. However, this belief is based on the anticipated nature and conduct of our business, which may change. It is also based on our understanding of our position under the tax laws of the countries in which we have assets or conduct activities. This position is subject to review and possible challenge by taxing authorities and to possible changes in law that may have retroactive effect. Our results of operations could be materially and adversely affected if we become subject to a significant amount of unanticipated tax liabilities.

Risks Related to Our Ordinary Shares

Investors May Have Difficulty Enforcing Judgments against Us, Our Directors and Management.

We are incorporated under the laws of Mauritius. Further, we conduct substantially all of our operations in India through our key operating subsidiary in India. The majority of our directors and officers, and some of the experts named in this Annual Report, reside outside the United States, and a majority of our assets and some or all of the assets of such persons are located outside the United States. As a result, it may be difficult or impossible to effect service of process within the United States upon us or those persons, or to recover against us or them on judgments of United States courts, including judgments predicated upon the civil liability provisions of the United States federal securities laws. An award of punitive damages under a United States court judgment based upon United States federal securities laws is likely to be construed by Mauritian and Indian courts to be penal in nature and therefore unenforceable in both Mauritius and India. Further, no claim may be brought in Mauritius or India against us or our directors and officers in the first instance for violation of United States federal securities laws because these laws have no extraterritorial application under Mauritian or Indian law and

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do not have force of law in Mauritius or India. However, a Mauritian or Indian court may impose civil liability, including the possibility of monetary damages, on us or our directors and officers if the facts alleged in a complaint constitute or give rise to a cause of action under Mauritian or Indian law. Moreover, it is unlikely that a court in Mauritius or India would award damages on the same basis as a foreign court if an action were brought in Mauritius or India or that a Mauritian or Indian court would enforce foreign judgments if it viewed the amount of damages as excessive or inconsistent with Mauritius or Indian practice or public policy.

The courts of Mauritius or India would not automatically enforce judgments of United States courts obtained in actions against us or our directors and officers, or some of the experts named herein, predicated upon the civil liability provisions of the United States federal securities laws, or entertain actions brought in Mauritius or India against us or such persons predicated solely upon United States federal securities laws. Further, there is no treaty in effect between the United States and Mauritius providing for the enforcement of judgments of United States courts in civil and commercial matters and the United States has not been declared by the Government of India to be a reciprocating territory for the purposes of enforcement of foreign judgments, and there are grounds upon which Mauritian or Indian courts may decline to enforce the judgments of United States courts. Some remedies available under the laws of United States jurisdictions, including remedies available under the United States federal securities laws, may not be allowed in Mauritian or Indian courts if contrary to public policy in Mauritius or India. Because judgments of United States courts are not automatically enforceable in Mauritius or India, it may be difficult for you to recover against us or our directors and officers or some experts named in this Annual Report based upon such judgments. In India, prior approval of the Reserve Bank of India is required in order to repatriate any amount recovered pursuant to such judgments.

As a Foreign Private Issuer, We are Permitted to, and We Will, Follow Certain Home Country Corporate Governance Practices in Lieu of Certain Nasdaq Requirements Applicable to US Issuers. This May Afford Less Protection to Holders of Our Ordinary Shares.

As a foreign private issuer whose ordinary shares are listed on the Nasdaq Global Market, we are permitted to, and we will, follow certain home country corporate governance practices in lieu of certain Nasdaq Global Market requirements. A foreign private issuer must disclose in its Annual Reports filed with the Securities and Exchange Commission, or the SEC, each Nasdaq Global Market requirement with which it does not comply followed by a description of its applicable home country practice. As a company incorporated in Mauritius and listed on the Nasdaq Global Market, we currently intend to follow our home country practice with respect to the composition of our board of directors and nominations committee and executive sessions. Unlike the requirements of the Nasdaq Global Market, the corporate governance practice and requirements in Mauritius do not require us to have a majority of our board of directors to be independent; do not require us to establish a nominations committee; and do not require us to hold regular executive sessions where only independent directors shall be present. Such Mauritian home country practices may afford less protection to holders of our ordinary shares.

An Active or Liquid Trading Market for Our Ordinary Shares May Not Be Maintained and the Trading Price for Our Ordinary Shares May Fluctuate Significantly.

An active, liquid trading market for our ordinary shares may not be maintained in the long term and we cannot be certain that any trading market for our ordinary shares will be sustained or that the present price will correspond to the future price at which our ordinary shares will trade. Loss of liquidity could increase the price volatility of our ordinary shares.

Any additional issuance of ordinary shares would dilute the positions of existing investors in the ordinary shares and could adversely affect the market price of our ordinary shares. We cannot assure you that our ordinary shares will not decline below their prevailing market price. You may be unable to sell your ordinary shares at a price that is attractive to you.

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The Sale or Availability for Sale of Substantial Amounts of Our Ordinary Shares Could Adversely Affect Their Market Price.

Sales of substantial amounts of our ordinary shares in the public market, or the perception that such sales could occur, could adversely affect the market price of our ordinary shares and could materially impair our future ability to raise capital through offerings of our ordinary shares.

As of March 31, 2015, we had 41,986,966 ordinary shares outstanding. All of the ordinary shares sold in our prior public offerings are freely tradable without restriction or further registration under the US Securities Act of 1933, or the Securities Act, unless held by our “affiliates” as that term is defined in Rule 144 under the Securities Act. Subject to applicable restrictions and limitations under Rule 144 of the Securities Act, all of our shares outstanding before our prior public offerings will be eligible for sale in the public market. If these shares are sold, or if it is perceived that they will be sold, in the public market, the trading price of our ordinary shares could decline. We cannot predict what effect, if any, market sales of ordinary shares held by our significant shareholders or any other shareholder or the availability of these ordinary shares for future sale will have on the market price of our ordinary shares.

Future Issuances of Any Equity Securities May Decrease the Trading Price of Our Ordinary Shares.

Any future issuance of equity securities could dilute the interests of our shareholders and could substantially decrease the trading price of our ordinary shares. We may issue equity or equity-linked securities in the future for a number of reasons, including to finance our operations and business strategy (including in connection with acquisitions and other transactions), to adjust our ratio of debt to equity, to satisfy our obligations upon the exercise of then-outstanding options or other equity-linked securities, if any, or for other reasons.

Our Holding Company Will Have to Rely Principally on Dividends and Other Distributions on Equity Paid by Our Operating Subsidiaries and Limitations on Their Ability to Pay Dividends to Our Holding Company Could Adversely Impact Shareholders’ Ability to Receive Dividends on Our Ordinary Shares.

Dividends and other distributions on equity paid by our operating subsidiaries will be our holding company’s principal source for cash in order for us to be able to pay any dividends and other cash distributions to our shareholders. As of the date of this Annual Report, MMT India or any other subsidiary has not paid any cash dividends on its equity shares. If our operating subsidiaries incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other distributions to our holding company. As our key operating subsidiary is established in India, it is also subject to certain limitations with respect to dividend payments.

Compliance with Rules and Requirements Applicable to Public Companies May Cause Us to Incur Additional Costs, and Any Failure by Us to Comply with Such Rules and Requirements Could Negatively Affect Investor Confidence in Us and Cause the Market Price of Our Ordinary Shares to Decline.

As a public company, we incur significant legal, accounting and other expenses. For example, we are required by Section 404 of the Sarbanes-Oxley Act of 2002 to include a report of management’s assessment on our internal control over financial reporting and an auditor’s attestation report on our internal control over financial reporting in our Annual Report on Form 20-F. Effective internal control over financial reporting is necessary for us to provide reliable financial reports.

Complying with these rules and requirements may be difficult and costly for us. We have incurred and anticipate that we will continue to incur considerable costs and use significant management time and other resources in an effort to comply with Section 404 and other United States public company reporting requirements. We cannot predict or estimate the amount of additional costs we may incur or the timing of such costs. In addition, if we fail to comply with any significant rule or requirement associated with being a public

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company, such failure could result in the loss of investor confidence and could harm our reputation and cause the market price of our ordinary shares to decline.

We May Be Classified as a Passive Foreign Investment Company, Which Could Result in Adverse US Federal Income Tax Consequences to US Holders of Our Ordinary Shares.

Based on, among other things, the current and anticipated valuation of our assets and composition of our income and assets, we do not believe we were a passive foreign investment company, or PFIC, for US federal income tax purposes for our current taxable year or will become a PFIC in the foreseeable future. However, the application of the PFIC rules is subject to uncertainty in several respects. In addition, a separate determination must be made after the close of each taxable year as to whether we were a PFIC for that year. Accordingly, we cannot assure you that we will not be a PFIC for our current taxable year or any future taxable year. A non-US corporation will be a PFIC for any taxable year if either (1) at least 75.0% of its gross income for such year is passive income or (2) at least 50.0% of the value of its assets (based on an average of the quarterly values of the assets) during such year is attributable to assets that produce passive income or are held for the production of passive income. For this purpose, we will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any other corporation in which we own, directly or indirectly, at least 25.0% (by value) of the stock. Because the value of our assets for purposes of the PFIC test will generally be determined in part by reference to the market price of our ordinary shares, fluctuations in the market price of the ordinary shares may cause us to become a PFIC. In addition, changes in the composition of our income or assets may cause us to become a PFIC. If we are a PFIC for any taxable year during which a US Holder (as defined in “Item 10. Additional Information — E. Taxation — US Federal Income Taxation”) holds an ordinary share, certain adverse US federal income tax consequences could apply to such US Holder. See “Item 10. Additional Information — E. Taxation — US Federal Income Taxation — Passive Foreign Investment Company.”

We May Be Treated as a “Foreign Financial Institution” Under the US Foreign Account Tax Compliance Act, Which May Impose Withholding Requirements on Payments on Our Ordinary Shares.

Provisions under the US Internal Revenue Code and Treasury Regulations thereunder, commonly referred to as “FATCA,” generally may impose 30.0% withholding on certain “withholdable payments” and “foreign passthru payments” (each as defined in the US Internal Revenue Code) made by a “foreign financial institution” (as defined in the US Internal Revenue Code) that has entered into an agreement with the IRS to perform certain diligence and reporting obligations with respect to the foreign financial institution’s US-owned accounts (each such foreign financial institution, a “Participating Foreign Financial Institution”). If we were treated as a foreign financial institution and if we become a Participating Foreign Financial Institution, to the extent payments on the ordinary shares are considered foreign passthru payments, such withholding may be imposed on such payments to any foreign financial institution (including an intermediary through which a holder may hold the ordinary shares) that is not a Participating Foreign Financial Institution or any other investor who does not provide information sufficient to establish that the investor is not subject to withholding under FATCA, unless such foreign financial institution or investor is otherwise exempt from FATCA. Under current guidance, the term “foreign passthru payment” is not defined and it is therefore not clear whether or to what extent payments on the ordinary shares would be considered foreign passthru payments, although IRS guidance has indicated that the definition of “foreign passthru payment” is intended to cover payments that are attributable to underlying US source income. Withholding on foreign passthru payments would not be required with respect to payments made before January 1, 2017. The United States has entered into intergovernmental agreements with certain non-US jurisdictions that will modify the FATCA withholding regime described above. It is not yet clear how the intergovernmental agreements will address foreign passthru payments and whether such intergovernmental agreements may relieve foreign financial institutions of any obligation to withhold on foreign passthru payments.

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ITEM 4. INFORMATION ON THE COMPANY

A. History and Development of our Company

We (Company No. 24478/5832) are a public company incorporated under the laws of Mauritius with limited liability on April 28, 2000 and we hold a Category 1 Global Business Licence issued by the Financial Services Commission in Mauritius. Our registered office is located at c/o CIM Corporate Services Limited, Les Cascades Building, Edith Cavell Street, Port Louis, Mauritius and the telephone number for this office is (230) 212 9800 and our principal executive office is located at Tower A, SP Infocity, 243, Udyog Vihar, Phase 1, Gurgaon, Haryana 122016, India and the telephone number for this office is (91-124) 439-5000. Our principal website address is www.makemytrip.com. Our other websites include www.makemytrip.ae; www.makemytrip.com.sg; www.us.makemytrip.com, www.hoteltravel.com and www.easytobook.com. Information contained on our website, or the website of any of our subsidiaries or affiliates, is not a part of this Annual Report. Our agent for service in the United States is MakeMyTrip Inc., 60 East 42nd Street, Suite 2029, New York, NY 10165.

Founded by Mr. Deep Kalra, we commenced operations in 2000 and in the first five years following our inception, we focused on the non-resident Indian market in the United States, servicing mainly their need for United States-India inbound air tickets. We started our Indian business with the launch of our Indian website in September 2005.

As of March 31, 2010, our stated capital was $53,900,376.00, comprising 877,106 ordinary shares with a par value of $0.01 each and 616,223 preferred shares with a par value of $0.01 each, of which 328,863 preferred shares were designated Series A preferred shares, 148,315 preferred shares were designated Series B preferred shares and 139,045 preferred shares were designated Series C preferred shares. We effected a 20-for-one share split on July 22, 2010.

On August 17, 2010, we completed an initial public offering of 5,750,000 of our ordinary shares at $14.00 per share. All of our preferred shares were converted into 12,324,460 ordinary shares upon the completion of our initial public offering in August 2010.

On June 2, 2011, we completed a follow-on public offering of 5,244,000 of our ordinary shares at $24.00 per share. On June 29, 2011, in connection with our follow-on public offering, we completed an additional over-allotment offering of 350,000 of our ordinary shares at $24.00 per share.

On November 6, 2012, we issued 209,050 shares as a part of the initial consideration for the acquisition of the Hotel Travel Group.

On March 19, 2014, we completed a follow-on public offering of 5,500,000 of our ordinary shares at $23.00 per share and an over-allotment offering of 825,000 of our ordinary shares at $23.00 per share.

On April 22, 2014, we issued 38,655 shares as part of deferred consideration payable in relation to our acquisition of the Hotel Travel Group. These shares were issued from treasury shares held by us.

As of March 31, 2015, our stated capital was $232,021,106.24 comprising 41,986,966 ordinary shares with a par value of $0.0005 each.

As of April 30, 2015, our stated capital was $232,021,106.28, comprising 41,987,039 ordinary shares with a par value of $0.0005 each.

Recent Investments and Acquisitions

In November 2012, we acquired a 100.0% stake in the companies comprising the Hotel Travel Group. The Hotel Travel Group has been operating in Southeast Asia with the well-established brand “Hotel Travel” and through the website www.hoteltravel.com for over a decade with a presence in Malaysia, Thailand and Singapore. The total consideration payable to the promoters of the Hotel Travel Group by us is $25.0 million,

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subject to an estimated balance sheet adjustment. On November 6, 2012, $10.0 million of this amount was paid in cash and $3.3 million in the form of our shares, after making an adjustment for a portion of the estimated balance sheet adjustment. We have agreed to pay the remaining consideration in the form of our shares, subject to a final adjustment, in three annual tranches, with the final tranche scheduled for January 2016. In April 2014, the first tranche of $1.0 million was paid in form of our shares. We believe the acquisition of the Hotel Travel Group will help us further strengthen our presence in the hotels and packages segment in India and Southeast Asia.

In November 2012, we acquired a 51% stake in the ITC Group, a well-established hotel aggregator and tour operator in Thailand. The aggregate consideration we paid was (i) $2.2 million for the purchase of shares from the existing shareholders of the ITC Group, and (ii) $1.0 million for the subscription of new shares of the ITC Group. As of March 31, 2015, we owned 51% of the ITC Group. In May 2015, we acquired the remaining shares of the ITC Group from the existing shareholders for a consideration of approximately $2.0 million. We believe this acquisition will help us further expand our presence in Thailand, a key market for outbound holidays, by establishing more direct hotel relationships in the country.

On February 6, 2014, we completed our acquisition of the entire equity interest in a group of companies comprising the ETB Group. We purchased shares from the existing shareholders of the ETB Group and invested a further amount into the ETB Group. The total purchase consideration and investment in the ETB Group was approximately $4.4 million. The acquisition of the ETB Group is expected to further strengthen our existing travel technology platform and systems and to broaden the international hotel room offerings for customers travelling overseas, particularly to Europe which is a key tourist destination for Indians. We also intend to increase travel between Europe, India and Southeast Asia, through our expanded hotel and packages business which offer rooms in each of these key regions.

In September 2014, we announced the establishment of our innovation fund (“Innovation Fund”), through which the Company will consider investing up to $3.0 million in each start-up or early-stage companies in the travel technology space. Through the Innovation Fund, in December 2014, we acquired a minority equity stake in Simplotel Technologies Private Limited (“Simplotel”) and have committed to make a further investment by June 2015, which will increase our total equity shareholding in Simplotel to approximately 25%. Simplotel aims to provide hotels with responsive and optimized websites along with booking engines. We believe our investment in Simplotel will help to promote the online distribution of accommodation inventory in India. Further, in April 2015, we acquired certain assets of the online travel-planning service, Mygola.com, and the entire Mygola team joined our Company to focus on innovation in online travel. In April 2015, we acquired approximately 18% of the equity shares of Inspirock, Inc., which owns and operates www.inspirock.com, an online planning tool for developing custom-made itineraries. We believe that this investment will help us to further enhance our capabilities in the online tour planning space.

We have historically financed our capital expenditure requirements with cash flows from operations, as well as through the sale of our convertible and redeemable preferred shares and ordinary shares and proceeds from our public offerings.

We made capital expenditures of $6.9 million, $5.6 million and $7.0 million in fiscal years 2013, 2014 and 2015, respectively. As of March 31, 2015, we had committed capital expenditures of $0.1 million for fiscal year 2016, substantially all of which we expect to spend in India. In addition, we expect to spend an additional approximately $8.0 million to $10.0 million on capital expenditures during fiscal year 2016. Our capital expenditures have principally consisted of purchases of servers, workstations, computers, computer software, leasehold improvements and other items related to our technology platform and infrastructure, upgrading of our websites, as well as improvements to our leasehold premises.

For further details, see “Risk Factors — Risks Related to Us and Our Industry — We May Not Be Successful in Pursuing Strategic Partnerships and Acquisitions, and Future Partnerships and Acquisitions May Not Bring Us Anticipated Benefits.”

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B. Business Overview

We are the leading online travel company in India. Through our primary website, www.makemytrip.com, and mobile platforms, travelers can research, plan and book a wide range of travel services and products in India as well as overseas. Our services and products include air tickets, hotels, packages, rail tickets, bus tickets, car hire and ancillary travel requirements such as facilitating access to third-party travel insurance and visa processing. As of March 31, 2015, we provided our customers with access to all major domestic full-service and low-cost airlines operating in India and all major airlines operating to and from India, over 24,000 hotels and guesthouses in India and more than 225,000 hotels and properties outside India, Indian Railways and several major Indian and Singapore bus operators.

We commenced operations in 2000 and in the first five years following our inception, we focused on the non-resident Indian market in the United States, primarily servicing its demand for United States to India air tickets. We started our Indian business with the launch of our Indian website in September 2005. We currently target our services and travel products to leisure travelers and corporate travelers who prefer to make their own travel arrangements through our online and offline sales channels.

We have invested significant capital in our infrastructure and in sales and marketing efforts to build our brand and gain recognition, and recorded net losses for each of our fiscal years except for fiscal years 2011 and 2012. We recorded net losses in fiscal years 2009 and 2010 of $(7.3) million and $(6.2) million, respectively, and recorded net profits of $4.8 million and $7.0 million, respectively, in fiscal years 2011 and 2012. We recorded a net loss of $(27.6) million, $(20.9) million and $(18.4) million in fiscal years 2013, 2014 and 2015, respectively.

We believe the strength of our brand, quality of our services, user-friendliness of our website experience, focus on our customers and efficacy of our marketing programs have enabled us to capture a significant share of the domestic air travel market in India, while increasing online penetration of the primarily-offline international air and hotels market in India. We have won a number of awards, including, most recently, Mobile Appies (2015) for the Most Innovative Travel App, Best Travel Portal India (2014) by World Travel Awards, Conde Nast Traveller Readers’ Travel Award – Favourite Online Travel Agent (2014, 2013), Best Travel Portal by CNBC Awaaz (2013) and Most Innovative B2C Company at Travel Innovation Summit by PhoCusWright (2013) for creating consumer friendly technologies. Our efforts on the mobile technology were recognized at EyeforTravel’s Social Media & Mobile in Travel Asia conference (2013) with the Best Mobile Strategy award. We have also been recognized as Best Travel Portal by Lonely Planet (2013 & 2012), Favourite Travel Portal by Outlook Traveller (2015, 2014 & 2013), Travel Innovator of the Year by Travel Distribution World Asia Awards (2012), Best Travel Portal by CNBC Awaaz (2009) besides receiving numerous awards from trade partners. We have leveraged our leading market share in air tickets and our strong brand to rapidly diversify into the hotels and packages business which represented 45.1% of our revenue less service cost during fiscal year 2015 as compared to 37.6% in fiscal year 2014. The number of transactions for air tickets and hotels and packages booked through us were 3.8 million and 0.6 million, respectively, in fiscal year 2013, 4.0 million and 0.9 million, respectively, in fiscal year 2014 and 5.4 million and 1.4 million, respectively, in fiscal year 2015. Our total revenue less service cost was $88.2 million in fiscal year 2013, $106.4 million in fiscal year 2014, and $138.9 million in fiscal year 2015.

Our websites are designed to provide our customers with a user-friendly experience. According to comScore, www.makemytrip.com had an average of over 7.8 million unique visitors per month in fiscal year 2015 and an average of over 8.3 million unique visitors per month in fiscal year 2014.

Our customers are now able to make bookings on our responsive mobile site, http://www.makemytrip.com, and on major mobile platforms through our mobile applications for iPhone and Android, which allow bookings for Indian and international flights and hotels, holiday packages, Indian railway tickets and Indian bus offerings, our mobile application for BlackBerry, which allows bookings for Indian domestic flights, and our Windows Mobile application, which allows bookings for Indian domestic flights and hotels. Our mobile traffic and

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transactions are increasing rapidly and our mobile customer base has increased from 10,394 as of December 31, 2011 to approximately 1.1 million as of March 31, 2015. As of March 31, 2015, our BlackBerry application, which was launched in early 2011, had been downloaded approximately 0.44 million times, our Android application, which was launched in April 2012, had been downloaded approximately 5.3 million times, our iPhone application, which was launched in July 2012, had been downloaded approximately 1.3 million times and our Windows Mobile application, which was launched in August 2013, had been downloaded approximately 0.36 million times. As of March 31, 2015, we had 8.5 million mobile users.

We have built an advanced and secure technology platform, which integrates our sales, customer service and fulfillment operations. Our technology platform is scalable and can be upgraded to handle increased traffic and complexity of products with limited additional investment. In the past, when multiple airlines have offered promotional rates, we have experienced peak traffic and our websites handled approximately 42,000 transactions and over 2 million searches in our flights section a day. In order to meet the requirements of this growing Indian middle class travel market where Internet penetration is relatively low, we also utilize other technology-enhanced distribution channels, including call centers and travel stores in India, as well as our travel agents’ network in India.

We have made selective acquisitions to enhance our hotel inventory in popular travel destinations for our user base and to gain access to technology. In February 2014, we acquired a group of companies headquartered in Amsterdam, Netherlands, operating through its website, Easytobook.com, which offers online hotel reservations in Europe, North America and other key global travel destinations. We believe we are a cost-effective distribution channel for our suppliers, providing reach to a large and expanding customer base in India as well as non-resident Indians.

In December 2014, we acquired a minority equity stake in Simplotel Technologies Private Limited (“Simplotel”) and have committed to make a further investment by June 2015, which will increase our total equity shareholding in Simplotel to approximately 25%. Simplotel aims to provide hotels with responsive and optimized websites along with booking engines. We believe our investment in Simplotel will help to promote the online distribution of accommodation inventory in India. Further, in April 2015, we acquired certain assets of the online travel-planning service, Mygola.com, and the entire Mygola team joined our Company to focus on innovation in online travel. In April 2015, we acquired approximately 18% of the equity shares of Inspirock, Inc., which owns and operates www.inspirock.com, an online planning tool for developing custom-made itineraries. We believe that this investment will help us to further enhance our capabilities in the online tour planning space.

Our Strengths

We have the following competitive strengths:

The Leading Online Travel Company in India with a Well-Recognized Brand. Since commencing our travel business in India in 2005, we have become the leading company in the Indian online travel market. In fiscal year 2013, 3.4 million transactions for domestic air tickets in India and 0.6 million transactions for hotels and packages were booked through us. In fiscal year 2014, 3.5 million transactions for domestic air tickets in India and 0.9 million transactions for hotels and packages were booked through us. In fiscal year 2015, 4.8 million transactions for domestic air tickets in India and 1.4 million transactions for hotels and packages were booked through us. According to comScore, www.makemytrip.com had an average of over 7.8 million unique visitors per month in fiscal year 2015 and an average of over 8.3 million unique visitors per month in fiscal year 2014. Based on data from the DGCA, we estimate that one in seven domestic air passengers in India booked their air ticket through our company in fiscal year 2015.

We believe that our brand is well-recognized in the Indian travel industry. In 2013, we were voted the Best Travel Portal by the readers of Lonely Planet Magazine India. In 2012, we were selected as the Best Travel Portal (Indian) by readers of Lonely Planet Magazine India and Favourite Travel Portal by readers of Outlook Traveller

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magazine. In 2011, we were named the Best Online Travel Agency and Best Domestic Tour Operator by the Times of India. We were also the first and only online travel agency brand to be selected as a Superbrand^TM in India for 2009-2010. We have invested in developing and promoting our brand since our inception, using a combination of traditional channels such as print, radio and television, mass media campaigns, as well as search engine marketing and other innovative digital marketing tools, such as outreach through Facebook^TM, LinkedIn^TM and other social media websites, viral marketing and online display banners, to broaden our reach to travelers in India and overseas. We also believe that our brand strength is responsible for allowing us to source a significant portion of our traffic from non-paid sources such as search engine results and direct traffic, as opposed to paid results, such as search engine marketing.

We believe that our reputation and market position have also provided us with better leverage when contracting with airlines, hotels and other suppliers.

Comprehensive Selection of Service and Product Offerings. We offer our customers a comprehensive selection of travel and travel-related services and products. We cater to the travel needs of residents in India as well as non-resident Indians and others traveling to India from the United States, Europe, Southeast Asia, the United Arab Emirates and other countries. Our services and products include air tickets, hotels, packages, rail tickets, bus tickets, car hire and ancillary travel requirements such as facilitating access to travel insurance and visa processing. As of March 31, 2015, we provided our customers with access to all major domestic full-service and low-cost airlines operating in India and all major airlines operating to and from India, over 24,000 hotels and guesthouses in India and more than 225,000 hotels and properties outside India, Indian Railways and several major Indian and Singapore bus operators. Our selection of hotels is diverse, with a number of choices for travelers from one-star to five-star offerings. We believe our comprehensive selection of travel services and products makes us a “one stop shop” for our customers’ travel needs and allows us to combine multiple products and provide customized packages that suit the unique needs of our customers.

Broad Distribution Network. We use a variety of technology-enhanced distribution channels to target the growing Indian middle class travel market, where Internet penetration is still relatively low. Our distribution network is centered on our India-focused website, www.makemytrip.com (which includes our US sub-domain website), our Southeast Asia-focused website, www.hoteltravel.com, our Europe-focused website, www.easytobook.com, and our United Arab Emirates-focused website, www.makemytrip.ae, our call centers, our airport counters and our various travel stores in 48 cities in India as of March 31, 2015. As of March 31, 2015, we also had a network of approximately 2,100 registered agents across approximately 190 cities and towns in India who can access our business-to-business, or B2B, website which enables them to sell our full suite of online travel services to their customers. Our customers are now able to make bookings on our mobile site, http://m.makemytrip.com, and on major mobile platforms through our mobile applications for iPhone and Android, which allow bookings for Indian and international flights, hotels and holiday packages and Indian bus offerings, our mobile application for BlackBerry, which allows bookings for Indian domestic flights, and our Windows Mobile application, which allows bookings for Indian domestic flights and hotels. Our broad distribution network gives us widespread access to travelers both in India as well as abroad.

Advanced, Secure and Scalable Technology Platform. We have built an advanced and secure technology platform, which integrates our sales, customer service and fulfillment operations. We have designed our websites to be user-friendly, providing our customers with extensive low-price options and alternative routings, as well as offering them combinations of flight and hotel bookings at cost-effective rates. Our websites also enable our customers to find their right destinations easily by using colloquial names or major landmarks. We also recently made significant improvements to our online hotel booking platform, such as more flexible filters and an improved listing and details pages, which provide an enhanced user experience for researching and booking hotels on MakeMyTrip.com. We continue to focus on automation by making changes to our extranet to allow more of our hotel suppliers to use a self-service mode in managing their rates and inventory.

Our web-based booking engine has been designed to link to our suppliers’ systems either through “direct connects” or a GDS (we primarily use Amadeus GDS), and is capable of delivering real time availability and

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pricing information for multiple options simultaneously. In addition, we also provide extranet access to our hotel suppliers where they can update their rates, inventory and content on our websites.

Our technology platform in India is able to handle up to 3.0 million website requests and 8.5 million page views per day. This platform is scalable, and can be upgraded to handle increased traffic and complexity of products with limited additional investment. In the past, when multiple airlines have offered promotional rates, we have experienced peak traffic and our websites handled approximately 42,000 transactions and over 2.0 million searches in our flights section a day. We intend to continue to invest in mobile offerings and applications. Our Hotel Travel Group and ETB Group technology platforms are able to handle up to 4.0 million website requests each, per day.

Customer-Focused Approach. We place significant emphasis on technology, personnel and training to improve our services to our customers. Our customers can choose from our various customer service channels to contact us, including web-based self-service or chat support as well as our toll-free call centers, our airport counters, our travel stores and e-mail. We have access to a large amount of customer data on account of our size, which allows us to optimize our online marketing and provide customized product offerings. Our mobile service platform also enables customers to receive e-tickets and flight alerts via text messages (SMS) on their mobile phones. Our customers are now able to make bookings on our mobile site, http://m.makemytrip.com, and on major mobile platforms through our mobile applications for iPhone and Android, which allow bookings for Indian and international flights, hotels and holiday packages and Indian bus offerings, our mobile application for BlackBerry, which allows bookings for Indian domestic flights, and our Windows Mobile application, which allows bookings for Indian domestic flights and hotels. In addition to being able to make different types of travel bookings on their smartphones and mobile devices, customers can view their booking details, cancel bookings, request e-tickets, track refund status, check flight status, look for new deals and use location-based services to find nearby places of interest. Our websites provide an enhanced user experience for researching and booking hotels, as well as valuable travel information not available on our mobile site, such as user-generated travel reviews and destination guides to help customers conduct research and make travel decisions. Our website also includes a search tool for international flights called “Inspire” targeted towards leisure travelers. This tool recommends international destinations to customers based on their selected interests and budget, shows fare trends for the next few months and facilitates the purchase of flight tickets. We have also launched “RoutePlanner,” a service on our website that helps users choose among various transportation options, including air, bus, rail and hired car, for travel between any two of over 4,000 cities in India. In addition, we have launched our “Holidays” application on Windows 8 and our “Trip Ideas” application on Android and iPhone. Both of these applications are focused on helping users choose among various domestic and international travel destinations.

We primarily outsource our call center operations and fulfillment process to Concentrix, iEnergizer IT Services, Serco, InterGlobe Technologies Private Limited, or InterGlobe and Motif India Infotech in India, as we believe these experienced and reputable service providers are able to adhere to our customer service standards and enhance our service quality. We also have a dedicated in-house escalation service which operates 24 hours a day, seven days a week, and is responsible for addressing issues or complaints raised by our customers.

Experienced Management Team. We operate in an industry where we believe one of the most important assets is the quality of our people. Our senior management team is comprised of industry executives with significant experience in the travel industry, including online travel agencies, in India, the United States and the United Kingdom. Our management team also has in-depth experience in the Internet and information technology industries, having worked with companies such as GE Capital, Kohler India, Yahoo and in the consumer industry, including Pepsi, Procter & Gamble and Future Group. We also actively recruit MBA graduates and engineers from leading institutions in India to fill important management roles in our company.

Our Strategy

We believe that the relatively low but fast growing Internet penetration and mobile internet in India, coupled with income growth in India provide us with significant growth opportunities. Our objective is to grow profitably

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by building on our current leadership position to become India’s dominant travel company. The key elements of our strategy include:

Expand Our Hotels and Packages Business. Our hotels and packages business generally yields higher net revenue margins than our air ticketing business, and we intend to continue shifting our business mix towards this segment. This will be done by proactively investing to gain further market share, through increasing automation, adopting new technologies and a deep customer focus. Our objective is to enable more hotel suppliers to be seamlessly connected to our various websites with the latest methodologies which include direct connects, channel managers and direct integrations with various aggregators. We also continue to focus on automation by making changes to our extranet to allow more of our hotel suppliers to use a self-service mode in managing their rates, inventory, content, payments, and confirm bookings made by our customers on a realtime basis. We are investing heavily on improving the customer experience by improving our offering on various devices (especially mobile and tablets) which the customers use to connect with us and becoming more content focused. We also intend to grow our packages business outside India through strategic partnerships and acquisitions, as well as by strengthening our relationships with key aggregators from whom we procure inventory for our packages products.

Expand Our Service and Product Portfolio to Enhance Cross-Selling Opportunities. We believe that expanding our service and product offerings is an important means of customer acquisition as the diversity of our services and products will improve our offerings to customers, attract more customers to our websites and allow us to cross sell higher-margin services and products to them. We actively market additional travel services to our customers. For example, we market non-air services directly to customers after they have booked their air tickets with us.

We seek to continue expanding our travel offerings beyond core air tickets, hotels and packages to mass market products including bus and rail. We introduced the sale of bus tickets in 2008 and the sale of rail tickets in 2009. We also provide car hire services in conjunction with our holiday package bookings and other value-added ancillary services such as facilitating access to insurance and visa processing to enhance our customers’ travel experience.

Enhance Our Service Platforms by Investing in Technology. We intend to continue to invest in technology to enhance the features of our services and our platforms. For example, we plan to integrate our various hotel booking systems across our various websites. We also intend to extend user feedback features to more products, enable more user-friendly bookings to be saved by our customers and used across all our services and products, enhance our mobile service platform to make mobile transactions more user-friendly and allow real time fingerprinting to prevent online credit card fraud. We intend to sell more of our holiday packages online in addition to selling through our call centers, which we believe will result in increasing our operating margins. We believe that our continued investments in technology will enable us to enhance our customer service and to capitalize on the expected growth opportunities in the online travel market in India. We intend to continue to focus on increasing our online and mobile customer base. We intend to continue to invest in mobile offerings and applications. We also intend to strengthen our focus on analytics, and upgrading our technology platform.

Expand into New Geographic Markets. We believe we are well positioned for growth in other overseas markets, particularly those with a significant non-resident Indian population as well as destinations with proximity to India and favored by Indian travelers, particularly popular regional destinations that are located within a five-hour flight from India. In December 2009, we launched our website, www.makemytrip.ae, in the United Arab Emirates, following, among other things, the registration of our website’s domain name with the relevant registry as well as the procurement of additional servers to handle the increased traffic from this new international website. The United Arab Emirates has a significant non-resident Indian population, and our website is intended to serve the travel needs of non-resident Indian travelers traveling from the United Arab Emirates and neighboring Middle Eastern countries to India as well as on their travels elsewhere. We further expanded our presence in the United Arab Emirates through the incorporation of a new wholly owned subsidiary, MakeMyTrip FZ LLC, in fiscal year 2013. We entered the Singapore market by acquiring Luxury Tours in May

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2011. In July 2011, we incorporated Luxury Tours (Malaysia) to expand our operations in Malaysia and adjacent markets. In November 2012, we expanded in Thailand and Southeast Asia through our acquisitions of the Hotel Travel Group and the ITC Group. In February 2014, we entered the European market by acquiring the ETB Group.

Pursue Selective Strategic Partnerships and Acquisitions. In addition to growing our business organically, we may also pursue strategic partnerships and targeted acquisitions that complement our service offerings, strengthen or establish our presence in our targeted overseas markets or to gain access to technology. In February 2014, we acquired 100% of the ETB Group, which primarily operates through its website www.easytobook.com and offers its customers online hotel reservations in Europe, North America and other key global travel destinations. During fiscal 2013, we completed our acquisition of 100% of Luxury Tours, a Singapore-based travel agency which is engaged in the business of providing hotel reservations, excursion tours and other related services to inbound and outbound travelers in Singapore and the rest of Southeast Asia. In November 2012, we acquired 100% of the Hotel Travel Group, a well-established travel company in Southeast Asia, especially Thailand, and a 51% stake in ITC group, a well-established hotel aggregator and tour operator focused on Thailand. We acquired the remaining shares of the ITC Group from its existing shareholders in May 2015. In November 2011, we acquired approximately 29% of My Guest House, which is engaged in the business of aggregation, sales and distribution of hotel room inventory with a special focus on budget lodging accommodations and serviced apartments. As of March 31, 2015, we hold 38.34% in My Guest House. In August 2011, we acquired 19.9% of Le Travenues Technology Private Limited, which owns and operates www.ixigo.com, an online travel meta search engine. We believe our existing technology platform will enable us to successfully and cost-effectively integrate our partners or new companies we acquire into our network and allow us to ensure our best practices are followed.

Our Services and Products

We offer a comprehensive selection of travel and travel-related services and products catering to the needs of residents in India and non-resident Indians and others traveling to India from the United States and other countries. We provide travelers with the tools and information they need to efficiently research, plan, book and purchase travel services and products in India as well as overseas. Our services and products include air tickets, hotels, packages, rail tickets, bus tickets, car hire and ancillary travel requirements such as visa processing and facilitating access to travel insurance. Our key customers include leisure travelers and small businesses.

Air Tickets

Our air tickets business is primarily targeted at domestic travel within India and international travel originating in India; and inbound travel to India from the United States and other countries.

Indian Domestic and Outbound Travel. We have experienced significant growth in our air ticketing business covering domestic travel within India and international travel from India since we commenced our Indian operations in 2005. The following table sets forth the number of transactions for air travel booked through us in this business in recent prior periods.

	Number of Transactions
	For fiscal year March 31
	2013		2014		2015
Indian domestic air travel		3.4 million		3.5 million		4.8 million
Outbound air travel		241,388		327,392		463,375

We provide our customers with a wide selection of airline tickets for all major domestic full-service and low-cost airlines operating in India, including Air India, Air India Express, Go Air, IndiGo, Jet Airways, SpiceJet, Air Costa, Vistara, Air Asia and Air Pegasus; and all major international flights that originate from

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cities in India, including Air India, British Airways, Emirates, Jet Airways, Lufthansa, Malaysia Airlines, Singapore Airlines, Thai Airways, FlyDubai, Air Asia, Etihad Airways, Kenya Airways, Qatar Airways, Virgin Atlantic, Malindo and Tiger Airways. We obtain inventory from these airlines either through a GDS (we primarily use Amadeus GDS) or via “direct connects” to the airlines’ booking systems.

We believe our websites provide comprehensive information to our customers in a time-efficient and unbiased manner. Customers are able to quickly and easily evaluate a broad range of potential fare and airline combinations through our user-friendly websites. Customers may search for flights based on their preferred travel dates, destinations, number of passengers, number of stops and class of travel, or may use our more advanced search tool and include additional search parameters. For example, on our Indian domestic flights, customers may include searches for night flights, specify a preference for direct flights, as well as include only certain airlines and only refundable fares. Our website then displays fare and flight offerings matching those specifications. Customers can also easily filter and sort the results of their search according to their preferences.

Inbound Travel to India. We began selling air tickets for the United States-to-India sector in 2000. Our customers are mainly non-resident Indians and persons of Indian origin traveling to India. Our customers may search and book their flights on our US sub-domain website, us.makemytrip.com, which is linked to our primary website, www.makemytrip.com, and uses a similar search and display interface as our primary website, and may also call our toll-free US hotline, 1800-INDIA-10. The total number of transactions for inbound air travel to India booked primarily from the United States and the United Arab Emirates through us was 109,877 in fiscal year 2013, 154,996 in fiscal year 2014, and 180,243 in fiscal year 2015.

Hotels and Packages

We introduced our hotels and packages business in 2005 and have since experienced significant growth in this area, including through the acquisition of the Hotel Travel Group in November 2012 and the ETB Group in February 2014. In February 2015, we launched “Hotel Right Now” — our same day check-in offering on ioS, Android application platforms and mobile site. Customers can use this to make same day bookings at significant discounts. The total number of transactions in our hotels and packages business was 0.6 million in fiscal year 2013, 0.9 million in fiscal year 2014 and 1.4 million in fiscal year 2015.

Hotels. Through our acquisition of the Hotel Travel Group and the ETB Group, customers can now search, compare and make reservations at more than 24,000 hotels, villas and guesthouses in India and more than 225,000 hotels and properties outside India on our websites. We procure room inventory from our hotel suppliers through three methods: “direct connects,” “direct allocation” and, for most hotels outside of India, through contracts with online travel agents and aggregators outside India. Substantially all of our hotel suppliers in India have a “direct allocation” arrangement with us whereby they allocate rooms directly to us either by managing their room inventory on an extranet provided by us, or through channel managers, or supported by us via telephone. We do not assume any inventory risk for such “direct allocation” as unsold inventory is released to the hotels within an agreed period of time. The remaining hotels in India are connected through direct connects. “Direct connect” is the method by which our booking systems are integrated with the central reservations systems of the hotels and reservations made are confirmed on a real time basis, although this applies to a small proportion of our total hotels. Through our ongoing efforts to increase the automation of and otherwise improve our extranet, our hotel suppliers are now able to perform more of the necessary functions for executing transactions through our system without our direct involvement. We obtain inventory for most hotels outside India through contracts with other online travel agents and aggregators outside India. In some instances, in order to enjoy special negotiated rates for these hotels, we pre-purchase hotel room nights and assume inventory risk on them. We also own the travel website www.easytobook.com, which was acquired in February 2014 as part of our acquisition of the ETB Group. The room inventory on HotelTravel.com is sold to MakeMyTrip.com and ETB Group customers. The provision of rooms at HotelTravel.com is predominantly accomplished through contracts with online travel agents and aggregators, but it also includes “direct connects.” MakeMyTrip.com’s inventory of hotel rooms is also sold through HotelTravel.com. In addition to the complete integration of the

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hotel room inventory available on HotelTravel.com, Easytobook.com and MakeMyTrip.com, we are also working to integrate the technological capabilities of all three websites. For example, we have moved the hosting and monitoring of HotelTravel.com’s technology infrastructure to our Indian external data centers and team. In addition, our internal team that operates 24 hours a day, seven days a week monitoring the technology infrastructure of MakeMyTrip.com has taken on similar responsibilities with respect to HotelTravel.com. These and other planned integrations notwithstanding, certain business and sales functions will continue to operate separately.

The customer base for MakeMyTrip.com is primarily residents in India and non-resident Indians and others traveling to India from the United States and other countries. The customer base for HotelTravel.com and Easytobook.com is global, spread across Japan, Europe, Australia and North America. With respect to our websites and apps, the focus of our technological improvement and sales efforts is on consolidating multiple supply sources and identifying the best rates possible for our customers. In addition, we have invested in multi-lingual products and marketing, with in-house translation and customer service teams for twelve different languages. On our websites Makemytrip.com, HotelTravel.com, EasytoBook.com and through our applications on various mobile platforms, customers may search for hotels based on their destination, preferred dates for check-in and check-out, and may easily filter their search results by selecting star ratings, specific hotel chains and location etc. Customers can also indicate amenity preferences, such as business services, Internet access, fitness centers, swimming pools and travel assistance. Our “View Map” offers customers the ability to compare hotel locations on an interactive neighborhood map. Our online hotel booking platform provides an enhanced user experience for researching and booking hotels on the desktop and mobile devices.

Packages. We offer pre-packaged vacations designed by our in-house product specialists, under arrangements with various travel suppliers and our GDS service provider to cater to both individual and group travelers. Our packages also include various travel services such as travel insurance, visa processing, airport transfer and sightseeing.

• Indian Domestic Packages. We offer a variety of packages, including escorted tours, honeymoon specials and weekend breakaways, as well as vacation themes, such as beach, adventure, family, pilgrimage, romantic, shopping, cruise and culture. Our demographic target for the “weekend breakaways” packages are corporate executives.

For our customers travelling within India, our Indian website offers a flight plus hotel option, using a similar search and display interface as our separate air ticketing and hotels websites, which enables customers to view multiple combinations of airlines and hotels to assemble a trip which satisfies his or her unique requirements. Our website allows customers to customize their trips by combining two or more travel products and selecting their desired air and hotel supplier, often at a discounted price, compared to booking the individual components separately.

• International Packages. We offer pre-designed independent packages, customized independent vacations, customized group tours and pre-designed escorted tours. The wide array of holiday options offered is intended to suit varying budgets and preferences of potential customers.

• Meetings, Incentives, Conferences, Exhibitions and Events. Our MICE group offers services to organizations and other groups who wish to plan meetings, conferences or other events or organize group trips. Our MICE group assists such customers in planning and booking travel arrangements for large groups of travelers and delivers tickets and other documentation, and, on request of the customers, a member of our MICE group will accompany the group during the travel in order to ensure that all plans and activities run smoothly. Our MICE group also assists employees of these organizations with their personal travel needs.

Other Services and Products

Rail Tickets. We introduced the sale of railway tickets in India in 2009 after entering into an agreement with IRCTC, which granted us “direct-connect” access to Indian Railways’ passenger reservation system online and

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enabled our customers to reserve and purchase Indian Railways tickets on a real time basis through our Indian website. Indian Railways is India’s state-owned railway which owns and operates most of India’s rail transport. We booked 387,991, 245,542, and 194,856 transactions for rail tickets in fiscal years 2013, 2014 and 2015 respectively.

Using a customized search interface, our customers are able to quickly search for train tickets based on their preferred travel dates, destinations and class of travel. Our customized interface allows a customer to compare travel options across various trains, classes, dates and prices. The search results displayed are detailed and have been customized to suit the needs of local Indian railway users.

Bus Tickets. We have agreements with several major Indian and Singapore bus operators, some of which are operators of multiple routes, as well as with aggregators and other intermediaries. Our bus tickets inventory is obtained through four channels: real time inventory from operators who are directly connected to our booking system; inventory from aggregators who are directly connected to our booking system; inventory from operators who manage their inventory on an extranet supported by us; and inventory obtained by agreement with operators where a certain number of tickets are pre-allocated to us or sold to us “on request.” We booked 543,201, 645,001 and 535,782 transactions for bus tickets in fiscal years 2013, 2014 and 2015 respectively.

Customers can search for bus tickets based on their preferred travel dates and routes and our website will typically display numerous options for customers to choose from. We offer our customers basic information on the type of bus used on the relevant route and customers are able to select seats, choose from the available boarding points in the relevant city on the routes as well as obtain information on the location of the chosen boarding point among other details.

Car Hire. We introduced car hire services on our Indian website in May 2010. We currently provide car hire services in conjunction with holiday package bookings.

Ancillary Services and Products

As an ancillary service offered to our customers, we provide our customers with the option to purchase travel insurance from Apollo Munich Health Insurance Company Limited, with whom we entered into a memorandum of understanding in April 2008. We facilitate access to this travel insurance through our Indian website, as well as via our call centers and travel stores. On our Indian website, prior to confirming and proceeding with the reservation of and payment for a flight or hotel, our customers are prompted to purchase such travel insurance. We also provide visa processing services, and sell telephone calling cards to our customers. In addition, we offer travel-related businesses and other third parties the opportunity to advertise on our websites.

Distribution Channels

We utilize a variety of technology-enhanced distribution channels to target the growing Indian middle class travel market, where Internet penetration is still relatively low. Our broad distribution network gives us access to Indians traveling domestically or overseas and also reaches non-resident Indians and others traveling inbound to India. Our distribution network uses a combination of our websites, call centers, airport counters and travel stores as well as our travel agents’ network in India and mobile service platform, giving us multiple channels to access these customers.

Our customers’ varied needs are served by different distribution channels. During fiscal year 2015, over 94.7% of our sales of air tickets for travel in India were made through our website, 3.9% of our sales for air tickets, which were most commonly for inbound travel, were made through our call centers. Our sales of hotel rooms are also primarily made through our websites. Our customers can book standard flight plus hotel packages on our websites, but the majority of the sales of packages within or outside India are concluded through our call

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centers, travel stores and travel agents’ network. All of our rail and bus ticket sales in India are made through our Indian website.

In fiscal year 2015, transactions executed through our websites, call centers and travel stores accounted for approximately 94.7%, 3.9% and 1.4%, respectively, of our total transactions. Further, in fiscal year 2015, our mobile platforms contributed approximately 16.1% of the total transactions carried out through our websites.

Internet Websites

We currently operate the websites www.makemytrip.com (including the sub-domain us.makemytrip.com), www.makemytrip.ae, www.makemytrip.com.sg and servicing the Indian domestic and outbound market, the United States-India inbound market (focusing in particular on non-resident Indians in the United States), the United Arab Emirates as well as neighboring Middle East countries, Singapore and neighboring Southeast Asian countries and the Canada-India market, respectively. We have tailored www.makemytrip.com and its content to our predominantly Indian user base. For example, we have localized our top-selling hotel webpages with information and using language that we believe would be more attractive and relevant to an Indian user. We also own the travel website www.easytobook.com, which was acquired in February 2014 as part of our acquisition of the ETB Group. The room inventory on HotelTravel.com is sold to MakeMyTrip.com and the ETB Group’s customers. The provision of rooms at HotelTravel.com is predominantly accomplished through contracts with online travel agents and aggregators, but it also includes “direct connects.” MakeMyTrip.com’s inventory of hotel rooms is also sold through HotelTravel.com. In addition to the complete integration of the hotel room inventory available on HotelTravel.com, Eastytobook.com and MakeMyTrip.com, we are also working to integrate the technological capabilities of all three websites. For example, we have moved the hosting and monitoring of HotelTravel.com’s technology infrastructure to our Indian external data centers and team. In addition, our internal team that operates 24 hours a day, seven days a week monitoring the technology infrastructure of MakeMyTrip.com has taken on similar responsibilities with respect to HotelTravel.com. These and other planned integrations notwithstanding, certain business and sales functions will continue to operate separately. In addition, we own the travel website www.easytobook.com, which was acquired in February 2014 as part of our acquisition of the ETB Group.

Using our websites, customers can easily and quickly review the pricing and availability of nearly all our services and products, evaluate and compare options, and book and purchase such service and products online. We have also designed our websites to offer personalized recommendations and offers based on a customer’s history. In addition, we have self-service customer support modules on our websites to let our customers check their refund status, modify or cancel reservations and view their travel itineraries. Customers can also purchase ancillary travel-related services and products, such as travel insurance as part of the booking process. Certain packages for MICE or other customized packages cannot be purchased online although customers can submit inquiries through our websites and our sales representatives will contact such customers to follow up and process the transaction, if required.

Typically, a transaction on our websites involves the following steps:

Search. A customer conducts a search for a particular product, or combination of products (for example, flight plus hotel), on our websites by defining desired parameters. For example, for domestic Indian flights, apart from the city of departure and destination, number of travelers and dates of travel, our customers can also input additional parameters such as preferred cabin class, preferred airlines, refundable fares and direct flights. Our websites’ search capabilities employ scalable search and routing logic that we believe return comprehensive results without sacrificing search response times or creating added stress on our suppliers’ infrastructure. Our search results are generated in a cost-effective and time-efficient manner, since over 80% of our search results come from cache. Our web-based booking engine, which has been designed to link to our suppliers’ systems either through “direct connects” or a GDS (we primarily use Amadeus GDS), allows us to deliver real time information. In addition, we also provide extranet access to our hotel suppliers where they can update their rates, inventory and content on our websites.

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Select. At this stage, our websites display to the customer various possible selections that are available in a user-friendly format, and also prompt the customer with available special offers or provide additional information about the product. Our websites are enabled with asynchronous JavaScript and extensible markup language allowing customers to sort or refine search results by further defining certain parameters such as price range, time range, preferred airlines and availability of refunds for air tickets, and star rating, preferred hotel chains and hotel amenities.

Review. After a customer has selected a particular option, our websites will provide the customer with an opportunity to review the details of the product being purchased and the terms and conditions of such purchase. At this stage, our websites connect to the Amadeus GDS or the websites of our travel suppliers to confirm the availability and pricing of the product selected, and in the event the customer’s choice is not available, the customer will be informed of the next-best alternative to the selected product. Customers booking air tickets or hotels will also be shown options to purchase travel insurance and other related ancillary services.

Payment. We offer our customers a variety of payment methods. On our Indian website, customers may pay in Indian Rupees with credit cards, debit cards issued by several major banks in India (including Citibank, ICICI Bank, HDFC Bank, State Bank of India and AXIS Bank), bank transfers or e-Wallets. E-Wallet is an additional payment services which allows customers to make payment using stored cards, prepaid cash and internet banking accounts among other options available with third party E-Wallets. We also offer partial payment options for large value transactions. The payment gateway for sales on our Indian website is secured by “Verified by VISA”, “MasterCard SecureCode”, “Diners ProtectBuy”, RuPay PaySecure and “American Express SafeKey”. Customers may also use our propriety prepaid wallet, “MyWallet”, to obtain instant refunds and a faster checkout experience. On our US website, customers may pay in US dollars with credit cards or through PayPal. On our United Arab Emirates website, customers may pay in United Arab Emirates Dirham with credit cards. On HotelTravel.com and Easytobook.com, customers may pay in multiple currencies with credit cards.

In order to simplify the booking process for our customers, our websites do not require prior customer registration in order for the purchase to be completed. Customers who do not wish to register will simply be prompted prior to payment to provide basic contact details (including their name, telephone number and e-mail address) for purposes of the travel product they intend to purchase. An electronic confirmation is sent to the customer’s e-mail address and customers can also use our self-service web-support, My Account, to check their flight or train details, print e-tickets and cancel flight and rail bookings and track progress of refunds.

Call Centers

Our in-house call centers, which mainly handle our sales and post-sales customer service support for our international hotels and packages business as well as domestic Indian packages with more complicated itineraries, are run out of Gurgaon in India, as well as out of Singapore and Thailand. Our call centers in India operate 24 hours a day, seven days a week and customers can call these centers through various toll-free numbers in India to consult with our sales representatives, receive comprehensive, real time hotel and package information, and make travel bookings. As of March 31, 2015, we employed approximately 140 sales representatives, including supervisors, in all of our in-house call centers. All of our sales representatives in India participate in a formal four-week training program before commencing work and have an in-depth knowledge of their relevant local market. Our sales representatives are also trained and updated with our new services and products.

To achieve cost-efficiency and scalability, we utilize various third-party vendors in India to manage our call center service and we outsource our call center service for sales and service for all international flights (both inbound to India and outbound from India), and most of our hotel reservations and packages to such vendors. Our outsourcing service providers also handle our post-sales customer service support for all flights (domestic and international), hotel reservations and packages, and rail and bus ticketing, as well as back office fulfillment and ticketing services. Our key outsourcing service providers are Concentrix, iEnergizer IT Services, Serco,

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InterGlobe and Motif India Infotech in India, where agents provide both English and Hindi language options to our customers. We believe these experienced and reputable service providers are able to adhere to our customer service standards and enhance our service quality. Our agreement with iEnergizer IT Services provides our customers the option of using Tamil for their transactions. Our agreement with IBM has been transferred to another party which has acquired IBM’s business process outsourcing business. However, the business process outsourcing business will continue to operate under the IBM name. These external call centers also operate 24 hours a day, seven days a week. In aggregate, we had 1,192 external sales and service agents from Concentrix, iEnergizer IT Services, Serco, InterGlobe, Motif India Infotech and other providers constituting our outsourced call center sales and service force as of March 31, 2015. In addition, we also have 24 agents located at our outsourced call centers that handle customer service for any post-sale issues or queries for Easytobook.com. Our external agents must undergo a formal four-week training program as well as periodic refresher training courses in order to understand our processes and systems and be able to effectively service our customers.

All our call centers are equipped with our enterprise resource planning, or ERP, application, allowing our sales representatives and agents to make bookings and create packages, as well as attend to customer requests. These centers are also linked to our CRM system which enables us to monitor the performance of our sales representatives and outsourced agents on a round-the-clock basis. We also have software that enables us to log on to customer calls enabling us to perform random checks on our call centers on a real time basis. Our system also enables us to monitor the number of waiting calls and limit customer-aborted calls on our hotlines due to unacceptably long waiting times. We have an in-house quality team which monitors the quality of our call center transactions, including the tone and voice of our customers, in order to ensure high quality service is consistently offered to our customers.

Travel Stores

As of March 31, 2015, we had 24 company-owned travel stores in 18 cities, including one in our office in Gurgaon, 42 franchisee-owned travel stores which primarily sell packages in 38 cities, and counters in four major airports in India. We started our franchisee network in 2009 with six stores and initiated a major expansion in 2011.

At all of our travel stores, customers can consult with our sales representatives, receive comprehensive, real time flight, hotel and package information as well as information for other services and products, and make travel bookings, without prior appointment. Unlike agents in our travel agents’ network described below, agents in our travel stores sell our products exclusively. All our travel stores are also equipped with our ERP application and linked to our CRM system. We believe that our travel stores are important for our overall growth as they represent a direct interface between our customers and us, in addition to giving us access to customers who still prefer to meet representatives to make their travel bookings.

The experience for a customer in all our travel stores, including those owned and operated by franchisees, is substantially similar because all our travel stores are operated according to the same guidelines, as required in our contractual arrangements with our franchisees. In addition to providing our franchisees with the use of our ERP application, links to our CRM system and a license to use our brand, we also make frequent on-site visits and provide other technical operational support to our franchisees. In exchange, we receive a fixed non-refundable fee and a share of revenues from all sales made by our franchisee-owned stores. The fee amounts and revenue-sharing rates are negotiable depending on the location of the store and other factors. In general, we encourage our franchisees to adapt their businesses to meet the demands and needs of their local market and customers.

Travel Agents’ Network

We have a travel agents’ network in India which we started in 2009 to enable registered agents to access our B2B website and sell our full suite of online travel products to their customers, although access is now only

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available for our hotels and packages products. As of March 31, 2015, we also had a network of approximately 2,100 registered agents across approximately 190 cities and towns in India. Our B2B website uses a similar interface as our external customer-facing websites and we were able to launch our B2B platform in a few months by leveraging technology already being used by us for our customer-facing websites. We believe our network is attractive to travel agents as we provide access to products which such agents may not otherwise be able to access cost-effectively or at all. These travel agents earn commissions from us depending on the volume and type of travel services and products sold. Furthermore, our travel agents’ network allows us to expand our footprint in India and distribution network in a cost-effective manner.

Mobile

In 2008, we launched our mobile service platform. Our mobile services allow customers to search, book and pay for Indian domestic air tickets on their mobile phones at no additional cost. The tickets and bookings are delivered through email and SMS. In 2012, we extended our mobile services to allow customers to book domestic hotels, buses and holiday packages on mobile and updated our mobile site, http://m.makemytrip.com, with touch-optimization and a better design and user interface for Android and iPhone users.

In addition to our basic and touch mobile sites accessible at http://m.makemytrip.com, our mobile services are available through our BlackBerry application, which was launched in early 2011, our Android application, which was launched in April 2012, our iPhone application, which was launched in July 2012 and our Windows Mobile application, which was launched in August 2013. Our mobile applications registered more than 7.4 million cumulative downloads as of March 31, 2015.

Our customers are now able to make bookings on our mobile site, http://m.makemytrip.com, and on major mobile platforms through our mobile applications for iPhone and Android allow bookings for Indian and international flights, hotels and holiday packages and Indian bus offerings, our mobile application for BlackBerry allows bookings for Indian domestic flights, and our Windows Mobile application allows bookings for Indian domestic flights and hotels. In addition to being able to make different types of travel bookings on their smartphones and mobile devices, customers can view their booking details, cancel bookings, request e-tickets, track refund status, check flight status, look for new deals and use location-based services to find nearby places of interest.

Technology and Infrastructure

General

We benefit from an advanced technology platform which we believe has a high level of reliability, security and scalability, and which has been designed to handle high transaction volumes across all our websites on shared infrastructure. We operate our technology platform through two external data centers in India, one located in Mumbai and one located in Chennai and one internal data center in our office in Gurgaon. Our Indian external data centers run together in “active-active” mode so that each serves approximately half of our website traffic at any given time. The hosting of Hoteltravel.com technology infrastructure moved to our data centres in Chennai and Mumbai in active-active mode since April 2014. Our internal data center runs independently and serves all the data needs of our internal operations, such as e-mail.

In the event one of our Indian external data centers shuts down, our other Indian external data center will automatically take over for it. This capability helps us to ensure business continuity and minimize potential damage in the event of a disruption. Our technology system is capable of handling up to 3.0 million website requests a day and 8.5 million page views per day.

To further support business continuity, our Indian external data centers are able to replicate and synchronize data from each other on a continuous basis, which effectively allows them to back up each other’s data. In addition, all data is backed up on a weekly basis on tapes. These tapes are kept at a safe and secure location outside the data centers.

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Our technology infrastructure is monitored by an internal team that operates 24 hours a day, seven days a week and is assisted by an outsourced security monitoring and engineering support team that also operate 24 hours a day, seven days a week. All our servers installed at our data centers and at our offices are also secured with firewalls.

We have the ability to scale our technology platform up and down to meet our needs without incurring substantial costs through the use of virtual machines and infrastructure when required. Our technology stack is also modular and can be easily modified for multiple lines of business.

We believe we have core technology advantages in multiple areas, including:

• website logic that simplifies and improves our customers’ ability to book a trip most suited to their requirements, including providing extensive low-price options and alternative routings, and assisting customers in finding their destinations easily by using colloquial names or major landmarks;

• availability on a variety of mobile platforms, including iPhone, Android, BlackBerry and Windows Mobile;

• scalable search and caching technologies that return comprehensive results and allow us to provide more flight and hotel options to our customers without sacrificing search response times or creating added stress on our suppliers’ operating or cost infrastructure;

• capability to combine various flight plus hotel options, offering our customers the ability to see multiple combinations of airlines and hotels to assemble a package, resulting in trips that are frequently less expensive than individually booked components and more flexible for our customers;

• social engagement platform that allows our customers to connect to their virtual friends through our site, using various sharing options from external social networks; and

• capability to monitor the more than 10,000 unique system, application, network, security and business metrics that make up our technology platform, including the capability to generate advanced reports and alerts related to this data.

Fully Integrated Technology Platform

Our CRM system in India uses software by Oracle RightNow^TM CRM, which integrates our sales, customer service and fulfillment operations. Our web-enabled centralized booking system in India enables our customers and B2B partners to search and book travel services and products we sell and provide on a real time basis. We also have “Verified by VISA”, “MasterSecure” “Diners ProtectBuy”, RuPay PaySecure and “American Express SafeKey” payment gateways, which provides additional security for transactions via our Indian website using credit cards and debit cards issued by Indian institutions. We also offer payment options via netbanking and other instruments.

Our system also allows us to provide high quality customer service by promptly processing customer inquiries and requests and by monitoring the performance of our sales and customer service representatives and our outsourced call center sales force on a round-the-clock basis. Our system also enables us to monitor the number of waiting calls and limit aborted calls on our hotlines due to long waiting time.

We integrate our ERP application (which uses Microsoft Dynamics TM) with Midoffice system which enables our agents to create and amend bookings as well as attend to customer inquiries. Our CRM system is designed to analyze customer needs for better servicing. It generates reports identifying areas of opportunity or weakness and thereby helps us in improving our service and product quality. We also use software from Omniture Web Analytics, SAS, Big Data Hive and Qlikview to assist us in analyzing our web-based business through various metrics, such as the rate of conversion of visitors to our websites to purchasing customers.

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Our systems include automation for ticketing, monitoring of schedule changes and providing alerts to customers, as well as auto-cancelation of reservations made through a GDS or airlines’ central reservations systems. We are continually looking for opportunities to automate our processes in order to further increase our productivity and improve the scalability of our business.

Security

We are committed to protecting the security of our customers’ information. We maintain an information security team that is responsible for implementing and maintaining controls to prevent unauthorized users to access our systems. These controls include the implementation of information security policies and procedures, security monitoring software, encryption policies, access policies, password policies, physical access limitations, and detection and monitoring of fraud from internal staff. We have acquired a fraud detection system which uses transaction patterns and other data sources which seek to prevent fraudulent transactions in real time. All sensitive data transmitted through our systems is encrypted using SSL 1024 bit encryption technology. Our information security team also coordinates internal and external audits every six months. Our travel portal in India is compliant with the PCI-DSS (Payment Card Industry Data Security Standard) (a set of requirements for enhancing payment account security developed by the Payment Card Industry Security Standards Council, which include key credit card and financial services companies).

Marketing and Brand Awareness

We believe our online and offline marketing strategies increase our brand awareness, drive potential customers to our websites and improve the rate at which potential customers visiting our website become actual customers.

Our marketing channels primarily include online advertising, such as paid search engine marketing and optimization with leading Internet search engines (such as Google™) and display advertising on websites (such as Yahoo!™ India and TripAdvisor™), offline advertising using print or broadcast media, such as television or radio, e-mails and short messages, and other marketing channels, such as through our call centers and travel stores. We have consistently invested in building our brand and expanding our reach to travelers in India as well as overseas, through mass media campaigns as well as through innovative digital marketing tools such as viral marketing and online display banners. We also have a strong presence in social media, such as Facebook™, YouTube™ and Twitter™.

Our marketing programs and initiatives include broad-based campaigns, promotional or seasonal offers, as well as, brand campaigns to drive brand building with our customers. In May 2015, we launched a new brand-advertising campaign with a new tag-line ‘Dil Toh Roaming Hai’ with the objective to strengthen our brand connection to existing customers and target new consumers.

Our marketing efforts also involve partnerships with international tourism boards. From time to time, we may run promotional schemes offering free air tickets upon the purchase of certain air tickets. For example, in the past we have run a promotion offering one free domestic air ticket upon the purchase of one domestic air ticket in India, subject to certain conditions. The estimated cost of any such free air tickets is recognized at the time of issuance of the paid air tickets. We do not expect this promotion to have a significant impact on our revenues.

We also have alliances and arrangements with several major banks in India, with whom we run promotional offers and vouchers. We have also launched a strategic co-branded travel card with American Express, which offers a number of travel related products and benefits to its customers. The card was launched in November 2014. These alliances and arrangements provide us access to our partners’ customer base where targeted marketing can be made at relatively low costs. In January 2014 we expanded our loyalty program to allow for automatic enrollment of all our customers. This allows our customers to earn and redeem loyalty points with

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greater ease for both online and offline bookings. As of March 31, 2015, we had approximately 3.3 million members, 20% of which contribute significantly to our overall business.

Customer Service

Our customer focused approach is centered on ensuring a favorable user experience on our websites as well as excellent customer service. Our intention is to provide customer support prior to, during and after travel. Our websites are designed to provide a user-friendly experience and integrate valuable travel information, such as flight status information, user-generated travel reviews and destination guides, to help customers research and make travel decisions. We also monitor feedback from our customers using our CRM system and review and upgrade the features of our websites from time to time.

The key channels through which we implement our customer support and communicate with our customers are as follows:

Web-based Support. We offer two web-based customer support services. Our self-service web-support, My Account which is available on our Indian website, enables our customers to check the status of their domestic flight, train, bus or hotel bookings, cancel bookings and track the progress of their refund, among other things. Customers who require assistance or have inquiries about certain products also have an option to contact our sales representatives via our websites and we have dedicated personnel available 24 hours a day, seven days a week, who provide assistance to our customers on a real time basis.

Call Centers. We provide our customers with comprehensive and real time assistance through our call centers which are available 24 hours a day, seven days a week. Currently, we outsource a portion of our customer service call center operations to IBM, iEnergizer IT Services, Serco, InterGlobe and Motif India Infotech in India, whose employees have been trained by our respective outsourcing service providers and us.

Travel Stores. Customers may also visit our various travel stores and airport counters in 43 cities in India and obtain assistance from our sales and customer service representatives.

Mobile Service. In addition to being able to make different types of travel bookings on their smartphones and mobile devices, customers can view their booking details, cancel bookings, request e-tickets, track refund status, check flight status, look for new deals and use location-based services to find nearby places of interest. These services are available through all our mobile applications and our mobile site http://m.makemytrip.com.

E-mail. Customers may also e-mail any inquiries or complaints, which we endeavor to address expeditiously.

Through our CRM system, we are able to maintain a customer database containing information on the transaction history and preferences of each customer who has booked a travel product through us. We document all sales and customers service processes at our company using business process management system methodology, such that the entire value chain, starting from the customer’s requirement until the delivery of the relevant service or product, or refund, if applicable, is documented. We also monitor our customer transactions and have a dedicated in-house escalation service operating 24 hours a day, seven days a week, which is responsible for answering any complaints or issues raised by our customers.

We have a fulfillment process that we mainly outsource, which minimizes any travel disruption for our customers, with a team of personnel responsible for ensuring that customers’ hotel bookings are checked and reconfirmed prior to the date of travel.

Our Indian website also offers our customers the option to make cash donations to plant trees in India to reduce their carbon footprint, when completing their bookings.

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Supplier Relationships

We believe we have cultivated and maintain good relationships with our travel suppliers. We have a dedicated team to maintain and enhance our existing relationships, and develop new relationships, with travel suppliers. Our supplier relationship teams negotiate agreements or arrangements with suppliers for access to travel inventory for our services and products, and also monitor supplier-sponsored promotions. They also focus on relationship management with our suppliers. One of the key services we provide to our suppliers is the provision of customer feedback and preferences which we obtain primarily through our CRM system, user-generated content on our websites as well as through our call centers.

Our top five (in alphabetical order) airline suppliers for travel in India and overseas (based on revenue less service cost earned by us) and our top five (in alphabetical order) hotel suppliers (based on gross bookings) for fiscal 2015 were:

Airlines (Travel within India)	Airlines (International Travel)	Hotels (within India)
Air India	Air India	Carlson Group of Hotels
Go Air	Emirates	Fortune Group of Hotels
IndiGo	Etihad Airways	Himalayan Voyages Private Ltd
Jet Airways	Jet Airways	Indian Hotels Company Limited
SpiceJet	Malaysian Airlines	The Lalit Group of Hotels

Airlines

We have access to real time inventory of all major airlines operating in, from and to India either through a GDS (we primarily use Amadeus GDS) or through “direct connects” to our airline suppliers’ booking systems.

Most of these airlines offer us fares that match those offered by the airlines on their own websites as well as on other online travel websites. The fares paid by our customers include our service fee in addition to the fares charged by the airlines. We currently have commission arrangements with all India-based airlines, as well as major international airlines that service India, where part of our commission is linked to the number of sales facilitated by us or the revenue realized by these airlines on sales completed through us. Similarly, we earn fees from our GDS service provider on a per-segment basis for sales completed by us through the GDS that are linked to the volumes of sales completed by us.

Hotels

As of March 31, 2015, we provided our customers with access to over 24,000 hotels and guesthouses in India, and more than 225,000 hotels and properties outside India. Our hotel supply team is responsible for negotiating agreements or arrangements with independent hotels, hotel chains and hotel management companies and securing competitive rates, promotions and access to inventory for listing on our websites as well as packaging of holidays. We select our hotel partners by their reputation and quality and monitor customer feedback on our websites as well as other channels in order to ensure that hotels listed on our websites maintain acceptable standards.

In our hotels and packages business, our revenue represents the total amount paid by our customers for these travel services and products and the cost of procuring the relevant services and products are classified as service cost. We also earn commissions from other hotel suppliers, typically larger hotel chain operators, depending on the volume of reservations made through us.

Through our websites, customers can search, compare and make reservations at more than 24,000 hotels and guesthouses in India and more than 225,000 hotels and properties outside India as of March 31, 2015. We procure room inventory from our hotel suppliers through three methods: “direct allocation,” “direct connects”

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and, for most hotels outside India, through contracts with online travel agents and aggregators. Substantially all of our hotel suppliers in India have a “direct allocation” arrangement with us whereby they allocate rooms directly to us either by managing their room inventory on an extranet provided by us, or through channel managers, or supported by us via telephone. We do not assume any inventory risk for such “direct allocation” as unsold inventory is released to the hotels within an agreed period of time. The remaining hotels in India are connected through direct connects. “Direct connect” is the method by which our booking systems are integrated with the central reservations systems of the hotels and reservations made are confirmed on a real time basis, although this applies to a small proportion of our total hotels. Through our ongoing efforts to increase the automation of and otherwise improve our extranet, our hotel suppliers are now able to perform more of the necessary functions for executing transactions through our system without our direct involvement. We obtain inventory for most hotels outside India through contracts with other online travel agents and aggregators outside India. In some instances, in order to enjoy special negotiated rates for these hotels, we pre-purchase hotel room nights and assume inventory risk on them. We also own the travel website www.easytobook.com, which was acquired in February 2014 as part of our acquisition of the ETB Group. In addition, we own the travel website HotelTravel.com.

Competition

The market for travel services and products is highly competitive. We currently compete with both established and emerging providers of travel services and products, including other online travel agencies, such as cleartrip.com, expedia.com, travelocity.co.in, yatra.com, goibibo.com, booking.com and agoda.com, as well as traditional travel agencies, tour operators, travel suppliers and operators of travel industry reservation databases. Large, established Internet search engines have also launched applications offering travel itineraries in destinations around the world, and meta-search companies who can aggregate travel search results also compete with us for customers. In our domestic hotels and packages business, we compete primarily with Cox & Kings, Kuoni India and Thomas Cook, all of which are established industry players in the Indian travel market.

Certain of our travel suppliers have also been steadily focusing on increasing online demand on their own websites and decreasing or eliminating their dependence on third-party distributors like us. For instance, many low-cost airlines may, subject to applicable regulations, reduce or eliminate commissions to agents such as us or restrict the amount of service fees we are able to charge customers. Suppliers who sell on their own websites typically do not charge a processing fee, and, in some instances, offer advantages such as their own bonus miles or loyalty points, which could make their offerings more attractive to customers than offerings like ours. See “Item 3. Key Information — D. — Risk Factors — Risks Related to Us and Our Industry — The Travel Industry in India and Worldwide is Intensely Competitive, and We May Not Be Able to Effectively Compete in the Future.”

Intellectual Property

Our intellectual property rights include trademarks and domain names associated with the name “MakeMyTrip,” and other rights arising from confidentiality agreements relating to our website content and technology. We regard our intellectual property as a factor contributing to our success. We rely on trademark law, trade secret protection, non-competition and confidentiality agreements with our employees and some of our partners and vendors, to protect our intellectual property rights. We require our employees to enter into agreements to keep confidential all information relating to our customers, methods, business and trade secrets during and after their employment with us. Our employees are required to acknowledge and recognize that all inventions, trade secrets, works of authorship, developments and other processes made by them during their employment are our property.

We have registered our domain names, “www.makemytrip.com” (which includes the sub-domain “us.makemytrip.com” for our US website), “www.makemytrip.ae,” “www.makemytrip.com.sg,” “www.luxury.com.sg,” “www.indiaahoy.com,” and “www.hoteltravel.com” and have full legal rights over these

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domain names for the period for which such domain names are registered. We conduct our business under the “MakeMyTrip” brand name and logo and have registered the trademarks “MakeMyTrip” in India, Mauritius, Bhutan, Nepal, Singapore, Taiwan, Indonesia, Canada, United Arab Emirates, Australia and Malaysia and the logo “India Ahoy” is registered as a trademark in India. We have applied for registration of the trademark “MakeMyTrip” in Malaysia, Sri Lanka, Thailand, Oman, Qatar, Bahrain, United States and Saudi Arabia. We have also applied for trademark registration of the logos “Happy Holidays, Happy Prices” (our trademark for our holiday packages), “makemytrip.com — Memories Unlimited”, “Uncancel” and “my”; word marks “Traveltalkies” and “Memories Unlimited”; and logos and word marks for “tripalong”, “routeplanner” and “MakeMyTrip — Hotels Unlimited” in India, and such applications are currently pending. We have filed responses to objections by the Trademark Registry to certain of these applications. We have recently registered copyrights of our logo and brand name “MakeMyTrip” in India and copyright registration of certain specific representations of the logo “my”. We have also obtained an assignment over the trademark “Luxury Tours & Travel”. After our acquisitions of the Hotel Travel Group, the ETB Group and the ITC Group, we filed trademark applications for the logos “HotelTravel”, “EasyToBook” and “ITC” in Thailand, Australia, United Kingdom, Italy, India, United States and Japan which are currently pending. We have also applied for patents in India for certain aspects of our technological systems.

Employees

As of March 31, 2015, we had 1,774 employees. The following tables show a breakdown of our employees as of the end of our past three fiscal years by category of activity and geographic location.

	Number of Employees as of March 31,
Division/Function	2013		2014		2015
Management(1)		6		7		12
Product development		45		42		44
Sales and marketing		768		645		676
Technology development and technology support		297		351		336
Others (including operations, business development, administration, finance and accounting, legal and human resources)		497		667		706
Total		1,613		1,712		1,774

Note:

(1) Includes Mr. Keyur Joshi who resigned as a director of our Company with effect from January 29, 2015 and continued as an executive officer of the Company until April 30, 2015, when he became the Strategic Advisor of the Company.

	Number of Employees as of March 31,
Location	2013		2014		2015
India		1,279		1,308		1400
United States and Canada		5		5		4
Singapore		78		56		63
Malaysia		11		17		19
Thailand		235		267		223
United Arab Emirates		4		3		5
China and Hong Kong		1		2		1
The Netherlands		—		39		43
Israel		—		15		16
Total		1,613		1,712		1,774

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None of our employees are represented by a labor union. We believe that our relations with our employees are good. We also contract with third parties for the provision of temporary employees from time to time based on the needs of our businesses for various functions, including administration, technology-related projects and staffing at our travel stores and airport counters. As of March 31, 2015, we employed 126 temporary and contractual employees.

Insurance

We maintain and annually renew insurance for losses (but not business interruption) arising from fire, burglary as well as terrorist activities for our corporate office at Gurgaon, India, as well as for our various company-owned travel stores in 18 cities in India and for our airport counters in Mumbai, Delhi, Chennai and Hyderabad. In connection with our initial public offering in August 2010, we purchased a liability policy that also covers our directors and officers with a policy limit of $50 million. We extended this policy in connection with our follow-on public offerings in June 2011 and March 2014. In addition, we have a liability policy of $30 million to insure our directors and officers from various liabilities arising out of the general performance of their duties. We have purchased public liability insurance and fidelity insurance for MMT India and have also purchased public liability insurance, fidelity insurance and work injury compensation insurance with an aggregate policy limit of approximately $1.0 million for Luxury Tours.

Regulations

We are subject to various laws and regulations in India arising from our operations in India, including travel agent requirements and the operation of our website, call centers, airport counters and company-owned travel stores.

MMT India requires licenses from state tourism departments to act as a travel agent/tour operator in certain states in India. MMT India has received such a license in West Bengal and in the National Capital Territory of Delhi, while some of such licenses for the National Capital Territory of Delhi have been applied for and we are awaiting receipt of such licences. In addition, Luxury Tours holds a travel agent’s license from the Singapore Tourism Board, Luxury Tours (Malaysia) holds an Inbound license from the Ministry of Tourism, Malaysia and ITC Bangkok Co. Ltd. holds an inbound license from the Tourism Authority of Thailand.

MMT India has obtained a license from the Reserve Bank of India to act as a Full Fledged Money Changer (single branch), which requires that MMT India maintain minimum net owned funds of Rs. 2.5 million (approximately $0.04 million).

Under the Indian Information Technology Act, 2000, as amended, we are subject to civil liability to compensate for wrongful loss or gain to any person arising from negligence in implementing and maintaining reasonable security practices and procedures with respect to sensitive personal data or information that we possess, deal with or handle in our computer systems, networks, databases and software. India has also implemented privacy laws, including the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011, which impose limitations and restrictions on the collection, use and disclosure of personal information.

We obtained approvals to operate our domestic and international call centers in India as “Other Service Providers” from the Department of Telecommunications, Ministry of Communications and Information Technology, Government of India, which are valid for 20 years from September 27, 2005 and June 6, 2001, respectively. We have also obtained Telemarketing Centre Approvals for Delhi and Gurgaon, which are valid until 2018.

We obtain and maintain registrations under the Shops and Establishments Act and Rules of each state where our company-owned travel stores are located.

Our operations in India currently do not benefit from tax holidays under any applicable laws or regulations.

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The consolidated foreign direct investment policy, or the FDI Policy, issued by the Department of Industrial Policy & Promotion, Ministry of Commerce & Industry, Government of India and the Foreign Exchange Management Act, 1999, as amended, and the regulations framed thereunder, or the FEMA have certain requirements with respect to downstream investments by Indian companies that are owned or controlled by foreign entities, as well as investments and acquisition by foreign entities in certain sectors with caps on foreign investments. These requirements currently include restrictions on issuances, pricing and valuation of shares of Indian companies and sources of funding for such investments, which may, in certain cases, require prior notice to or approval of the Government of India.

The Companies Act, 2013 and the rules thereunder, or the new Companies Act, which has recently been enacted, contains significant changes to Indian company law, including in relation to the issue of capital by companies, related party transactions, corporate governance, audit matters, shareholder class actions, restrictions on the number of layers of subsidiaries and corporate social responsibility spending. While several provisions of the new Companies Act are currently effective, the existing Companies Act, 1956 remains in effect with respect to other provisions. See “Item 3. Key Information — D. – Risk Factors — Risks Related to Us and Our Industry — Changing Laws, Rules and Regulations and Legal Uncertainties in India, Including Adverse Application of Corporate and Tax Laws, May Adversely Affect Our Business and Financial Performance.”

C. Organizational Structure

The following diagram illustrates our corporate structure and the place of formation and ownership interest of each of our significant subsidiaries, as of the date of this Annual Report.

Notes:

(1) MakeMyTrip (India) Private Limited has an insignificant 100% subsidiary incorporated in India during fiscal year 2015.

(2) The Hotel Travel Group consists of (i) Techblend Inc. (British Virgin Islands) — 100%; (ii) Hotel Travel Limited (Malaysia) — 100%; (iii) HTN Co., Ltd. (Thailand) — 100%; and (iv) other insignificant subsidiaries.

(3) The ITC Group consists of (i) ITC Bangkok Co., Ltd. (Thailand) — 100%; and (ii) other insignificant subsidiaries.

(4) The ETB Group consists of (i) Easy to Book Holding B.V. (Netherlands) — 100%; (ii) Easy to Book Service B.V. (Netherlands) — 100%; and (iii) two other insignificant subsidiaries including one incorporated in India during fiscal year 2015.

D. Property, Plants and Equipment

Our primary facility is our principal executive office located in Gurgaon, India. We have leased this approximately 93,700 square foot facility through at least fiscal year 2020.

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As of March 31, 2015, we had 24 company-owned travel stores in 18 cities, including one in our office in Gurgaon, 42 franchisee-owned travel stores which primarily sell packages in 38 cities and counters in four major airports in India. Outside of India, we lease offices in New York, San Francisco, Singapore, Kuala Lumpur, Phuket, Bangkok, Dubai, Amsterdam and Herzliya, Israel and we own two offices in Phuket.

ITEM 4A. UNRESOLVED STAFF COMMENTS

Not applicable

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The following discussion of our business, financial condition and results of operations should be read in conjunction with “Item 3. Key Information — A. Selected Consolidated Financial Data” and our consolidated financial statements and the related notes included elsewhere in this Annual Report. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in “Item 3. Key Information — D. Risk Factors” and elsewhere in this Annual Report. Actual results could differ materially from those contained in any forward-looking statements.

Overview

We are the leading online travel company in India. Through our primary website, www.makemytrip.com, and other technology-enhanced platforms, travelers can research, plan and book a wide range of travel services and products in India as well as overseas. Our services and products include air tickets, hotels, packages, rail tickets, bus tickets, car hire and ancillary travel requirements such as facilitating access to travel insurance. In order to meet the requirements of the growing Indian middle class travel market where Internet penetration is relatively low, we also utilize other technology-enhanced distribution channels, including call centers, our travel stores in India, as well as our travel agents’ network in India. Our customers are now able to make bookings on our mobile site, http://m.makemytrip.com, and on major mobile platforms through our mobile applications, including Indian and international flights, hotels and holiday packages and Indian bus offerings through our Android and iPhone applications, Indian domestic flights through our BlackBerry application, and Indian domestic flights and hotels through our Windows Mobile application. We believe that smartphones and mobile devices will become a more integral part of how our customers shop for and purchase our products in the coming years.

We generate revenue through two main lines of business, air ticketing, and hotels and packages. Our sales of air tickets and hotel rooms are primarily made through our website and our mobile applications. Our customers can book standard flight plus hotel packages on our websites, but the majority of the sales of packages within or outside India are concluded through our call centers, travel stores and travel agents’ network. We also generate revenue through the online sale of rail and bus tickets and by facilitating access to travel insurance, as well as advertising revenue from third-party advertisements on our websites.

In our air ticketing business, our three main sources of revenue are (1) commissions and incentive payments from airline suppliers for tickets booked by customers through our distribution channels, (2) service fees we charge our customers and (3) fees from our GDS service provider. Revenue from our air ticketing business generally represents the commissions, incentive payments and fees we earn as an agent on a “net” basis.

In our hotels and packages business, revenue (including revenue on air tickets sold as part of packages) is generally accounted for on a “gross” basis, representing the total amount paid by our customers for these travel services and products. The cost of procuring the relevant services and products for sale to our customers in this business is classified as service cost. Our hotels and packages revenue also includes commissions we earn for the sale of hotel rooms (without packages), and commissions we earn as an agent from other online travel agents and aggregators from whom we procure hotel rooms for our customers for most hotels outside India, which are accounted for on a “net” basis. We earn commissions in a similar manner for certain non-hotel products related to our packages.

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As certain parts of our revenue are recognized on a “net” basis and other parts of our revenue are recognized on a “gross” basis, we evaluate our financial performance based on revenue less service cost, which is a non-IFRS measure, as we believe that revenue less service cost reflects more accurately the value addition of the travel services that we provide to our customers. The presentation of this non-IFRS information is not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS as issued by the IASB. Our revenue less service cost may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

The following tables reconcile our revenue (an IFRS measure) to revenue less service cost (a non-IFRS measure):

	Air Ticketing									Hotels and Packages									Other Revenue									Total
	Fiscal Year Ended March 31									Fiscal Year Ended March 31									Fiscal Year Ended March 31									Fiscal Year Ended March 31
	2013			2014			2015			2013			2014			2015			2013			2014			2015			2013			2014			2015
Revenue	$	60,888.8		$	66,523.2		$	74,324.9		$	164,129.3		$	184,500.7		$	220,511.9		$	3,803.8		$	4,350.7		$	4,824.9		$	228,821.9		$	255,374.6		$	299,661.7
Less:
Service Cost		4,119.6			4,471.7			2,815.7			136,537.1			144,507.8			157,897.2			—			—			—			140,656.7			148,979.6			160,712.9
Revenue less service cost	$	56,769.2		$	62,051.5		$	71,509.2		$	27,592.2		$	39,992.9		$	62,614.7		$	3,803.8		$	4,350.7		$	4,824.9		$	88,165.2		$	106,395.1		$	138,948.8
% of total revenue less service cost		64.4	%		58.3	%		51.5	%		31.3	%		37.6	%		45.1	%		4.3	%		4.1	%		3.5	%		100.0	%		100.0	%		100.0	%

Key Operating Metrics

Our operating results are affected by certain key metrics that represent overall transaction activity and subsequent financial performance generated by our travel services and products. Three of the most important metrics, which are critical in determining the ongoing growth of our business, are revenue less service cost, gross bookings and net revenue margins.

Revenue from our air ticketing business is generally accounted for on a “net” basis (representing the commissions, incentive payments and fees we earn) and recognized at the time of issuance of air tickets. We account for our air ticketing revenue in this manner as we typically act as an agent and do not assume any performance obligation after the confirmation of the issuance of tickets. However, on a few occasions, we pre-purchase air ticket inventory in order to enjoy special negotiated rates and revenue from the sale of such tickets is accounted for on a “gross” basis (representing the price of the tickets paid by our customers) as we assume inventory risk on such pre-purchased tickets. The cost of such air tickets is classified as service cost.

Revenue from our hotels and packages business (including air tickets sold as part of packages) is generally accounted for on a “gross” basis, representing the total amount paid by our customers for these travel services and products, as we are the primary obligor and have responsibility for the delivery of services. The cost of procuring the relevant services and products for sale to our customers in this business is classified as service cost. However, our hotels and packages revenue also includes commissions we earn for the sale of hotel rooms (without packages), and commissions we earn as an agent from other online travel agents and aggregators from whom we procure hotel rooms for our customers for most hotels outside India, which are accounted for on a “net” basis. We earn commissions in a similar manner for certain non-hotel products related to our packages. Our hotels and packages revenue is recognized on the check-in date for hotel reservations and the date of departure for packages.

As certain parts of our revenue are recognized on a “net” basis and other parts of our revenue are recognized on a “gross” basis, we evaluate our financial performance based on revenue less service cost, as we believe this reflects more accurately the value addition of the travel services that we provide to our customers.

Gross bookings represent the total amount paid by our customers for the travel services and products booked through us, including taxes, fees and other charges, and are net of cancellations and refunds.

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Net revenue margins is defined as revenue less service cost as a percentage of gross bookings and represent the 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.

The following table sets forth the number of transactions, gross bookings and net revenue margins for our air ticketing business, and hotels and packages business during last three fiscal years.

	Fiscal Year Ended March 31
	2013			2014			2015
	(in thousands, except percentages)
Number of transactions:
Air ticketing		3,794.1			3,999.2			5,432.8
Hotels and packages		568.1			869.8			1,385.5
Gross bookings:
Air ticketing	$	939,637.5		$	943,699.1		$	1,175,379.2
Hotels and packages		229,921.0			317,518.4			472,997.6
	$	1,169,558.6		$	1,261,217.5		$	1,648,376.8
Net revenue margins:
Air ticketing		6.0	%		6.6	%		6.1	%
Hotels and packages		12.0	%		12.6	%		13.2	%
Combined net revenue margin for air ticketing and hotels and packages		7.2	%		8.1	%		8.1	%

Factors Affecting Our Results of Operations

Changes in Our Business Mix and Net Revenue Margins. Changes in the Indian air travel industry have affected, and will continue to affect, the revenue per transaction for travel agents, including our company. In particular, volatility in global economic conditions and jet fuel prices in recent years, as well as increased liquidity constraints, have caused our airline partners to pursue cost reductions in their operations, including reducing distribution costs. Measures taken by airlines to reduce such costs have included reductions in travel agent commissions. Many international airlines which fly to India have also either significantly reduced or eliminated commissions to travel agents. Unlike full-service airlines, low-cost airlines do not generally utilize GDSs for their ticket inventory. As a result, travel agents selling air tickets for low-cost airlines generally do not earn fees from GDSs.

During fiscal year 2013, Kingfisher Airlines, one of the major airlines in India and one of our airline suppliers, shut down its operations, which resulted in a decline in the total capacity in the airline industry in India. In addition, adverse changes to the overall business and financial climate for the airline industry in India due to various factors including, but not limited to, rising fuel costs, high taxes, significant depreciation of the Indian Rupee as compared to the US dollar making travel for Indian consumers outside India more expensive, and increased liquidity constraints, resulted in airlines in India reducing the base commissions paid to travel agencies. These factors were primarily responsible for causing us to record a net loss of $(27.6) million in fiscal year 2013. Adverse economic developments continued to negatively affect the travel industry in fiscal year 2014, which was a significant reason for our net loss of $(20.9) million in fiscal year 2014. During fiscal year 2015, the domestic airlines in India continued to reduce the base commissions paid to travel agencies and we spent significantly on marketing expenses to promote transactions on our mobile platforms in India and to promote our international hotels. These factors were mainly responsible for our net loss of $(18.4) million in fiscal year 2015. Any consolidation in the airline industry involving our suppliers may also adversely affect our existing relationships and arrangements with such suppliers.

The hotels and packages business tends to yield higher margins than the air ticketing business, reflecting the greater value added in respect of the travel services that we provide in the hotels and packages segment as well as

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the diversity and more complex nature of hotels and packages services as compared with air tickets. We are focused on expanding our hotels and packages business and, accordingly, changing our revenue mix towards our hotels and packages segment.

In fiscal year 2013, our air ticketing net revenue margin was 6.0%, which increased marginally to 6.6% in fiscal year 2014, mainly as a result of an improvement in the negotiated rates and incentive deals we received from our air ticketing suppliers in fiscal year 2014. In fiscal year 2015, our air ticketing net revenue margins decreased to 6.1%, as a result of certain airlines in India lowering the base commissions paid to travel agencies.

In fiscal year 2014, our net revenue margins in the hotels and packages business increased from 12.0% in fiscal year 2013 to 12.6% in fiscal year 2014. The increase in margin was achieved due to an increase of our suppliers through the acquisitions in fiscal year 2013 and the acquisition of the ETB Group in February 2014. As a result of selling inventory available from internal suppliers such as the Hotel Travel Group and ITC Group during fiscal year 2014, we purchased less inventory from external vendors as compared to fiscal year 2013, who typically charge a commission in addition to the cost of the hotel room or package. In fiscal year 2015, our net revenue margins in the hotels and packages business increased from 12.6% in fiscal year 2014 to 13.2% in fiscal year 2015. The increased margins during the reported year were driven by higher volumes, better negotiated rates and higher performance linked incentives based on target achievement and other incentives. The growth in this segment was further aided by full year impact of consolidation of ETB Group into our financial results, which we acquired in February 2014.

Our hotels and packages transactions have increased over the last three fiscal years, increasing from 0.6 million transactions in fiscal year 2013 to 1.4 million transactions in fiscal year 2015. Gross bookings for hotels and packages increased from $229.9 million in fiscal year 2013 to $473.0 million in fiscal year 2015. Revenue less service cost from our hotels and packages business accounted for 31.3%, 37.6% and 45.1% of our total revenue less service cost in fiscal years 2013, 2014 and 2015, respectively. The increase of revenue less service cost in fiscal year 2015 as compared to fiscal year 2014 was due to a significant increase in the number of transactions and an increase in net revenue margins, further aided by the acquisition of the ETB Group in the fourth quarter of fiscal year 2014.

Seasonality in the Travel Industry. We experience seasonal fluctuations in the demand for travel services and products offered by us. We tend to experience higher revenues from our hotels and packages business in the second and fourth calendar quarters of each year, which coincide with the summer holiday travel season and the year-end holiday travel season for our customers in India and other markets.

Advertising and Business Promotion Expenses. Competition in the Indian and global online travel industry has intensified and the industry is expected to remain highly competitive for the foreseeable future. Increased competition may cause us to increase our advertising and business promotion expenses in the future in order to compete effectively with new entrants and existing players in the market. We may also increase our advertising and business promotion expenses as a result of our expansion into new markets and such expenses may not be offset by increased revenue particularly at the initial commencement of business in these new markets.

Trends and Changes in the Indian Economy and Travel Industry. Our financial results have been, and are expected to continue to be, affected by trends and changes in the Indian economy and travel industry, particularly the Indian online travel industry. These trends and changes include:

• growth in the Indian economy and the middle class population in India, as well as increased tourism expenditure in India;

• increased Internet penetration (particularly broadband penetration) in India;

• increased use of the Internet for commerce in India;

• intensive competition from new and existing market entrants, particularly in the Indian online travel industry;

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• capacity and liquidity constraints in the airline industry in India; and

• increased use of smartphones and mobile devices in India.

US Dollar-Indian Rupee Exchange Rate. The reporting currency of our financial statements is the US dollar. However, the functional currency of our key operating subsidiary in India is the Indian Rupee. We generate a substantial portion of our revenue in Indian Rupees and substantially all of our costs are borne in Indian Rupees. A majority of our assets and liabilities are also denominated in Indian Rupees.

The financial statements of all our subsidiaries are translated to our reporting currency using relevant exchange rates in accordance with IFRS. In particular, the assets and liabilities of our foreign operations are translated to US dollars at exchange rates as of the relevant reporting date, and the income and expenses of our foreign operations are translated to US dollars at the average of the exchange rates applicable during the relevant reporting period. Foreign exchange gains and losses resulting from the settlement of transactions and from the re-measurement of monetary items at year-end exchange rates are recognized in the profit or loss of the period in which they arise. For the purposes of consolidation, all income and expenses are translated at the average rate of exchange during the period covered by the applicable statement of income and assets and liabilities are translated at the exchange rate prevailing on the balance sheet date. When the US dollar strengthens against the Indian Rupee, our revenue and costs in Indian Rupees converted to US dollars decrease. When the US dollar weakens, our revenue and costs in Indian Rupees converted to US dollars increase.

In the past few years, there have been periods of high volatility in the Indian Rupee and US dollar exchange rate. In fiscal year 2015, the average value of the Indian Rupee depreciated 1.1% against the US dollar as compared to the average value of the Indian Rupee in fiscal year 2014. This volatility is illustrated in the table set forth in the section titled “Exchange Rates.” As a result of the depreciation of the Indian Rupee and the Euro against the US dollar during fiscal year 2015, our loss on account of foreign exchange fluctuations during fiscal year 2015 was $(5.2) million as compared to $(2.7) million for fiscal year 2014.

Our Revenue, Service Cost and Other Revenue and Expenses

Revenue

We commenced operations in 2000 and in the first five years following our inception, we focused on the non-resident Indian market in the United States, primarily servicing its demand for air tickets from the United States to India. In 2005, we started our Indian air ticketing business. Over time, we have expanded our hotels and packages business as well as expanded internationally and introduced new non-air services and products such as the sale of rail and bus tickets, and facilitating access to travel insurance. We also generate advertising revenue from third-party advertisements on our websites.

Air Ticketing. We earn commissions from airlines for tickets booked by customers through our distribution channels as well as incentive payments linked to the number of sales facilitated by us. We either deduct commissions at the time of payment of the fare to our airline suppliers or collect our commissions on a regular basis from our airline suppliers, whereas incentive payments are collected from our airline suppliers on a periodic basis. Incentives earned from airlines are recognized on the basis of performance targets agreed with the relevant airline and when performance obligations have been completed. We charge our customers a service fee for booking airline tickets. We receive fees from our GDS service provider based on the volume of sales completed by us through the GDS. Revenue from air tickets sold as part of packages is eliminated from our air ticketing revenues and added to our hotels and packages revenue.

Hotels and Packages. Revenue from our hotels and packages business generally represents the total amount paid by our customers for these services and products as well as revenue from air tickets sold as part of packages. Our hotels and packages revenue also includes commissions we earn for the sale of hotel rooms (without packages), and commissions we earn as an agent from other online travel agents and aggregators from whom we

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procure hotel rooms for our customers for most hotels outside India, which are accounted for on a “net” basis. We earn commissions in a similar manner for certain non-hotel products related to our packages. As revenue in our hotels and packages business is accounted for on a “gross” basis, revenue from air tickets sold as part of packages is grossed up to include the fare paid by customers as well as all commissions and fees charged by us, and added to our hotels and packages revenue.

Other Revenue. Our other revenue primarily comprises revenue from commissions or fees from IRCTC for the sale of rail tickets, bus operators for the sale of bus tickets, as well as Apollo Munich Health Insurance Company Limited for our facilitation of the access to travel insurance, and third-party advertising on our websites. We also receive fees from aggregators from whom we procure inventory for certain bus tickets, when we book bus tickets through them. We expect that revenue from these other businesses will continue to contribute an insignificant percentage of our revenue in the near future.

Service Cost

Service cost primarily consists of costs paid to hotel and package suppliers for the acquisition of relevant services and products for sale to customers, and includes the procurement cost of hotel rooms and other local services such as sightseeing costs for packages and local transport costs; it does not include any component of personnel cost, depreciation or other operating costs. As revenue from our air ticketing business is generally recognized on a “net” basis, there is typically no service cost associated with our air ticketing business. However, on a few occasions, we pre-purchase air ticket inventory in order to enjoy special negotiated rates and revenue from the sale of such tickets is recognized on a “gross” basis (representing the retail value of the tickets paid by our customers). The cost of such air tickets is classified as service cost.

The following table sets forth revenue recorded on a “gross” basis and on a “net” basis as well as service costs within our air ticketing business, our hotels and packages business and our other revenue during last three fiscal years.

	Air Ticketing						Hotels and Packages						Other Revenue						Total
	Fiscal Year Ended March 31						Fiscal Year Ended March 31						Fiscal Year Ended March 31						Fiscal Year Ended March 31
	2013		2014		2015		2013		2014		2015		2013		2014		2015		2013		2014		2015
Revenue on gross basis	$	5,139.0	$	5,228.0	$	3,556.1	$	154,972.9	$	164,087.7	$	183,255.4	$	—	$	—	$	—	$	160,111.9	$	169,315.7	$	186,811.5
Revenue on net basis		55,749.8		61,295.1		70,768.8		9,156.4		20,413.0		37,256.5		3,803.8		4,350.7		4,824.9		68,710.0		86,058.9		112,850.2
Revenue	$	60,888.8	$	66,523.2	$	74,324.9	$	164,129.3	$	184,500.7	$	220,511.9	$	3,803.8	$	4,350.7	$	4,824.9	$	228,821.9	$	255,374.6	$	299,661.7
Less:
Service cost		4,119.6		4,471.7		2,815.7		136,537.1		144,507.8		144,507.8		—		—		—		140,656.7		148,979.6		160,712.9
Revenue less service cost	$	56,769.2	$	62,051.5	$	71,509.2	$	27,592.2	$	39,992.9	$	39,992.9	$	3,803.8	$	4,350.7	$	4,824.9	$	88,165.2	$	106,395.1	$	138,948.8

Personnel Expenses

Personnel expenses primarily consist of wages and salaries, employee welfare expenses, contributions to mandatory retirement provident funds as well as other expenses related to the payment of retirement benefits, and employee share-based compensation.

Other Operating Expenses

Other operating expenses primarily consist of, among other things, advertising and business promotion expenses, charges by payment gateway providers and fees paid to our outsourcing service providers for our call center service and other functions.

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Depreciation and Amortization

Depreciation consists primarily of depreciation expense recorded on property and equipment, such as computers and office furniture, fixtures and equipment, leasehold improvements, motor vehicles and power backup generators at certain of our offices, including our corporate office in Gurgaon, India. Amortization expense consists primarily of amortization recorded on intangible assets including website development expenses, software and intangible assets acquired in business combinations.

Finance Income

Finance income comprises interest income on funds invested, change in financial liability and net gain on change in fair value of derivatives. Interest income is recognized as it accrues in profit or loss, using the effective interest method.

Finance Costs

Finance costs comprise interest expense on borrowings, change in financial liability, net loss on change in fair value of derivatives and impairment losses recognized on financial assets, including trade and other receivables. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in profit or loss using the effective interest method.

Foreign currency gains and losses are reported on a net basis as a component of finance income and costs.

Foreign Currency Translation

Our functional currency and that of two of our significant subsidiaries, MMT USA and Hotel Travel Limited is the US dollar. However, the functional currencies of our subsidiaries organized in India, Singapore, Malaysia, Thailand, British Virgin Islands, United Arab Emirates and the Netherlands are their respective local currencies. We report our consolidated financial statements in US dollars. The financial statements of all our subsidiaries are translated to our reporting currency using relevant exchange rates in accordance with IFRS. In particular, the assets and liabilities of our foreign operations are translated to US dollars at exchange rates as of the relevant reporting date, and the income and expenses of our foreign operations are translated to US dollars at the average of the exchange rates applicable during the relevant reporting period. Adjustments resulting from the translation of financial statements of our subsidiaries, except for MMT USA and Hotel Travel Limited , from their functional currency to our reporting currency are accumulated and reported as other comprehensive income (loss), which is a separate component of our shareholders’ equity. See also “— Quantitative and Qualitative Disclosures about Market Risk — Foreign Exchange Risk.”

Critical Accounting Policies

Certain of our accounting policies require the application of judgment by our management in selecting appropriate assumptions for calculating financial estimates, which inherently contain some degree of uncertainty. Our management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the reported carrying values of assets and liabilities and the reported amounts of revenues and expenses that may not be readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

We believe the following are the critical accounting policies and related judgments and estimates used in the preparation of our consolidated financial statements. Our management has discussed the application of these critical accounting estimates with our board of directors and audit committee. For more information on each of these policies, see “Note 3 — Significant Accounting Policies” in the notes to our consolidated financial statements included in this Annual Report.

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Revenue Recognition

We derive our revenue primarily from two sources: air ticketing and hotels and packages.

Revenue from our air ticketing business is primarily generated from our websites whereas revenue from our hotels and packages business is primarily generated through call centers, travel stores and travel agents’ network. We also generate revenue through the sale of rail and bus tickets, facilitating access to travel insurance and advertising revenue from third-party advertisements on our websites.

Air Ticketing. Income from our air ticketing business comprises commissions and incentive payments from airline suppliers, service fees charged to customers and fees from our GDS service provider. We recognize income from our air ticket bookings at the time of issuance of tickets on the net commission we earn as an agent as we do not assume any performance obligation after the confirmation of the issuance of the air tickets to our customers. Incentives earned from airlines are recognized on the basis of performance targets agreed with the relevant airline and when performance obligations have been completed. In cases where we pre-purchase air tickets and assume inventory risk, revenue from the sale of such tickets is accounted for on a “gross” basis. The costs of such air tickets is classified as service cost.

Hotels and Packages. Income from our hotels and packages business, including income from air tickets sold as part of packages, is accounted for on a “gross” basis as we are the primary obligor in the arrangement and incur risk and responsibility, including the responsibility for delivery of services. Our hotels and packages revenue also includes commissions we earn for the sale of hotel rooms (without packages), and commissions we earn as an agent from other online travel agents and aggregators from whom we procure hotel rooms for our customers for most hotels outside India, which are accounted for on a “net” basis. We earn commissions in a similar manner for certain non-hotel products related to our packages. Our hotels and packages revenue is recognized on the check-in date for hotel reservations and the date of departure for packages, respectively. Income from our hotels and packages business includes amount received from suppliers for online promotions of their brands on our websites.

Other Revenue. We also earn commissions and fees from railway and bus operators, earn fees by facilitating access to travel insurance policies to our customers and generate revenue from third-party advertisements on our websites. Income from these other sources is recognized as the services are being performed.

We recognize revenue when we have persuasive evidence of an arrangement in respect of services to be provided, where such services have been rendered, and the fee is determinable and collectability is reasonably assured. We conclude that we have persuasive evidence of an arrangement when we enter into a legally enforceable agreement with our customers with terms and conditions that describe the service and the related payments. We consider fees to be determinable when services have been provided in accordance with the agreement, i.e. upon booking of the air ticket in the case of airline ticketing revenue, upon date of departure in the case of packages and upon check-in in the case of hotels. As the customer is primarily required to pay the amount at the time of transaction, collectability is reasonably assured. We do not believe we have significant uncertainty regarding revenue recognition, or that the same would not be affected by uncertain future events.

Revenue is recognized net of cancellations, refunds, discounts and taxes. In the event of cancellation of airline tickets, revenue recognized in respect of commissions earned by our company on such tickets is reversed and is net off from our revenue earned during the fiscal period at the time of cancellation. In addition, a liability is recognized in respect of the refund due to our customers for the gross amount charged to such customers net of cancellation fees. The revenue from the sale of packages and hotel reservations is recognized on the customer’s departure and check-in dates, respectively. Cancellations, if any, do not impact revenue recognition since revenue is recognized upon availment of services by the customer.

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Service Cost

Service cost primarily consists of costs paid to hotel and package suppliers for the acquisition of relevant services and products for sale to customers, and includes the procurement cost of hotel rooms and other services. Service costs also include costs of pre-purchased air tickets in respect of sale of airline tickets where our company assumes inventory risks.

Service costs are the amount paid or accrued against procurement of these services and products from the respective suppliers and do not include any other operating cost to provide these services or products. Service costs are recognized when incurred, which coincides with the recognition of the corresponding revenue.

Other operating costs include costs such as advertising and business promotion costs, payment gateway charges, web hosting charges and outsourcing fees, which are recognized on an accrual basis. Depreciation and amortization costs are amortized over the estimated useful lives of the assets.

Advertising and business promotion costs are primarily comprised of Internet, television, radio and print media advertisement costs, as well as event-driven promotion costs for our company’s products and services. Such costs are the amounts paid by us to or accrued by us toward advertising agencies or direct service providers for advertising on websites, television, print formats, search engine marketing and any other media. Advertising and business promotion costs are recognized when incurred.

Accounting Estimates

While preparing our financial statements, we make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent liabilities as of the date of our financial statements and the reported amount of revenues and expenses for the relevant reporting period. As additional information becomes available or periodically, in accordance with relevant accounting principles or policies, we reassess our estimates. Such revisions in our estimates could materially impact our results of operations and our financial position. We believe that the estimates used in the preparation of our consolidated financial statements are prudent and reasonable. Actual results could differ from these estimates. Certain of our accounting policies require higher degree of judgment than others in their application. We consider the policies discussed below to be critical to an understanding of our financial statements as their application places the most significant demands on management’s judgment.

Business Combinations, Goodwill and Intangible Assets

Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to us. Control exists when the parent has power over the entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, including those which significantly affect the entity’s returns.

The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. The cost of acquisition also includes the fair value of contingent or deferred consideration, if any. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at fair value at the date of acquisition. Transaction costs incurred in connection with a business combination are expensed as incurred.

The consideration transferred does not include amounts related to remuneration of employees or former owners of the acquiree for future services. Such amounts are recognized in profit or loss as a compensation cost.

Goodwill represents excess of the cost of acquisition over our share in the fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities. If the excess is negative, a bargain purchase gain is

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recognized immediately in the profit or loss. Subsequent to initial recognition, goodwill is measured at cost less accumulated impairment losses, if any.

Intangible assets acquired in a business combination are measured at fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and impairment losses, if any.

Intangible assets acquired in a business combination are amortized on a straight-line basis over their estimated useful lives that reflect the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives are as follows:

•    Customer — related intangible assets	8-10 years
•    Contract — related intangible assets	5-6 years
•    Marketing — related intangible assets	7-10 years
•    Software	5 years
•    Website development costs	3-5 years

Available-for-sale Financial Assets

Available-for-sale financial assets are non-derivative financial assets that are either designated as available-for-sale or are not classified in any of the other categories. Available-for-sale financial assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and any changes, other than impairment losses, are recognized in other comprehensive income (loss) and presented within equity in the fair value reserve. When an investment is derecognized, the cumulative gain or loss in other comprehensive income (loss) is transferred to profit or loss. Available-for-sale financial assets comprise of equity securities.

Impairment Loss on Trade and Other Receivables

We estimate the amount of uncollectible receivables each period and establish an impairment loss for uncollectible amounts. We provide impairment loss based on (i) our specific assessment of the collectability of all significant amounts; and (ii) any specific knowledge we have acquired that might indicate that an amount is uncollectible. The assessments reflect management’s best assumptions and estimates. Significant management judgment is involved in estimating these factors, and they include inherent uncertainties. Management periodically evaluates and updates the estimates based on the conditions that influence these factors. The variability of these factors depends on a number of conditions, including uncertainty about future events, and thus our accounting estimates may change from period to period.

Impairment of Non-Financial Assets

The carrying amounts of our non-financial assets, primarily property, plant and equipment, website development cost, software and other intangible assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill is tested annually for impairment. An impairment loss is recognized if the carrying amount of an asset or cash generating unit, or CGU, exceeds its recoverable amount.

The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assumptions of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Subject to an operating segment ceiling test, CGUs to which goodwill has been allocated are aggregated to that level at which impairment testing is performed which reflects the lowest level at which goodwill is

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monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to a group of CGUs that are expected to benefit from the synergies of the combination.

Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (or group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (or group of CGUs) on a pro rata basis.

An impairment loss in respect of goodwill is not reversed. For other assets an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

Share-based Payment Transactions

Our employees receive remuneration in the form of equity instruments for rendering services over a defined vesting period. The value of equity instruments granted to our employees is measured by reference to the fair value of the instrument at the relevant date of grant. We record an expense for the value of such equity instruments granted and record an increase to our equity.

The equity instruments generally vest in tranches over the vesting period. The fair value determined at the grant date is expensed over the vesting period of the respective tranches. We recognize share-based compensation net of an estimated forfeiture rate and therefore only recognize compensation cost for those shares expected to vest over the service period of the award.

We apply the Black-Scholes valuation model in determining the fair value of options granted, which requires the input of highly subjective assumptions, including the expected life of the share option, share price volatility, and the pre-vesting option forfeiture rate. Expected life is based on historical exercise patterns, which we believe are representative of future behavior. We estimate expected volatility at the date of grant based on historical volatility of comparable companies for the period equal to the expected term of the options. Expected dividends percentage is taken as zero as we do not anticipate issuing dividends. The risk-free interest rate is the yield on a treasury bond with a remaining term equal to the expected option life assumed at the date of grant. The assumptions used in calculating the fair value of share options represent our best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and we use different assumptions, our share-based compensation expense could be materially different in the future. In addition, we are required to estimate share-based compensation expense net of estimated forfeitures. In determining the estimated forfeiture rates for share-based awards, we periodically conduct an assessment of the actual number of equity awards that have been forfeited to date as well as those expected to be forfeited in the future. We consider many factors when estimating expected forfeitures, including the type of award, the employee class and historical experience. If our actual forfeiture rate is materially different from our estimate, the share-based compensation expense could be significantly different from what we have recorded in the current period.

In the future, if we elect to use different assumptions under the Black-Scholes valuation model, it could result in a significantly different impact on our net income or loss.

Estimated Useful Lives of Property, Plant and Equipment and Website Development Cost

Property, Plant and Equipment. In accordance with International Accounting Standards, or IAS, 16, “Property, Plant and Equipment,” we estimate the useful lives of plant and equipment in order to determine the amount of depreciation expense to be recorded during any reporting period. If technological changes were to occur more rapidly than anticipated or in a different form than anticipated, the useful lives assigned to these assets may have to be shortened, resulting in the recognition of increased depreciation expense in future periods. Likewise, if anticipated technological or other changes occur more slowly than expected, the useful lives could be extended. This could result in a reduction of depreciation expense in future periods.

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Website Development Cost. Website development costs representing vendor invoices towards costs of design, configuration, coding, installation and testing of our websites are capitalized until implementation. Upon implementation, the asset is amortized to expense over its estimated useful life. Ongoing website post-implementation costs of operation and application maintenance are charged to expense as incurred. In accordance with IAS 38 “Intangible Assets,” website development costs also include costs incurred on development related to internally generated intangible assets which have been capitalized on meeting the criteria of technical feasibility, future economic benefit, marketability and being separately identifiable.

We review the carrying value of long-lived assets or asset groups to be used in operations whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Factors that would necessitate an impairment assessment include a significant adverse change in the extent or manner in which an asset is used, a significant adverse change in legal factors or the business climate that could affect the value of the asset, or a significant decline in the observable market value of an asset, among others.

Income Tax

Income tax comprises current and deferred tax. Income tax expense is recognized in our profit or loss, except to the extent it relates to items directly recognized in equity, in which case it is recognized in equity.

Current Income Tax. As part of the process of preparing our consolidated financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate. We are subject to tax assessments in each of these jurisdictions. A tax assessment can involve complex issues, which may only be resolved over extended time periods. Although we have considered all these issues in estimating our income taxes, there could be an unfavorable resolution of such issues that may affect our results of operations.

Current income tax for our current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities based on the taxable income for that period. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date.

The amount of income tax we pay is subject to evaluation of assessment proceedings by income tax authorities, which may result in adjustments to our carried forward tax losses. Our estimate of the potential outcome for any uncertain tax issue is highly judgmental. We believe we have adequately provided for any reasonably foreseeable outcome related to these matters. However, our future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are made or resolved, tax examinations are closed or when statutes of limitation on potential assessments expire. As a result, our effective tax rate may fluctuate significantly.

Deferred Income Tax. We recognize deferred income tax using the balance sheet approach. Deferred tax is recognized on temporary differences as of the relevant reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. We recognize a deferred tax asset only to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences and tax loss carry forwards can be utilized.

We consider many factors when assessing the likelihood of future realization of our deferred tax assets, including our recent earnings experience by jurisdiction, expectations of future taxable income, and the carry forward periods available to us for tax reporting purposes, as well as other relevant factors. Due to inherent complexities arising from the nature of our businesses, future changes in income tax law or variances between our actual and anticipated operating results, we assess the likelihood of future realization of our deferred tax assets based on our judgments and estimates. Therefore, actual income taxes could materially vary from these judgments and estimates.

The measurement of deferred tax assets involves judgment regarding the deductibility of costs not yet subject to taxation and estimates regarding sufficient future taxable income to enable utilization of unused tax

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losses in different tax jurisdictions. All deferred tax assets are subject to review of probable utilization. If, however, unexpected events occur in the future that would prevent us from realizing all or a portion of our net deferred tax assets, an adjustment would result in a charge to income in the period in which such determination was made.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities which intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities simultaneously.

Results of Operations

The following table sets forth a summary of our consolidated statement of profit or loss and other comprehensive income (loss), both actual amounts and as a percentage of total revenue, for the periods indicated.

	Fiscal Year Ended March 31
	2013						2014						2015
	Amount			%			Amount			%			Amount			%
	(in thousands, except percentages)
Revenue	$	228,821.9			100.0		$	255,374.6			100.0		$	299,661.7			100.0
Other Income		—			—			1,312.3			0.5			853.4			0.3
Service cost		(140,656.7	)		(61.5	)		(148,979.6	)		(58.3	)		(160,712.9	)		(53.6	)
Personnel expenses		(34,520.5	)		(15.1	)		(37,220.8	)		(14.6	)		(44,317.5	)		(14.8	)
Other operating expenses		(67,954.0	)		(29.7	)		(80,116.0	)		(31.4	)		(102,069.0	)		(34.1	)
Depreciation and amortization		(3,752.7	)		(1.6	)		(5,692.1	)		(2.2	)		(7,954.6	)		(2.7	)
Results from operating activities		(18,062.0	)		(7.9	)		(15,321.6	)		(6.0	)		(14,540.0	)		(4.9	)
Finance income		4,197.6			1.8			2,441.8			1.0			3,168.3			1.1
Finance costs		(4,939.5	)		(2.2	)		(7,775.7	)		(3.0	)		(6,711.7	)		(2.2	)
Share of loss of equity-accounted investees		(186.1	)		(0.1	)		(171.5	)		(0.1	)		(139.2	)		(0.0	)
Profit (Loss) before tax		(18,990.1	)		(8.3	)		(20,827.0	)		(8.2	)		(18,223.0	)		(6.1	)
Income tax benefit (expense)		(8,599.0	)		(3.8	)		(78.5	)		(0.0	)		(134.6	)		(0.0	)
Profit (Loss) for the year		(27,589.1	)		(12.1	)		(20,905.6	)		(8.2	)		(18,358.0	)		(6.1	)

Fiscal Year 2015 Compared to Fiscal Year 2014

Revenue. We generated revenue of $299.7 million in fiscal year 2015, an increase of 17.3% over revenue of $255.4 million in fiscal year 2014.

Air Ticketing. Revenue from our air ticketing business increased by 11.7% to $74.3 million in fiscal year 2015 from $66.5 million in fiscal year 2014. Our revenue less service costs increased by 15.2% to $71.5 million in fiscal year 2015 from $62.1 million in fiscal year 2014. This growth was driven by a year on year increase of 35.8% in air ticketing transactions for the full fiscal year and an increase in gross bookings of 24.6% to $1.2 billion in fiscal year 2015 from $0.9 billion in fiscal year 2014 partially offset by a decrease in net revenue margin from 6.6% in fiscal year 2014 to 6.1% in fiscal year 2015. Our net revenue margin in fiscal year 2015 decreased to 6.0% as a result of certain airlines in India lowering the base commissions paid to travel agencies. The transaction growth in fiscal year 2015 was largely driven by special fares offered by Indian domestic carriers and the ongoing shift from offline to online booking channels in both our domestic and international air ticketing business.

Hotels and Packages. Revenue from our hotels and packages business increased by 19.5% to $220.5 million in fiscal year 2015 from $184.5 million in fiscal year 2014. Our revenue less service costs increased by 56.6% to

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$62.6 million in fiscal year 2015 from $40.0 million in fiscal year 2014. This growth was due to an increase in gross bookings by 49.0%, a 59.3% increase in the number of transactions and an expansion of net revenue margins from 12.6% in fiscal year 2014 to 13.2% in fiscal year 2015. The increased margins during the reported year were driven by higher volumes, better negotiated rates with our suppliers and higher performance linked incentives based on target achievement and other incentives provided to us by our suppliers. The growth in this segment was further aided by full year impact of consolidation of the ETB Group into our financial results, which we acquired in February 2014.

Other Revenue. Our other revenue increased to $4.8 million in fiscal year 2015 from $4.4 million in fiscal year 2014, primarily due to an increase in facilitation fees from travel insurance sales.

Other Income. Our other income was $0.9 million in fiscal year 2015, primarily due to write-back of amounts that we had previously provided for but that was no longer required to be provided for. Our other income accounted for $1.3 million in fiscal year 2014, primarily due to gain on bargain purchase of $1.2 million on the acquisition of the ETB Group acquisition in February 2014.

Service Cost. Service cost increased to $160.7 million in fiscal year 2015 from $149.0 million in fiscal year 2014, mainly as a result of an increase in the transaction volume in our hotels and packages business in fiscal year 2015.

Total Revenue less Service Cost. Our total revenue less service costs increased by 30.6% to $138.9 million in fiscal year 2015 from $106.4 million in fiscal year 2014. This growth resulted from a 56.6% increase in our hotels and packages revenue less service costs and an increase of 15.2% in our air ticketing revenue less service costs.

Personnel Expenses. Personnel expenses increased by 19.1% to $44.3 million in fiscal year 2015 from $37.2 million in fiscal year 2014. This increase was on account of higher employee share-based compensation costs and an annual increase in wages in fiscal year 2015 and full year impact of consolidation of the ETB Group, which we acquired in February 2014. Excluding employee share-based compensation costs, personnel expenses as a percentage of net revenue decreased by 1.52% from fiscal year 2014 to fiscal year 2015.

Other Operating Expenses. Other operating expenses increased by 27.4% to $102.1 million in fiscal year 2015 from $80.1 million in fiscal year 2014, primarily as a result of an increase in advertisement expenses for our hotels and packages business, payment gateway charges in line with the growth in our business and full year impact of the consolidation of the ETB Group acquisition.

Depreciation and Amortization. Our depreciation and amortization expenses increased by 39.7% to $8.0 million in fiscal year 2015 from $5.7 million in fiscal year 2014, primarily as a result of an increase in amortization costs on acquisition-related intangibles and cost incurred on website developments and software.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities was a loss of $14.5 million in fiscal year 2015 as compared to a loss of $15.3 million in fiscal year 2014. Our adjusted operating profit (loss) is calculated by excluding the effects of the following from our results from operating activities: employee share-based compensation costs, mergers and acquisitions related expenses, amortization of acquisition related intangibles for both fiscal years 2015 and 2014, direct costs related to the registration of shares of our shareholders, and gain on bargain purchase for fiscal year 2014 and severance cost related to a prior acquisition for fiscal year 2015. After taking into account such adjustments, we had adjusted operating profit of $0.5 million in fiscal year 2015 compared with an adjusted operating loss of $3.5 million in fiscal year 2014. For further information in respect of this non-IFRS measure, see “–Certain Non-IFRS Measures” elsewhere in this Annual Report.

Finance Income. Our finance income increased to $3.2 million in fiscal year 2015 from $2.4 million in fiscal year 2014, primarily as a result of an increase in interest income on term deposits with banks in fiscal year 2015.

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Finance Costs. Our finance costs decreased to $6.7 million in fiscal year 2015 as compared to $7.8 million in fiscal year 2014, primarily due to higher provisioning of loss on trade and other receivables in fiscal year 2014, offset by higher foreign exchange losses on account of depreciation of the Indian Rupee and the Euro against the US dollar in fiscal year 2015.

Profit (Loss) for the year. As a result of the foregoing factors, our loss for the year ended March 31, 2015 was $18.4 million as compared to a loss of $20.9 million in the year ended March 31, 2014. Excluding the effects of our employee share-based compensation costs, merger and acquisition related expenses, amortization of acquisition related intangibles and income tax expense for both fiscal years 2015 and 2014, direct costs related to registration of shares by shareholders, net loss on change in the fair value of derivative financial instruments and gain on bargain purchase for fiscal year 2014 and severance cost related to prior acquisition for fiscal year 2015, we would have recorded a net loss of $2.8 million in the year ended March 31, 2015 as against a net loss of $7.3 million in year ended March 31, 2014. For further information in respect of this non-IFRS measure, see “— Certain Non-IFRS Measures” elsewhere in this Annual Report.

Fiscal Year 2014 Compared to Fiscal Year 2013

Revenue. We generated revenue of $255.4 million in fiscal year 2014, an increase of 11.6% over revenue of $228.8 million in fiscal year 2013.

Air Ticketing. Revenue from our air ticketing business increased by 9.3% to $66.5 million in fiscal year 2014 from $60.9 million in fiscal year 2013. Our revenue less service costs increased by 9.3% to $62.1 million in fiscal year 2014 from $56.8 million in fiscal year 2013. The overall growth was driven by an increase in net revenue margin (defined as revenue less service costs as a percentage of gross bookings) from 6.0% in fiscal year 2013 to 6.6% in fiscal year 2014, primarily as a result of an improvement in the negotiated rates and incentive deals we received from our air ticketing suppliers in fiscal year 2014 and a 5.4% increase in the number of air ticketing transactions in fiscal year 2014 as compared to fiscal year 2013.

Hotels and Packages. Revenue from our hotels and packages business increased by 12.4% to $184.5 million in fiscal year 2014 from $164.1 million in fiscal year 2013. Our revenue less service costs increased by 44.9% to $40.0 million in fiscal year 2014 from $27.6 million in fiscal year 2013. This growth was due to an increase in gross bookings by 38.1%, a 53.1% increase in the number of transactions and an increase in our net revenue margins from 12.0% in fiscal year 2013 to 12.6% in fiscal year 2014. The growth in this segment was further aided by the acquisition of ETB Group in February 2014.

Other Revenue. Our other revenue increased to $4.4 million in fiscal year 2014 from $3.8 million in fiscal year 2013, primarily due to an increase in facilitation fees from travel insurance.

Other Income. Our other income accounted for $1.3 million in fiscal year 2014, primarily due to gain on bargain purchase of $1.2 million on ETB Group acquisition in February 2014.

Service Cost. Service cost increased to $149.0 million in fiscal year 2014 from $140.7 million in fiscal year 2013, mainly as a result of an increase in the transaction volume in our hotels and packages business and an increase in the cost of air ticket inventory from $4.1 million in fiscal year 2013 to $4.5 million in fiscal year 2014.

Total Revenue less Service Cost. Our total revenue less service costs increased by 20.7% to $106.4 million in fiscal year 2014 from $88.2 million in fiscal year 2013. This growth resulted from a 44.9% increase in our hotels and packages revenue less service costs and an increase of 9.3% in our air ticketing revenue less service costs.

Personnel Expenses. Personnel expenses increased to $37.2 million in fiscal year 2014 from $34.5 million in fiscal year 2013 representing 35.0% and 39.2% of net revenue for fiscal year 2014 and 2013, respectively.

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This increase was primarily due to an increase in wages, a small increase in employee headcount, most of whom were in the hotels and packages business, and consolidation of the acquisition of the ETB Group made in fourth quarter of fiscal year 2014, which was partially offset by lower employee share-based compensation costs of $0.6 million in fiscal year 2014. Excluding employee share-based compensation costs, personnel expenses as a percentage of net revenue decreased by 1.4% from fiscal year 2013 to fiscal year 2014.

Other Operating Expenses. Other operating expenses increased by 17.9% to $80.1 million in fiscal year 2014 from $68.0 million in fiscal year 2013, primarily as a result of an increase in advertising and business promotion expenses and payment gateway charges in line with the growth in our business and the acquisition of the ETB Group in February 2014. Other operating expenses include mergers and acquisitions related expenses of $0.4 million in fiscal year 2014 as against $0.7 million in fiscal year 2013. Mergers and acquisitions related expenses include professional fees and certain other expenses associated with acquisitions and certain non-routine transactions, whether or not consummated.

Depreciation and Amortization. Our depreciation and amortization expenses increased by 51.7% to $5.7 million in fiscal year 2014 from $3.8 million in fiscal year 2013, primarily as a result of an increase in amortization costs on acquisition-related intangibles and costs incurred on website developments and software.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities was a loss of $15.3 million in fiscal year 2014 as compared to a loss of $18.1 million in fiscal year 2013. Our adjusted operating profit (loss) is calculated by excluding the effects of the following from our results from operating activities: employee share-based compensation costs, mergers and acquisitions related expenses, amortization of acquisition related intangibles and direct costs related to the registration of shares of our shareholders, and gain on bargain purchase. After taking into account such adjustments, we had adjusted operating loss of $3.5 million in fiscal year 2014 and $5.1 million in fiscal year 2013, respectively. For further information in respect of this non-IFRS measure, see “— Certain Non-IFRS Measures” elsewhere in this Annual Report.

Finance Income. Our finance income decreased to $2.4 million in fiscal year 2014 from $4.2 million in fiscal year 2013, primarily as a result of a decrease in interest income on term deposits with banks in fiscal year 2014.

Finance Costs. Our finance costs increased to $7.8 million in fiscal year 2014 as compared to $4.9 million in fiscal year 2013, primarily due to higher foreign exchange losses on account of depreciation of the Indian Rupee against the US dollar in fiscal year 2014 of $0.8 million, an increase in net change in fair value of financial liability related to business combination in fiscal year 2014 of $0.6 million and costs incurred related to our follow-on offering of $0.4 million.

Income Tax Benefit (Expense). In fiscal year 2013, we recorded an impairment of deferred tax assets of $8.5 million related to our Indian subsidiary, based on the evaluation of convincing evidence as required by International Accounting Standard — Income Taxes (IAS 12). The impairment had no impact on our ability to utilize loss carry forwards or tax assets in the future and was not a reflection of management’s views on its ability to increase the profitability of the business in the future. During fiscal year 2014, we did not recognize deferred tax asset on tax losses and other temporary differences based on recognition guidance as required by IAS 12.

Profit (Loss) for the Year. As a result of the foregoing factors, including the effects of income tax benefit (expense), employee share-based compensation costs, mergers and acquisitions related expenses, amortization of acquisition related intangibles, and costs incurred related to our follow-on offering and gain on bargain purchase for fiscal year 2014, our loss for fiscal year 2014 was $20.9 million as compared to a loss of $27.6 million in fiscal year 2013. Our adjusted net profit (loss) is calculated by excluding the effects of the following from our profit (loss) for the year: mergers and acquisitions related expenses, amortization of acquisition related intangibles, employee share-based compensation costs, net loss on change in the fair value of derivative financial

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instruments, net change in fair value of financial liability related to business combination, deferred tax benefit (expense), public offering costs and gain on bargain purchase. After taking into account such adjustments, we had adjusted net loss of $7.3 million in fiscal year 2014 and $6.0 million in fiscal year 2013, respectively. For further information in respect of this non-IFRS measure, see “ — Certain Non-IFRS Measures” elsewhere in this Annual Report.

Liquidity and Capital Resources

Historically, our sources of liquidity have principally been proceeds from the sale of our convertible preferred shares and ordinary shares, bank overdrafts and working capital facilities and cash flows from operations. Our cash requirements have mainly been for working capital as well as capital expenditures and acquisitions.

As of March 31, 2015, our primary sources of liquidity were $49.9 million of cash and cash equivalents and $93.5 million in term deposits with various banks, which are available on demand. A portion of such term deposits are used to secure bank overdraft facilities with various banks in India, including IndusInd Bank, HDFC Bank and Yes Bank, which are used for working capital purposes. As of March 31, 2015, we had no amount outstanding under our bank overdraft facilities.

Our trade and other receivables primarily comprise commissions, incentive or other payments owing to us from airlines, receivables from our corporate and retail customers to whom we typically extend credit periods, security deposits paid primarily for our leased premises as well as interest accrued but not due on our term deposits. Our trade and other receivables increased from $29.4 million as of March 31, 2014 to $29.9 million as of March 31, 2015, primarily as a result of an increase in receivables in our hotels and packages business during fiscal year 2015.

Our other current assets primarily consist of deposits and advances to our suppliers to secure better prices and availability of bookings in future periods. Our other current assets increased from $34.7 million as of March 31, 2014 to $40.3 million as of March 31, 2015, primarily due to increases in advances to airlines and increases in other receivables.

As of March 31, 2015, MMT India had the following facility available in India from HDFC Bank: an overdraft facility for up to Rs. 200 million (approximately $3.1 million), with interest payable at an average rate of 9.8% (weighted average fixed deposit rate plus 1.00%) per annum, secured by fixed deposits of MMT India. As of March 31, 2015, no amount was outstanding under this facility.

As of March 31, 2015, MMT India had the following facility available in India from Yes Bank: an overdraft facility for up to Rs. 300 million (approximately $4.7 million), with interest payable at an average rate of 10.4% (weighted average fixed deposit rate plus 1.00%) per annum, secured by fixed deposits of MMT India. As of March 31, 2015, no amount was outstanding under this facility.

As of March 31, 2015, MMT India had the following facilities available in India from IndusInd Bank: (i) an secured overdraft facility for up to Rs. 300 million (approximately $4.7 million), with interest payable at an average rate of 10.4% (weighted average fixed deposit rate plus 1.00%) per annum, secured by fixed deposits of MMT India, (ii) an unsecured overdraft facility for up to Rs. 150 million (approximately $2.4 million) with primary security as exclusive charge over the entire assets of MMT India and (iii) an overdraft facility against credit card receivables of Rs. 200 million (approximately $3.1 million) along with charge on entire assets of the Company and direct payment routing confirmation of entire receivables from American Express Credit Card with IndusInd Bank. As of March 31, 2015, no amounts were outstanding under these facilities.

From time to time, we are also required by certain international and Indian airlines, hotels and packages suppliers, as well as certain aggregators from whom we obtain hotel inventory and other travel suppliers, to

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obtain bank guarantees/letters of credit to secure our obligations to them. As of March 31, 2015, MMT India had sanctioned bank guarantee limits of (i) Rs. 1,400 million (approximately $22.0 million) from IndusInd Bank against exclusive charge on the assets along with corporate guarantee from MakeMyTrip Limited, (ii) Rs. 5 million (approximately $0.1 million) from Yes Bank against fixed deposits and (iii) Rs. 50 million (approximately $0.8 million) from HDFC Bank against fixed deposit. As of March 31, 2015, an aggregate of Rs. 969.4 million (approximately $15.2 million) of such bank guarantees were utilized, including (i) Rs. 948.3 million (approximately $14.9 million) from IndusInd Bank and (ii) Rs. 21.1 million (approximately $0.3 million) from HDFC Bank, respectively, but no demand had been made against any of these guarantees.

In addition, MMT USA has obtained certificates of deposit totaling $0.6 million to provide guarantees to various international airlines; MakeMyTrip Limited has obtained certificates of deposits totaling $ 1.5 million to provide guarantees to various international hotels suppliers; Luxury Tours has obtained certificates of deposit totaling $0.4 million to provide guarantees to various international hotels and packages suppliers; and the ITC Group has obtained certificates of deposit totaling $0.8 million to provide guarantees to various international airlines.

Apart from the foregoing borrowings, we have no outstanding bank loans or financial guarantees or similar commitments to guarantee our payment obligations or those of third parties.

We believe that our current cash and cash equivalents and cash flow from operations will be sufficient to meet our anticipated regular working capital requirements and our needs for capital expenditures, for the next 12 months. We may, however, require additional cash resources due to changing business conditions or other future developments, including any investments or acquisitions we may decide to pursue.

The following table sets forth the summary of our cash flows for the periods indicated:

	Fiscal year ended March 31
	2013			2014			2015
	(in millions)
Net cash from/(used in) operating activities	$	13.6		$	(4.0	)	$	10.8
Net cash from/(used in) investing activities		(17.9	)		(64.5	)		5.4
Net cash from/(used in) financing activities		(1.4	)		72.5			(2.7	)
Net increase/(decrease) in cash and cash equivalents		(5.7	)		4.0			13.5
Cash and cash equivalents at beginning of year		43.8			35.6			38.0
Effect of exchange rate fluctuations on cash held		(2.4	)		(1.7	)		(1.7	)
Cash and cash equivalents at end of year		35.6	(1)		38.0	(2)		49.9	(3)

Notes:

(1) Includes $0.9 million of bank overdrafts and excludes $48.1 million of term deposits not classified as “cash and cash equivalents.”

(2) Excludes $105.2 million of term deposits not classified as “cash and cash equivalents.” As of March 31, 2014, we did not have any amounts outstanding under our overdraft facilities.

(3) Excludes $93.5 million of term deposits not classified as “cash and cash equivalents.” As of March 31, 2015, we did not have any amounts outstanding under our overdraft facilities.

Net Cash Generated From/(Used In) Operating Activities

Our net cash generated from operating activities was $10.8 million in fiscal year 2015, as compared to net cash used in operating activities of $4.0 million in fiscal year 2014, an increase of $14.8 million in fiscal year 2015. Our net income adjusted for amortization and depreciation and other non-cash items increased by $5.6 million in fiscal year 2015. Further, in fiscal year 2015, there was decrease in our working capital by $5.0 million as compared to an increase in working capital of $4.2 million in fiscal year 2014. The working capital decrease in fiscal year 2015 was primarily due to an increase in trade and other payables by $17.4 million due to increase in

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advances from customers for future bookings, particularly in our hotels segment, including advances to airlines for fiscal year 2016, partially offset by increase in withholding taxes deducted on our air ticketing revenue by our suppliers.

Our net cash used in operating activities was $4.0 million in fiscal year 2014, as compared to net cash generated from operating activities of $13.6 million in fiscal year 2013, a decrease of $17.6 million in fiscal year 2014. Our net income adjusted for amortization and depreciation and other non-cash items increased by $2.9 million in fiscal year 2014. Further, in fiscal year 2014, there was an increase in our working capital by $4.2 million as compared to a decrease in working capital of $16.3 million in fiscal year 2013. The working capital increase in fiscal year 2014 was primarily due to an increase in advance to suppliers by $12.8 million particularly in our hotels segment, including advances to airlines for fiscal year 2015 and an increase in our trade and other receivables by $6.4 million due to increase in receivables from airlines and customers. This increase in working capital was partially offset by increase in employee withholding taxes payables by approximately $3.6 million.

Net Cash Generated From/(Used In) Investing Activities.

In fiscal year 2015, cash generated from investing activities was $5.4 million. We had redeemed term deposits with banks amounting to $17.2 million (computed using average exchange rates for the period) mainly for investment and working capital purposes and received interest on our term deposits of $2.1 million. Further, we invested $6.2 million (computed using average exchange rates for the period) in term deposits with banks, $2.8 million in fixed assets, as well as investment of $4.2 million in software and website development projects.

In fiscal year 2014, cash used in investing activities was $64.5 million. We had invested in term deposits with banks amounting to $91.6 million (computed using average exchange rates for the period), and made investment of $2.1 million in fixed assets, as well as investment of $3.5 million in software and website development projects, partially offset by $32.2 million (computed using average exchange rates for the period) in redemption of term deposits with banks, mainly for investment and working capital purposes and $2.5 million in interest received on our term deposits. Further, $2.2 million (net of cash acquired) was paid to acquire the ETB Group.

In fiscal year 2013, cash used in investing activities was $17.9 million, primarily as a result of a cash payment of $6.6 million (net of cash acquired) to acquire the Hotel Travel Group, $3.0 million (net of cash acquired) to acquire a majority stake in the ITC Group, and $0.6 million to acquire additional equity interests in My Guest House. Further, we had invested in term deposits with banks amounting to $31.9 million (computed using average exchange rates for the period), and made investment of $2.9 million in fixed assets, as well as investment of $4.1 million in software and website development projects, partially offset by $27.6 million (computed using average exchange rates for the period) in redemption of term deposits with banks, mainly for investment and working capital purposes and $3.4 million in interest received on our term deposits.

Net Cash Generated From/(Used In) Financing Activities.

In fiscal year 2015, cash used in financing activities was $2.7 million, primarily as a result of payment of deferred consideration related to business combination of $1.4 million. Further, we made payments of $0.8 million as interest on bank overdrafts and our other finance charges, repurchased 20,000 of our own ordinary shares for $0.4 million and paid $0.4 million for direct cost in related to follow-on public offerings. The cash outflows from these payments was partially offset by collection of $0.2 million as proceeds from the issuance of shares on exercise of share-based awards by certain of our employees.

In fiscal year 2014, cash generated from financing activities was $72.5 million, primarily as a result of net proceeds from the issuance of ordinary shares in our follow-on public offering of $73.7 million (net of direct cost related to offering of $2.8 million). Additionally, we collected $0.3 million as proceeds from the issuance of shares on exercise of share-based awards by certain of our employees. The cash from these issuances was offset by $1.4 million of interest on bank overdrafts and our other finance charges.

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In fiscal year 2013, cash used in financing activities was $1.4 million, primarily as a result of payment of $0.8 million to complete our acquisition of Luxury Tours. Additionally, we repurchased 40,142 of our own ordinary shares for $0.5 million and paid interest on bank overdrafts and our working capital facilities of $0.6 million. The cash from these payments was partially offset by collection of $0.4 million as proceeds from the issuance of shares on exercise of share-based awards by certain of our employees.

Capital Expenditures

We have historically financed our capital expenditure requirements with cash flows from operations, as well as through the sale of our convertible and redeemable preferred shares and ordinary shares and proceeds from our public offerings.

We made capital expenditures of $6.9 million, $5.6 million and $7.0 million in fiscal years 2013, 2014 and 2015, respectively. As of March 31, 2015, we had committed capital expenditures of $0.1 million for fiscal year 2015, substantially all of which we expect to spend in India. In addition, we expect to spend an additional approximately $8.0 million to $10.0 million on capital expenditures during fiscal year 2016. Our capital expenditures have principally consisted of purchases of servers, workstations, computers, computer software, leasehold improvements and other items related to our technology platform and infrastructure, upgrading of our websites, as well as improvements to our leasehold premises.

Off-Balance Sheet Arrangements

As of March 31, 2015, MMT India had obtained Rs. 960.2 million (approximately $18.2 million) in bank guarantees, primarily from IndusInd Bank in favor of IATA, against any payment default by us to all airlines participating in IATA’s bill settlement plan, and MMT USA and the ITC Group had obtained certificates of deposit totaling $0.6 million and $0.8 million, respectively, for the purposes of providing guarantees to various international airlines. Additionally, MakeMyTrip Limited and Luxury Tours had obtained certificates of deposit totaling $5.0 million and $0.3 million, respectively, for purposes of providing guarantees to various hotels and packages suppliers for purposes of providing guarantees to various hotels and packages suppliers. Apart from the foregoing, we do not have any outstanding off-balance sheet derivative financial instruments, guarantees, interest rate swap transactions or foreign currency forward contracts. We do not engage in trading activities involving non-exchange traded contracts.

Contractual Obligations

The following table sets forth our contractual obligations as of March 31, 2015. Other than the lease obligations specified below, we do not have any long-term commitments:

	Payment Due by Period
Contractual Obligations	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
	(in thousands)
Operating lease obligations(1)	$	8,581.4	$	2,014.0	$	3,131.5	$	2,765.2	$	670.6
Finance lease obligations(2)		24.3		15.9		8.4		—		—
Purchase obligations(3)		123.0		123.0		—		—		—
Employee benefits(4)		1,345.4		—		—		—		—

Notes:

(1) Operating lease obligations relate to our leasing arrangements for our various office premises.

(2) Finance lease obligations relate to our leasing arrangements for motor vehicles used in our business.

(3) We enter into purchase orders from time to time for various equipment or other requirements for our business.

(4) Employee benefits in the statement of financial position include $1.3 million in respect of employee benefit obligation. For this amount, the extent of the amount and timing of repayment/settlement is not reliably estimable or determinable at present and accordingly have not been disclosed in the table above.

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Inflation

The CIA World Factbook estimates that consumer inflation in India was 9.7% in 2012 and 9.6% in 2013. For more information, see “Risk Factors — Risks Related to Operations in India — As the Domestic Indian Market Constitutes a Significant Source of Our Revenue, a Slowdown in Economic Growth in India Could Cause Our Business to Suffer.”

Quantitative and Qualitative Disclosures about Market Risk

Our business activities are exposed to a variety of market risks, including credit risk, foreign currency risk and interest rate risk.

Credit Risk. Financial instruments that potentially subject us to concentrations of credit risk consist principally of term deposits, cash equivalents, and trade and other receivables. By their nature, all such financial instruments involve risks, including the credit risk of non-performance by counterparties. Our cash equivalents, bank balances and term deposits are placed with banks with high investment grade credit ratings, and our term deposits may be withdrawn at any time prior to maturity except that this would result in a lower interest rate. Trade and other receivables are typically unsecured and arise mainly from commissions and incentive payments owing to us from our airline suppliers, receivables from our hotel suppliers which represent amounts owing to us from deposits we place with such hotels, and receivables from our corporate and retail customers to whom we typically extend credit periods. We review the credit worthiness of our clients to which we have granted credit terms in the normal course of the business. We believe there is no significant risk of loss in the event of non-performance of the counterparties to these financial instruments, other than the amounts already provided for in our financial statements. See note 34 to our audited consolidated financial statements in this Annual Report for additional information relating to our exposure to credit risk.

Foreign Exchange Risk. We are exposed to movements in currency exchange rates, primarily those related to the US dollar and the Indian Rupee. As the functional currency of MMT India, our key operating subsidiary, is the Indian Rupee, our exposure to foreign currency risk primarily arises in respect of our non-Indian Rupee-denominated trade and other receivables, trade and other payables and cash and cash equivalents, which were $10.9 million, $34.1 million and $3.4 million, respectively, as of March 31, 2015. Based on our operations in fiscal year 2015, a 10.0% appreciation of the US dollar against the Indian Rupee as of March 31, 2015, assuming all other variables remained constant, would have increased our loss for fiscal year 2015 by $1.9 million. Similarly, a 10.0% depreciation of the US dollar against the Indian Rupee as of March 31, 2015, assuming all other variables remained constant, would have decreased our loss for fiscal year 2014 by $1.9 million.

Further, we are also exposed to movements in currency exchange rates between the US dollar and the Euro. As the functional currency of the Hotel Travel Group is the US dollar, our exposure to foreign currency risk primarily arises in respect of our non-US dollar denominated trade and other receivables, trade and other payables and cash and cash equivalents, which were $0.4 million, $3.0 million and $1.7 million, respectively, as of March 31, 2015. Based on our operations in fiscal year 2015, a 10.0% appreciation of the Euro against the US dollar as of March 31, 2015, assuming all other variables remained constant, would have increased our loss for the year by $0.1 million. Similarly, a 10.0% depreciation of the Euro against the US dollar as of March 31, 2014, assuming all other variables remained constant, would have decreased our loss for the year by $0.1 million.

Similarly, as the functional currency of the ETB Group is the Euro, our exposure to foreign currency risk primarily arises in respect of our non-Euro denominated trade and other receivables, trade and other payables and cash and cash equivalents, which were $0.4 million, $6.7 million and $1.7 million, respectively, as of March 31, 2015. Based on our operations in fiscal year 2015, a 10.0% appreciation of the US dollar against the Euro as of March 31, 2015, assuming all other variables remained constant, would have increased our loss for the year by $0.4 million. Similarly, a 10.0% depreciation of the US dollar against the Euro as of March 31, 2015, assuming all other variables remained constant, would have decreased our loss for the year by $0.4 million.

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We are also exposed to movements between the US dollar and the Indian Rupee in our operations, as 3.9%, 2.9% and 1.8% of our revenue for fiscal years 2013, 2014 and 2015, respectively, was generated by MMT India from its air ticketing business and received in US dollars although our expenses are generally incurred in Indian Rupees. Additionally, we receive revenue from our hotels and packages business in Indian Rupees, but a portion of our expenses in this segment (those relating to outbound packages from India in particular) could be incurred in a non-Indian currency. We currently do not have any hedging agreements or similar arrangements with any counter-party to cover our exposure to any fluctuations in foreign exchange rates. Fluctuation in the Indian Rupee-US dollar exchange rate could have a material adverse effect on our business and our financial condition and results of operations as reported in US dollars. For more information, see “Risk Factors — Risks Related to Us and Our Industry — Our Results of Operations are Subject to Fluctuations in Currency Exchange Rates”.

Interest Rate Risk. Our exposure to interest rate risk for changes in interest rates relates primarily to our term deposits and bank overdrafts. As of March 31, 2015, we had fixed rate financial instruments consisting of $93.5 million of term deposits. As of March 31, 2014, we had fixed rate financial instruments consisting of $105.2 million of term deposits. We have not used any derivative financial instruments to hedge interest rate risk. We have not been exposed nor do we anticipate being exposed to material risks due to changes in interest rates. Our future interest income and financing cost may fluctuate in line with changes in interest rates. As of March 31, 2014 and 2015, we had no amount outstanding on account of variable rate financial instruments. A sensitivity analysis shows that any increase in the interest rates as of March 31, 2014 and 2015 would not have affected our profit or loss and would not have had any impact on our equity.

Certain Non-IFRS Measures

In addition to referring to revenue less service cost, we also refer to adjusted operating profit (loss) and adjusted net profit (loss) which are non-IFRS measures and most directly comparable to results from operating activities and profit (loss) for the year, respectively, each of which is an IFRS measure.

We use financial statements that exclude share-based compensation expense, all merger and acquisitions related expenses, amortization of acquired intangibles and change in financial liability relating to acquisitions for our internal management reporting, budgeting and decision making purposes, including comparing our operating results to that of our competitors. Because of varying available valuation methodologies and subjective assumptions that companies can use when adopting IFRS 2 “Share based payment”, management believes that providing non-GAAP financial measures that exclude such expenses allows investors to make additional comparisons between our operating results and those of other companies. Accordingly, we believe that adjusted operating profit (loss) and adjusted net profit (loss) are useful in measuring the results of our company and provide investors and analysts a more accurate representation of our operating results. However, the presentation of these non-IFRS measures are not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS as issued by the IASB. These non-IFRS measures may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

A limitation of using adjusted operating profit (loss) and adjusted net profit (loss) versus operating profit (loss) and net profit (loss) calculated in accordance with IFRS is that these non-GAAP financial measures exclude a recurring cost, namely share-based compensation. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from adjusted operating profit (loss) and adjusted net profit (loss).

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The following table reconciles our results from operating activities (an IFRS measure) to adjusted operating profit (loss) (a non-IFRS measure) for the periods indicated:

Reconciliation of Adjusted Operating Profit (Loss)	Fiscal Year Ended March 31
(Unaudited)	2013			2014			2015
	(in millions)
Result from operating activities as per IFRS	$	(18.1	)	$	(15.3	)	$	(14.5	)
Add: Employee share-based compensation costs		11.7			11.1			12.3
Add: Direct cost related to registration of shares by shareholders		—			0.1			—
Less: Gain on bargain purchase		—			(1.2	)		—
Add: Merger and acquisitions related expenses		0.7			0.4			0.4
Add: Severance cost related to a prior acquisition		—			—			0.6
Add: Acquisition related intangibles amortization		0.6			1.4			1.7
Adjusted Operating Profit (Loss)	$	(5.1	)	$	(3.5	)	$	0.5

The following table reconciles our profit (loss) for the year (an IFRS measure) to adjusted net profit (loss) (a non-IFRS measure) for the periods indicated:

Reconciliation of Adjusted Net Profit (Loss)	Fiscal Year Ended March 31
(Unaudited)	2013			2014			2015
	(in millions)
Profit (Loss) for the year as per IFRS	$	(27.6	)	$	(20.9	)	$	(18.4	)
Add: Employee share-based compensation costs		11.7			11.1			12.3
Add: Direct cost related to public offerings		—			0.5			—
Less: Gain on bargain purchase		—			(1.2	)		—
Add: Acquisition related intangibles amortization		0.6			0.4			1.7
Add: Severance cost related to a prior acquisition		—			—			0.6
Add (Less): Net (gain) loss on change in fair value of derivative financial instrument		(0.2	)		(0.2	)		—
Add: Merger and acquisitions related expenses		0.7			0.4			0.4
Add (Less): Net change in value of financial liability related to business combination		0.2			1.1			0.5
Less: Income tax (benefit) expense		8.6			0.1			0.1
Adjusted Net Profit (Loss)	$	(6.0	)	$	(7.3	)	$	(2.8	)

New Accounting Standards and Interpretations Not Yet Adopted by Our Group

IFRS 9 Financial Instruments: In November 2009, the International Accounting Standards Board (IASB) issued IFRS 9, Financial Instruments: Recognition and Measurement, to reduce the complexity of the current rules on financial instruments as mandated in IAS 39. IFRS 9 has fewer classification and measurement categories as compared to IAS 39 and has eliminated the categories of held to maturity, available for sale and loans and receivables. Further it eliminates the rule-based requirement of segregating embedded derivatives and tainting rules pertaining to held to maturity investments. For an investment in an equity instrument which is not held for trading, IFRS 9 permits an irrevocable election, on initial recognition, on an individual share-by-share basis, to present all fair value changes from the investment in other comprehensive income. No amount recognized in other comprehensive income would ever be reclassified to profit or loss. IFRS 9 was further amended in October 2010, and such amendment introduced requirements on accounting for financial liabilities. This amendment addresses the issue of volatility in the profit or loss due to changes in the fair value of an entity’s own debt. It requires the entity, which chooses to measure a liability at fair value, to present the portion of the fair value change attributable to the entity’s own credit risk in the other comprehensive income.

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Further, in July 2014, the IASB has published the final version of IFRS 9 ‘Financial Instruments’ bringing together the classification and measurement, impairment and hedge accounting phases of the IASB’s project to replace IAS 39 ‘Financial Instruments: Recognition and Measurement’. This version adds a new expected loss impairment model and limited amendments to classification and measurement for financial assets. The standard supersedes all previous versions of IFRS 9. The effective date for companies to adopt IFRS 9 is for annual periods beginning on or after January 1 2018, though early adoption is permitted. Our group is currently evaluating the requirements of IFRS 9, and has not yet determined the impact on the consolidated financial statements.

IFRS 15 Revenue from Contracts with Customers: In May 2014, the International Accounting Standards Board and Financial Accounting Standards Board jointly issued IFRS 15, Revenue from Contracts with Customers. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Further the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts with customers.

The standard permits the use of either the retrospective or cumulative effect transition method. The effective date for adoption of IFRS 15 is annual periods beginning on or after January 1, 2017, though early adoption is permitted. Our group has not yet selected a transition method and has not yet evaluated the impact of IFRS 15 on the consolidated financial statements.

In May 2015, the IASB has published an exposure draft ‘Effective date of IFRS 15’ to propose changing the effective date of IFRS 15 to periods beginning on or after January 1, 2018 instead of January 1, 2017. The exposure draft is open for comments till July 3, 2015.

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

A. Directors and Senior Management

Our board of directors consists of 10 directors.

The following table sets forth the name, age and position of each of our directors, executive officers and significant employees as of the date hereof:

Name	Age		Position/Title
Directors(1):
Deep Kalra		45	Director, Group Chairman and Group Chief Executive Officer
Rajesh Magow		46	Director and Chief Executive Officer — India
Mohit Kabra(2)		44	Director and Group Chief Financial Officer
Aditya Tim Guleri		50	Director
Philip C. Wolf		58	Director
Vivek N. Gour		52	Independent Director
Frederic Lalonde		41	Independent Director
Ranodeb Roy		47	Independent Director
Gyaneshwarnath Gowrea		49	Director
Naushad Ally Sohoboo		36	Director
Executive Officers(3)*:
Mohit Gupta		41	Group Chief Business Officer
Saujanya Shrivastava		41	Chief Marketing Officer
Yuvaraj Srivastava		44	Chief Human Resource Officer
Sharat Singh		49	Chief Technology Officer — International & Platforms
Sanjay Mohan		50	Chief Technology Officer — India
Ranjeet Oak		42	Chief Business Officer — Holidays

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Notes:

(1) Mr. Keyur Joshi resigned as a director of our Company with effect from January 29, 2015. Mr Joshi continued as an executive officer of the Company until April 30, 2015, when he became the Strategic Advisor of the Company and ceased to be an executive officer.

(2) Mr. Mohit Kabra, our Group Chief Financial Officer, was appointed as a director with effect from January 29, 2015.

(3) Other than directors who are also executive officers.

* Mr. Sanket Atal, one of our former executive officers, resigned on August 30, 2014 and his resignation was effective from August 30, 2014.

* Mr. Saujanya Shrivastava joined our company as Chief Marketing Officer in January 2015 and was designated as an executive officer on June 1, 2015.

* Mr. Yuvaraj Srivastava was appointed as Chief Human Resource Officer in May 2014 and was designated as an executive officer on June 1, 2015.

* Mr. Sharat Singh was appointed as Chief Technology Officer — International & Platforms in August 2014 and was designated as an executive officer on June 1, 2015.

* Mr. Sanjay Mohan was appointed as Chief Technology Officer — India in March 2015 and was designated as an executive officer on June 1, 2015.

* Mr. Ranjeet Oak was appointed as Chief Business Officer — Holidays in May 2014 and was designated as an executive officer on June 1, 2015.

Directors

Unless otherwise indicated, the business address for our directors is Tower A, SP Infocity, 243, Udyog Vihar, Phase 1, Gurgaon, Haryana 122016, India.

Deep Kalra is our co-founder, group chairman and group chief executive officer, and was appointed to our board of directors on October 9, 2001. Mr. Kalra’s responsibilities as group chief executive officer include executing our business strategy and managing the overall performance and growth of our company. Mr. Kalra has over 22 years of experience in e-commerce, sales, corporate finance and financial analysis. Prior to founding our company in April 2000, Mr. Kalra worked with GE Capital, a subsidiary of the General Electric Company, for just over a year, where he was vice president of business development. Mr. Kalra had previously also worked with AMF Bowling Inc. and ABN AMRO Bank. General Electric Company is a NYSE-listed company, and AMF Bowling Inc. was a NYSE-listed company when Mr. Kalra worked there. He is also the president and a board member of The Indus Entrepreneurs and a founding member of IAMGURGAON, a non-governmental organization focused on improving the quality of life in Gurgaon. Mr. Kalra has a bachelor’s degree in economics from St. Stephen’s College, Delhi University, India, and a master’s degree in business administration from the Indian Institute of Management, Ahmedabad, India.

Rajesh Magow is our co-founder and chief executive officer for India, and was appointed to our board of directors on November 6, 2012. Mr. Magow has over 22 years of experience in the information technology and Internet industries. After being part of our senior management team in 2001 for a few months, Mr. Magow worked as part of senior management with Tecnovate eSolutions Private Limited, a wholly-owned subsidiary of eBookers.com (a United Kingdom-based online travel company that was listed on NASDAQ until it was acquired by the Cendant group in February 2005) from 2001 to June 2006. Mr. Magow was part of the senior management team that set up eBookers’ call center and back office operations in India and was a board member of Tecnovate from January 2001 to June 2006. Prior to Tecnovate, he also worked with Aptech Limited and Voltas Limited. Mr. Magow rejoined our company in 2006. Mr. Magow is a chartered accountant from the Institute of Chartered Accountants of India, New Delhi.

Mohit Kabra is our group chief financial officer and was appointed to our board of directors on January 29, 2015. Prior to joining us in July 2011, Mr. Kabra served as a Director of Finance in Kohler India from 2006 to

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June 2011. Mr. Kabra holds a bachelor of commerce degree from St. Joseph’s Junior College. He is a qualified Chartered Accountant from the Institute of Chartered Accountants of India.

Aditya Tim Guleri was appointed to our board of directors on April 3, 2007 as a nominee of Sierra Ventures VIII-A, L.P., Sierra Ventures VIII-B, L.P. and Sierra Ventures Associates VIII, LLC, or the Sierra Ventures entities. Mr. Guleri is a managing member of Sierra Ventures Associates VIII, LLC, the general partner of Sierra Ventures VIII-A, L.P. and Sierra Ventures VIII-B, L.P., and in that capacity, he serves on the boards of directors of various companies that Sierra Ventures invests in, providing operational and financial guidance. Prior to joining Sierra Ventures Associates VIII, LLC in February 2001, Mr. Guleri was vice chairman and executive vice president with Epiphany, Inc. from March 2000 until February 2001, and prior to that, he was chairman, chief executive officer and co-founder of Octane Software Inc. since September 1997. He started his career in September 1989 with the information technology team at LSI Logic Corporation until September 1991 and worked with Scopus Technology Inc. from 1992 until 1996. Mr. Guleri has a Bachelor of Science degree in electrical engineering from Punjab Engineering College, Chandigarh, India and a master of science degree in engineering and operating research from Virginia Polytechnic Institute and State University, United States. The business address for Mr. Guleri is 2884 Sand Hill Road, Suite 100, Menlo Park, CA 94025, United States.

Philip C. Wolf was appointed to our board of directors on July 20, 2005. Until December 31, 2012, Mr. Wolf was the non-executive chairman of PhoCusWright Inc., a travel industry research firm he founded in 1994 and served as president and chief executive officer until its acquisition by Northstar Travel Media LLC in June 2011. Prior to founding PhoCusWright, Mr. Wolf was president and chief executive officer of a venture-funded software developer and travel booking engine pioneer which held two patents for its pricing algorithms. He also sits on the board of various companies, including Hopper, QuickMobile, Booking Markets, TrustYou and Travel.ru. Mr. Philip was an adjunct professor at New York University’s Preston Robert Tisch Center for Hospitality, Tourism and Sports Management, and a distinguished lecturer at the Cornell University School of Hotel Administration. Mr. Wolf has a Bachelor of Arts degree in public policy studies from Duke University, United States and a master’s degree in business administration from the Owen Graduate School of Management, Vanderbilt University, United States. The business address for Mr. Wolf is 6 Huckleberry Lane, Truro, MA 02666-0329, United States.

Vivek N. Gour was appointed to our board of directors on May 1, 2010. Mr. Gour is also the managing director and chief executive officer of Air Works India Engineering Private Limited, a privately held company in which he has a significant equity stake. Prior to joining our company, Mr. Gour was the chief financial officer of Genpact Limited from January 2005 to February 2010; Genpact is listed on the New York Stock Exchange. From October 2003 to December 2004, Mr. Gour served as chief financial officer for GE Global Business Processes. From October 2002 to September 2003, he served as chief financial officer of GE Capital India, and from August 2001 to September 2002 as senior vice-president (strategic projects) of GE Capital India. Mr. Gour has a bachelor of commerce degree from Mumbai University, India, and a master of business administration (finance) from Delhi University, India. The business address for Mr. Gour is Kalyani House, Plot # 40, 1st Floor, Sector 18, Gurgaon — 122001, Haryana, India.

Frederic Lalonde was appointed to our board of directors on December 18, 2006. Mr. Lalonde is the founder, director and chief executive officer of Hopper Inc., a privately held company which runs www.hopper.com, a travel search engine. Prior to founding his own company, Mr. Lalonde worked at Expedia Inc. from 2004 to 2006 where he served as vice president of hotel supplier strategy and vice president of hotels and packages product planning. Mr. Lalonde has also been a director of Sparrow Media LLC since August 2009. The business address for Mr. Lalonde is 5795, Ave de Gaspe, Suite 100, Montreal, QC, Canada, H2S 2X3.

Ranodeb Roy was appointed to our board of directors on January 19, 2012. Mr. Roy is a director and the chief executive officer of RV Capital Management Private Limited based in Singapore. Prior to joining our board of directors, Mr. Roy was a managing director and head of the Fixed Income Division – Asia Pacific at Morgan Stanley from March 2008 to December 2011. Mr. Roy has also worked at Merrill Lynch, Hong Kong as

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managing director, co-head of Fixed Income Currency and Commodities, or FICC, group in 2007. He has also held various senior positions at Merrill Lynch in major financial centers, including New York, Tokyo and Hong Kong. Mr. Roy started his career at Bank of America in Mumbai in 1992. Mr. Roy has a master’s degree in business administration, with majors in finance and marketing, from the Indian Institute of Management, Ahmedabad, India and a bachelor’s degree in computer science and engineering from the Indian Institute of Technology at Kanpur, India. The business address for Mr. Roy is 3 Phillip Street, #15-05 Royal Group Building, Singapore 048693.

Gyaneshwarnath Gowrea was appointed to our board of directors on February 11, 2009 and is one of our resident directors in Mauritius. Mr. Gowrea is the head of tax of the Cim group, the parent company of Cim Global Business. He was the managing director of Cim Global Business Limited from 2009 to 2011. From 2007 to 2008, he was director of AAAGlobal Services Ltd. and from 1999 to 2006 he was a manager with Cim Global Business. Mr. Gowrea completed his secondary education at John Kennedy College in Mauritius and holds various professional qualifications, including being a fellow of the Chartered Association & Certified Accountants, United Kingdom and a fellow of the Mauritius Institute of Directors, member of the Trust and Estate Practitioners, member of the Institute of Fiscal Association and also hold a Master degree The business address for Mr. Gowrea is Les Cascades Building, 33 Edith Cavell Street, Port Louis, Mauritius.

Naushad Ally Sohoboo was appointed to our board of directors on May 20, 2014 and is one of our resident directors in Mauritius. Mr. Sohoboo is a manager within the Cim Global Business, having joined Cim Global Business (now part of Cim Group) in August 2004. He has a wide range of experience in corporate secretarial work and accounting. At the Cim Group, he is involved in the structuring, set-up, taxation and administration of various global business entities promoted by a wide portfolio of clients, including large multinational companies and high net-worth individuals. He is also a director of several client companies of Cim Global Management. Mr. Sohoboo completed his secondary education from the Islamic Cultural College, Mauritius. He is also a member of the Association of Chartered Certified Accountants, UK since 2012 and is registered as a Professional Accountant with the Mauritius Institute of Professional Accountants. He is also a member of the Mauritius Institute of Directors. The business address for Mr. Sohoboo is c/o Cim Global Business, Les Cascades Building, 33 Edith Cavell Street, Port Louis, Mauritius.

Executive Officers

The business address for our executive officers is Tower A, SP Infocity, 243, Udyog Vihar, Phase 1, Gurgaon, Haryana 122016, India.

Mohit Gupta is our group chief business officer. Prior to joining us in May 2008, Mr. Gupta served as vice president, marketing for Pepsi Foods Private Limited and worked in numerous other capacities at Pepsi Foods Private Limited. from July 1998 to April 2008. Mr. Gupta holds a bachelor of engineering (mechanical) degree from Sardar Patel University, Vallabh Vidyanagar, India and a master’s degree in business administration from the Indian Institute of Management, Kolkata, India.

Saujanya Shrivastava is our chief marketing officer. Prior to joining us in January 2015, Mr. Shrivastava served as Chief Marketing Officer for Bharti Axa Life Insurance. Prior to that, he led sales and marketing at FutureBazaar.com. His key focus areas at MakeMyTrip involve strengthening brand-association with leisure travel, establishing leadership on the Mobile platform and driving customer-engagement and loyalty. Saujanya has nearly two decades of extensive marketing experience in FMCG, E-commerce & Financial Services categories. Mr Shrivastava was the custodian of PepsiCo’s flagship brand “Pepsi” during his tenure with PepsiCo where he built youth-marketing platforms through associations with ICC, BCCI and sportsperson-endorsements, including the Blue Billion Cricket Campaign during Champions Trophy 2006 and World Cup 2007. He has previously worked with Citibank and Cadbury’s India. Mr. Shrivastava holds an MBA degree from the Indian Institute of Management, Kolkata, India and a Bachelor’s degree in Economics from Jadavpur University, Kolkata, India.

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Yuvaraj Srivastava is our chief human resource officer for the company including its overseas entities. As a part of leadership team his key focus areas include Strategic HR planning, Talent Management, Leadership Development and workforce management. Mr. Srivastava has extensive experience of handling all areas of Human Resources across various industries and has nearly 18 years of corporate experience and five-and-a-half years’ of experience with the Indian Armed Forces. He has worked with various corporates and commenced his career at Asian Paints Limited where he spent nine years. He has also worked for The Oberoi Group of Hotels & Resorts as Director – Human Resources and then moved to PepsiCo India, where he worked in the capacity of Director – Organization Capability for PepsiCo India region. Mr. Srivastava was recognized by the CHRO Asia Forum of World HRD Congress as “100 Most Talented Global HR Leaders” and was also awarded for “HR Leadership Excellence” by the World HRD Congress in 2015. Mr. Srivastava has an MBA in Human Resources from IMT Ghaziabad, India and graduate in industrial psychology from the University of Allahabad, India.

Sharat Singh is our chief technology officer – international & platforms. Mr. Singh has over 25 years of experience in software development. Mr. Singh was the Managing Director at Shopzilla Inc.’s India Technology Center from 2011 to 2014 and the Country Manager/Senior Vice President of Engineering at Nextag Inc. from 2004 to 2010, both in Gurgaon India. Prior to Nextag, Mr. Singh was at Microsoft Corporation in both Seattle, WA and Mountain View, CA from 1999 to 2004. He began his career with Tata Unisys. Mr. Singh holds a Bachelor of Engineering Degree from the Indian Institute of Technology, Delhi, India and an MBA from the Stern School of Business at New York University.

Sanjay Mohan is our chief technology officer for our India business. He has over two decades of varied experience in the software industry. His earlier work spans both enterprise software and consumer internet products with Yahoo, Netscape, IBM and Oracle, where he worked on both client and server side technologies. Mr. Mohan holds a Bachelor’s degree in Computer Science from Birla Institute of Technology (Mesra, Ranchi, India) and a Master’s degree in Computer Science from University of Louisiana (Lafayette, USA).

Ranjeet Oak is our chief business officer and head of our holidays business. Mr. Oak is responsible for strategy and business delivery of the Holidays vertical for MMT India. Prior to joining us in May 2014, he spent over 16 years with Procter & Gamble Asia in Sales and Strategy roles across different Asian markets. Mr. Oak has experience in working across multiple category of products in the FMCG domain, and also worked on the post-merger integration of Gillette into the Procter & Gamble business. Mr. Oak holds a Mechanical Engineering degree from University of Pune, India and an MBA from the Indian Institute of Management Lucknow, India.

B. Compensation

For fiscal year 2015, the aggregate compensation (including director’s fees, but excluding grants of stock options and RSUs that are described below) to our directors and executive officers included in the list under the heading “— Directors and Executive Officers of our Group” (including the executive officers who were designated executive officers on June 1, 2015) was $2.0 million, which included $0.5 million in base salary, $0.2 million in housing and rent allowance, $0.4 million in special allowances and $1.0 million in other payments. The foregoing compensation figures include $0.1 million which may be awarded in the form of RSUs at the option of the relevant director. Mr. Naushad Ally Sohoboo, our director who was appointed to the board of directors with effect from May 20, 2014 did not receive any compensation during fiscal year 2015. Our employment agreements (as amended from time to time) with each of our group chairman and group chief executive officer, chief executive officer – India, group chief commercial officer and group chief financial officer provide for bonus entitlements calculated as a percentage of gross annual salary and linked to gross sales targets of our company. Our employment agreements with our other executive officers provide for a variable performance component which is payable upon each of the individual officer and our company attaining certain performance targets. Except as otherwise disclosed, these aggregate cash compensation amounts for fiscal year 2015 do not include stock compensation and employee benefits to our directors and executive officers. Stock compensation to our directors and executive officers are disclosed separately in the tables under “— Outstanding

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Options” and “Outstanding RSUs,” and employee benefits to our directors and executive officers are disclosed separately under “— Employee Benefit Plans.”

Share Incentive Plans

Equity Option Plan

Our board of directors adopted the MakeMyTrip.com 2001 Equity Option Plan, or our Equity Option Plan, on January 12, 2001, retrospectively effective from June 1, 2000, pursuant to the enabling authority granted under a shareholders’ resolution dated January 12, 2001, in order to attract and retain appropriate talent in the employment of our company, to motivate our employees with incentives, to create shareholder value by aligning the interests of employees with the long term interests of our company and to create a sense of ownership and provide wealth creation opportunities for our employees. MMT India had also adopted an equity option plan in 2006. Employees who were previously granted options under the MMT India Equity Option Plan have instead been granted options under our Equity Option Plan. The MMT India Equity Option Plan and all options granted to employees under such plan were terminated with effect from July 14, 2010.

Although we do not intend to make additional grants under our Equity Option Plan, the options already granted under Equity Option Plan continue to remain valid and exercisable. The following paragraphs describe the principal terms of our Equity Option Plan.

Administration

Our Equity Option Plan is administered by the compensation committee of our board of directors. Among other things, our compensation committee determines the terms and conditions of each option grant, including, but not limited to, the number of options, exercise price, vesting period, exercise period and any lock-in period, forfeiture provisions, adjustments to be made to the number of options and exercise price in the event of a change in capital structure or other corporate action, and satisfaction of any performance conditions.

Vesting Schedule

Unless otherwise specified in the grant, all initial grants made to any individual vest in the following manner:

• 10% on the expiry of 12 months from the date of grant.

• 20% on the expiry of 24 months from the date of grant.

• 30% on the expiry of 36 months from the date of grant.

• 40% on the expiry of 48 months from the date of grant.

Unless otherwise specified in the grant, all subsequent grants made on the basis of the performance of the individual vest in four equal installments at the anniversary of the respective grant date. Our compensation committee has absolute discretion to vary such vesting dates as it deems fit. Other than as set forth under “— Outstanding Options,” all options we have granted to date have vested in full on their respective grant dates.

Option Exercise and Expiration

Unless otherwise specified in the grant, vested options must be exercised prior to the earliest of the following dates:

• 48 months from the vesting date.

• 72 months from the date of grant.

• six months following the recipient’s date of voluntary resignation or termination of employment, other than due to death, disablement or retirement.

• one year following the death of a recipient or termination due to disablement or retirement.

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Cashless Exercise of Options

Our Equity Option Plan permits holders of options to exercise their options using a cashless exercise method. In a cashless exercise, the holder of options exercises the options by simultaneously selling the shares underlying the options upon exercise. Our board or compensation committee may also require the holder of options (especially in the case where such method of cashless exercise may contravene certain regulatory requirements) to surrender the options to our company at the selling price of the shares underlying the options in lieu of such exercise and simultaneous sale of shares. In each of the foregoing, the holder of options is only entitled to receive the difference between the selling price and the exercise price for the options, after deductions for all applicable taxes and expenses.

Pursuant to the terms of our Equity Option Plan, any holder of options who may be restricted or prevented by applicable laws and regulations from paying in full or in part the exercise price of his or her options or from exercising such restricted options and acquiring our ordinary shares, will be required to exercise such restricted options using the cashless exercise method, as described above.

Effect of Change of Control or Restructuring of Capital

Upon any restructuring of capital or the occurrence of a change of control of our company, the recipient of any option that is outstanding at the time of such restructuring or change of control will be entitled to such number and type of securities that is being offered in lieu of the shares underlying such option by virtue of such restructuring of capital or change of control, if any.

Amendment or Termination

Our board of directors may at any time amend, alter or terminate our Equity Option Plan or any grant under our Equity Option Plan. However, amendments to any grant under our Equity Option Plan are subject to consent from the recipient of such grant, if such amendment would impair or prejudice the rights of such recipient. Additionally, the approval of shareholders holding not less than 75% of our issued share capital will be required to increase the number of shares available for issuance under options granted pursuant to our Equity Option Plan, change the exercise price of any option or to extend the maximum period during which grants under our Equity Option Plan may be made. The term of our Equity Option Plan was for an initial seven years but was extended to June 1, 2012 pursuant to a board resolution passed on June 12, 2009 which had retrospective effect from June 1, 2007. Our Equity Option Plan was subsequently amended and restated, and extended to June 1, 2014, pursuant to board and shareholder resolutions passed on May 25, 2010. We have not extended the validity of this plan, but the existing grants under this plan remain valid as per the terms of the original grant.

Number of Shares granted under 2001 Equity Option Plan

As of March 31, 2015, pursuant to our Equity Option Plan, we had outstanding options exercisable into a total of 382,439 ordinary shares with exercise price ranging from $0.4875 to $5.3940.

Share Incentive Plan

We adopted the MakeMyTrip 2010 Share Incentive Plan on May 25, 2010, or our Share Incentive Plan, upon which our Share Incentive Plan became immediately effective. Although our Equity Option Plan will continue to be valid under its terms and will govern the terms of all options granted thereunder, we intend to grant all new equity share awards under our Share Incentive Plan.

The purpose of our Share Incentive Plan is to promote the success and enhance the value of our company by linking the personal interests of the members of our board, employees and consultants of our company, subject to restrictions under applicable law, to those of our shareholders and by providing such individuals with an

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incentive for outstanding performance to generate superior returns to our shareholders. Our Share Incentive Plan is further intended to provide us with flexibility in our ability to motivate, attract and retain the services of such individuals upon whose judgment, interest and special effort the successful conduct of our operations are largely dependent.

The following paragraphs describe the principal terms of our Share Incentive Plan.

Administration

Our Share Incentive Plan is administered by our board of directors which, to the extent permitted by applicable laws, may delegate its authority to one or more members of our board or one or more officers of the company, subject to certain restrictions set forth in our Share Incentive Plan.

Shares Available for Awards

Subject to certain adjustments set forth in our Share Incentive Plan, the aggregate number of shares that may be issued or awarded under our Share Incentive Plan is equal to (i) ten percent (10%) of the shares outstanding on the effective date (i.e., May 25, 2010) plus (ii) an increase on the date we consummated our initial public offering, by such amount such that the number of shares which may be issued or transferred pursuant to awards under our Share Incentive Plan will be equal to ten percent (10%) of the shares outstanding on such date, which were 3,413,400 plus (iii) an annual increase on the first day of each year beginning January 1, 2011 and ending January 1, 2019 by such amount that the number of shares which may be issued or transferred pursuant to awards under our Share Incentive Plan will equal ten percent (10%) of the shares outstanding on the last day of the immediately preceding fiscal year or (iv) such smaller number of shares as determined by our board of directors. To the extent that an award terminates, expires or lapses for any reason, or is settled in cash and not shares, then any shares subject to the award will again be available for the grant. Any shares delivered by the holder or withheld by our company upon the exercise of any award, in payment of the exercise price or tax withholding, may again be optioned, granted or awarded, subject to certain limitations set forth in our Share Incentive Plan.

Eligibility

Our employees, consultants and non-employee directors are eligible to be granted awards, except that awards will not be granted to consultants or non-employee directors who are residents of any country in the European Union and any other country, which, pursuant to applicable laws, does not allow grants to any non-employees or consultants.

Options

Our board of directors is authorized to grant options on shares. The per share option exercise price of all options granted pursuant to our Share Incentive Plan will be determined by our board of directors, which may be a fixed or variable price related to the fair market value of the shares; provided that no option may be granted to an individual subject to taxation in the United States at less than the fair market value on the date of the grant, without compliance with Section 409A of the United States Internal Revenue Code of 1986, as amended (or the Code), or the holder’s consent. Our board of directors will determine the methods of payment of the exercise price of an option, which may include without limitation cash or check, shares, proceeds or other forms of legal consideration acceptable to our board of directors. The term of options granted under our Share Incentive Plan may not exceed 10 years from the date of grant. Except as limited by the requirements of Section 409A of the Code, our board of directors may extend the term of any outstanding option and may extend the time period during which vested options may be exercised, or may amend any other term or condition of such option, in connection with any termination of service of the holder.

Restricted Shares

Our board of directors is authorized to grant shares subject to various restrictions, including without limitation restrictions on transferability.

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Share Appreciation Rights

Our board of directors is authorized to grant share appreciation rights to eligible individuals, entitling the holder to receive an amount determined by multiplying the difference obtained by subtracting the exercise price per share of the share appreciation right from the share value on the date of exercise of the share appreciation right by the number of ordinary shares with respect to which the share appreciation right is exercised, subject to any limitations our board of directors may impose. The term of share appreciation rights will be set by our board of directors. Amounts payable upon exercise of a share appreciation right will be in cash, shares or a combination of both, as determined by our board of directors.

Dividend Equivalents

Our board of directors may grant dividend equivalents based on dividends declared on the ordinary shares of our company. Such dividend equivalents will be converted to cash by such formula and at such time and subject to such limitations as may be determined by our board of directors.

Share Payments

Our board of directors is authorized to make share payments, which may, but are not required to be made, in lieu of base salary, bonus, fees or other cash compensation. The number or value of shares of any share payment will be determined by our board of directors and may be based upon any criteria, including service to our company, as determined by our board of directors.

Deferred Shares

Our board of directors is authorized to grant deferred shares based on any specific criteria, including service to our company, as our board of directors determines. Shares underlying a deferred share award will not be issued until the deferred share award has vested, pursuant to a vesting schedule or other conditions or criteria set by our board of directors. Unless otherwise provided by our board of directors, a holder of deferred shares will have no rights as a shareholder with respect to such deferred shares until the deferred share awards have vested and the shares underlying the deferred share awards have been issued.

Restricted Share Units

Our board of directors is authorized to grant, in its sole discretion, restricted share units, or RSUs, to our directors, executive officers and employees. The RSUs have been awarded so far in lieu of cash compensation, as an incentive for future performance and as a reward for past performance. Each grant of RSUs is subject to various vesting conditions as determined by our board of directors. Such vesting conditions may include, for example, the vesting schedule, expiration dates and employment restrictions.

Upon exercise of a holder’s RSUs, subject to applicable laws, our company will issue to the holder one unrestricted, fully transferable share (or the fair market value of one such share in cash) for each vested and non-forfeited RSU. RSUs may be paid in cash, shares or both, as determined by our board of directors.

The RSUs may be exercised using a cashless exercise method. In a cashless exercise, the holder of the RSUs exercises the RSUs by simultaneously selling the shares underlying the RSUs upon exercise. Our board or compensation committee may also require the holder of the RSUs (especially in the case where such method of cashless exercise may contravene certain regulatory requirements) to surrender the RSUs to our company at the selling price of the shares underlying the RSUs in lieu of such exercise and simultaneous sale of shares. In each of the foregoing, the holder of the RSUs is only entitled to receive the difference between the selling price and the exercise price for the RSUs, after deduction of all applicable taxes and expenses.

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The term of a dividend equivalent award, share payment award, deferred share award and/or RSU award will be determined by our board of directors in its sole discretion.

During fiscal year 2015, we granted 845,507 RSUs, of which 463,364 RSUs were granted to our directors and executive officers. See “— Outstanding RSUs” for more information.

Adjustments

In the event of certain changes in our capitalization, our board of directors, in its sole discretion, will make such proportionate and equitable adjustments to reflect such changes with respect to (i) the aggregate number and type of shares that may be issued under our Share Incentive Plan, (ii) the terms and conditions of any outstanding awards and (iii) the grant or exercise price per share for any outstanding award under our Share Incentive Plan.

Corporate Transactions

If a corporate transaction occurs and outstanding awards under our Share Incentive Plan are not converted, assumed or replaced by the successor, such awards will generally become fully exercisable and all forfeiture restrictions on such awards will lapse. Upon, or in anticipation of, a corporate transaction, our board of directors may, in its sole discretion, (i) cause any awards outstanding to terminate at a specific time in the future and give each holder the right to exercise such awards during such period of time as our board of directors will determine, (ii) either purchase any award for an amount of cash equal to the amount that could have been attained upon the exercise of such award or realization of the holder’s rights had such award been currently exercisable or payable or fully vested or (iii) replace such award with other rights or property selected by our board of directors in its sole discretion.

Non-transferability

Awards granted under our Share Incentive Plan are generally not transferable during the lifetime of the award holder.

Amendment, Suspension or Termination

Unless terminated earlier, our Share Incentive Plan will expire on, and no award may be granted pursuant to it after, the tenth anniversary of its effective date. Any awards that are outstanding on the tenth anniversary of the effective date of our Share Incentive Plan will remain in force according to the terms of our Share Incentive Plan and the applicable award agreement. Except as otherwise provided in our Share Incentive Plan, our board of directors may terminate, amend or modify our Share Incentive Plan at any time and from time to time. However, shareholder approval will be required for any amendment (i) to the extent necessary and desirable to comply with applicable laws and (ii) that results in an increase in benefits that would not apply equally to all shareholders of shares or a change in eligible individuals. Except as provided in our Share Incentive Plan or any award agreement, any amendment, suspension or termination may not impair any rights or obligations under any award without the award holder’s consent.

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Outstanding Options

During fiscal years 2013, 2014 and 2015, no options were granted to any of our directors and executive officers under our Equity Option Plan. As of March 31, 2015, 349,039 outstanding options were held by our directors and executive officers as set forth in the following table. As of April 30, 2015, 349,039 outstanding options were held by our directors and executive officers.

Name	Shares Underlying Outstanding Options		Exercise Price ($ per Share)		Date of Grant		Date of Expiration
Rajesh Magow		182,140		0.74		June 25, 2009		June 25, 2017	(1)
		114,000		1.98		June 25, 2009		June 25, 2017	(1)
		32,981		0.53		June 25, 2009		June 25, 2017	(1)
Other directors and executive officers		19,918		5.06		June 25, 2009		June 25, 2017	(1)

Note:

(1) All these options vested upon the date of grant and were required to be exercised prior to 48 months from their vesting date (i.e., the date of grant), subject to the terms of our Equity Option Plan. In May 2013, our compensation committee extended the date of expiration of these options from June 25, 2013 to June 25, 2017.

Outstanding RSUs

During fiscal year 2015, 463,364 RSUs were issued under our Share Incentive Plan to our directors and executive officers, of which 1,985 fully vested RSUs were granted to our directors in lieu of cash compensation owed to them. As set forth in the following table, outstanding RSUs as of March 31, 2015 were:

Name	Shares Underlying Outstanding RSUs		Total RSUs Granted in Fiscal Year 2015		Exercise Price
					($ per Share)
Deep Kalra		821,981		133,548		0.0005
Rajesh Magow		491,370		171,705		0.0005
Mohit Kabra		38,516		12,597		0.0005
Other executive officers*		327,428		143,529		0.0005
Other directors		7,330		1,985		0.0005

Note:

* Includes Mr. Keyur Joshi who ceased to be an executive officer with effect from May 1, 2015 and excludes the executive officers who were designated as executive officer on June 1, 2015.

Employee Benefit Plans

We maintain employee benefit plans in the form of certain statutory and incentive plans covering substantially all of our employees. For fiscal year 2015, the aggregate amount set aside or accrued by us to provide for pension or retirement benefits for all our employees (including our directors and executive officers) was approximately $2.0 million.

Provident Fund

In accordance with Indian law, all of our employees in India are entitled to receive benefits under the Employees’ Provident Fund Scheme, 1952, as amended, a retirement benefit scheme under which an equal amount of 12% of basic salary of an employee is contributed both by employer and employee in a fund with government/trust with company. Also, in accordance with applicable laws, all of our employees at our non-Indian subsidiaries are entitled to receive benefits under the relevant laws and regulations applicable in such jurisdictions. Our subsidiaries make a monthly deposit to these funds and we have contributed an aggregate of approximately $1.9 million in fiscal year 2015.

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Gratuity

In accordance with Indian law, we pay gratuity up to our eligible employees in India. Under our gratuity plan, a defined benefit plan, an employee is entitled to receive a gratuity payment on the termination of his or her employment if the employee has rendered continuous service to our company for not less than five years, or if the termination of employment is due to death or disability. The amount of gratuity payable to an eligible employee is equal to 15 days’ salary for every year of employment (or any portion of a year exceeding six months), and currently the aggregate amount of gratuity shall not exceed Rs.1.0 million (approximately $0.02 million). We have provided for an aggregate of approximately $0.2 million in fiscal year 2013, aggregate of approximately $0.2 million in fiscal year 2014 and an aggregate of approximately $0.2 million in fiscal year 2015 for our gratuity payments.

Employment Agreements with Executive Officers

Each of our executive officers has entered into an employment agreement with MMT India. These agreements do not have fixed terms of employment. We may terminate the employment of our officers for cause, at any time, without notice or remuneration, for certain acts of the executive officer, including but not limited to any criminal offense theft, fraud, embezzlement, intoxication, violence, sexual harassment or damage to our reputation. Generally, either party may terminate employment at any time by giving the other party a written notice of three months or by paying an amount equal to three month’s salary in lieu of such notice. The employment agreements of Messrs. Deep Kalra and Rajesh Magow were amended, effective April 1, 2010, to change the notice period for termination from three months to six months (or 12 months in the event of a change in control). Our company’s executive employment agreements do not provide for any special termination benefits, nor do we have any other arrangements with our executive officers for special termination benefits.

Each executive officer has agreed to respect and not claim any right over any intellectual property owned by our company. Additionally, each executive officer has assigned all his or her right, title and interest to, and in, any property relating to our business (whether tangible or intangible) which is created during the term of its employment. In addition, each executive officer has agreed to be bound by the non-competition restrictions set forth in his or her employment agreement. Specifically, each executive officer has agreed, while employed by us and for a period of six months after termination of his or her employment, not to:

• solicit or induce any person to terminate his or her employment or consulting relationship with our company; or

• canvass, solicit or endeavor to entice away from our company any client or customer of our company, or any person who regularly dealt with our company.

Mr. Kalra’s employment agreement, however, specifies a noncompetition period of 12 months, with the additional restriction that, during this period, he will not engage or have a substantial financial interest in any travel intermediary business that competes directly with our company.

C. Board Practices

Board of Directors

Our holding company is managed and controlled by our board of directors from Mauritius. Our board of directors currently has ten directors. There are no family relationships between any of our directors and executive officers. A director is not required to hold any shares in our company by way of qualification. There are no severance benefits payable to our directors upon termination of their directorships, other than to Mr. Deep Kalra and Mr. Rajesh Magow, who are our directors and also our executive officers and are entitled to severance benefits in such capacity pursuant to the terms of their employment.

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Terms of Directors and Executive Officers

In accordance with our Constitution, one-third of our directors (or, if their number is not a multiple of three, the number nearest to but not less than one-third) shall retire from office by rotation at each annual meeting of our company, provided that neither the chairman of our board nor a director holding office as managing director shall be subject to retirement by rotation or be taken into account in determining the number of directors to retire. A retiring director shall be eligible for re-election. The directors to retire in each year shall be those who have been longest in office since their last re-election or appointment and as between persons who became or were last re-elected directors on the same day, those to retire shall (unless they otherwise agree among themselves) be determined by lot. The office of a director shall be vacated if the director resigns, dies, becomes mentally unsound or bankrupt, becomes disqualified from being a director or ceases to hold office under Mauritius law, or is removed by our shareholders. A director may be removed by an ordinary resolution of our shareholders.

Under Mauritius law, the office of a director of our company is required to become vacant at the conclusion of the annual meeting of our company commencing next after the director attains the age of 70 years. However, a person of or over the age of 70 years may, by ordinary resolution of which no shorter notice is given than that required to be given for the holding of a meeting of shareholders, be appointed or re-appointed or authorized to continue to hold office as a director until the next annual meeting of our company.

Executive officers are selected by and serve at the discretion of the board of directors.

Duties of Directors

Under Mauritius law, our directors have a duty to our company to exercise their powers honestly in good faith in the best interests of our company. Our directors also have a duty to our company to exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. Where a director of a public company also holds office as an executive, the director is required under Mauritius law to exercise that degree of care, diligence and skill which a reasonably prudent and competent executive in that position would exercise. In fulfilling their duty of care to our company, our directors must ensure compliance with the Mauritius Companies Act and our Constitution, as amended from time to time. A shareholder has the right to seek damages against our directors if a duty owed by our directors to him as a shareholder is breached.

The functions and powers of our board of directors include, among others:

• convening shareholders’ annual meetings and reporting its work to shareholders at such meetings;

• authorizing dividends and distributions;

• appointing officers and determining the term of office of officers;

• exercising the borrowing powers of our company and mortgaging the property of our company, provided that shareholders’ approval shall be required if any transaction is a major transaction for our company under section 130 of the Mauritius Companies Act; and

• approving the issuance and transfer of shares of our company, including the recording of such shares in our share register.

Committees of the Board of Directors

We have established two committees under our board of directors: an audit committee and a compensation committee. Each committee’s members and functions are described below.

Audit Committee

Our audit committee consists of Messrs. Vivek N. Gour, Ranodeb Roy and Frederic Lalonde and is chaired by Mr. Gour. Each member of the audit committee satisfies the independence requirements of Rule 5605 of the

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Nasdaq Stock Market, Marketplace Rules and the independence requirements of Rule 10A-3 under the Exchange Act. Our board of directors also has determined that Mr. Gour qualifies as an audit committee financial expert within the meaning of the SEC rules. Our audit committee oversees our accounting and financial reporting processes and the audits of the financial statements of our company. Our audit committee is responsible for, among other things:

• selecting our independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by our independent auditors;

• regularly reviewing the independence of our independent auditors;

• reviewing all related party transactions on an ongoing basis;

• discussing the annual audited financial statements with management and our independent auditors;

• annually reviewing and reassessing the adequacy of our audit committee charter;

• such other matters that are specifically delegated to our audit committee by our board of directors from time to time;

• meeting separately and periodically with management and our internal and independent auditors; and

• reporting regularly to our full board of directors.

Compensation Committee

Our compensation committee consists of Messrs. Vivek N. Gour, Philip C. Wolf and Frederic Lalonde and is chaired by Mr. Gour. Messrs. Gour, Wolf and Lalonde satisfy the independence requirements of Rule 5605 of the Nasdaq Stock Market, Marketplace Rules and the independence requirements of Rule 10A-3 under the Exchange Act. Our compensation committee assists our board of directors in reviewing and approving the compensation structure of our directors and executive officers, including all forms of compensation to be provided to our directors and executive officers. Members of the compensation committee are not prohibited from direct involvement in determining their own compensation. Our chief executive officer may not be present at any committee meeting during which his compensation is deliberated. The compensation committee is responsible for, among other things:

• reviewing the compensation plans, policies and programs adopted by the management;

• reviewing and approving the compensation package for our executive officers;

• reviewing and approving corporate goals and objectives relevant to the compensation of our chief executive officer, evaluating the performance of our chief executive officer in light of those goals and objectives, and setting the compensation level of our chief executive officer based on this evaluation; and

• reviewing periodically and making recommendations to the board regarding any long-term incentive compensation or equity plans, programs or similar arrangements, annual bonuses, employee pension and welfare benefit plans.

We currently do not have in place a nominations committee, and the actions ordinarily taken by such committee are resolved by a majority of the independent directors on our board. As a foreign private issuer, we are permitted to follow home country corporate governance practices under Rule 5615(a)(3) of the Nasdaq Stock Market, Marketplace Rules. Our home country practice differs from Rule 5605(e) of the Nasdaq Stock Market, Marketplace Rules regarding implementation of a nominations committee charter or board resolution, because our company, as a holder of a GBC1 issued by the Financial Services Commission of Mauritius, is not required under Mauritian law to establish a nominations committee.

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Code of Business Conduct and Ethics

Our code of business conduct and ethics provides that our directors and officers are expected to avoid any action, position or interest that conflicts with the interests of our company or gives the appearance of a conflict. Directors and officers have an obligation under our code of business conduct and ethics to advance our company’s interests when the opportunity to do so arises. The full text of our code of business conduct and ethics is available on our website, at http://investors.makemytrip.com/governance.cfm.

Indemnification Agreements

We have entered into indemnification agreements with each of our directors to indemnify them against certain liabilities and expenses arising from their being a director.

D. Employees

See “Item 4. Information on the Company — B. Business Overview — Employees.”

E. Share Ownership

The following table sets forth information with respect to the beneficial ownership of our equity shares as of March 31, 2015 by each of our directors and all our directors and executive officers as a group. As used in this table, beneficial ownership means the sole or shared power to vote or direct the voting or to dispose of or direct the sale of any security. A person is deemed to be the beneficial owner of securities that can be acquired within 60 days upon the exercise of any option, warrant or right. Ordinary shares subject to options, warrants or rights that are currently exercisable or exercisable within 60 days are deemed outstanding for computing the ownership percentage of the person holding the options, warrants or rights, but are not deemed outstanding for computing the ownership percentage of any other person. The amounts and percentages below are based on 41,986,966 ordinary shares outstanding as of March 31, 2015.

	Equity Shares Beneficially Owned
Name of Beneficial Owner	As of March 31, 2015
	Number		Percent
Directors(4):
Deep Kalra(1)		4,011,178		9.5	%
Rajesh Magow		483,440		1.14	%
Ranodeb Roy		—		—
Aditya Tim Guleri(2)		—		—
Philip C. Wolf		31,893		*
Vivek N. Gour		2,665		*
Frederic Lalonde		25,605		*
Gyaneshwarnath Gowrea		—		—
Mohit Kabra(3)		2,258		*
Naushad Ally Sohoboo		—		—
Executive Officers(4)(5):
Mohit Gupta		19,918		*
Saujanya Shrivastava		—		—
Yuvaraj Srivastava		—		—
Sharat Singh		—		—
Sanjay Mohan		—		—
Ranjeet Oak		—		—
All our directors and executive officers as a group		4,576,957		10.9	%

* Represents beneficial ownership of less than 1.0% of our issued share capital.

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Notes:

(1) Travogue Electronic Travel Private Limited, or Travogue, is a company controlled by Mr. Deep Kalra. Mr. Deep Kalra holds 78.4% of the equity shares of Travogue. Accordingly, as of March 31, 2015, Mr. Kalra’s beneficial ownership of our ordinary shares includes 1,011,178 ordinary shares held by him (or his immediate family members) directly and 3,000,000 ordinary shares held indirectly through Travogue.

(2) Consists of ordinary shares held by Sierra Ventures Associates VIII, LLC as nominee for its members (including those shares held for the Guleri Family Trust UTD dated April 7, 1999, or the Guleri Family trust, of which Mr. Aditya Tim Guleri is a trustee and beneficiary). Mr. Guleri is one of the managing members of Sierra Ventures Associates VIII, LLC, the sole general partner of Sierra Ventures VIII-A, L.P. and Sierra Ventures VIII-B, L.P., and may be deemed to control these entities. However, Mr. Guleri disclaims beneficial ownership of all shares held by these entities, except as stated above and except to the extent of his respective proportionate pecuniary interest therein. See Schedule 13G filed with the SEC on February 10, 2014.

(3) Mr. Mohit Kabra, our Group Chief Financial Officer, was appointed as director of our Company with effect from January 29, 2015.

(4) Executive Officers:

- Mr Sanket Atal, our former executive officer, resigned from company effective from August 30, 2014.

- Mr. Saujanya Shrivastava joined our company as Chief Marketing Officer in January 2015 and was designated as an executive officer on June 1, 2015.

- Mr. Yuvaraj Srivastava was appointed as Chief Human Resource Officer in May 2014 and was designated as an executive officer on June 1, 2015.

- Mr. Sharat Singh was appointed as Chief Technology Officer — International & Platforms in August 2014 and was designated as an executive officer on June 1, 2015.

- Mr. Sanjay Mohan was appointed as Chief Technology Officer — India in March 2015 and was designated as an executive officer on June 1, 2015.

- Mr. Ranjeet Oak was appointed as Chief Business Officer — Holidays in May 2014 and was designated as an executive officer on June 1, 2015.

(5) Mr. Keyur Joshi, resigned as a director of our Company with effect from January 29, 2015 . He was an executive officer of the Company until May 1, 2015 when he became the strategic advisor of the Company and ceased to be an executive officer.

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ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

A. Major Shareholders

The following table sets forth information regarding beneficial ownership of our ordinary shares as of March 31, 2015 held by each person who is known to us to have 5.0% or more beneficial share ownership based on an aggregate of 41,986,966 ordinary shares outstanding as of March 31, 2015.

Beneficial ownership is determined in accordance with the SEC rules and includes shares over which the indicated beneficial owner exercises voting and/or investment power or receives the economic benefit of ownership of such securities. Equity shares subject to options currently exercisable or exercisable within 60 days are deemed outstanding for the purposes of computing the percentage ownership of the person holding the options but are not deemed outstanding for the purposes of computing the percentage ownership of any other person.

	Equity Shares Beneficially Owned
Name of Beneficial Owner	Number		Percent
SAIF(1)		6,705,553		15.97	%
T. Rowe Price(2)		4,642,398		11.06	%
Tiger Global(3)		2,633,000		6.27	%
Wasatch Advisors, Inc.(4)		4,254,518		10.2	%
Travogue(5)		3,000,000		7.15	%
Novel Century Ventures Limited(6)		2,943,693		7.01	%
Wells Fargo & Company(7)		2,302,383		5.48	%

Notes:

(1) Andrew Y. Yan is the sole shareholder of SAIF II GP Capital Ltd., the sole general partner of SAIF Partners II L.P., which is the sole general partner of SAIF II GP L.P., which is in turn the sole general partner of SAIF, our shareholder.

(2) Information based on Amendment No. 5 to a report on Schedule 13G filed with the SEC on December 31, 2014. The shareholders are T. Rowe Price New Horizons Fund, Inc. and T. Rowe Price Associates, Inc.

(3) The shareholders are Tiger Global Management LLC, Tiger Global Performance LLC, Tiger Global Investments, L.P., Lee Fixel, Charles P. Coleman III, Scott Shleifer and Feroz Dewan. The Tiger Global entities are controlled by Charles Coleman, Scott Shleifer, Lee Fixel and Feroz Dewan. Information based on Amendments No. 6 to a report on Schedule 13G filed with the SEC on February 2, 2015.

(4) Information based on Amendment No. 3 to a report on Schedule 13G filed with the SEC on February 17, 2015.

(5) Information based on a report on Schedule 13G jointly filed with the SEC on February 14, 2011 by Travogue and Mr. Deep Kalra. Travogue is a company controlled by Mr. Deep Kalra. Mr. Deep Kalra holds 78.4% of the equity shares of Travogue. Accordingly, Mr. Kalra’s beneficial ownership of our ordinary shares includes 1,011,178 ordinary shares held by him (or his immediate family members) directly and 3,000,000 ordinary shares held indirectly through Travogue. Mr Keyur Joshi, our Strategic Advisor, has a 12.8% equity interest in Travogue.

(6) Information based on a report to Schedule 13G filed with the SEC by Novel Century Ventures Limited on June 29, 2014.

(7) Information based on a report on Schedule 13G filed with the SEC by Wells Fargo & Company on January 16, 2015.

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Significant Changes in Percentage of Ownership

The following table sets forth the significant changes in the shareholding interests of our company by our principal shareholders in our ordinary shares and preferred shares in the last three fiscal years. Except as disclosed below, there were no significant changes in the percentage of ownership in our company in the last three fiscal years. Percentages set forth below are based on the number of ordinary shares outstanding as of the dates set forth below.

	As of March 31
	2013					2014					2015
Name and Type of Shares	Number		Percent			Number		Percent			Number		Percent
SAIF:
Ordinary shares		11,836,570		31.48	%		10,336,570		24.80	%		6,705,553		15.97	%
Tiger Global(1):
Ordinary shares		7,356,346		19.41	%		7,299,826		17.5	%		2,633,000		6.27	%
Travogue:
Ordinary shares		3,000,000		7.98	%		3,000,000		7.20	%		3,000,000		7.15	%
Massachusetts Financial Company:(2)
Ordinary shares		—		—			1,974,595		4.74	%		779,267		1.86	%
T. Rowe Price:(3)
Ordinary shares		3,741,688		9.95	%		9,040,787		21.69	%		4,642,398		11.06	%
Wasatch Advisors Inc.:(4)
Ordinary shares		2,869,034		7.63	%		3,493,892		8.38	%		4,254,518		10.13	%
Novel Century Ventures Limited:(5)
Ordinary shares		—		—			—		—			2,943,693		7.01	%
Wells Fargo & Company:(6)
Ordinary shares		—		—			—		—			2,302,383		5.48	%

Notes:

(1) The shareholders are Tiger Global Management LLC, L.P., Tiger Global Performance, LLC, Tiger Global Investments, L.P., Lee Fixel, Charles P. Coleman III, Scott Shleifer and Feroz Dewan. The Tiger Global entities are controlled by Charles Coleman, Scott Shleifer, Lee Fixel and Feroz Dewan. Information based on Amendments No. 6 to a report on Schedule 13G filed with the SEC on February 2, 2015.

(2) As of December 31, 2014, Massachusetts Financial Company held 779,267 ordinary shares, amounting to 1.86% of the ordinary shares outstanding as of that date. Information based on Amendment No. 1 to a report on Schedule 13G filed with the SEC on February 12, 2015.

(3) Information based on Amendment No. 5 to a report on Schedule 13G filed with the SEC on December 31, 2014. The shareholders are T. Rowe Price New Horizons Fund, Inc. and T. Rowe Price Associates, Inc.

(4) Information based on Amendment No. 3 to a report on Schedule 13G filed with the SEC on February 17, 2015.

(5) Information based on a report to Schedule 13G filed with the SEC by Novel Century Ventures Limited on June 29, 2014.

(6) Information based on a report on Schedule 13G filed with the SEC by Wells Fargo & Company on January 26, 2015.

On August 17, 2010, we completed our initial public offering on the Nasdaq Global Market. We sold an aggregate of 5,750,000 ordinary shares (including 4,153,846 ordinary shares sold by us and 1,596,154 ordinary shares sold by the selling shareholders). The price per ordinary share was $14.00.

On June 2, 2011, we completed a follow-on public offering on the Nasdaq Global Market. An aggregate of 5,244,000 ordinary shares were sold (including 1,450,000 ordinary shares sold by us and 3,794,000 ordinary shares sold by the selling shareholders). On June 29, 2011, in connection with a follow-on public offering, we completed an additional over-allotment offering of 350,000 of our ordinary shares (including 96,777 ordinary

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shares sold by us and 253,223 ordinary shares sold by the selling shareholders). The price per ordinary share was $24.00.

On March 19, 2014, we completed a follow-on public offering on the Nasdaq Global Market. An aggregate of 6,325,000 ordinary shares were sold (including 3,325,000 ordinary shares sold by us and 3,000,000 ordinary shares sold by the selling shareholders). The price per ordinary share was $23.00.

As of March 31, 2015, there were approximately 15 holders of our ordinary shares, including us, of which one has registered addresses in the United States. Since certain of these ordinary shares were held by brokers or other nominees, the number of record holders in the US may not be representative of the number of beneficial holders or where the beneficial holders are resident. Each of our equity shares is entitled to one vote on all matters that require a vote of shareholders, and none of our shareholders has any contractual or other special voting rights.

B. Related Party Transactions

Our audit committee charter requires our audit committee to review all related party transactions on an ongoing basis and for all such transactions to be approved by our audit committee. The following is a summary of our related party transactions.

Shareholders Agreements

See “Item 10. Additional Information — B. Memorandum and Articles of Association — Registration Rights.”

Transactions with Chandra Capital

In fiscal years 2013, 2014 and 2015, we earned revenue of $63,110, $86,689 and $14,141, respectively, from Chandra Capital, an investment company owned by Mr. Ravi Adusumalli, primarily from the sales of air tickets to it. Mr. Adusumalli was appointed as a director to our board of directors on July 20, 2005 as a nominee of SAIF, one of our principal shareholders that owned 24.80% of our shares as of March 31, 2014, and he resigned from our board of directors with effect from May 20, 2014. These transactions were carried out in the ordinary course of our business and on an arm’s length basis.

Trade and Other Receivables Outstanding

As of March 31, 2013, 2014 and 2015, we had trade and other receivables outstanding of $29,961, $122,236 and nil, respectively, from related parties.

Transactions with PhoCusWright

From time to time, we purchase independent market reports on the travel and travel-related industry from PhoCusWright, a company founded by Mr. Philip C. Wolf, one of our directors. On December 31, 2012, Mr. Wolf resigned as non-executive chairman of PhoCusWright. The amounts paid by us to PhoCusWright in fiscal year 2013 was $42,116.

Employment Agreements

See “Item 6. Directors, Senior Management and Employees — B. Compensation — Employment Agreements with Executive Officers.”

Equity Option and Share Incentive Plans

See “Item 6. Directors, Senior Management and Employees — B. Compensation — Share Incentive Plans.”

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Transactions with Officers

In January 2015, we granted a short-term loan of $0.4 million to one of our executive officers. The principal amount of the loan and accrued interest was repaid in full in May 2015.

C. Interest of Experts and Counsel

Not applicable

ITEM 8. FINANCIAL INFORMATION

A. Consolidated Statements and Other Financial Information

See “Item 18. Financial Statements” for a list of the financial statements filed as part of this Annual Report.

Legal Proceedings

Except as described below, there are no governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened, of which we are aware) which we believe could reasonably be expected to have a material adverse effect on our results of operations or financial position.

Tax Proceedings

Certain tax matters involving our key subsidiary, MMT India, are disclosed below.

Income Tax

Assessment Year 2005-06

In November 2008, we received a show cause notice from the Indian income tax authorities for the assessment year 2005-2006 and a demand for an additional payment of approximately Rs.8.1 million (approximately $0.1 million) (exclusive of any applicable penalties), advising us of an upward revision of our declared income in India for that assessment year as a result of (i) an increase proposed by the transfer pricing officer to adjust our intra-group international transaction prices upwards to an arm’s length price, and (ii) the disallowance of website development depreciation expenses incurred during the year. In January 2009, we filed our objections to both the show cause notice and the demand for the additional payment with the Commissioner of Income Tax (Appeals). In February 2009, the demand for the additional payment was dismissed by the Indian income tax authorities after adjustment against our carried forward losses. Our appeal against the show cause notice in connection with the intra-group international transactions transfer pricing matter was decided in our favor in February 2011. We also received partial relief from the disallowance of website development depreciation expenses. In May 2011, we filed our objection to the partial disallowance of website development depreciation expenses with the Income Tax Appellate Tribunal authorities, and a hearing is currently scheduled for June 30, 2015.

Assessment Year 2006-07

In December 2009, we received a draft assessment order from the Indian income tax authorities for the assessment year 2006-2007, alleging certain irregularities in the method of computation of income and, advising us of an upward revision of our declared income in India for that assessment year as a result of (i) an increase proposed by the transfer pricing officer to adjust our intra-group international transaction prices upwards to an arm’s length price, and (ii) an increase on account of the proposed disallowance of website development depreciation expenses incurred during the year. In January 2010, we filed our objections with the Dispute Resolution Panel. In September 2010, the increases in our declared income assessed by the Indian income tax

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authorities were upheld by the Dispute Resolution Panel. In October 2010, we received a final assessment order from the Indian income tax authorities confirming the additions made and initiating penalty proceedings against us under the Income Tax Act, 1961. However, we did not receive a demand for any additional tax payments because our carried forward losses exceeded our assessed income. In December 2010, we filed our objections to the assessment order with the Income Tax Appellate Tribunal authorities. A hearing is scheduled for June 30, 2015.

Assessment Year 2007-08

In January 2011, we received an assessment order from the Indian income tax authorities for the assessment year 2007-2008, alleging certain irregularities in the method of computation of income and, advising us of an upward revision of our declared income in India for that assessment year as a result of (i) an increase proposed by the transfer pricing officer to adjust our intra-group international transaction prices upwards to an arm’s length price, and (ii) an increase on account of the disallowance of website development depreciation expenses incurred during the year. However, we did not receive a demand for any additional tax payments because our carried forward losses exceeded our declared taxable income. In March 2011, we filed an appeal with the Commissioner of Income Tax (Appeals). Our appeal against the assessment order in connection with the intra-group international transactions transfer pricing matter was decided in our favor in February 2013. We also received partial relief from the Commissioner of Income Tax (Appeals) on the disallowance of website development depreciation expenses. We believe that the Income Tax Department appealed the order of the Commissioner of Income Tax (Appeals) to the Income Tax Appellate Tribunal, and we understand that a hearing is currently scheduled for June 30, 2015. However, we have not received any official notice of such appeal.

Assessment Year 2008-09

In February 2012, we received an assessment order from the Indian income tax authorities for the assessment year 2008-2009, and a demand for additional tax payments of approximately Rs.43 million (approximately $0.7 million), advising us of an upward revision of our declared income in India for that assessment year as a result of (i) an increase proposed by the transfer pricing officer to adjust our intra-group international transaction prices upwards to an arm’s length price, (ii) an increase on account of the proposed disallowance of website development depreciation expenses incurred during the year, and (iii) an increase due to the non-payment of sufficient withholding tax in connection with our use of banking payment gateway facilities. The demand for additional tax payments of approximately Rs.43 million (approximately $0.7 million), was dismissed by the Indian income tax authorities in March 2012 following the adjustment of carried forward losses. In March 2012, we filed our objections with the Commissioner of Income Tax (Appeals). Our appeal against the assessment order in connection with the intra-group international transactions transfer pricing matter was decided in our favor in June 2013. We also received partial relief from the disallowance of website development depreciation expenses and non-payment of sufficient withholding tax in connection with payment gateway charges. Against this partial relief, we and the Income Tax Department each filed appeals in August 2013 with the Income Appellate Tax Tribunal and a hearing is currently scheduled for June 30, 2015.

Assessment Year 2009-10

In May 2013, we received an assessment order from the Indian income tax authorities for the assessment year 2009-2010, and a demand for additional tax payments of approximately Rs.276 million (approximately $4.3 million), advising us of an upward revision of our declared income in India for that assessment year as a result of (i) an increase proposed by the transfer pricing offer to adjust our intra-group international transaction prices upwards to an arm’s length price, (ii) increases due to the non-payment of sufficient withholding tax in connection with our use of banking payment gateway facilities and the cost of air tickets incurred to MMT USA, and (iii) increases for disallowance of excess depreciation expense on computer peripherals and software licenses, and for the disallowance of website development depreciation expenses incurred during the year, and on account of amounts received from business associates, which were treated as deferred revenue. On May 30,

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2013, we filed our objections with the Commissioner of Income Tax (Appeals). In November 2013, we also received an order imposing an additional penalty for allegedly attempting to conceal the above matters and a notice of demand amounting to approximately Rs.330 million (approximately $5.2 million), but this demand was temporarily set aside by the Indian tax authorities in January 2014 after adjustment of refunds for the assessment year 2012-2013. In December 2013, we filed our objections to the penalty with the Commissioner of Income Tax (Appeals). Our appeal against the assessment order in connection with the intra-group international transactions transfer pricing matter, non-payment of sufficient withholding tax on cost of air tickets incurred to MMT USA, disallowance of website development depreciation expenses and on amounts received from business associates which were treated as deferred revenue, was decided in our favor in June 2014. We also received partial relief from the increases for disallowance of excess depreciation expense on computer peripherals and software licenses and non-payment of sufficient withholding tax in connection with payment gateway charges. We filed an appeal in August 2014 with the Income Appellate Tax Tribunal and a hearing is yet to be scheduled. In September 2014, our appeal against the order imposing additional penalty was partially decided in our favour. We filed an appeal in December 2014 with the Income Appellate Tax Tribunal and a hearing is yet to be scheduled.

Assessment Year 2010-11

In March 2014, we received an assessment order from the Indian income tax authorities for the assessment year 2010-11, and a demand for additional tax payments of approximately Rs.736 million (approximately $11.6 million), advising us of an upward revision of our declared income in India for that assessment year as a result of (i) an increase on account of the disallowance of website development depreciation expenses incurred during the year (ii) an increase due to the non-payment of sufficient withholding tax in connection with our use of banking payment gateway facilities (iii) an increase for disallowance of excess depreciation expense on computer peripherals and software licenses (iv) an increase due to the non-payment of sufficient withholding tax on re-imbursement of expenses to MMT USA (v) an increase for advertising and publicity expenses being capital in nature, and (vi) an increase due to change in the method of accounting for recognizing loyalty cum signing bonus. In April 2014, we filed our objections with the Commissioner of Income Tax (Appeals) along with stay of demand. A hearing is scheduled on July 6, 2015.

Assessment Year 2011-12

In March 2015, we received an assessment order from the Indian income tax authorities for the assessment year 2011-12, and a demand for additional tax payments of approximately Rs.953 million (approximately $15.0 million), advising us of an upward revision of our declared income in India for that assessment year as a result of (i) an increase for disallowance of excess depreciation expense on computer peripherals and software licenses (ii) an increase due to the non-payment of sufficient withholding tax on re-imbursement of expenses to MMT USA, and (iii) an increase for advertising and publicity expenses being capital in nature. In April 2014, we filed our objections with the Commissioner of Income Tax (Appeals) along with a stay of demand. A hearing is yet to be scheduled. In April 2015, we filed our objections with the Commissioner of Income Tax (Appeals) along with a stay of demand. A hearing is yet to be scheduled.

Service Tax

Show Cause and Demand Notice — Fiscal Years 2006 to 2012

In the year ended March 31, 2009, a general industry wide inquiry on compliance with service tax rules and regulations by various travel agencies in India was initiated by the Mumbai Zonal Unit of Directorate General of Excise Intelligence & Customs, an excise and customs tax regulatory authority in India. In October 2011, pursuant to an audit conducted by the service tax authorities, we received a notice from the tax authorities for fiscal years 2006 to 2010, demanding payment of service tax in respect of certain matters, some of which relate to the travel industry in India and involve a complex interpretation of Indian law. We have received similar

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notices for fiscal years 2011 and 2012, in October 2011 and October 2012, respectively. In March 2011, we filed replies with the Commissioner of Service Tax for fiscal years 2006 to 2010, and, similarly, filed objections in January 2012 for fiscal year 2011, and in February 2013, for fiscal year 2012, respectively. In August 2013, the Commissioner of Service Tax rejected our objections and confirmed the demand on all the above matters with negligible relief. In November 2013, we filed an appeal with the Customs, Excise and Service Tax Appellate Tribunal. The aggregate value of the claims is approximately Rs.1,700 million (approximately $26.7 million) and additional interest and penalties if finally determined to be payable. We have not deposited any service tax with the relevant authorities in response to these demands and we do not recognize these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The matter is currently pending and the hearing is to be scheduled.

Show Cause and Demand Notice — Fiscal Years 2008 to 2011

In September 2012, we received a notice from the service tax authorities for fiscal years 2008 to 2011, demanding payment of service tax in respect of certain matters, some of which relate to the travel industry in India and involve a complex interpretation of Indian law. In February 2013, we filed a reply with the Commissioner of Service Tax. In March 2014 we received an order wherein the demand raised by the service tax authorities was confirmed by the Commissioner of Central Excise. The aggregate value of these claims is approximately Rs.15.3 million (approximately $0.2 million). We have not deposited any service tax with the relevant authorities in response to this demand and we do not recognize this claim as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. We filed an appeal against the same with the Customs, Excise and Service Tax Appellate Tribunal in June 2014.

Show Cause and Demand Notice — Fiscal Year 2012

In November 2012, we received a notice from the service tax authorities for fiscal year 2012, demanding payment of service tax in respect of certain matters, which relate to the travel industry in India but are not covered in the show cause notices mentioned in the above paragraphs relating to service tax, and involve a complex interpretation of Indian law. In February 2013, we filed a reply with the Commissioner of Service Tax. In March 2014 we received an order wherein the demand raised by the service tax authorities was confirmed by the Commissioner of Central Excise. The aggregate value of the claims is approximately Rs.16.1 million (approximately $0.3 million). We have not deposited any service tax with the relevant authorities in response to this demand and we do not recognize this claim as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. We filed an appeal against the same with the Customs, Excise and Service Tax Appellate Tribunal in June 2014.

Show Cause and Demand Notice — Fiscal Year 2013

In May 2014, we received two notices from the service tax authorities for fiscal year 2013, demanding payment of service tax in respect of certain matters, which relate to the travel industry in India and involve a complex interpretation of Indian law. In July 2014 and January 2015, we filed replies with the Commissioner of Service Tax. The aggregate value of the claims is approximately Rs. 1,075 million (approximately $16.9 million). We have not deposited any service tax with the relevant authorities in response to these demands and we do not recognize these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote.

Other Proceedings

Dispute with Tata Sons Limited

On June 2, 2009, we received a notification of complaint filed by Tata Sons Limited, or Tata, from the World Intellectual Property Organization, or WIPO, Arbitration and Mediation Center under the Uniform

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Domain Name Dispute Resolution Policy. Tata alleged that our use of the word “tata” in the domain name for our Indian online travel community website, “www.oktatabyebye.com,” derived benefit from the goodwill of the “Tata” name. On August 11, 2009, WIPO ordered that our domain name be transferred to Tata. The order can be contested in a court of appropriate jurisdiction and we have accordingly appealed against the order at the High Court of Delhi and the United States District Court in the Western District of Washington. In furtherance of our appeal in India, we and Tata have agreed to stay all proceedings in the United States until the Indian proceedings are resolved or terminated, and that in the event of resolution in the Indian proceedings, the parties will cooperate with one another and perform any acts reasonably necessary to comply with the Indian court’s ruling. The parties have since mutually agreed to withdraw the case filed in the United States. The Delhi High Court has since delegated authority to a local commissioner to record evidence from each party and cross-examine witnesses and to report on the findings to the Delhi High Court. The next hearing in the Delhi High Court is scheduled for July 29, 2015.

Dispute with Ezeego1

In August 2010, we were informed that one of our competitors may have filed a criminal complaint in India against us likely alleging the misuse of domain names similar to the name of such competitor’s website. The police authorities are investigating the matters in such complaint, which was filed by our competitor, Ezeego1, and we are cooperating with the authorities and have responded to questions in respect of such pending investigation. The next date of hearing of the complaint is July 16, 2015.

In December 2014 the Company and its officers received summons from the Court of Additional Chief Metropolitan Magistrate in Mumbai to answer on the above complaint. Exercising our right as per law, a revision petition against the summoning order has been filed before the Sessions Court, Mumbai and the same has allowed the revision petition. The next day of listing of the revision petition is June 22, 2015.

Dispute with Hotel Pine Spring

We filed criminal complaints under the provisions of the Negotiable Instruments Act, 1881, as amended, during fiscal year 2013 to recover monies related to the dishonoring of checks in the amount of Rs.40.0 million ($0.7 million) provided to us by Hotel Pine Spring, one of our hotels and packages vendors in Srinagar, India. These checks were provided as security for deposits made by us under our agreements signed with the hotel in fiscal years 2011 and 2012 in order to assure available room inventory at pre-agreed rates. We deposited the checks when the agreements were not complied with by the hotel, including by not providing a bank guarantee. We have initiated criminal proceedings against the hotel and its owner for failing to honor the checks and also for breach of the terms of the agreement. The hearings under those cases are due in July 2015.

B. Significant Changes

There has been no significant subsequent event following the close of the last financial year up to the date of this Annual Report that are known to us and require disclosure in this Annual Report for which disclosure was not made in this Annual Report.

ITEM 9. THE OFFER AND LISTING

A. Offer and Listing Details

Our outstanding ordinary shares are currently listed and traded on the Nasdaq Global Market under the symbol “MMYT.”

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The following table shows the reported high and low trading prices quoted in US dollars for our ordinary shares on the NASDAQ Global Market.

	Nasdaq Global Market Price Per Ordinary Share
Period	High		Low
Fiscal Year
2011(1)	$	42.88	$	20.75
2012	$	34.22	$	16.06
2013	$	23.63	$	10.77
2014	$	29.73	$	12.50
2015	$	36.12	$	19.06
Fiscal Quarter
2014
1st Quarter	$	14.47	$	12.85
2nd Quarter	$	15.63	$	13.49
3rd Quarter	$	19.73	$	14.01
4th Quarter	$	29.73	$	19.30
2015
1st Quarter	$	35.66	$	19.06
2nd Quarter	$	36.12	$	25.92
3rd Quarter	$	30.46	$	21.42
4th Quarter	$	28.19	$	20.56
Month
2015
January	$	28.19	$	23.35
February	$	26.06	$	23.43
March	$	24.08	$	20.56
April	$	23.98	$	21.13
May	$	24.04	$	17.81
June(2)	$	19.64	$	18.93

Notes:

(1) From August 17, 2010 following completion of our initial public offering on the NASDAQ Global Market.

(2) Until June 8, 2015.

B. Plan of Distribution

Not Applicable

C. Markets

Our ordinary shares are listed on the Nasdaq Global Market under the symbol “MMYT”.

D. Selling Shareholders

Not applicable

E. Dilution

Not applicable

F. Expenses of the Issue

Not applicable

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ITEM 10. ADDITIONAL INFORMATION

A. Share Capital

Not applicable

B. Memorandum and Articles of Association

Our company (Company No. 24478/5832) is a public company incorporated under the laws of Mauritius with limited liability and we hold a Category 1 Global Business Licence issued by the Financial Services Commission in Mauritius. Our affairs are governed by our Constitution, the Mauritius Companies Act, the Securities Act 2005 of Mauritius, or the Mauritius Securities Act, and other applicable laws of Mauritius and any rules or regulations made thereunder.

Our Constitution states that the objects of our company are to carry out any business or activity permitted under our company’s Category 1 Global Business Licence, and to the extent permitted by law, our company may effect any business transaction and take any steps which it considers expedient to further the objects of our company.

As of March 31, 2015, our stated capital was $232,021,106.24 comprising 41,986,966 ordinary shares with a par value of $0.0005 each.

The following are summaries of certain provisions of our Constitution and the Mauritius Companies Act insofar as they relate to the material terms of our ordinary shares. The term “shareholders” as used in these summaries in relation to our company refers to persons whose names are entered into the share register of our company as the current holder of one or more shares of our company. These summaries do not purport to be complete and are subject to, and are qualified in their entirety by reference to, the provisions of our Constitution and the Mauritius Companies Act.

Ordinary Shares

General

All of our ordinary shares are fully paid. Certificates representing our ordinary shares are issued in registered form. Our shareholders who are non-residents of Mauritius may freely hold and vote their ordinary shares.

Dividends

Under the Mauritius Companies Act and our Constitution, we may only pay dividends out of retained earnings, after having made good any accumulated losses at the beginning of the accounting period, and no distribution (which term includes dividend) may be made unless our board of directors is satisfied that, upon the distribution being made (1) our company is able to pay its debts as they become due in the normal course of business and (2) the value of our company’s assets is greater than the sum of (a) the value of its liabilities and (b) our company’s stated capital. Subject to the Mauritius Companies Act and our Constitution, the declaration and payment of any dividend has to be authorized by our board of directors, subject to the approval of our shareholders.

Our board of directors may from time to time pay to our shareholders such interim dividends as appear to the directors to be justified by our profits, and in particular (but without prejudice to the generality of the foregoing) if at any time the share capital of our company is divided into different classes, our board of directors may also pay any fixed dividend which is payable on any shares of our company half-yearly or on any other dates, whenever our profits, in the opinion of our board of directors, justifies such payment.

Our board of directors may retain any dividends or other monies payable on or in respect of a share upon which our company has a lien, and may apply the same in or towards satisfaction of the debts, liabilities or engagements in respect of which the lien exists.

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No dividend shall carry interest against us.

Any dividend or other moneys payable in cash on or in respect of a share may be paid by check or warrant sent through the post addressed to the registered address of the shareholder entitled, or in the case of joint holders, to the registered address of the person whose name stands first in our register of members in respect of the joint holding, or to such person at such address as such shareholder may in writing direct or may be sent by remittance or telegraphic transfer to the bank account of the holder at his bank account as may be notified in writing to us. Every check or warrant or remittance or telegraphic transfer so sent shall be made payable to the order of the person to whom it is sent or, in the case of joint holders, to the order of the holder whose name stands first on our register of members in respect of such shares, and shall be sent at his or their risk and the payment of any such check or warrant by the bank on which it is drawn shall operate as a good discharge to us in respect of the dividend or moneys represented thereby.

Any dividend unclaimed after a period of six years from the date of declaration of such dividend may be forfeited by our board of directors and if so, shall revert to us.

Voting Rights

Subject to any rights or restrictions as to voting for the time being attached to any class of shares and our Constitution, each holder of our ordinary shares who is present in person or by proxy at a meeting of shareholders shall have one vote on a show of hands and on a poll, each holder of our ordinary shares who is present in person or by proxy shall have one vote for every ordinary share which he holds or represents. Voting at any meeting of shareholders is by show of hands unless a poll is demanded. A poll may be demanded by: (1) the chairman of such meeting, (2) not less than five shareholders having the right to vote at the meeting, (3) a shareholder or shareholders representing not less than 10.0% of the total voting rights of all shareholders having the right to vote at the meeting, or (4) by a shareholder or shareholders holding shares in the company that confer a right to vote at the meeting and on which the aggregate amount paid up is not less than 10.0% of the total amount paid up on all shares that confer that right.

An ordinary resolution to be passed by the shareholders requires the affirmative vote of a simple majority of votes of those shareholders entitled to vote and voting on the matter which is the subject matter of the resolution, while a special resolution is a resolution approved by a majority of 75.0% or, if a higher majority is required by the Constitution, that higher majority, of the votes of those shareholders entitled to vote and voting on the question. A special resolution will be required for matters such as amending our Constitution.

Transfer of Ordinary Shares

Subject to the restrictions contained in our Constitution, as applicable, any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer in the usual or common form or in a form prescribed by the Designated Stock Exchange (as defined in our Constitution) or in any other form approved by our board of directors.

Our board of directors may, in its absolute discretion, decline to register any transfer of any ordinary share (not being a fully paid up share) to a person of whom it does not approve, or any transfer of any share issued under any share incentive scheme for employees upon which a restriction on transfer imposed thereby still subsists, or any transfer of shares upon which our company has a lien. Our board of directors may also decline to register any transfer of any ordinary share unless:

• a fee of such maximum sum as the Designated Stock Exchange may determine to be payable or such lesser sum as our board of directors may from time to time require is paid to our company in respect thereof;

• the instrument of transfer is lodged at the registered office of our company for the time being or at such other place (if any) as our board of directors may appoint, accompanied by the relevant share

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certificate(s) and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer (and, if the instrument of transfer is executed by some other person on his behalf, the authority of the person so to do); and

• the instrument of transfer is in respect of only one class of shares.

If our board of directors refuses to register a transfer of any shares, they shall within 28 days after the date on which the transfer was lodged with our company send to the transferor and the transferee notice of the refusal as required by the Mauritius Companies Act and the reasons for the refusal will be given in the notice.

Liquidation

On a return of capital on winding up or otherwise (other than on conversion, redemption or purchase of ordinary shares), assets available for distribution among the holders of ordinary shares shall be distributed among the holders of the ordinary shares on a pro rata basis. If our assets available for distribution are insufficient to repay all of the paid-up capital, the assets will be distributed so that the losses are borne by our shareholders proportionately.

Redemption of Shares

Subject to the provisions of the Mauritius Companies Act and other applicable law, we may issue shares on terms that are subject to redemption, at our option or at the option of the holders, on such terms and in such manner, including out of capital, as may be determined by our board of directors or by ordinary resolution of the shareholders of our company.

Variations of Rights of Shares

If at any time our share capital is divided into different classes of shares, all or any of the special rights attached to any class of shares may, subject to the provisions of the Mauritius Companies Act, be varied with the sanction of a special resolution passed at a meeting of the holders of the shares of that class. Consequently, the rights of any class of shares cannot be detrimentally altered without a majority of 75.0% of the vote of all of the shares in that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking pari passu with such existing class of shares.

Meetings of Shareholders

An annual shareholders’ meeting shall be convened by our board of directors not more than once in each year and not later than six months after our balance sheet date. Special meetings of shareholders may be convened by our board of directors or on the written request of shareholders holding shares carrying together not less than 5.0% of the voting rights entitled to be exercised on the issue. Subject to our Constitution, advance notice of at least 14 days is required for the convening of our annual shareholders’ meeting and any special meeting of our shareholders. A quorum for a shareholders meeting shall be present where the shareholders or their proxies are present or have cast postal votes, who are between them able to exercise not less than 33.3% of the votes to be cast on the business to be transacted by the meeting.

A shareholder may exercise the right to vote either by being present in person, by proxy or postal vote. A proxy for a shareholder may attend and be heard at a meeting of shareholders as if the proxy were the shareholder. A proxy shall be appointed by notice in writing signed by the shareholder, and the notice shall state whether the appointment is for a particular meeting or a specified term.

Inspection of Books and Records

Under the Mauritius Companies Act, we are required to keep available our certificate of incorporation, our Constitution, our share register, the full names and residential addresses of our directors, the registered office and

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address for service of our company, copies of the instruments creating or evidencing charges which are required to be registered under section 127 of the Mauritius Companies Act, minutes of all meetings and resolutions of shareholders, copies of written communications to all shareholders or to all holders of a class of shares during the preceding seven years (including financial statements, and group financial statements), certificates given by directors under the Mauritius Companies Act and the interests register (if any) of our company for inspection by any shareholder of our company or by a person authorized in writing by a shareholder for the purpose, between the hours of 9.00 a.m. and 5.00 p.m. on each working day during the inspection period at the place at which our records are kept in Mauritius. A shareholder who wishes to inspect such records must serve written notice on us of his intention to inspect the records.

The term “inspection period” is defined in the Mauritius Companies Act to mean the period commencing on the third working day after the day on which notice of intention to inspect is served on us by the person or shareholder concerned and ending with the eighth working day after the day of service.

Changes in Capital

We may from time to time by ordinary resolution:

• increase the share capital by such sum, to be divided into shares of such classes and amount, as the resolution shall prescribe;

• consolidate and divide all or any of our share capital into shares of a larger amount than our existing shares;

• sub-divide our existing shares, or any of them, into shares of a smaller amount; or

• cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person, and diminish the amount of our share capital by the amount of the shares so cancelled in accordance with the Mauritius Companies Act.

We may by special resolution reduce our share capital or any capital redemption reserve in any manner permitted by law.

Purchase by Our Company of its Own Shares

Our company may, subject to and in accordance with the Mauritius Companies Act, purchase or otherwise acquire its own shares, on such terms and in such manner as our board of directors may from time to time think fit. Any share that is so purchased or acquired by our company shall, unless held as treasury shares in accordance with the Mauritius Companies Act, be deemed to be cancelled immediately on purchase or acquisition. On such cancellation of a share, the rights and privileges attached to that share shall expire, and the number of issued shares of our company shall be diminished by the number of such shares so cancelled, and where any such cancelled shares was purchased or acquired out of the capital of our company, the amount of the share capital of our company shall be reduced accordingly. In any other instance, our company may hold or deal with any such share which is so purchased or acquired by it in such manner as may be permitted by or in accordance with the Mauritius Companies Act.

Directors’ Borrowing Powers

Our Constitution provides that our board of directors may exercise all the powers of our company to borrow money and to mortgage or charge all or any part of the undertaking, property and assets (present and future) and uncalled capital of our company and, subject to the Mauritius Companies Act, to issue debentures, bonds and other securities, whether outright or as collateral security for any debt, liability or obligation of our company or of any third party.

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Interested Directors

The Mauritius Companies Act and our Constitution provide that a director of our company shall, forthwith after becoming aware of the fact that he is interested in a transaction or a proposed transaction with our company, cause to be entered in the interests register of our company and disclose to our board of directors the nature and monetary value of that interest, or where the monetary value of the director’s interest cannot be quantified, the nature and extent of that interest. A general notice entered in the interests register or disclosed to our board of directors to the effect that a director is a shareholder, director, officer or trustee of another named company or other person and is to be regarded as interested in any transaction which may, after the date of the entry or disclosure, be entered into with that company or person, is a sufficient disclosure of interest in relation to that transaction. To the extent that our company is a reporting issuer (as defined in section 86 of the Mauritius Securities Act) the relevant disclosure requirements under the Mauritius Securities Act may also be applicable. We have obtained an exemption from the Mauritius Financial Services Commission from the disclosure requirements applicable to reporting issuers under the Mauritius Securities Act.

Under our Constitution, a director of our company may not vote in respect of any contract or arrangement or any proposed contract or arrangement in which he has any interest, directly or indirectly.

Section 149 of the Mauritius Companies Act provides that a transaction entered into by a company in which a director of the company is interested may be avoided by the company at any time before the expiration of six months after the transaction is disclosed to all the shareholders (whether by means of the company’s Annual Report or otherwise). However, a transaction shall not be avoided where the company receives fair value under it, and where a transaction is entered into by the company in the ordinary course of its business and on usual terms and conditions, the company shall be presumed to have received a fair value under the transaction. Under the Mauritius Companies Act, the avoidance of a transaction under Section 149 of the Mauritius Companies Act will not affect the title or interest of a person in or to property which that person has acquired where the property was acquired (a) from a person other than the company, (b) for valuable consideration, and (c) without knowledge of the circumstances of the transaction under which the person referred to in paragraph (a) acquired the property from the company.

Notification of Shareholdings by Directors and Substantial Shareholders

Our Constitution provides that (a) each of our directors shall, upon his appointment to our board of directors, give an undertaking to our company that, for so long as he remains a director of our company, he shall forthwith notify our company secretary of the particulars of our shares beneficially owned by him at the time of his appointment and of any change in such particulars (including the circumstances of any such change), and (b) each member of our company shall, upon becoming a substantial shareholder of our company, give an undertaking to our company that, for so long as he remains as a substantial shareholder of our company, he shall notify our company secretary of the particulars of our shares in which he has an interest at the time of his becoming a substantial shareholder or of any change in such particulars (including the circumstances of any such change) within 48 hours of such time or change (as the case may be), provided that he shall only be required to give notice of a change in the percentage level of his interests in the shares where there is a change of 1.0% or more in the percentage level of his shareholding interest in the relevant class of shares in our company. For this purpose, a “substantial shareholder” means a person who holds by himself or his nominee a share or an interest in a share in the capital of our company which entitles him to exercise not less than 5.0% of the aggregate voting power exercisable at a meeting of our shareholders.

Category 1 Global Business Company

We are a public company incorporated under the laws of Mauritius with limited liability and we hold a Category 1 Global Business Licence issued by the Financial Services Commission in Mauritius. “Limited liability” means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the

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shares of the company. Mauritius law distinguishes between domestic companies and global business companies. Any company that is formed or registered in Mauritius and which conducts business outside of Mauritius may apply for a Category 1 Global Business Licence. The requirements for a Category 1 Global Business Company are essentially the same as for a domestic company except for some of the exemptions and privileges listed below (which are not exhaustive):

• a Category 1 Global Business Company does not have to file an annual return of its shareholders with the Registrar of Companies;

• a Category 1 Global Business Company may issue no par value shares; and

• a Category 1 Global Business Company may register as a protected cell company.

Following amendments to the Financial Services Act 2007 of Mauritius pursuant to the Finance (Miscellaneous Provisions) Act 2010 in December 2010, Mauritius companies holding a Category 1 Global Business Licence, or GBC1, issued by the Financial Services Commission in Mauritius are permitted to conduct business both in and outside Mauritius (instead of outside Mauritius only).

We are subject to reporting and other information and disclosure requirements of the Mauritius Securities Act and any rules or regulations made thereunder. However, we have obtained an exemption from the Mauritius Financial Services Commission from the disclosure requirements applicable to reporting issuers under the Mauritius Securities Act.

Differences in Corporate Law

The Mauritius Companies Act differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the Mauritius Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.

Pursuant to the Mauritius Companies Act, subject to certain exceptions prescribed in the Mauritius Companies Act, a Mauritius company shall not enter into the following transactions unless the transaction is approved by special resolution or contingent on approval by special resolution of the shareholders of the company:

(a) the acquisition of, or an agreement to acquire, whether contingent or not, assets the value of which is more than 75.0% of the value of the company’s assets before the acquisition;

(b) the disposition of, or an agreement to dispose of, whether contingent or not, assets of the company the value of which is more than 75.0% of the value of the company’s assets before the disposition; or

(c) a transaction that has or is likely to have the effect of the company acquiring rights or interests or incurring obligations or liabilities the value of which is more than 75.0% of the value of the company’s assets before the transaction (provided that this will not apply by reason only of the company giving, or entering into an agreement to give, a charge secured over assets of the company, the value of which is more than 75.0% of the value of the company’s assets for the purpose of securing the repayment of money or the performance of an obligation).

Under the Mauritius Companies Act, a special resolution is a resolution that is approved by a majority of 75.0% or, if a higher majority is required by the constitution of a Mauritius company, that higher majority, of the votes of those shareholders entitled to vote and voting on the question.

Where a transaction involves the acquisition or disposition or the acquiring of rights, interests or incurring obligations of, in any case, more than half the value of the Mauritius company’s assets, subject to certain exceptions prescribed in the Mauritius Companies Act, the transaction has to be approved by ordinary resolution

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or contingent on approval by ordinary resolution, and a Mauritius company shall not enter into the following transactions unless the transaction is approved by ordinary resolution or contingent on approval by ordinary resolution of the shareholders of the company:

(a) the acquisition of, or an agreement to acquire, whether contingent or not, assets the value of which is more than 50.0% of the value of the company’s assets before the acquisition;

(b) the disposition of, or an agreement to dispose of, whether contingent or not, assets of the company the value of which is more than 50.0% of the value of the company’s assets before the disposition; or

(c) a transaction that has or is likely to have the effect of the company acquiring rights or interests or incurring obligations or liabilities the value of which is more than 50.0% of the value of the company’s assets before the transaction (provided that this will not apply by reason only of the company giving, or entering into an agreement to give, a charge secured over assets of the company, the value of which is more than 50.0% of the value of the company’s assets for the purpose of securing the repayment of money or the performance of an obligation).

Under the Mauritius Companies Act, an ordinary resolution is a resolution that is approved by a simple majority of the votes of those shareholders entitled to vote and voting on the matter which is the subject of the resolution.

Mergers and Similar Arrangements

A merger of two or more constituent companies under Mauritius law requires an amalgamation proposal to be approved by the directors of each constituent company and by special resolution of the shareholders of each constituent company.

A merger between a Mauritius parent company and its Mauritius subsidiary or subsidiaries does not require approval by a resolution of shareholders. For this purpose a “subsidiary” has the meaning assigned to it by the Mauritius Companies Act.

Save in certain circumstances, a dissentient shareholder of a Mauritius constituent company is entitled to payment of the fair and reasonable price for his shares upon dissenting to a merger or consolidation. The exercise of appraisal rights will normally preclude the exercise of any other rights save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

In addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies where the Supreme Court of Mauritius, on the application of the company or, with leave of the court, any shareholder or creditor of the company, may order that an arrangement or amalgamation or compromise shall be binding on the company and on such other persons or classes of persons as the court may specify and any such order may be made on such terms and conditions as the court thinks fit.

Shareholders’ Suits

In principle, we will normally be the proper plaintiff, but under the Mauritius Companies Act, the Mauritius courts may grant leave to a shareholder (including a minority shareholder) to bring a derivative action.

Indemnification of Directors and Executive Officers and Limitation of Liability

Under the Mauritius Companies Act, a company may indemnify a director or employee of the company or a related company for any costs incurred by him or the company in respect of any proceedings (a) that relates to liability for any act or omission in his capacity as a director or employee and (b) in which judgment is given in his favor, in which he is acquitted, which is discontinued, in which he is granted relief under section 350 of the Mauritius Companies Act or where proceedings are threatened and such threatened action is abandoned or not pursued.

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The Mauritius Companies Act further provides that a company may indemnify a director or employee of the company or a related company in respect of (a) liability to any person, other than the company or a related company, for any act or omission in his capacity as a director or employee or (b) costs incurred by that director or employee in defending or settling any claim or proceedings relating to any such liability, save in respect of any criminal liability or liability in respect of a breach (in the case of a director) of the duty to exercise his powers honestly in good faith in the best interests of the company. Our Constitution provides for indemnification, to the extent permitted by Mauritius law, of our directors and officers for costs, charges, losses, expenses and liabilities incurred or sustained by them in the execution and discharge of their duties in their respective offices or in relation thereto, except in respect of their own fraud or dishonesty.

Directors’ Fiduciary Duties

Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Mauritius law, a director of a Mauritius company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes duties to the company that include a duty to act bona fide in the best interests of the company, a duty not to make a profit based on his or her position as director (unless the company permits him to do so) and a duty not to put himself in a position where the interests of the company conflict with his or her personal interest or his or her duty to a third party. Under the Mauritius Companies Act, our directors have a duty to our company to exercise their powers honestly, in good faith and in the best interests of our company. Our directors also have a duty to our company to exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. Where a director of a public company also holds office as an executive, the director is required under Mauritius law to exercise that degree of care, diligence and skill which a reasonably prudent and competent executive in that position would exercise. In fulfilling their duty of care to our company, our directors must ensure compliance with the Mauritius Companies Act and our Constitution, as amended from time to time.

Neither Mauritian law nor our Constitution requires the majority of our directors to be independent.

Shareholder Action by Written Consent

Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Mauritius law provides that, save for the annual meeting of a company, shareholders may approve corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held or by resolution in writing signed by shareholders holding not less than 75 per cent. of the votes entitled to be cast on that resolution, or such percentage above 75 per cent. as is required under the constitution.

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Shareholder Meetings

Shareholders of a Delaware corporation generally do not have the right to call meetings of shareholders unless that right is granted in the certificate of incorporation or bylaws. However, if a corporation fails to hold its annual general meeting within a period of 30 days after the date designated for the annual meeting, or if no date has been designated for a period of 13 months after its last annual general meeting, the Delaware Court of Chancery may order a meeting to be held upon the application of a shareholder.

Mauritius law and our Constitution allow our shareholders to requisition a shareholders’ meeting. We are obliged by law to call a shareholders’ annual meeting once every year.

Cumulative Voting

Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation’s certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder’s voting power with respect to electing such director. As permitted under Mauritius law, our Constitution does not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

Removal of Directors

Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our Constitution, directors may be removed by ordinary resolution of our shareholders.

Transactions with Interested Shareholders

The Delaware General Corporation Law contains business combination provision applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an “interested shareholder” for three years following the date that such person becomes an interested shareholder. Subject to specified exceptions, an interested shareholder is a person or a group that owns 15.0% or more of the corporation’s outstanding voting stock (including any rights to acquire stock pursuant to an option, warrant, agreement, arrangement or understanding, or upon the exercise of conversion or exchange rights, and stock with respect to which the person has voting rights only), or is an affiliate or associate of the corporation and was the owner of 15.0% of more of the corporation’s outstanding voting stock at any time within the previous three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target’s board of directors.

There is no such statutory provision under Mauritius law restricting transactions between a company and its significant shareholders.

Dissolution; Winding Up

Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by all shareholders entitled to vote thereon. Only if the dissolution is

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initiated by the board of directors may it be approved by a simple majority of the corporation’s outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under Mauritius law, a company may be wound up by either an order of the courts of Mauritius or by a special resolution of its members or, if the company is unable to pay its debts, by a special resolution of its members with leave of the court. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

Under the Insolvency Act 2009 of Mauritius, our company may be dissolved, liquidated or wound up by special resolution of our shareholders.

Variation of Rights of Shares

Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under Mauritius law and our Constitution, if our share capital is divided into more than one class of shares, we may vary the rights attached to any class only with the sanction of a special resolution passed at a general meeting of the holders of the shares of that class.

Amendment of Governing Documents

Under the Delaware General Corporation Law, a corporation’s governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by Mauritius law, our Constitution may only be amended by special resolution of our shareholders.

Rights of Non-Resident or Foreign Shareholders

There are no limitations imposed by our Constitution on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares.

Issuance of Preferred shares

Our Constitution allows for our company to issue preferred shares. Our Constitution provides that the directors of our company may offer, issue, grant options over or otherwise dispose of shares of our company to such persons, at such times and for such consideration and upon such terms and conditions as the board of directors of our company may in its absolute discretion determine (save that no shares shall be issued below the par value of the share) and that any share in our company may be issued with or have attached thereto such rights or restrictions whether in regard to dividend, voting, return of capital or otherwise as our company may determine or, if there has not been any such determination or so far as the same does not make specific provision, as the board of directors of our company may determine.

Compulsory Acquisition

The Financial Services Commission in Mauritius has issued the Securities (Takeover) Rules 2010, or the Rules, under the Financial Services Act 2007 of Mauritius and the Mauritius Securities Act which may apply to takeover offers where the offeree is a reporting issuer in Mauritius and to a corporation holding a global business license which is listed on a relevant securities exchange. The Rules include provisions, inter alia, for the making of a mandatory offer and compulsory acquisition of shares. The Rules came into operation on May 1, 2011.

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Anti-Takeover Provisions

Mauritius law does not prevent Mauritius companies from adopting a wide range of defensive measures, such as staggered boards, issue of preferred shares, adoption of poison pill shareholder rights plans and provisions that restrict the rights of shareholders to call meetings. Our Constitution includes the following provisions which may be regarded as defensive measures: (i) a staggered board of directors, (ii) the ability to issue preferred shares, (iii) granting directors the absolute discretion to decline to register a transfer of any shares (other than fully paid share), and (iv) requiring that amendments to the Constitution be approved by a special resolution of the shareholders of our company.

Registration Rights

Pursuant to a shareholders agreement dated as of July 16, 2010, by and among our company, Mr. Deep Kalra, Mr. Keyur Joshi and Mr. Sachin Bhatia, SB Asia Investment Fund II L.P., or SAIF, Travogue Electronic Travel Private Limited, Helion Venture Partners, LLC, Sierra Ventures VIII-A, L.P., Sierra Ventures VIII-B, L.P., Sierra Ventures Associates VIII, LLC, Tiger Global Private Investment Partners IV, L.P., Tiger Global Private Investment Partners V, L.P., Mr. Lee Fixel, Mr. Feroz Dewan, and Mr. Scott Shleifer (collectively referred to as the “Shareholders”), we have granted certain registration rights to certain holders of our Registrable Shares, as described below. The term “Registrable Shares,” as defined in the abovementioned shareholders agreement, means:

(i) any ordinary shares held by any of the Shareholders or the employees/management of our company or its subsidiaries; and

(ii) any other ordinary shares of our company issued in respect of the ordinary shares described in paragraph (i) above pursuant to stock splits, stock dividends, reclassifications recapitalizations or similar events;

provided that ordinary shares that are Registrable Shares shall cease to be Registrable Shares (a) upon any sale pursuant to a registration statement or Rule 144 under the Securities Act, (b) with respect to a Shareholder, when such Shareholder is eligible to sell, transfer or otherwise convey all of such Shareholder’s Registrable Shares without restriction pursuant to applicable law or (c) upon any sale in any manner to a person or entity which is not entitled to the rights provided by the shareholders agreement.

Subject to the terms of the shareholders agreement described in this Annual Report, at any time or from time to time after February 14, 2011, one or more of the Shareholders may request that our company effect a registration under the Securities Act of all or any part of the Registrable Shares owned by the Shareholders, provided that (i) the Registrable Shares to be so registered have a proposed aggregate offering price net of underwriting commissions, if any, of at least $5,000,000.0 in the aggregate, and (ii) our company shall not be required to effect more than two registrations requested in this manner in any 12 month period.

At any time after our company becomes eligible to file a registration statement on Form F-3 (or any similar or successor form for which our company then qualifies relating to secondary offerings), one or more of the Shareholders will have the right to require our company to effect the registration on Form F-3 (or any similar or successor form for which our company then qualifies) of all or any portion of the Registrable Shares held by the Shareholders, provided that (i) our company shall not be required to effect any registration of Registrable Shares unless such Registrable Shares have a proposed aggregate offering price net of underwriting commissions (if any) of at least $5.0 million in the aggregate, and (ii) our company shall not be required to effect more than two registrations requested in this manner in any 12 month period.

In each case, no Shareholder may make more than one request for registration in any six month period.

Whenever our company proposes to file a registration statement including, but not limited to, registration statements relating to secondary offerings of securities of our company (but excluding registration statements

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relating to the paragraphs above and relating to employee benefit plans or with respect to corporate reorganizations) at any time and from time to time, our company will, at least 30 days prior to such filing, give written notice to all Shareholders of its intention to do so and, upon the written request of any Shareholder(s) given within 20 days after our company provides such notice, our company will use its reasonable efforts to cause all Registrable Shares that our company has been requested by such Shareholder(s) to register or to be registered under the Securities Act to the extent necessary to permit their sale or other disposition in accordance with the intended methods of distribution specified in the request of such Shareholder(s), provided that our company shall have the right to postpone or withdraw any such registration effected without obligation to any Shareholder.

We will pay all Registration Expenses (as defined below) of all registrations under the shareholders agreement, subject to certain provisos set out in the shareholders’ agreement. For this purpose, the term “Registration Expenses” means all expenses incurred by our company in complying with the shareholders agreement, including (without limitation) all registration and filing fees, exchange listing fees, printing expenses, road show expenses, fees and disbursements of counsel for our company, the reasonable fees and expenses of one (1) special counsel selected by the selling Shareholders to represent the selling Shareholders, state Blue Sky fees and expenses (if any), fees and expenses of our company’s independent auditors and the expense of any special audits incidental to or required by any such registration, but excluding underwriting discounts, selling commissions and the fees and expenses of selling Shareholders’ own counsel (other than the counsel selected to represent all the selling Shareholders).

On June 14, 2013, we filed a registration statement on Form F-3 to register all Registrable Shares of SAIF pursuant to the exercise of its demand registration right by SAIF under the abovementioned shareholders agreement. The registration statement was declared effective on July 17, 2013. No shares were sold by SAIF under such registration statement. All such shares have been included in the registration statement on Form F-3 that we filed on February 14, 2014, as amended on March 4, 2014. This registration statement was declared effective on March 10, 2014. As of March 31, 2015, SAIF had sold 3,631,017 ordinary shares under this registration statement.

C. Material Contracts

Described herein.

D. Exchange Controls

India

India regulates ownership of Indian companies by foreigners. Foreign investment in securities issued by Indian companies and exchange controls are generally regulated by the Foreign Exchange Management Act, 1999, as amended, and the regulations framed thereunder or the FEMA. Transfers of any security of an Indian company from foreigners to Indian residents and vice versa are required to be in accordance with FEMA or as permitted by the Reserve Bank of India. These regulations and restrictions may apply to acquisitions by us or our affiliates, including MMT India and affiliates which are not resident in India, of shares in Indian companies or the provision of funding by us or any other entity to Indian companies within our group. For example, under its consolidated foreign direct investment policy, the Government of India has set out additional requirements for foreign investments in India, including requirements with respect to downstream investments by Indian companies owned or controlled by foreign entities, and the transfer of ownership or control of Indian companies in sectors with caps on foreign investment from resident Indian persons or entities to foreigners, as well as such transaction between foreigners. These requirements currently include restrictions on valuations and sources of funding for such investments and may include prior approval from the Government of India.

Our ability to pay dividends to our shareholders will depend on, among other things, the availability of dividends from MMT India. As of the date of this Annual Report, MMT India has not paid any cash dividends on

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its equity shares. Dividends other than in cash are not permitted under Indian law. The declaration and payment of any dividends in the future will be recommended by the board of directors of MMT India and approved by the shareholders of MMT India at their discretion and would depend on a number of factors, including its financial condition, results of operations, capital requirements and surplus, contractual obligations, applicable Indian legal restrictions, the provisions of its articles of association, the terms of its credit facilities and other financing arrangements at the time a dividend is considered and other factors considered relevant by the board of directors. MMT India may also from time to time pay interim dividends. MMT India is liable to pay dividend distribution tax in India at the rate of 15.0%, plus applicable cess and surcharge, on any dividends paid by it.

Under Indian law, a company declares dividends upon a recommendation by its board of directors and approval by a majority of the shareholders at the annual general meeting of shareholders held within six months of the end of each fiscal year. However, while final dividends can be paid out by a company only after such dividends have been recommended by the board of directors and approved by shareholders, interim dividends can be paid out with only a recommendation by the board of directors. The shareholders have the right to decrease but not to increase any dividend amount recommended by the board of directors. Under Indian law, shares of a company belonging to the same class must receive equal dividend treatment.

MMT India may, before the declaration of any dividend in any financial year, transfer such percentage of its profits for that financial year as it may consider appropriate to the reserves of MMT India.

If profits for a particular year are insufficient to declare dividends (including interim dividends), the dividends for that year may be declared and paid out from accumulated profits if the following conditions are fulfilled:

• the rate of dividend to be declared shall not exceed the average of the rates at which dividends were declared in the three years immediately preceding that year;

• the total amount to be drawn from the accumulated profits earned in previous years shall not exceed an amount equal to one-tenth of the sum of the company’s paid-up share capital and free reserves, and the amount so drawn shall first be utilized to set off the losses incurred in the financial year before any dividend in respect of equity shares is declared;

• the balance of the reserves after such withdrawal shall not fall below 15.0% of the company’s paid-up share capital; and

• carried over losses and depreciation not provided for in the previous years are set off against profits in the current year.

Exchange Rates

Our consolidated financial statements and other financial data included in this Annual Report are presented in US dollars. Our business and operations are primarily conducted in India through our Indian subsidiary, MMT India. The functional currency of MMT India is Indian Rupees and its revenues and expenses are denominated in that currency. The functional currency of the Hotel Travel Group is the US dollar but a significant amount of its trade and other receivables, trade and other payables and cash and cash equivalents are denominated in Euro. The functional currency of the ETB Group is the Euro but a significant amount of its trade and other receivables, trade and other payables and cash and cash equivalent are denominated in US dollars. We report our consolidated financial results in US dollars. The conversion of Indian Rupees into US dollars in this Annual Report is based on the noon buying rate in The City of New York for cable transfers of Indian Rupees as certified for customs purposes by the Federal Reserve Bank of New York. For your convenience, unless otherwise noted, all translations from Indian Rupees to US dollars and from US dollars to Indian Rupees in this Annual Report were made at a rate of Rs. 63.71 per $1.00, the noon buying rate in effect as of May 29, 2015. We make no representation that any Indian Rupee or US dollar amounts referred to in this Annual Report could have been or could be converted into US dollars or Indian Rupees, as the case may be, at any particular rate or at all. The

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effects of foreign currency translation adjustments are included as a component of other comprehensive income in our shareholders’ equity.

The following tables set forth, for each of the periods indicated, the low, average, high and period-end noon buying rates in The City of New York for cable transfers, in Indian Rupees per US dollar and in Euro per US dollar, as certified for customs purposes by the Federal Reserve Bank of New York. These rates are provided solely for your convenience and are not necessarily the exchange rates that we used in this Annual Report or will use in the preparation of our periodic reports or any other information to be provided to you.

	Indian Rupees per US Dollar Noon Buying Rate
Period	Period End		Average(1)		Low		High
Fiscal Year
2011		44.54		45.49		43.90		47.49
2012		50.89		47.85		44.00		53.71
2013		54.52		54.35		50.64		57.13
2014		60.00		60.42		53.65		68.80
2015		62.31		61.11		58.30		63.67
Month
December 2014		63.04		62.71		61.78		63.67
January 2015		62.01		62.13		61.32		63.57
February 2015		61.67		61.99		61.67		62.41
March 2015		62.31		62.48		61.76		63.06
April 2015		63.58		62.64		61.99		63.58
May 2015		63.71		63.72		63.31		64.19

Note:

(1) Averages for a period other than one month are calculated by using the average of the noon buying rate at the end of each month during the period. Monthly averages are calculated by using the average of the daily noon buying rates during the relevant month.

	Euro per US Dollar Noon Buying Rate
Period	Period End		Average(1)		Low		High
Fiscal Year
2011		0.71		0.76		0.84		0.70
2012		0.75		0.73		0.79		0.67
2013		0.78		0.78		0.83		0.73
2014		0.73		0.75		0.78		0.72
2015		0.93		0.79		0.95		0.72
Month
December 2014		0.83		0.81		0.83		0.80
January 2015		0.89		0.86		0.89		0.83
February 2015		0.89		0.88		0.89		0.87
March 2015		0.93		0.92		0.95		0.89
April 2015		0.90		0.92		0.95		0.89
May 2015		0.91		0.90		0.92		0.88

Note:

(1) Averages for a period other than one month are calculated by using the average of the noon buying rate at the end of each month during the period. Monthly averages are calculated by using the average of the daily noon buying rates during the relevant month.

Source: Federal Reserve Statistical Release.

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E. Taxation

Mauritius Tax Consequences

Our company holds a valid Category 1 Global Business Licence issued by the Financial Services Commission in Mauritius. Our company holds a specific Tax Residence Certificate for India, valid until May 4, 2015 and a general Tax Residence Certificate for all jurisdictions, valid until May 8, 2015, from the Mauritius Revenue Authority, as per the guidelines prescribed by the Mauritius Revenue Authority. These certificates are required for the avoidance of double taxation under the Agreements for the Avoidance of Double Taxation signed between Mauritius and other jurisdictions, including India.

The Income Tax Act 1995 of Mauritius imposes a tax in Mauritius on the chargeable income of our company at the rate of 15.0%. However, under the Income Tax (Foreign Tax Credit) Regulations 1996 of Mauritius, subject to the Income Tax Act 1995 and the regulations of the Income Tax (Foreign Tax Credit) Regulations 1996, credit is allowed for foreign tax on the foreign source income of a resident of Mauritius against Mauritius tax computed by reference to the same income, and where credit is allowed against Mauritius tax chargeable in respect of any income, the amount of Mauritius tax so chargeable shall be reduced by the amount of the credit. Under the Income Act, 1995, “foreign source income” means income which is not derived from Mauritius and includes in the case of a corporation holding a Category 1 Global Business Licence under the Financial Services Act 2007 of Mauritius, income derived from its transactions with non-residents or corporations holding a Category 1 Global Business Licence under the Financial Services Act. Subject to the provisions of the Income Tax (Foreign Tax Credit) Regulations 1996, no credit is allowed in respect of foreign tax unless written evidence is presented to the Mauritius Revenue Authority showing the amount of foreign tax which has been charged and for this purpose, “written evidence” includes a receipt of the relevant authorities of the foreign country for the foreign tax or any other evidence that the foreign tax has been deducted or paid to the relevant authorities of that country. However, pursuant to regulation 8 of the Income Tax (Foreign Tax Credit) Regulations 1996, if written evidence is not presented to the Mauritius Revenue Authority showing the amount of foreign tax charged on our foreign source income, the amount of foreign tax shall nevertheless be conclusively presumed to be equal to 80.0% of the Mauritius tax chargeable with respect to that income and in such circumstance, the effective tax rate in Mauritius on our chargeable income would be 3.0%.

Following amendments to the Financial Services Act 2007 of Mauritius pursuant to the Finance (Miscellaneous Provisions) Act 2010 in December 2010, Mauritius companies holding a Category 1 Global Business Licence, or GBC1, issued by the Financial Services Commission in Mauritius are permitted to conduct business both in and outside Mauritius (instead of outside Mauritius only). The operations of a GBC1 company in Mauritius will be subject to tax on chargeable income at the rate of 15.0% in Mauritius. Mauritius currently has no capital gains tax and has no taxation in the nature of a withholding tax on the payment of dividends. There is no withholding tax requirement on interest or royalties payments applicable to us as a holder of a Category 1 Global Business Licence issued by the Financial Services Commission in Mauritius where such interest are paid to a non-resident of Mauritius not carrying on any business in Mauritius and such royalties are paid to non-residents of Mauritius. There is no estate duty, inheritance tax or gift tax in Mauritius.

Under existing Mauritius laws:

• no capital, transfer or registration duties are levied in Mauritius on the issue, purchase or sale of our ordinary shares;

• dividend payments or other distributions to holders of our ordinary shares are exempt from Mauritius tax, and no withholding will be required of our company on dividend payments or other distributions; and

• gains derived from the sale or disposition of our ordinary shares will not be subject to Mauritius tax.

There are currently no exchange controls or currency exchange restrictions in Mauritius.

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Prospective investors are advised to consult their tax advisors with respect to their particular tax situations and the tax effects of an investment in our shares.

US Federal Income Taxation

The following discussion describes certain material US federal income tax consequences to US Holders (as defined below) under current law of an investment in our ordinary shares. This discussion applies only to US Holders that hold the ordinary shares as capital assets (generally, property held for investment) and that have the US dollar as their functional currency. This discussion is based on the tax laws of the United States in effect as of the date of this Annual Report and on US Treasury regulations in effect or, in some cases, proposed as of the date of this Annual Report, as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which change could apply retroactively and could affect the tax consequences described below. This summary does not address any estate or gift tax consequences.

The following discussion does not deal with the tax consequences to any particular investor or to persons in special tax situations such as:

• banks and other financial institutions;

• insurance companies;

• regulated investment companies;

• real estate investment trusts;

• broker-dealers;

• traders that elect to use a mark-to-market method of accounting;

• US expatriates;

• tax-exempt entities;

• persons liable for alternative minimum tax;

• persons holding ordinary shares as part of a straddle, hedging, conversion or integrated transaction;

• persons that actually or constructively own 10.0% or more of the total combined voting power of all classes of our voting stock;

• persons who acquired ordinary shares pursuant to the exercise of any employee share option or otherwise as compensation; or

• partnerships or other pass-through entities, or persons holding ordinary shares through such entities.

The discussion also does not deal with the consequences of the recently enacted Medicare tax on “net investment income.”

PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR TAX ADVISORS REGARDING THE APPLICATION OF THE US FEDERAL TAX RULES TO THEIR PARTICULAR CIRCUMSTANCES AS WELL AS THE STATE, LOCAL, NON-US AND OTHER TAX CONSEQUENCES TO THEM OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR ORDINARY SHARES.

The discussion below of the US federal income tax consequences to “US Holders” will apply to you if you are a beneficial owner of our ordinary shares and you are, for US federal income tax purposes:

• an individual who is a citizen or resident of the United States;

• a corporation (or other entity taxable as a corporation for US federal income tax purposes) created or organized in the United States or under the laws of the United States, any state thereof or the District of Columbia;

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• an estate, the income of which is subject to US federal income taxation regardless of its source; or

• a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more United States persons for all substantial decisions or (2) has a valid election in effect under applicable US Treasury regulations to be treated as a United States person (a “US Holder”).

The tax treatment of an entity taxable as a partnership for US federal income tax purposes that holds our ordinary shares will depend on the status of such partner and the activities of such partnership. If you are a partner in such partnership, you should consult your tax advisors.

Dividends and Other Distributions

Subject to the passive foreign investment company, or PFIC, rules discussed below, the gross amount (in US dollars) of any distribution we make to you with respect to our ordinary shares (including the amount of any non-US taxes withheld therefrom) will generally be includible in your gross income as dividend income, but only to the extent that such distribution is paid out of our current or accumulated earnings and profits (as determined under US federal income tax principles). Amounts not treated as dividend income for US federal income tax purposes will constitute a return of capital and will first be applied against and reduce the tax basis in your ordinary shares, but not below zero. Distributions in excess of our current and accumulated earnings and profits and your tax basis in the ordinary shares will be treated as capital gain realized on the sale or other disposition of the ordinary shares. However, we do not intend to calculate our earnings and profits under US federal income tax principles. Therefore, you should expect that any distribution we make to you will be reported as a dividend even if such distribution would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above. Any dividends we pay may not be eligible for the dividends-received deduction allowed to corporations in respect of dividends received from other US corporations.

With respect to certain non-corporate US Holders, including individual US Holders, dividends will be taxed at the lower capital gains rate applicable to “qualified dividend income,” provided that (1) our ordinary shares are readily tradable on an established securities market in the United States, (2) we are neither a PFIC nor treated as such with respect to you for the taxable year in which the dividend is paid or the preceding taxable year and (3) certain holding period requirements are met. Under US Internal Revenue Service authority, common or ordinary shares are considered for purposes of clause (1) above to be readily tradable on an established securities market in the United States if they are listed on the Nasdaq Global Market, as our ordinary shares are. You should consult your tax advisors regarding the availability of the lower tax rate applicable to qualified dividend income for any dividends we pay with respect to our ordinary shares, as well as the effect of any change in applicable law after the date of this Annual Report.

For foreign tax credit purposes, the limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. For this purpose, any dividends we pay with respect to our ordinary shares will generally be treated as foreign source income and constitute “passive category income” but could, in the case of certain US Holders, constitute “general category income.” If the dividends are taxed as qualified dividend income (as discussed above), the amount of the dividends taken into account for purposes of calculating the foreign tax credit limitation will be limited to the gross amount of the dividends, multiplied by the reduced tax rate applicable to qualified dividend income and divided by the highest tax rate normally applicable to dividends. The rules relating to the determination of the foreign tax credit are complex, and you should consult your tax advisors regarding the availability of a foreign tax credit in your particular circumstances.

Dispositions

Subject to the PFIC rules discussed below, you will recognize capital gain or loss on any sale, exchange or other taxable disposition of an ordinary share equal to the difference between the amount realized (in US dollars) for the ordinary share and your adjusted tax basis (in US dollars) in the ordinary share. If you are a non-corporate

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US Holder, including an individual US Holder, that has held the ordinary share for more than one year, you may be eligible for reduced tax rates. The deductibility of capital losses is subject to limitations. Any gain or loss that you recognize on a disposition of our ordinary shares will generally be treated as US source income or loss for foreign tax credit limitation purposes. US Holders are urged to consult their tax advisors regarding the tax consequences if a non-US tax is imposed on a disposition of our ordinary shares, including the availability of the foreign tax credit under their particular circumstances.

Passive Foreign Investment Company

Based on, among other things, the current and anticipated valuation of our assets and composition of our income and assets, we do not believe we will be a PFIC for US federal income tax purposes for our current taxable year or will become a PFIC in the foreseeable future. However, the application of the PFIC rules is subject to uncertainty in several respects. In addition, a separate determination must be made after the close of each taxable year as to whether we were a PFIC for that year. Accordingly, we cannot assure you that we will not be a PFIC for our current taxable year or any future taxable year.

A non-US corporation will be a PFIC for any taxable year if either:

• at least 75.0% of its gross income for such year is passive income; or

• at least 50.0% of the value of its assets (based on an average of the quarterly values of the assets) during such year is attributable to assets that produce passive income or are held for the production of passive income (the “asset test”).

For this purpose, we will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any other corporation in which we own, directly or indirectly, at least 25.0% (by value) of the stock.

Because the value of our assets for purposes of the asset test will generally be determined in part by reference to the market price of our ordinary shares, fluctuations in the market price of the ordinary shares may cause us to become a PFIC. In addition, changes in the composition of our income or assets may cause us to become a PFIC. If we are a PFIC for any taxable year during which you hold ordinary shares, we will continue to be treated as a PFIC with respect to you for all succeeding years during which you hold the ordinary shares, unless we cease to be a PFIC and you make a “deemed sale” election with respect to the ordinary shares. If such election is made, you will be deemed to have sold the ordinary shares you hold at their fair market value and any gain from such deemed sale would be subject to the rules described in the following two paragraphs. After the deemed sale election, so long as we do not become a PFIC in a subsequent taxable year, your ordinary shares with respect to which such election was made will not be treated as shares in a PFIC.

For each taxable year that we are treated as a PFIC with respect to you, you will be subject to special tax rules with respect to any “excess distribution” you receive and any gain you recognize from a sale or other disposition (including a pledge) of the ordinary shares, unless you make a “mark-to-market” election as discussed below. Distributions you receive in a taxable year that are greater than 125.0% of the average annual distributions you received during the shorter of the three preceding years or your holding period for the ordinary shares will be treated as an excess distribution. Under these special tax rules:

• the excess distribution or recognized gain will be allocated ratably over your holding period for the ordinary shares;

• the amount allocated to the current taxable year and any taxable years in your holding period prior to the first taxable year in which we were a PFIC will be treated as ordinary income; and

• the amount allocated to each other taxable year will be subject to the highest tax rate in effect for individuals or corporations, as applicable, for each such year and the interest charge applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.

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The tax liability for amounts allocated to taxable years prior to the year of disposition or excess distribution cannot be offset by any net operating losses for such years, and gains (but not losses) from a sale or other disposition of our ordinary shares cannot be treated as capital, even if you hold the ordinary shares as capital assets.

If we are treated as a PFIC with respect to you for any taxable year, to the extent any of our subsidiaries are also PFICs or we make direct or indirect equity investments in other entities that are PFICs, you will be deemed to own the shares in such lower-tier PFICs that are directly or indirectly owned by us in that proportion that the value of the ordinary shares you own bears to the value of all of our ordinary shares, and you may be subject to the rules described in the preceding two paragraphs with respect to the shares of such lower-tier PFICs that you would be deemed to own. You should consult your tax advisors regarding the application of the PFIC rules to any of our subsidiaries.

A US Holder of “marketable stock” (as defined below) of a PFIC may make a mark-to-market election for such stock to elect out of the PFIC rules described above regarding excess distributions and recognized gains. If you make a mark-to-market election for our ordinary shares, you will include in gross income for each year that we are a PFIC an amount equal to the excess, if any, of the fair market value of the ordinary shares you hold as of the close of your taxable year over your adjusted tax basis in such ordinary shares. You will be allowed a deduction for the excess, if any, of the adjusted tax basis of the ordinary shares over their fair market value as of the close of the taxable year. However, deductions will be allowable only to the extent of any net mark-to-market gains on the ordinary shares included in your income for prior taxable years. Amounts included in your gross income under a mark-to-market election, as well as any gain from the actual sale or other disposition of the ordinary shares, will be treated as ordinary income. Ordinary loss treatment will apply to the deductible portion of any mark-to-market loss on the ordinary shares, as well as to any loss from the actual sale or other disposition of the ordinary shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for such ordinary shares. Your tax basis in the ordinary shares will be adjusted to reflect any such income or loss amounts. If you make a mark-to-market election, the tax rules that apply to distributions by corporations that are not PFICs would apply to any distributions that we make, except that the lower tax rate applicable to qualified dividend income (discussed above under “— Dividends and Other Distributions”) generally would not apply.

The mark-to-market election is available only for “marketable stock,” which is stock that is traded in greater than de minims quantities on at least 15 days during each calendar quarter (“regularly traded”) on a qualified exchange or other market, as defined in applicable US Treasury regulations. Our ordinary shares are listed on the Nasdaq Global Market, which is a qualified exchange or other market for these purposes. Consequently, if the ordinary shares are regularly traded and you are a holder of the ordinary shares, we expect that the mark-to-market election would be available to you if we were to become a PFIC. Because a mark-to-market election cannot be made for equity interests in any lower-tier PFICs that we own (unless shares of such lower-tier PFIC are themselves “marketable”), a US Holder may continue to be subject to the PFIC rules described above regarding excess distributions and recognized gains with respect to its indirect interest in any investments held by us that are treated as an equity interest in a PFIC for US federal income tax purposes. You should consult your tax advisors as to the availability and desirability of a mark-to-market election, as well as the impact of such election on interests in any lower-tier PFICs.

Alternatively, a US person that owns stock of a PFIC generally may make a “qualified electing fund” election with respect to such corporation to elect out of the PFIC rules described above regarding excess distributions and recognized gains. A US person that makes a qualified electing fund election with respect to a PFIC will generally include in gross income for a taxable year such US person’s pro rata share of the corporation’s earnings and profits for the taxable year. However, the qualified electing fund election is available only if the PFIC provides such US person with certain information regarding its earnings and profits as required under applicable US Treasury regulations. We currently do not intend to prepare or provide the information that would enable you to make a qualified electing fund election.

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In addition, if a US Holder owns our ordinary shares during any taxable year that we are a PFIC, such holder may be required to file an annual report with the US Internal Revenue Service. If we are or become a PFIC, you should consult your tax advisor regarding any reporting requirements that may apply to you.

You should consult your tax advisors regarding the application of the PFIC rules to your investment in our ordinary shares and the elections discussed above.

Information Reporting and Backup Withholding

Dividend payments with respect to ordinary shares and proceeds from the sale, exchange or other disposition of ordinary shares may be subject to information reporting to the US Internal Revenue Service and possible US backup withholding. Backup withholding will not apply, however, to a US Holder that furnishes a correct taxpayer identification number and makes any other required certification on US Internal Revenue Service Form W-9 or that is otherwise exempt from backup withholding. US Holders that are exempt from backup withholding should still complete US Internal Revenue Service Form W-9 to avoid possible erroneous backup withholding. You should consult your tax advisors regarding the application of the US information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your US federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing an appropriate claim for refund with the US Internal Revenue Service and furnishing any required information in a timely manner.

Additional Reporting Requirements

US individuals (and, under proposed regulations, certain entities) that own “specified foreign financial assets” with an aggregate value in excess of certain threshold amounts are generally required to file an information report with respect to such assets with their tax returns. “Specified foreign financial assets” include any financial accounts maintained by foreign financial institutions, as well as any of the following, but only if they are not held in accounts maintained by financial institutions: (is) stocks and securities issued by non-US persons, (ii) financial instruments and contracts held for investment that have non-US issuers or counterparties, and (iii) interests in foreign entities. Our ordinary shares may be subject to these rules. US Holders that are individuals should consult their tax advisers regarding the application of this requirement to their ownership of our shares.

F. Dividends and Paying Agents

Not applicable

G. Statements by Experts

Not applicable

H. Documents on Display

All information filed with the SEC can be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of these documents upon payment of a duplicating fee, by writing to the SEC. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms. The SEC maintains a website at www.sec.gov that contains reports, proxy and information statements and other information regarding registrants that make electronic filings through its Electronic Data Gathering, Analysis, and Retrieval, or EDGAR, system. All our Exchange Act reports and other SEC filings will be available through the EDGAR system.

I. Subsidiary Information

Not applicable

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ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our business activities are exposed to a variety of market risks, including credit risk, foreign currency risk and interest rate risk.

Credit Risk. Financial instruments that potentially subject us to concentrations of credit risk consist principally of term deposits, cash equivalents, and trade and other receivables. By their nature, all such financial instruments involve risks, including the credit risk of non-performance by counterparties. Our cash equivalents, bank balances and term deposits are placed with banks with high investment grade credit ratings, and our term deposits may be withdrawn at any time prior to maturity except that this would result in a lower interest rate. Trade and other receivables are typically unsecured and arise mainly from commissions and incentive payments owing to us from our airline suppliers, receivables from our hotel suppliers which represent amounts owing to us from deposits we place with such hotels, and receivables from our corporate and retail customers to whom we typically extend credit periods. We review the credit worthiness of our clients to which we have granted credit terms in the normal course of the business. We believe there is no significant risk of loss in the event of non-performance of the counterparties to these financial instruments, other than the amounts already provided for in our financial statements. See note 35 to our audited consolidated financial statements included elsewhere in this Annual Report for additional information relating to our exposure to credit risk.

Foreign Exchange Risk. We are exposed to movements in currency exchange rates, primarily those related to the US dollar and the Indian Rupee. As the functional currency of MMT India, our key operating subsidiary, is the Indian Rupee, our exposure to foreign currency risk primarily arises in respect of our non-Indian Rupee-denominated trade and other receivables, trade and other payables and cash and cash equivalents, which were $10.9 million, $34.1 million and $3.4 million, respectively, as of March 31, 2015. Based on our operations in fiscal year 2015, a 10.0% appreciation of the US dollar against the Indian Rupee as of March 31, 2015, assuming all other variables remained constant, would have increased our loss for fiscal year 2015 by $1.9 million. Similarly, a 10.0% depreciation of the US dollar against the Indian Rupee as of March 31, 2015, assuming all other variables remained constant, would have decreased our loss for fiscal year 2014 by $1.9 million.

Similarly, as the functional currency of the Hotel Travel Group is the US dollar, our exposure to foreign currency risk primarily arises in respect of our non-US dollar denominated trade and other receivables, trade and other payables and cash and cash equivalents, which were $0.4 million, $3.0 million and $1.7 million, respectively, as of March 31, 2015. Based on our operations in fiscal year 2015, a 10.0% appreciation of the Euro against the US dollar as of March 31, 2015, assuming all other variables remained constant, would have increased our loss for the year by $0.1 million. Similarly, a 10.0% depreciation of the Euro against the US dollar as of March 31, 2014, assuming all other variables remained constant, would have decreased our loss for the year by $0.1 million.

Additionally, we are also exposed to movements in currency exchange rates between the Euro and US dollar. As the functional currency of the ETB Group is the Euro, our exposure to foreign currency risk primarily arises in respect of our non-Euro denominated trade and other receivables, trade and other payables and cash and cash equivalents, which were $0.4 million, $6.7 million and $1.7 million, respectively, as of March 31, 2015. Based on our operations in fiscal year 2015, a 10.0% appreciation of the US dollar against the Euro as of March 31, 2015, assuming all other variables remained constant, would have increased our loss for the year by $0.4 million. Similarly, a 10.0% depreciation of the US dollar against the Euro as of March 31, 2015, assuming all other variables remained constant, would have decreased our loss for the year by $0.4 million.

We are also exposed to movements between the US dollar and the Indian Rupee in our operations, as 3.9%, 2.9% and 1.8% of our revenue for fiscal years 2013, 2014 and 2015, respectively, was generated by MMT India from its air ticketing business and received in US dollars although our expenses are generally incurred in Indian Rupees. Additionally, we receive revenue from our hotels and packages business in Indian Rupees, but a portion of our expenses in this segment (those relating to outbound packages from India in particular) could be incurred

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in a non-Indian currency. We currently do not have any hedging agreements or similar arrangements with any counter-party to cover our exposure to any fluctuations in foreign exchange rates. Fluctuation in the Indian Rupee-US dollar exchange rate could have a material adverse effect on our business and our financial condition and results of operations as reported in US dollars. For more information, see “Risk Factors — Risks Related to Us and our Industry — Our Results of Operations are Subject to Fluctuations in Currency Exchange Rates.”

Interest Rate Risk. Our exposure to interest rate risk for changes in interest rates relates primarily to our term deposits and bank overdrafts. As of March 31, 2015, we had fixed rate financial instruments consisting of $93.5 million of term deposits. As of March 31, 2014, we had fixed rate financial instruments consisting of $105.2 million of term deposits. We have not used any derivative financial instruments to hedge interest rate risk. We have not been exposed nor do we anticipate being exposed to material risks due to changes in interest rates. Our future interest income and financing cost may fluctuate in line with changes in interest rates. As of March 31, 2014 and 2015, we had no amount outstanding on account of variable rate financial instruments. A sensitivity analysis shows that any increase in the interest rates as of March 31, 2014 and 2015 would not have affected our profit or loss and would not have had any impact on our equity.

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

A. Debt Securities

Not applicable

B. Warrants and Rights

Not applicable

C. Other Securities

Not applicable

D. American Depositary Shares

Not applicable

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PART II

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

None

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

Not applicable

ITEM 15. CONTROLS AND PROCEDURES

A. Disclosure Controls and Procedures

As required by Rules 13a-15 and 15d-15 under the Exchange Act, management, including our group chief executive officer and our group chief financial officer, has evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Disclosure controls and procedures refer to controls and other procedures designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the SEC. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in our reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding our required disclosure.

Based on the foregoing, our group chief executive officer and our group chief financial officer have concluded that, as of March 31, 2015, our disclosure controls and procedures were effective.

B. Management’s Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB. Our internal control over financial reporting includes those policies and procedures that:

• pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;

• provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, as issued by IASB;

• provide reasonable assurance that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and

• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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Our management, with the participation of our group chief executive officer and our group chief financial officer, assessed the effectiveness of our internal control over financial reporting as of March 31, 2015. In conducting its assessment of internal control over financial reporting, management based its evaluation on the 1992 framework in “Internal Control — Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on its evaluation, our management has concluded that our internal control over financial reporting was effective as of March 31, 2015.

Our independent registered public accounting firm, KPMG, has audited the consolidated financial statements included in this Annual Report on Form 20-F, and as part of their audit, has issued their report, included herein, on the effectiveness of our internal control over financial reporting as of March 31, 2015.

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C. Attestation Report of the Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders

MakeMyTrip Limited:

We have audited MakeMyTrip Limited and subsidiaries’ (“the Company”) internal control over financial reporting as of March 31, 2015, based on criteria established in Internal Control — Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of March 31, 2015, based on criteria established in Internal Control — Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated statements of financial position of the Company as of March 31, 2014 and 2015, and the related consolidated statements of profit or loss and other comprehensive income (loss), changes in equity, and cash flows for each of the years in the three-year period ended March 31, 2015, and our report dated June 9, 2015 expressed an unqualified opinion on those consolidated financial statements.

/s/ KPMG

Gurgaon, India

June 9, 2015

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D. Changes in Internal Control over Financial Reporting

Management has evaluated, with the participation of our group chief executive officer and our group chief financial officer, whether any changes in our internal control over financial reporting that occurred during our last fiscal year have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Based on the evaluation we conducted, management has concluded that no such changes have occurred.

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT

Our audit committee consists of Messrs. Vivek N. Gour, Ranodeb Roy and Frederic Lalonde and is chaired by Mr. Gour. Each of our audit committee members satisfies the independence requirements of Rule 5605(a)(2) of the Nasdaq Stock Market, Marketplace Rules, and the independence requirements of Rule 10A-3(b)(1) under the Exchange Act. See “Item 6. Directors, Senior Management and Employees — C. Board Practices” for the experience and qualifications of the members of the audit committee. Our board of directors has also determined that Mr. Gour qualifies as an audit committee financial expert within the meaning of the SEC rules.

ITEM 16B. CODE OF ETHICS

We have adopted a written code of business conduct and ethics that provides that our directors and officers are expected to avoid any action, position or interest that conflicts with the interests of our company or gives the appearance of a conflict. Directors and officers have an obligation under our code of business conduct and ethics to advance our company’s interests when the opportunity to do so arises. The full text of our code of business conduct and ethics is available on our website, at http://investors.makemytrip.com/governance.cfm.

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Our financial statements prepared in accordance with IFRS as issued by IASB are audited by KPMG, a firm registered with the Public Company Accounting Oversight Board in the United States.

KPMG has served as our independent registered public accountant for each of the years ended March 31, 2013, March 31, 2014 and March 31, 2015 for which audited statements appear in this Annual Report.

The following table shows the aggregate fees for services rendered by KPMG to us, including some of our subsidiaries, in fiscal years 2014 and 2015.

	Fiscal
	2014		2015
Audit fees (audit and review of financial statements and offerings)	$	344,603	$	270,379
Tax fees (other certifications and tax advisory services)		269,275		108,743
All other fees (advisory services)		1,574		1,672
Total	$	615,452	$	380,794

Audit Committee Pre-approval Process

Our audit committee reviews and pre-approves the scope and the cost of audit services related to us and permissible non-audit services performed by the independent auditors, other than those for de minimis services which are approved by the audit committee prior to the completion of the audit. All of the services related to our company provided by KPMG during the last two fiscal years have been approved by the audit committee.

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ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

Not applicable

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

The following table provides information about purchases by us during fiscal year 2015 and April 2015 and May 2015 of our outstanding ordinary shares, par value $0.0005 per share:

Period	(a) Total Number of Shares Purchased		(b) Average Price Paid per Share(2)		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		(d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs(1)
Up to 03/31/14		40,242		12.63		40,242	$	24,490,893
04/01/14 – 04/30/14		—		—		—	$	24,490,893
05/01/14 – 05/31/14		—		—		—	$	24,490,893
06/01/14 – 06/30/14		—		—		—	$	24,490,893
07/01/14 – 07/31/14		—		—		—	$	24,490,893
08/01/14 – 08/31/14		—		—		—	$	24,490,893
09/01/14 – 09/30/14		—		—		—	$	24,490,893
10/01/14 – 10/31/14		—		—		—	$	24,490,893
11/01/14 – 11/30/14		—		—		—	$	24,490,893
12/01/14 – 12/31/14		—		—		—	$	24,490,893
01/01/15 – 01/31/15		—		—		—	$	24,490,893
02/01/15 – 02/28/15		—		—		—	$	24,490,893
03/01/15 – 03/31/15		20,000		20.83		20,000	$	24,074,275
04/01/15 – 05/31/15		95,000		18.67		95,000	$	22,300,575
Total		155,242		17.39		155,242	$	22,300,575

Notes:

(1) On November 6, 2012, our board of directors authorized us to purchase our outstanding ordinary shares, par value $0.0005 per share. The authorization permits us to purchase our ordinary shares on the open market, in privately negotiated transactions or otherwise in an aggregate amount of up to $25 million. We repurchased 40,142, 100 and 20,000 ordinary shares at an average price of approximately $12.63 per share, $12.50 per share and $ 20.83 per share (excluding broker and transaction fees) in fiscal year 2013, 2014 and 2015 respectively. As of March 31, 2015, we had remaining authority to repurchase up to approximately $24.1 million of our outstanding ordinary shares.

(2) The average price paid per share excludes broker and transaction fees.

ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT

Not applicable

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ITEM 16G. CORPORATE GOVERNANCE

The Nasdaq Marketplace Rules, or the Nasdaq Rules, provide that foreign private issuers may follow home country practice in lieu of the corporate governance requirements of the Nasdaq Stock Market LLC, subject to certain exceptions and requirements and except to the extent that such exemptions would be contrary to US federal securities laws and regulations. The significant differences between our corporate governance practices and those followed by US companies under the Nasdaq Rules are summarized as follows:

• We follow home country practice that permits our board of directors to consist of less than a majority of independent directors, in lieu of complying with Rule 5605(b)(1) of the Nasdaq Rules that requires that the board of directors consist of a majority of independent directors.

• We follow home country practice that permits our board of directors not to implement a nominations committee, in lieu of complying with Rule 5605(e) of the Nasdaq Rules that requires the implementation of a nominations committee.

• We follow home country practice that permits us not to hold regular executive sessions where only independent directors are present, in lieu of complying with Rule 5605(b)(2) of the Nasdaq Rules that requires that regular executive sessions are held where only independent directors are present.

Other than the above, we have followed and intend to continue to follow the applicable corporate governance standards under the Nasdaq Marketplace Rules.

In accordance with Rule 5250(d)(1) under Nasdaq Marketplace Rules, we will post this Annual Report on Form 20-F on our company website at http://investors.makemytrip.com. In addition, we will provide hard copies of our Annual Report free of charge to shareholders upon request.

ITEM 16H. MINE SAFETY DISCLOSURE

Not applicable

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PART III

ITEM 17. FINANCIAL STATEMENTS

See “Item 18. Financial Statements” for a list of the financial statements filed as part of this Annual Report.

ITEM 18. FINANCIAL STATEMENTS

The following financial statements are filed as part of this Annual Report, together with the report of the independent registered public accounting firms:

• Report of Independent Registered Public Accounting Firm.

• Consolidated Statement of Financial Position as of March 31, 2014 and 2015.

• Consolidated Statement of Profit or Loss and other Comprehensive Income (Loss) for the years ended March 31, 2013, 2014 and 2015.

• Consolidated Statement of Changes in Equity for the years ended March 31, 2013, 2014 and 2015.

• Consolidated Statement of Cash Flows for the years ended March 31, 2013, 2014 and 2015.

• Notes to the Consolidated Financial Statements.

ITEM 19. EXHIBITS

The following exhibits are filed as part of this Annual Report:

1.1	Constitution of MakeMyTrip Limited (Incorporated by reference to Exhibit 3.1 to the Registration Statement on Form F-1 (File No. 333-168315) as filed with the SEC on July 26, 2010).
2.1	Form of ordinary share certificate (Incorporated by reference to Exhibit 4.1 to the Registration Statement on Form F-1 (File No. 333-168315) as filed with the SEC on July 26, 2010).
4.1	Amended and Restated MakeMyTrip.com 2001 Equity Option Plan (Incorporated by reference to Exhibit 10.1.1 to the Registration Statement on Form F-1 (File No. 333-168315) as filed with the SEC on July 26, 2010).
4.2	MakeMyTrip 2010 Share Incentive Plan (Incorporated by reference to Exhibit 10.1.2 to the Registration Statement on Form F-1 (File No. 333-168315) as filed with the SEC on July 26, 2010).
4.3	Fourth Amended and Restated Shareholders Agreement dated July 16, 2010 by and among the shareholders named therein and our company (Incorporated by reference to Exhibit 10.3 to the Registration Statement on Form F-1 (File No. 333-168315) as filed with the SEC on July 26, 2010).
4.4	Global Agreement executed February 14, 2013 (effective as of April 1, 2012) by and between MMT India and Amadeus IT Group, S.A. (Incorporated by reference to Exhibit 4.4 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the SEC on June 13, 2013)
4.5	Passenger Sales Agency Agreement dated August 30, 2002 by and between MMT India and each IATA member, represented by the Director General of IATA (Incorporated by reference to Exhibit 10.5 to the Registration Statement on Form F-1 (File No. 333-168315) as filed with the SEC on July 26, 2010).
4.6	Business Process Outsourcing Services Agreement dated March 5, 2008 by and between MMT India and IBM (Incorporated by reference to Exhibit 10.6.1 to the Registration Statement on Form F-1 (File No. 333-168315) as filed with the SEC on July 26, 2010).
4.7	Statement of Work dated March 5, 2008 by and between MMT India and IBM, or the IBM Statement of Work (Incorporated by reference to Exhibit 10.6.2 to the Registration Statement on Form F-1 (File No. 333-168315) as filed with the SEC on July 26, 2010).

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4.8	First Amendment to the IBM Statement of Work dated July 16, 2008 (effective as of March 5, 2008), by and between MMT India and IBM (Incorporated by reference to Exhibit 10.6.3 to the Registration Statement on Form F-1 (File No. 333-168315) as filed with the SEC on July 26, 2010).
4.9	Second Amendment to the IBM Statement of Work dated July 28, 2009 (effective as of May 1, 2009), by and between MMT India and IBM (Incorporated by reference to Exhibit 10.6.4 to the Registration Statement on Form F-1 (File No. 333-168315) as filed with the SEC on July 26, 2010).
4.10	Amendment Number 3 to the Business Process Outsourcing Services Agreement dated November 4, 2009 (effective as of June 1, 2009) by and between MMT India and IBM (Incorporated by reference to Exhibit 10.6.5 to the Registration Statement on Form F-1 (File No. 333-172572) as filed with the SEC on March 2, 2011).
4.11	Fourth Amendment to the Business Process Outsourcing Services Agreement dated December 9, 2010 (effective as of April 1, 2010) by and between MMT India and IBM (Incorporated by reference to Exhibit 10.6.6 to the Registration Statement on Form F-1 (File No. 333-172572) as filed with the SEC on March 2, 2011).
4.12	Fifth Amendment to the Business Process Outsourcing Services Agreement dated December 10, 2010 (effective as of July 15, 2010) by and between MMT India and IBM (Incorporated by reference to Exhibit 10.6.7 to the Registration Statement on Form F-1 (File No. 333-172572) as filed with the SEC on March 2, 2011).
4.13	Sixth Amendment to the Master Services Agreement and Statement of Work dated December 18, 2010 (effective as of December 1, 2010) by and between MMT India and IBM (Incorporated by reference to Exhibit 10.6.8 to the Registration Statement on Form F-1 (File No. 333-172572) as filed with the SEC on March 2, 2011).
4.14	Seventh Amendment to Master Services Agreement and Statement of Work dated April 7, 2011 by and between MMT India and IBM (Incorporated by reference to Exhibit 10.6.9 to the Registration Statement on Form F-1 (File No. 333-172572) as filed with the SEC on May 13, 2011).
4.15	Eighth Amendment to the Master Services Agreement and Statement of Work dated October 27, 2011 (effective as of August 1, 2011) by and between MMT India and IBM (Incorporated by reference to Exhibit 4.18 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the SEC on June 25, 2012).
4.16	Ninth Amendment to the Master Services Agreement and Statement of Work dated December 29, 2011 (effective as of January 1, 2012) by and between MMT India and IBM (Incorporated by reference to Exhibit 4.19 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the SEC on June 25, 2012).
4.17	Statement of Work dated December 29, 2011 (effective as of January 1, 2012) by and between MMT India and IBM (Incorporated by reference to Exhibit 4.20 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the SEC on June 25, 2012).
4.18	Amendment No. 10 to the Master Service Agreement and Statement of Work dated July 4, 2012 by and between MMT India and IBM (Incorporated by reference to Exhibit 4.18 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the SEC on June 13, 2013).
4.19	Amendment No. 11 to the Business Process Outsourcing Services Agreement dated November 1, 2012 by and between MMT India and IBM (Incorporated by reference to Exhibit 4.19 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the SEC on June 13, 2013).
4.20	Amendment No. 12 to the Business Process Outsourcing Services Agreement and Statement of Work dated July 12, 2013 by and between MMT India and IBM (Incorporated by reference to Exhibit 4.20 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the SEC on June 6, 2014).

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4.21	Amendment No. 13 to the Business Process Outsourcing Services Agreement dated September 27, 2013 by and between MMT India and IBM (Incorporated by reference to Exhibit 4.21 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the SEC on June 6, 2014).
4.22**#	Amendment No. 14 to the Business Process Outsourcing Services Agreement dated June 26, 2014 by and between MMT India and IBM.
4.23**	Amendment No. 15 to the Business Process Outsourcing Services Agreement dated October 14, 2014 by and between MMT India and IBM.
4.24**#	Amendment No. 16 to the Business Process Outsourcing Services Agreement dated October 1, 2014 by and between MMT India and IBM.
4.25**#	Amendment No. 17 to the Business Process Outsourcing Services Agreement dated October 18, 2014 by and between MMT India and IBM.
4.26	Letter from IBM to MMT India dated November 15, 2013 regarding change of control of IBM (Incorporated by reference to Exhibit 4.22 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the SEC on June 6, 2014).
4.27	Letter from Concentrix Corporation to MMT India dated January 31, 2014 regarding the acquisition of IBM by Synnex (Incorporated by reference to Exhibit 4.23 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the SEC on June 6, 2014).
4.28	Master Services Agreement dated July 6, 2009 by and between MMT India and RightNow Technologies, Inc (Incorporated by reference to Exhibit 10.8 to the Registration Statement on Form F-1 (File No. 333-168315) as filed with the SEC on July 26, 2010).
4.28	Oracle Cloud Services Agreement dated May 14, 2014 by and between MMT India and Oracle India Pvt Ltd. (Incorporated by reference to Exhibit 4.25 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the SEC on June 6, 2014).
4.29	Sanction Letter for Working Capital Facilities dated September 7, 2009 by and between MMT India and HDFC Bank (including letter of amendment) (Incorporated by reference to Exhibit 10.10 to the Registration Statement on Form F-1 (File No. 333-168315) as filed with the SEC on July 26, 2010).
4.30	Sanction Letter for Working Capital Facilities dated January 6, 2011 by and between MMT India and HDFC Bank (Incorporated by reference to Exhibit 10.10.2 to the Registration Statement on Form F-1 (File No. 333-172572) as filed with the SEC on March 2, 2011).
4.31**	Sanction Letter for Working Capital Facilities dated June 5, 2014 by and between MMT India and HDFC Bank.
4.32	Sanction Letter for Credit Facilities dated December 17, 2012 by and between MMT India and Yes Bank Limited (Incorporated by reference to Exhibit 4.23 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the SEC on June 13, 2013).
4.33	Supplemental Master Facility Agreement dated February 7, 2013 by and between MMT India and Yes Bank Limited (Incorporated by reference to Exhibit 4.24 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the SEC on June 13, 2013).
4.34	Sanction Letter for Credit Facilities dated December 17, 2013 by and between MMT India and IndusInd Bank (Incorporated by reference to Exhibit 4.30 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the SEC on June 6, 2014).
4.35	Sanction Letter for Credit Facilities dated January 31, 2014 by and between MMT India and IndusInd Bank (Incorporated by reference to Exhibit 4.31 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the SEC on June 6, 2014).

131

4.36	Sanction Letter for Credit Facilities dated March 18, 2014 by and between MMT India and IndusInd Bank (Incorporated by reference to Exhibit 4.32 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the SEC on June 6, 2014).
4.37**	Addendum Sanction Letter for Credit Facilities dated October 28, 2014 by and between MMT India and IndusInd Bank.
4.38	Master General Terms Agreement dated February 6, 2014 by and between MMT India and IndusInd Bank.
4.39	Form of director and executive officer indemnification agreement (Incorporated by reference to Exhibit 10.11 to the Registration Statement on Form F-1 (File No. 333-168315) as filed with the SEC on July 26, 2010).
8.1**	List of significant subsidiaries of MakeMyTrip Limited.
12.1**	Certification by the Chief Executive Officer pursuant to 17 CFR 240. 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
12.2**	Certification by the Chief Financial Officer pursuant to 17 CFR 240. 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
13.1**	Certification by the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
13.2**	Certification by the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
15.1**	Consent of Independent Registered Public Accounting Firm.

Notes:

** Filed herewith

# Confidential treatment requested

132

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Annual Report on its behalf.

Date: June 9, 2015

MAKEMYTRIP LIMITED
By:	/s/ Deep Kalra
Name:	Deep Kalra
Title:	Group Chairman and Group Chief Executive Officer

133

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

	Page
Report of Independent Registered Public Accounting Firm	F-2
Consolidated Statement of Financial Position as of March 31, 2014 and 2015	F-3
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Loss) for the years ended March  31, 2013, 2014 and 2015	F-4
Consolidated Statement of Changes in Equity for the years ended March 31, 2013, 2014 and 2015	F-5
Consolidated Statement of Cash Flows for the years ended March 31, 2013, 2014 and 2015	F-8
Notes to the Consolidated Financial Statements	F-9

F-1

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders

MakeMyTrip Limited:

We have audited the accompanying consolidated statements of financial position of MakeMyTrip Limited and subsidiaries’ (“the Company”) as of March 31, 2014 and 2015, and the related consolidated statements of profit or loss and other comprehensive income (loss), changes in equity and cash flows for each of the years in the three-year period ended March 31, 2015. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of March 31, 2014 and 2015, and the results of their operations and their cash flows for each of the years in the three-year period ended March 31, 2015, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s internal control over financial reporting as of March 31, 2015, based on criteria established in Internal Control – Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated June 9, 2015 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

/s/ KPMG

Gurgaon, India

June 9, 2015

F-2

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(Amounts in USD thousands)

		As at March 31
	Note	2014			2015
Assets
Property, plant and equipment	17		8,533			8,900
Intangible assets and goodwill	18		39,241			36,000
Trade and other receivables, net	20		983			901
Investment in equity-accounted investees	8		1,123			1,696
Other investments	9		3,973			5,938
Term deposits	22		75,656			864
Non-current tax assets			6,515			11,766
Other non-current assets	24		476			473
Total non-current assets			136,500			66,538
Inventories			516			1,997
Current tax assets			2,184			88
Trade and other receivables, net	20		28,373			28,951
Term deposits	22		29,514			92,628
Other current assets	23		34,739			40,346
Cash and cash equivalents	21		38,011			49,857
Total current assets			133,337			213,867
Total assets			269,837			280,405
Equity
Share capital	25		21			21
Share premium	25		238,423			242,662
Reserves			(1,482	)		571
Accumulated deficit			(81,805	)		(100,181	)
Share based payment reserve			20,092			28,612
Foreign currency translation reserve	25		(13,663	)		(14,427	)
Total equity attributable to equity holders of the Company			161,586			157,258
Non-controlling interest			714			596
Total equity			162,300			157,854
Liabilities
Loans and borrowings	27		203			362
Employee benefits	31		963			1,345
Deferred revenue	30		2,353			3,147
Deferred tax liabilities	19		277			226
Other non-current liabilities	29		7,668			987
Total non-current liabilities			11,464			6,067
Loans and borrowings	27		115			137
Trade and other payables	33		86,214			103,655
Deferred revenue	30		1,336			4,149
Other current liabilities	28		8,408			8,543
Total current liabilities			96,073			116,484
Total liabilities			107,537			122,551
Total equity and liabilities			269,837			280,405

F-3

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (LOSS)

(Amounts in USD thousands, except per share data)

	Note	For the year ended March 31,
		2013			2014			2015
Revenue
Air ticketing			60,889			66,523			74,325
Hotels and packages			164,129			184,501			220,512
Other revenue	10		3,804			4,351			4,825
Total revenue			228,822			255,375			299,662
Other income	11		—			1,312			853
Service cost
Procurement cost of hotel and packages services			136,537			144,508			157,897
Cost of air tickets coupon			4,120			4,471			2,816
Personnel expenses	12		34,520			37,221			44,318
Other operating expenses	13		67,954			80,116			102,069
Depreciation and amortization	14		3,753			5,692			7,955
Result from operating activities			(18,062	)		(15,321	)		(14,540	)
Finance income	15		4,198			2,442			3,168
Finance costs	15		4,940			7,776			6,712
Net finance costs			(742	)		(5,334	)		(3,544	)
Share of loss of equity-accounted investees			(186	)		(171	)		(139	)
Loss before tax			(18,990	)		(20,826	)		(18,223	)
Income tax expense	16		(8,599	)		(79	)		(135	)
Loss for the year			(27,589	)		(20,905	)		(18,358	)
Other comprehensive income (loss)
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation differences on foreign operations			(2,310	)		(2,768	)		(776	)
Net change in fair value of available-for-sale financial assets			459			(986	)		1,965
			(1,851	)		(3,754	)		1,189
Items that will never be reclassified subsequently to profit or loss:
Remeasurement of defined benefit (asset) liability			(126	)		64			(142	)
Income tax expense on other comprehensive income			(14	)		—			—
Other comprehensive income (loss) for the year, net of tax			(1,991	)		(3,690	)		1,047
Total comprehensive loss for the year			(29,580	)		(24,595	)		(17,311	)
Profit (Loss) attributable to:
Owners of the Company			(27,592	)		(20,934	)		(18,252	)
Non-controlling interest			3			29			(106	)
Loss for the year			(27,589	)		(20,905	)		(18,358	)
Total comprehensive income (loss) attributable to:
Owners of the Company			(29,583	)		(24,615	)		(17,193	)
Non-controlling interest			3			20			(118	)
Total comprehensive loss for the year			(29,580	)		(24,595	)		(17,311	)
Loss per share
Basic	26		(0.74	)		(0.55	)		(0.44	)
Diluted	26		(0.74	)		(0.55	)		(0.44	)

F-4

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(Amounts in USD thousands)

	Attributable to Equity Holders of the Company
	Share Capital		Share Premium		Reserve for Own Shares			Fair Value Reserves			Accumulated Deficit			Share Based Payment Reserve			Foreign Currency Translation Reserve			Total			Non- Controlling Interest			Total Equity
Balance as at April 1, 2012		18		150,144		—			(429	)		(31,827	)		9,388			(8,578	)		118,716			76			118,792
Total comprehensive income (loss) for the year
Profit (loss) for the year		—		—		—			—			(27,592	)		—			—			(27,592	)		3			(27,589	)
Other comprehensive income (loss)
Foreign currency translation differences		—		—		—			—			—			—			(2,310	)		(2,310	)		—			(2,310	)
Net change in fair value of available-for-sale financial assets		—		—		—			459			—			—			—			459			—			459
Remeasurement of defined benefit (asset) liability		—		—		—			—			(140	)		—			—			(140	)		—			(140	)
Total other comprehensive income (loss)		—		—		—			459			(140	)		—			(2,310	)		(1,991	)		—			(1,991	)
Total comprehensive income (loss) for the year		—		—		—			459			(27,732	)		—			(2,310	)		(29,583	)		3			(29,580	)
Transactions with owners, recorded directly in equity
Contributions by owners
Share-based payment		—		—		—			—			—			11,722			—			11,722			—			11,722
Issue of ordinary shares on exercise of share based awards		—		1,251		—			—			—			(833	)		—			418			—			418
Transfer to accumulated deficit on expiry of share based awards		—		—		—			—			376			(376	)		—			—			—			—
Own shares acquired		—		—		(525	)		—			—			—			—			(525	)		—			(525	)
Issue of ordinary shares related to business combination		—		2,348		—			—			—			—			—			2,348			—			2,348
Total contributions by owners		—		3,599		(525	)		—			376			10,513			—			13,963			—			13,963
Changes in ownership interests in subsidiaries
Financial liability for acquisition of non-controlling interest		—		—		—			—			(1,801	)		—			—			(1,801	)		—			(1,801	)
Acquisition of subsidiary with non-controlling interests		—		—		—			—			—			—			—			—			620			620
Acquisition of non-controlling interests		—		—		—			—			21			—			(16	)		5			(5	)		—
Total changes in ownership interest in subsidiaries		—		—		—			—			(1,780	)		—			(16	)		(1,796	)		615			(1,181	)
Total transactions with owners		—		3,599		(525	)		—			(1,404	)		10,513			(16	)		12,167			615			12,782
Balance as at March 31, 2013		18		153,743		(525	)		30			(60,963	)		19,901			(10,904	)		101,300			694			101,994

F-5

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY—(Continued)

(Amounts in USD thousands)

	Attributable to equity holders of the Company
	Share Capital		Share Premium		Reserve for Own Shares			Fair Value Reserves			Accumulated Deficit			Share Based Payment Reserve			Foreign Currency Translation Reserve			Total			Non- Controlling Interest			Total Equity
Balance as at April 1, 2013		18		153,743		(525	)		30			(60,963	)		19,901			(10,904	)		101,300			694			101,994
Total comprehensive income (loss) for the year
Profit (loss) for the year		—		—		—			—			(20,934	)		—			—			(20,934	)		29			(20,905	)
Other comprehensive income (loss)
Foreign currency translation differences		—		—		—			—			—			—			(2,759	)		(2,759	)		(9	)		(2,768	)
Net change in fair value of available-for-sale financial assets		—		—		—			(986	)		—			—			—			(986	)		—			(986	)
Remeasurement of defined benefit (asset) liability		—		—		—			—			64			—			—			64			—			64
Total other comprehensive income (loss)		—		—		—			(986	)		64			—			(2,759	)		(3,681	)		(9	)		(3,690	)
Total comprehensive income (loss) for the year		—		—		—			(986	)		(20,870	)		—			(2,759	)		(24,615	)		20			(24,595	)
Transactions with owners, recorded directly in equity
Contributions by owners
Share-based payment		—		—		—			—			—			11,151			—			11,151			—			11,151
Issue of ordinary shares on exercise of share based awards		1		11,249		—			—			—			(10,932	)		—			318			—			318
Transfer to accumulated deficit on expiry of share based awards		—		—		—			—			28			(28	)		—			—			—			—
Own shares acquired		—		—		(1	)		—			—			—			—			(1	)		—			(1	)
Issue of ordinary shares through follow-on public offering, net of issuance costs		2		73,431		—			—			—			—			—			73,433			—			73,433
Total transactions with owners		3		84,680		(1	)		—			28			191			—			84,901			—			84,901
Balance as at March 31, 2014		21		238,423		(526	)		(956	)		(81,805	)		20,092			(13,663	)		161,586			714			162,300

F-6

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY—(Continued)

(Amounts in USD thousands)

	Attributable to equity holders of the Company
	Share Capital		Share Premium		Reserve for Own Shares			Fair Value Reserves			Accumulated Deficit			Share Based Payment Reserve			Foreign Currency Translation Reserve			Total			Non- Controlling Interest			Total Equity
Balance as at April 1, 2014		21		238,423		(526	)		(956	)		(81,805	)		20,092			(13,663	)		161,586			714			162,300
Total comprehensive income (loss) for the year
Loss for the year		—		—		—			—			(18,252	)		—			—			(18,252	)		(106	)		(18,358	)
Other comprehensive income (loss)
Foreign currency translation differences		—		—		—			—			—			—			(764	)		(764	)		(12	)		(776	)
Net change in fair value of available-for-sale financial assets		—		—		—			1,965			—			—			—			1,965			—			1,965
Remeasurement of defined benefit (asset) liability		—		—		—			—			(142	)		—			—			(142	)		—			(142	)
Total other comprehensive income (loss)		—		—		—			1,965			(142	)		—			(764	)		1,059			(12	)		1,047
Total comprehensive income (loss) for the year		—		—		—			1,965			(18,394	)		—			(764	)		(17,193	)		(118	)		(17,311	)
Transactions with owners, recorded directly in equity
Contributions by owners
Share-based payment		—		—		—			—			—			12,363			—			12,363			—			12,363
Issue of ordinary shares on exercise of share based awards		—		3,976		—			—			—			(3,825	)		—			151			—			151
Transfer to accumulated deficit on expiry of share based awards		—		—		—			—			18			(18	)		—			—			—			—
Own shares acquired		—		—		(417	)		—			—			—			—			(417	)		—			(417	)
Re-issue of own shares to settle the financial liability		—		263		505			—			—			—			—			768			—			768
Total transactions with owners		—		4,239		88			—			18			8,520			—			12,865			—			12,865
Balance as at March 31, 2015		21		242,662		(438	)		1,009			(100,181	)		28,612			(14,427	)		157,258			596			157,854

F-7

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

(Amounts in USD thousands)

	For the year ended March 31,
	2013			2014			2015
Cash flows from operating activities
Loss for the year		(27,589	)		(20,905	)		(18,358	)
Adjustments for:
Depreciation		1,748			1,836			2,434
Amortisation of intangible assets		2,005			3,856			5,521
Loss on disposal of assets held for sale		45			—			—
Loss (gain) on disposal of property, plant and equipment		25			(81	)		101
Gain on license of software		(83	)		—			—
Gain on bargain purchase		—			(1,168	)		—
Net finance costs		742			5,334			3,544
Share of loss of equity-accounted investee		186			171			139
Share based payment		11,667			11,097			12,308
Income tax expense		8,599			79			135
Change in inventories		736			881			(1,551	)
Change in trade and other receivables		(2,089	)		(6,414	)		754
Change in other assets		(1,098	)		(12,827	)		(8,087	)
Change in trade and other payables		20,522			7,572			17,400
Change in employee benefits		222			106			294
Change in deferred revenue		(2	)		3,622			3,863
Change in other liabilities		(71	)		4,887			(3,856	)
Income tax paid		(1,969	)		(2,003	)		(3,814	)
Net cash generated from (used in) operating activities		13,596			(3,957	)		10,827
Cash flows from investing activities
Interest received		3,431			2,540			2,069
Proceeds from sale of property, plant and equipment		165			170			30
Redemption of term deposits		27,646			32,215			17,214
Investment in term deposits		(31,921	)		(91,588	)		(6,215	)
Acquisition of property, plant and equipment		(2,890	)		(2,088	)		(2,809	)
Payment for business acquisition, net of cash acquired		(9,643	)		(2,221	)		—
Acquisition of equity-accounted investee		(642	)		—			(712	)
Acquisition of intangible assets		(4,094	)		(3,481	)		(4,159	)
Net cash generated from (used in) investing activities		(17,948	)		(64,453	)		5,418
Cash flows from financing activities
Repurchase of own shares		(525	)		(1	)		(417	)
Proceeds from issuance of shares on exercise of share based awards		418			318			151
Direct cost incurred in relation to public offerings		—			(2,820	)		(446	)
Proceeds from issuance of ordinary shares through follow-on public offering		—			76,475			—
Acquisition of non-controlling interests		(793	)		—			—
Payment of deferred consideration related to business acquisition		—			—			(1,374	)
Proceeds from (repayment of) bank loans		109			(32	)		216
Payment of finance lease liabilities		(121	)		(34	)		(19	)
Interest paid		(482	)		(1,447	)		(832	)
Net cash generated from (used in) financing activities		(1,394	)		72,459			(2,721	)
Increase (Decrease) in cash and cash equivalents		(5,746	)		4,049			13,524
Cash and cash equivalents at beginning of the year		43,798			35,635			38,011
Effect of exchange rate fluctuations on cash held		(2,417	)		(1,673	)		(1,678	)
Cash and cash equivalents at end of the year		35,635			38,011			49,857

F-8

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in USD thousands, except per share data and share count)

1) REPORTING ENTITY

MakeMyTrip Limited (the “Parent Company”) together with its subsidiaries and equity accounted investees (collectively, “the Company” or the “Group”) is primarily engaged in the business of selling travel products and solutions in India, the U.S., the Netherlands, Singapore, Malaysia, Thailand, and the U.A.E. The Group offers its customers the entire range of travel services including ticketing, tours and packages, and hotels. The Company is domiciled in Mauritius. The address of the Company’s registered office is Multiconsult Limited, Les Cascades Building, Edith Cavell Street, Port Louis, Mauritius.

In December 2012, the Company purchased 40,142 of its own shares from the open market at the prevailing market price at different dates for USD 525, including directly attributable costs. In May 2013, the Company purchased 100 of its own shares from the open market at the prevailing market price for USD 1, including directly attributable costs.

On March 19, 2014, the Company completed the follow-on public offering of its ordinary shares on NASDAQ, pursuant to which Company issued and sold 3,000,000 ordinary shares and certain of its existing shareholders (referred to as the “Selling Shareholders”) sold 2,500,000 ordinary shares at a price of USD 23 per share. The offering resulted in gross proceeds of USD 69,000 and net proceeds of USD 66,671 to the Company, and gross proceeds of USD 57,500 and net proceeds of USD 55,559 to the Selling Shareholders, after deducting underwriting commissions. Additionally, the Company incurred offering related expenses of approximately USD 852. Further, the underwriters exercised their option to purchase 325,000 additional ordinary shares from the Company and 500,000 additional ordinary shares from the Selling Shareholders at the follow-on offering price of USD 23 per share to cover over-allotments, resulting in additional gross proceeds of USD 7,475 and net proceeds of USD 7,223 to the Company, and additional gross proceeds of USD 11,500 and net proceeds of USD 11,112 to the Selling Shareholders, after deducting underwriting commissions.

In March 2015, the Company purchased 20,000 of its own shares from the open market at the prevailing market price for USD 417, including directly attributable costs.

2) BASIS OF ACCOUNTING

(a) Statement of Compliance

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Accounting policies have been applied consistently to all periods presented in these financial statements except as mentioned in note 3.

The consolidated financial statements were authorized for issue by the Group’s Board of Directors on June 9, 2015.

(b) Basis of Measurement

The consolidated financial statements have been prepared on the historical cost basis except for the following material items in the statement of financial position:

• derivative financial instruments are measured at fair value;

• share-based payments are valued using the Black Scholes valuation model at the date the awards are granted; and

• available-for-sale financial assets are measured at fair value.

F-9

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

(c) Functional and Presentation Currency

These consolidated financial statements are presented in US dollar (USD). All amounts have been rounded to the nearest thousand, unless otherwise indicated.

A Company’s functional currency is the currency of the primary economic environment in which an entity operates and is normally the currency in which the entity primarily generates and expends cash. The functional currency of the Parent Company and its subsidiaries, Hotel Travel Limited and Hotel Travel (HK) Limited is the US dollar. The functional currency for subsidiaries organized in India, the U.S., Singapore, Malaysia, Thailand, British Isles, Cayman Islands, China, British Virgin Islands, United Arab Emirates, the Netherlands, Switzerland and Israel are their respective local currencies.

(d) Use of Estimates and Judgements

The preparation of consolidated financial statements in conformity with IFRS require management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

Information about significant areas of estimation/uncertainty in applying accounting policies that have the most significant effect on the amounts recognised in the consolidated financial statements are as follows:

•    Note 3(d) and 9	Available for sale financial assets
•    Note 3(e) and 17	Property, plant and equipment
•    Note 3(f) and 18	Useful life of intangible assets
•    Note 3(i) and 31	Employee benefit plans
•    Note 3(o),16 and 19	Income taxes
•    Note 3(j)	Provisions and contingent liabilities
•    Note 3(d)	Valuation of derivatives
•    Note 3(i) and 32	Share based payment

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year are included in the following notes:

•    Note 3(h) and 18	Impairment test : key assumptions used in discounted cash flow projections
•    Note 3(i) and 31	Measurement of defined benefit obligations : key actuarial assumptions

3) SIGNIFICANT ACCOUNTING POLICIES

Except as described below, the accounting policies have been applied consistently to all periods presented in these consolidated financial statements.

Changes in accounting policies

The Group has adopted the following new standards and amendments to standards, including any consequential amendments to other standards, with effect from April 1, 2013.

• IFRS 10 Consolidated Financial Statements (2011) (Refer (a) below)

F-10

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

• IFRS 12 Disclosure of Interests in Other Entities

The adoption of this standard does not have any impact on these consolidated financial statements of the Group.

• IFRS 13 Fair Value Measurement

On April 1, 2013, the Group adopted IFRS 13, “Fair Value Measurement” which establishes a single source of guidance for fair value measurement under IFRS. IFRS 13 provides a revised definition of fair value and guidance on how it should be applied where its use is already required or permitted by other standards within IFRS and introduces more comprehensive disclosure requirements on fair value measurement. There was no significant impact on these consolidated financial statements from the adoption of the measurement requirements of IFRS 13. The Group has provided the disclosures as required by IFRS 13 in note 35—“Financial Instruments” of these consolidated financial statements.

• Presentation of Items of Other Comprehensive Income (Amendment to IAS 1)

As a result of the amendments to IAS 1, the Group has modified the presentation of items of other comprehensive income in its consolidated statement of other comprehensive income (loss), to present separately items that would be reclassified to profit or loss in the future from those that would never be. Comparative information has also been re-presented accordingly.

The adoption of the amendment to IAS 1 has no impact on the recognised assets, liabilities and comprehensive income of the Group.

• IAS 19 Employee Benefits (2011)

The group has adopted Revised IAS 19 effective April 1, 2013. The amended standard requires immediate recognition of the gains and losses through re-measurement of the net defined benefit liability/ (asset) through other comprehensive income. Further it also requires the interest expense (income) considered in the Profit and Loss to be restricted to the discount rate based on the Government securities yield. The actual return of the portfolio, in excess of such yields is recognised through other comprehensive income. Revised IAS 19 also requires effect of any plan amendments to be recognised immediately through the net profit/loss, in the statement of comprehensive income.

Previously, the actuarial gains and losses were charged or credited to net profit/loss in the statement of profit or loss and other comprehensive income (loss) in the period in which they arose and the expected return on plan assets computed based on market expectations were considered as part of the net gratuity cost. The adoption of Revised IAS 19, Employee Benefits, does not have any material impact on these consolidated financial statements.

(a) Basis of Consolidation

i) Subsidiaries

The Group consolidates entities which it owns or controls. Control exists when the parent has power over the entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity’s returns. Entities are consolidated from the date control commences until the date control ceases.

Previously, control existed when the Group had the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that were currently exercisable were also taken into account. In accordance with the transitional provisions of IFRS 10 (2011), the Group reassessed the control conclusion at April 1, 2013 and has concluded that there is no change to the scope of the entities to be consolidated as a result of the adoption of IFRS 10.

F-11

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

ii) Investment in Associates (Equity Accounted Investees)

Associates are those entities in which the Group has significant influence, but not control, over the financial and operating polices.

Investments in associates are accounted for using the equity method and are recognised initially at cost. The cost of investment includes transaction costs.

The consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of equity accounted investees, other adjustments to align the accounting policies with those of the Group, from the date that significant influence commences until the date that significant influence ceases.

iii) Non-controlling Interests

Non-controlling interests are measured at their proportionate share of the acquiree’s identifiable net assets at the acquisition date. Change in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

iv) Transactions Eliminated on Consolidation

Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements.

(b) Business Combinations

Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group.

The cost of an acquisition is measured at the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. The cost of acquisition also includes the fair value of any contingent consideration and deferred consideration, if any. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at fair value at the date of acquisition. Transaction costs incurred in connection with a business combination are expensed as incurred.

(c) Foreign Currency

i) Foreign Currency Transactions

Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortized cost in foreign currency translated at the exchange rate at the end of the reporting period. Non-monetary assets that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Foreign currency differences arising on translation are recognized in profit or loss, except for the differences on available for sale equity investments, which are recognized in other comprehensive income arising on retranslation. Non-monetary items that are measured based on historical cost in a foreign currency are not translated.

F-12

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

ii) Foreign Operations

The assets and liabilities of foreign operations, including goodwill and fair value adjustment arising on acquisition, are translated to USD at exchange rates at the reporting date. The income and expenses of foreign operations are translated to USD at an average exchange rate applicable during the period.

Foreign currency differences are recognized in other comprehensive income as foreign currency translation reserve (FCTR). However, if the operation is a non-wholly owned subsidiary, then the relevant proportionate share of the translation difference is allocated to non-controlling interest. When a foreign operation is disposed of, in part or in full, the relevant amount in the FCTR is transferred to profit or loss as part of the profit or loss on disposal.

(d) Financial Instruments

i) Non-Derivative Financial Assets

The Group initially recognizes loans and receivables and deposits on the date that they are originated. All other financial assets are recognized initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument.

The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognized as a separate asset or liability.

Financial assets and liabilities are offset and the net amount is presented in the consolidated statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.

The Group has the following non-derivative financial assets which are classified into the following specified categories: ‘trade and other receivables’, ‘available for sale’ and ‘term deposits’. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition.

Trade and other Receivables

Trade and other receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, trade and other receivables are measured at amortized cost using the effective interest method, less any impairment losses.

Trade receivables are initially recognized at fair value which primarily represents original invoice amount less any impairment loss or an allowance for any uncollectible amounts. Provision is made when there is objective evidence that the Group may not be able to collect the trade receivable. Balances are written off when recoverability is assessed as being remote.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand and short-term deposits with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.

F-13

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

Available-for-sale Financial Assets

Available-for-sale financial assets are non-derivative financial assets that are either designated as available-for-sale or are not classified in any of the other categories. Available-for-sale financial assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses are recognized in other comprehensive income (loss) and presented within equity in the fair value reserve. When an investment is derecognized, the cumulative gain or loss in other comprehensive income (loss) is transferred to profit or loss. Available-for-sale financial assets comprise of equity securities.

Term deposits

Term deposits comprise deposits with banks, which have original maturities of more than three months. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, term deposits are measured at amortized cost using the effective interest method, less any impairment losses.

ii) Non-Derivative Financial Liabilities

The Group recognizes financial liabilities initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument.

The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire.

Financial assets and liabilities are offset and the net amount is presented in the consolidated statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.

The Group has the following non-derivative financial liabilities: loans and borrowings, bank overdraft, other current and non-current liabilities and trade and other payables. Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method.

Bank overdrafts that are repayable on demand and form an integral part of the Group’s cash management are included as a component of cash and cash equivalents for the purpose of the consolidated statement of cash flows.

iii) Share Capital

Ordinary shares

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity.

Repurchase and reissue of share capital (treasury shares)

When share capital recognized as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the reserve for own shares. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented within share premium.

F-14

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

iv) Derivative financial instruments

The Group has an embedded derivative feature in its investment in equity-accounted investees. Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit or loss as incurred. Fair value of the derivative is determined on the inception using an appropriate valuation method. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are accounted in profit or loss.

(e) Property, Plant and Equipment

i) Recognition and Measurement

Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses.

Cost includes expenditure that is directly attributable to the acquisition of the asset. Purchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment.

When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.

Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognized net within “other income/other operating expenses” in the consolidated statement of profit or loss and other comprehensive income.

Advances paid towards the acquisition of property, plant and equipment outstanding at each reporting date and the cost of property, plant and equipment not ready to use before such date are disclosed under property, plant and equipment.

Items of property, plant and equipment acquired in a business combination are measured at fair value as at the date of acquisition.

ii) Subsequent Costs

Subsequent expenditure is recognized as an increase in the carrying amount of the asset when it is probable that future economic benefits deriving from the cost incurred will flow to the enterprise and the cost of the item can be reliably determined. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognized in profit or loss as incurred.

iii) Depreciation

Depreciation is calculated over the depreciable amount, which is the cost of an asset or other amount substituted for cost, less its residual value.

Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful lives for each component of property, plant and equipment since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Leased assets are depreciated over the shorter of the lease term and their useful lives.

F-15

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

The estimated useful lives of assets are as follows:

•    Computers	3-6 years
•    Furniture and fixtures	6 years
•    Office equipments	3-5 years
•    Motor vehicles	7 years
•    Diesel generator sets	7 years
•    Building	20 years

Leasehold improvements are depreciated over the lease term or useful lives, whichever is shorter.

Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted as appropriate (Refer note 17).

(f) Intangible Assets

i) Goodwill

Goodwill represents excess of the cost of acquisition over the Group’s share in the fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities. If the excess is negative, a bargain purchase gain is recognized immediately in the profit or loss. Subsequent to initial recognition, goodwill is measured at cost less accumulated impairment losses.

ii) Website Development Cost

Website development costs incurred by the Group are measured at cost less accumulated amortization and accumulated impairment losses. Cost includes expenses incurred during the application development stage. The costs related to planning and post implementation phases of development are expensed as incurred.

Expenditure on research activities are recognized in profit or loss as incurred.

Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditure is capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. The expenditure capitalized include the cost of materials, direct labour, overhead costs that are directly attributable to preparing the asset for its intended use, and capitalized borrowing cost.

Incidental operations are not necessary to bring an asset to the condition necessary for it to be capable of operating in the manner intended by management, the income and related expenses of incidental operations are recognized immediately in profit or loss, and included in their respective classifications of income and expense.

iii) Other Intangible Assets

Other intangible assets comprise software that are acquired by the Group and intangible assets acquired in a business combination.

Software has finite useful lives and is measured at cost less accumulated amortization and accumulated impairment losses. Cost includes any directly attributable expenses necessary to make the assets ready for use.

F-16

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

Intangible assets acquired in a business combination are measured at fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and impairment losses, if any.

iv) Subsequent Expenditure

Subsequent expenditure is capitalized only when it is probable that future economic benefits derived from the cost incurred will flow to the enterprise and the cost of the item can be reliably determined. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.

v) Amortization

Amortization of assets, other than goodwill, is calculated over the cost of the assets, or other amount substituted for cost, less its residual value.

Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset.

The estimated useful lives are as follows:

•       Website development costs	3 - 5 years
•       Software	5 years
•       Customer—related intangible assets	8-10 years
•       Contract—related intangible assets	5-6 years
•       Marketing—related intangible assets	7-10 years

Amortization methods, useful lives and residual values are reviewed at each financial year-end and adjusted as appropriate.

(g) Inventories

Inventories are measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated selling expenses.

(h) Impairment

i) Financial assets (Including Receivables)

A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.

Objective evidence that financial assets are impaired can include default or delinquency by a debtor, restructuring of an amount due to the Group on terms that the Group would not otherwise consider, indications that a debtor or issuer will enter bankruptcy, the disappearance of an active market for a security.

F-17

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

The Group considers evidence of impairment for receivables for each specific asset. All individually significant receivables are assessed for specific impairment.

An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses are recognized in profit or loss and reflected in an allowance account against receivables. Interest on the impaired asset continues to be recognized through the unwinding of the discount. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.

Impairment losses on available-for-sale financial assets are recognized by reclassifying the losses accumulated in the fair value reserve in equity to profit or loss. The cumulative loss that is reclassified from equity to profit or loss is the difference between the acquisition cost, net of any principal repayment and amortization, and the current fair value, less any impairment loss recognized previously in profit or loss. Changes in cumulative impairment losses attributable to application of the effective interest method are reflected as a component of interest income. If, in a subsequent period, the fair value of an impaired available-for-sale debt security increases and the increase can be related objectively to an event occurring after the impairment loss was recognized, then the impairment loss is reversed, with the amount of the reversal recognized in profit or loss. However, any subsequent recovery in the fair value of an impaired available-for-sale equity security is recognized in other comprehensive income.

ii) Non-Financial Assets

The carrying amounts of the Group’s non-financial assets, primarily property, plant and equipment, website development cost, software and other intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill is tested annually for impairment. An impairment loss is recognized if the carrying amount of an asset or cash generating unit (CGU) exceeds its recoverable amount.

The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assumptions of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Subject to an operating segment ceiling test, CGUs to which goodwill has been allocated are aggregated to that level at which impairment testing is performed which reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to the group of CGUs that are expected to benefit from the synergies of the combination.

Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro rata basis.

An impairment loss in respect of goodwill is not reversed. For other asset an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

F-18

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

(i) Employee Benefit Plans

i) Defined Contribution Plans

Obligations for contributions to defined contribution plans are recognized as a personnel expense in profit or loss in the periods during which services are rendered by employees. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available.

ii) Defined Benefit Plans

A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group’s gratuity scheme is a defined benefit plan.

The Group’s liability with regard to gratuity is based on an actuarial valuation carried out as at September 30 and March 31 each year. Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses are recognized in other comprehensive income. Gains or losses on the curtailment or settlement of any defined benefit plan are recognized when the curtailment or settlement occurs. All expenses related to defined benefit plan are recognized in personnel expenses in profit and loss.

The Group’s net obligation in respect of defined benefit plan is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value. Any unrecognized past service costs are deducted. The discount rate is based on the prevailing market yields of Indian government securities as at the reporting date that have maturity dates approximating the terms of the Group’s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The calculation is performed half yearly by a qualified actuary using the projected unit credit method.

iii) Other Long-term Employee Benefits

Benefits under the Group’s compensated absences policy constitute other long term employee benefits.

The Group’s net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any related assets is deducted. The discount rate is based on the prevailing market yields of Indian government securities as at the reporting date that have maturity dates approximating the terms of the Group’s obligations. The calculation is performed using the projected unit credit method. Any actuarial gains or losses are recognized in profit or loss in the period in which they arise.

iv) Short-term Employee Benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.

v) Share Based Payment

The grant date fair value of share-based payment awards granted to employees is recognized as a personnel expense, with a corresponding increase in equity, over the period that the employees unconditionally become

F-19

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

entitled to the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. The increase in equity recognized in connection with a share based payment transaction is presented in the share based payment reserve, as separate component in equity.

(j) Provisions and Contingent Liabilities

A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assumptions of the time value of money and the risks specific to the liability. The unwinding of discount is recognized as finance cost.

The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at reporting date, taking into account the risks and uncertainties surrounding the obligation.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Contingent liabilities are possible obligations that arise from past events and whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events not wholly within the control of the Group. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote.

(k) Revenue

The Group provides travel products and services to leisure and corporate travelers in India and abroad. The revenue from rendering these services is recognized in the income statement at the time when significant risk and rewards are transferred to the customer. This is generally the case: 1) on the date of departure for tours and packages, 2) date of check in for hotel booking business, and 3) on the issuance of the ticket in the case of sale of airline tickets.

Income from the sale of airline tickets is recognized as an agent on a net commission earned basis, as the Group does not assume any performance obligation post the confirmation of the issuance of an airline ticket to the customer. Similarly, any commission earned on hotel reservations booked is being recognized on a net basis as an agent on the date of check in.

In case where the Company purchases airline tickets and assumes inventory risk, income from the sale of such airline tickets is accounted on gross basis as the Group is determined to be the primary obligator in this arrangement.

Incentives from airlines are recognized when the performance obligations under the incentive schemes are achieved.

Income from tours and packages, including income on airline tickets sold to customers as a part of tours and packages is accounted on gross basis as the Group is determined to be the primary obligor in the arrangement

F-20

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

i.e., the risks and responsibilities are taken by the Group including the responsibility for delivery of services. Income from tours and packages also includes amounts received from hotels vendors against online promotions of hotels brands on our website.

Income from other sources, primarily comprising advertising revenue, income from sale of rail and bus tickets and fees for facilitating website access to a travel insurance company are being recognized as the services are being performed. Income from the sale of rail and bus tickets is recognized as an agent on a net commission earned basis, as the Group does not assume any performance obligation post the confirmation of the issuance of the ticket to the customer.

Revenue is recognized net of cancellations, refunds, discounts and taxes. In the event of cancellation of airline tickets, revenue recognized in respect of commissions earned by the company on such tickets is reversed and is net off from the revenue earned during the fiscal period at the time the cancellation is made by the customers. In addition, a liability is recognized in respect of the refund due to the customers for the gross amount charged to such customers net of cancellation fees. The revenue from the sale of tours and packages and hotel reservations is recognized on the customer’s departure and check-in dates, respectively. Cancellations, if any, do not impact revenue recognition since revenue is recognized upon the availment of services by the customer.

The Company provides a loyalty programs under which participating customers earn loyalty points on current transactions that can be redeemed for future qualifying transactions. Revenue is allocated between the loyalty programme and the other components of the sale. The amount allocated to the loyalty programme is deferred, and is recognized as revenue when the Group fulfills its obligations to supply the discounted products/services under the terms of the programme or when it is no longer probable that the points under the programme will be redeemed.

(l) Advertisement and Business Promotion Costs

Advertising and business promotion costs primarily comprise of internet, television, radio and print media advertisement costs as well as event driven promotion cost for Group’s products and services. Such costs are the amount paid to or accrued towards advertising agencies or direct service providers for advertising on websites, television, print formats, search engine marketing and any other media. Advertising and business promotion costs are recognized when incurred.

(m) Leasing Arrangements

Accounting for Finance Leases

On initial recognition, assets held under finance leases are recorded as property, plant and equipment and the related liability is recognized under borrowings. At inception of the lease, finance leases are recorded at amounts equal to the fair value of the leased asset or, if lower, the present value of the minimum lease payments. Minimum lease payments under finance leases are apportioned between the finance expense and the reduction of the outstanding liability.

The finance expense is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Accounting for Operating Leases

Payments made under operating leases are recognized as an expense on a straight-line basis over the lease term. Lease incentives received are recognized as a reduction of the lease expense, over the term of the lease.

F-21

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

(n) Finance Income and Costs

Finance income comprises interest income on funds invested, change in financial liability and net gain on change in fair value of derivatives. Interest income is recognized as it accrues in profit or loss, using the effective interest method.

Finance costs comprise interest expense on borrowings, change in financial liability, net loss on change in fair value of derivatives and impairment losses recognized on financial assets, including trade and other receivables. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in profit or loss using the effective interest method.

Foreign currency gains and losses are reported on a net basis.

(o) Income Taxes

Income tax expense comprises current and deferred taxes. Current and deferred tax expense is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or other comprehensive income, in which case it is recognized in equity or in other comprehensive income (loss).

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.

A deferred tax asset is recognized for unused tax losses and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Company to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made.

(p) Earning (Loss) Per Share

The Group presents basic and diluted earnings (loss) per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all potential dilutive ordinary shares.

(q) Government grants

Government grants are recognized when there is reasonable assurance that the conditions attached to the grants are complied with and the grants will be received. Grants awarded for the purchase of fixed assets or development of technology assets are offset against the acquisition or development costs of the respective assets and reduce future depreciation and amortization cost accordingly. Grant awarded for research phase of technology assets are offset against the underlying expenses incurred.

(r) Operating Segment

In accordance with IFRS 8—Operating Segments, the operating segments used to present segment information are identified on the basis of internal reports used by the Group’s management to allocate resources to the segments and assess their performance. An operating segment is a component of the Group that engages in business activities from which it earns revenues and incurs expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. Results of the operating segments are reviewed regularly by the leadership team, which has been identified as the chief operating decision maker (CODM), to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available.

The Group has two reportable segments, i.e. air ticketing and hotels and packages. Accordingly, the Group has made relevant entity-wide disclosures (Refer to Note 6).

Segment results that are reported to the CODM include items directly attributable to a segment.

Revenue directly attributable to the segments is considered segment revenue. Income from tours and packages is measured on a gross basis and any commission earned on hotel reservations booked is being recognized on a net basis as an agent on the date of check in. Segment revenue of air ticketing segment is measured on a net basis except for the sale of airline tickets where the Group assumes inventory risks in which case it is measured on a gross basis.

Service cost includes cost of airline tickets, amounts paid to hotels and other service providers. Operating expenses other than service cost have not been allocated to the operating segments and are treated as unallocated/ common expenses. For the purposes of the CODM review, the measure of segment revenue as reduced by service cost is a key operating metric, which is sufficient to assess performance and make resource allocation decisions.

Segment capital expenditure does not include cost incurred during the period to acquire property, plant and equipment, goodwill and intangible assets as they cannot be allocated to segments and is not reviewed by the CODM.

Segment assets do not include property, plant and equipment, goodwill, intangible assets, trade and other receivables, term deposits, tax assets, corporate assets, other current assets and other non-current assets as they cannot be allocated to segments and are not reviewed by the CODM.

Segment liabilities do not include trade and other payables, employee benefits, accrued expenses, deferred income, loans and borrowings and other liabilities as they cannot be allocated to segments and are not reviewed by the CODM.

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MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

(s) New Accounting Standards and Interpretations Not Yet Adopted

IFRS 9 Financial Instruments: In November 2009, the International Accounting Standards Board (IASB) issued IFRS 9, Financial Instruments: Recognition and Measurement, to reduce the complexity of the current rules on financial instruments as mandated in IAS 39. IFRS 9 has fewer classification and measurement categories as compared to IAS 39 and has eliminated the categories of held to maturity, available for sale and loans and receivables. Further it eliminates the rule-based requirement of segregating embedded derivatives and tainting rules pertaining to held to maturity investments. For an investment in an equity instrument which is not held for trading, IFRS 9 permits an irrevocable election, on initial recognition, on an individual share-by-share basis, to present all fair value changes from the investment in other comprehensive income. No amount recognized in other comprehensive income would ever be reclassified to profit or loss. IFRS 9 was further amended in October 2010, and such amendment introduced requirements on accounting for financial liabilities. This amendment addresses the issue of volatility in the profit or loss due to changes in the fair value of an entity’s own debt. It requires the entity, which chooses to measure a liability at fair value, to present the portion of the fair value change attributable to the entity’s own credit risk in the other comprehensive income.

Further, in July 2014, the IASB has published the final version of IFRS 9 ‘Financial Instruments’ bringing together the classification and measurement, impairment and hedge accounting phases of the IASB’s project to replace IAS 39 ‘Financial Instruments: Recognition and Measurement’. This version adds a new expected loss impairment model and limited amendments to classification and measurement for financial assets. The Standard supersedes all previous versions of IFRS 9. The effective date for companies to adopt IFRS 9 is for annual periods beginning on or after 1 January 2018, though early adoption is permitted. The group is currently evaluating the requirements of IFRS 9, and has not yet determined the impact on the consolidated financial statements.

IFRS 15 Revenue from Contracts with Customers: In May 2014, the International Accounting Standards Board and Financial Accounting Standards Board jointly issued IFRS 15, Revenue from Contracts with Customers. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Further the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts with customers.

The standard permits the use of either the retrospective or cumulative effect transition method. The effective date for adoption of IFRS 15 is annual periods beginning on or after January 1, 2017, though early adoption is permitted. The group has not yet selected a transition method and has not yet evaluated the impact of IFRS 15 on the consolidated financial statements.

In May 2015, the IASB has published an exposure draft ‘Effective date of IFRS 15’ to propose changing the effective date of IFRS 15 to periods beginning on or after January 1, 2018 instead of January 1, 2017. The exposure draft is open for comments till July 3, 2015.

4) DETERMINATION OF FAIR VALUES

A number of the group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.

The group has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including level 3 fair values, and reports directly to the Group Chief Financial Officer.

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MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

The valuation team regularly reviews significant unobservable inputs and valuation adjustments.

Significant valuation issues are reported to the Group’s Audit committee.

When measuring the fair value of an asset or a liability, the group uses market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

• Level 1: quoted prices (Unadjusted) in active markets for identical assets or liabilities.

• Level 2: Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)

• Level 3: Inputs for the assets or liability that are not based on observable market data.(Unobservable Inputs)

If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire management.

When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.

a) Property, Plant and Equipment

The fair value of property, plant and equipment recognized as a result of a business combination is the estimated amount for which a property could be exchanged on the date of acquisition between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably. The fair value of items of property, plant and equipment is based on the market approach and cost approaches using the quoted market prices for similar items when available and depreciated replacement cost when appropriate. Depreciated replacement cost reflects adjustments for physical deterioration as well as functional and economic obsolescence.

b) Intangible Assets

The fair value of trademark and brand name acquired in a business combination is based on the discounted estimated royalty payments that have been avoided as a result of the trademark / brand name being owned. The fair value of customer relationships acquired in a business combination is determined using the multi-period excess earnings method, whereby the subject asset is valued after deducting a fair return on all other assets that are part of creating the related cash flows. The fair value of non-compete agreements acquired in a business combination is determined using the comparative income differential method. The fair value of technology acquired in a business combination is determined using the replacement cost method.

The fair value of other intangible assets is based on the discounted cash flows expected to be derived from the use and eventual sale of the assets.

c) Non Derivative Financial Liabilities

Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. For finance leases, the market rate of interest is determined by reference to similar lease agreements.

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MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

d) Share Based Payment Transactions

The fair value of the employee share based awards is measured using the Black-Scholes model. Measurement inputs include share price on grant date, exercise price of the instrument, expected volatility (based on weighted average historic volatility adjusted for changes expected due to publicly available information), weighted average expected life of the instruments (based on historical experience and general behavior of the option holder), expected dividends and the risk-free interest rate (based on government bonds). Service and non-market performance conditions attached to the transactions are not taken into account in determining fair value.

e) Trade and other Receivables

The fair value of trade and other receivables is estimated as the present value of future cash flows, discounted at the market rate of interest at the reporting date. The fair value is determined for disclosure purposes only.

f) Investment in Equity Securities

The fair value of investment in equity securities is determined using a valuation technique. Valuation techniques employed include market multiples and discounted cash flows analysis using expected future cash flows and a market related discount rate.

5) FINANCIAL RISK MANAGEMENT

Overview

In the normal course of its business, the Group is exposed to liquidity, credit and market risk (interest rate and foreign currency risk).

Liquidity Risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group’s approach to manage liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risk to the Group’s reputation.

To ensure smooth operations, the Group has invested surplus funds in term deposits with banks and has taken overdraft facility against them.

Credit Risk

The Group’s exposure to credit risk is limited, as its customer base consists of a large number of customers and the majority of its collections from customers are made on an upfront basis at the time of consummation of the transaction. There is limited credit risk on sales made to corporate customers, incentives due from the airlines and its Global Distribution System (GDS) provider. The Group has not experienced any significant default in recovery from such customers.

Additionally, the Group places its cash and cash equivalents and term deposits with banks with high investment grade ratings, limits the amount of credit exposure with any one bank and conducts ongoing

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MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

evaluation of the credit worthiness of the banks with which it does business. Given the high credit ratings of these financial institutions, the Group does not expect these financial institutions to fail in meeting their obligations. The maximum exposure to credit risk is represented by the carrying amount of each financial asset.

Foreign Currency Risk

The Group incurs foreign currency risk primarily in respect of revenue denominated in a currency other than the functional currency of MakeMyTrip (India) Private Limited (MMT India), Hotel Travel Group (HT Group) and Easytobook Group (ETB Group), in which the transaction takes place. On a consolidated basis, the Group is primarily exposed to foreign currency fluctuations between the USD and INR, INR being the functional currency of MMT India, between the EUR and USD, USD being the functional currency of HT Group, and between USD and EUR, EUR being the functional currency of ETB Group.

The Group currently does not have hedging or similar arrangements with any counter-party to cover its foreign currency exposure fluctuations in foreign exchange rates.

Interest Rate Risk

A majority of the financing of the Group has come from a mix of ordinary or convertible and redeemable preference shares with nominal dividends, proceeds from public offerings and an overdraft facility with banks. The interest rates on the overdraft facility availed by the subsidiaries of the parent company are marginally higher than the interest rates on term deposits with the banks. Accordingly, there is limited interest rate risk. The Group’s investments in majority of term deposits with banks are for short duration, and therefore do not expose the group to significant interest rate risk.

Market and Operational Risk

The Group is dependent on its ability to maintain existing and new arrangements with its suppliers. Adverse changes in existing relationships, increasing industry consolidation or Group’s inability to enter into new arrangements with these parties on favorable terms, if at all, could reduce the amount, quality, pricing and breadth of travel products and services that Group is able to offer, which in turn could adversely affect the Group’s business and financial performance.

The Indian as well as worldwide travel market is intensely competitive. Factors affecting the Group’s competitive success include, among others: price, availability and breadth of travel products, ability to package and customize travel products, brand recognition, customer service and customer care, service fees, ease of use, accessibility and reliability. If the Group is not able to compete effectively on any of these factors, the Group’s business and results of operations may be adversely affected.

The Group’s business and financial performance are affected by the health of the Indian as well as worldwide travel industry, including changes in supply and pricing. Events specific to the air travel industry that could negatively affect the Group’s business include continued fare increases, travel-related strikes or labor unrest, fuel price volatility. The Group is also affected by economic conditions worldwide and in India, as poor economic conditions generally result in a reduction in travel volumes.

6) OPERATING SEGMENTS

The Group has two reportable segments, as described below, which are the Group’s Lines of Business (LoBs). The LoBs offer different products and services, and are managed separately because the nature of

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MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

products and method used to distribute the services are different. For each of these LoBs, the Group’s Leadership team comprising of Group Chief Executive Officer, Chief Executive Officer- India, Group Chief Commercial Officer, Group Chief Technology Officer, Group Chief Business Officer—Holidays, Group Chief Financial Officer and Senior Vice President—Human Resources, reviews internal management reports. Accordingly, the Leadership team is construed to be the Chief Operating Decision Maker (CODM). LoBs assets, liabilities and expenses (other than service cost) are reviewed on an entity-wide basis by the CODM, and hence are not allocated to these LoBs. Segment revenue less service cost from each LoB are reported and reviewed by the CODM on a monthly basis.

The following summary describes the operations in each of the Group’s reportable segments:

1. Air ticketing: Primarily through an internet based platform, provides the facility to book international and domestic air tickets.

2. Hotels and packages: Through an internet based platform, call-centers and branch offices, provides holiday packages and hotel reservations. For internal reporting purposes, the revenue related to airline tickets issued as a component of a Company developed tour and package has been assigned to the hotels and packages segment and is recorded on a gross basis.

Other operations primarily include advertisement income from hosting advertisements on its internet web-sites, income from sale of rail and bus tickets and income from facilitating website access to a travel insurance company. The operations do not meet any of the quantitative thresholds to be a reportable segment for any of the periods presented in these consolidated financial statements.

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MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

Information About Reportable Segments:

	For the Year Ended March 31
	Air ticketing						Hotels and packages						Others						Total
Particulars	2013		2014		2015		2013		2014		2015		2013		2014		2015		2013			2014			2015
Revenues		60,889		66,523		74,325		164,129		184,501		220,512		3,804		4,351		4,825		228,822			255,375			299,662
Total segment revenue		60,889		66,523		74,325		164,129		184,501		220,512		3,804		4,351		4,825		228,822			255,375			299,662
Service cost		4,120		4,471		2,816		136,537		144,508		157,897		—		—		—		140,657			148,979			160,713
Segment revenue less service cost		56,769		62,052		71,509		27,592		39,993		62,615		3,804		4,351		4,825		88,165			106,396			138,949
Other income																				—			1,312			853
Personnel expenses																				(34,520	)		(37,221	)		(44,318	)
Other operating expenses																				(67,954	)		(80,116	)		(102,069	)
Depreciation and amortisation																				(3,753	)		(5,692	)		(7,955	)
Finance income																				4,198			2,442			3,168
Finance cost																				(4,940	)		(7,776	)		(6,712	)
Share of loss of equity-accounted investees																				(186	)		(171	)		(139	)
Loss before tax																				(18,990	)		(20,826	)		(18,223	)

Assets and liabilities are used interchangeably between segments and these have not been allocated to the reportable segments.

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MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

Geographical Information:

The air ticketing and hotel and packages segments are managed on a worldwide basis from India, the U.S., the Netherlands, Singapore, Malaysia and Thailand. In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of customers. Segment assets are based on the geographical location of the assets.

	Revenue						Non-Current Assets*
	For the Year Ended March 31						As at March 31
Particulars	2013		2014		2015		2014		2015
India		195,999		212,577		247,167		22,564		27,988
United States		8,741		7,287		4,341		646		640
Singapore		17,283		11,998		10,578		3,317		2,903
Thailand		4,024		11,150		10,608		2,889		2,593
Malaysia		2,530		9,802		14,060		20,845		19,267
Netherlands		—		1,461		11,634		6,056		5,230
Mauritius		83		—		—		75,083		233
Others		162		1,100		1,274		4		50
Total		228,822		255,375		299,662		131,404		58,904

* Non-current assets presented above do not include investment in equity-accounted investees, other investments.

Major Customers:

Considering the nature of business, customers normally include individuals. Further, none of the corporate and other customers account for more than 10% or more of the Group’s revenues.

7) BUSINESS COMBINATIONS

a) Acquisition of Hotel Travel Group

On November 6, 2012, MMYT acquired 100% stake in the companies in the ‘Hotel Travel Group’ (HT Group). HT Group, with the brand ‘Hotel Travel’ and the website www.hoteltravel.com , is a well-established travel company in South East Asia and has its presence in Thailand, Singapore and Malaysia, where it has operating history of over a decade.

Deferred consideration

As per the terms of the acquisition, MMYT also agreed to pay the selling shareholders over a three years period ending December 2015, additional consideration of USD 10,000 in the form of variable number of equity shares of MMYT. During the year ended March 31, 2015, the first tranche of deferred consideration i.e. USD 1,000 became due, and this financial liability was discharged by re-issuing 38,655 treasury shares. At March 31, 2015, the deferred consideration outstanding is USD 5,112.

Earn-out consideration

Further, two of the selling shareholders of the HT Group continued in employment with the HT Group in key capacities, and were eligible for additional earn outs and incentives over a three-four years period ending

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MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

December 2015/December 2016 based on HT Group meeting certain revenue and EBIDTA targets. The additional earn out payment may range from NIL to USD 35,000 and are payable partly in cash and partly in the form of equity shares of MMYT. These amounts will be recorded as compensation cost over the earn-out period.

During the quarter ended December 31, 2013, due to a change in the probability of achievement of the earn-out targets, the compensation cost of USD 660 recorded till September 30, 2013 was reversed. Also, in January 2014, the services of the two selling shareholders were terminated in accordance with the non-performance clause as per the share purchase agreement, and the earn-out consideration explained above is not payable to the two selling shareholders.

b) Acquisition of majority interest in ITC Group

On November 26, 2012, MMYT acquired majority equity stake in a group of companies known as the “ITC Group”. The ITC Group comprises of International Tour Center Co. Ltd., ITC Bangkok Co. Ltd. and ITC South Co. Ltd. ITC Group is a well-established hotel aggregator and tour operator for Thailand. The ITC Group has relationships with a number of hotels and other local vendors in Thailand to provide hotel reservations, excursion tours and other travel related services for inbound and outbound travelers in Thailand and the South East Asia region.

As per the terms of the acquisition, MMYT will also acquire the remaining shares of ITC Group from the selling shareholder (promoter) in cash in four equal tranches, over a four year earn-out period ending December 2016. The earn-out will be based on valuation linked to future profitability of ITC Group and employment of promoter. At March 31, 2014, the financial liability outstanding in respect of this consideration was USD 2,383.

Further, an additional payment may be required for acquiring the remaining shares that can be forfeited due to termination of employment of the promoter. This potential additional liability, which is linked to the future profitability of ITC Group, will be recorded as compensation cost under IAS 19 for future services till December 2016 and does not form part of additional consideration for acquiring the remaining shares. Based on the estimated projection, the company has not recorded any compensation cost associated with this liability during the year ended March 31, 2013, 2014 and 2015.

At March 31, 2015, the financial liability outstanding in respect of this consideration is USD 1,202. In April 2015, MMYT has entered into an amendment agreement with the selling shareholder and has acquired the remaining shares of ITC Group for USD 2,027.

c) Acquisition of Easytobook (ETB) Group

On February 06, 2014, MMYT acquired 100% equity stake in Easytobook Holding B.V. and its subsidiaries (“ETB Group”). ETB Group primarily operates through the website www.easytobook.com and offers its customers online hotel reservations in Europe, North America and other key global travel destinations. The ETB Group has unique front-end web design capabilities and has developed proprietary technologies for powering affiliate travel websites as well as dynamic shopping of various travel products. The ETB Group is headquartered in Amsterdam, Netherlands with a technology development team based in Herzliya, Israel.

The business acquisition was conducted by entering into the Share Purchase Agreement (SPA) for purchase consideration of USD 4,411. The total purchase price of the acquisition, net of USD 1,032 of cash acquired is USD 3,379.

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MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

As per the terms of acquisition with sellers, the purchase consideration comprises of the following:

Consideration transferred

Cash	3,253
Deferred consideration	1,158
	4,411

Deferred consideration

MMYT also agreed to pay additional consideration in three tranches over a three year period ending January 2017. MMYT had included USD 1,158 as deferred consideration related to the additional consideration, which represented its fair value at the acquisition date, using a discount rate of 13 percent. At March 31, 2014, the deferred consideration had increased to USD 1,202. During the quarter ended June 30, 2014, the Company entered into an amendment agreement for early settlement of this deferred consideration payable in two tranches upto February 2015, which was settled during the year.

The acquisition of ETB Group is expected to further strengthen the existing travel technology stack of the Group and to enhance the international hotel room offerings for customers travelling overseas, particularly to Europe which is a key tourist destination for Indians, and vice versa. The excess of the fair value of assets acquired over the purchase consideration has been accounted for as bargain purchase gain in the consolidated statement of profit or loss and other comprehensive income (loss) for the year ended March 31, 2014 (refer note 11).

The operations of ETB Group have been consolidated in the financial statements of the Group from February 06, 2014. In the year ended March 31, 2014, ETB Group contributed revenue of USD 1,461 and loss of USD 890 to the Group’s result.

If the acquisition had occurred on April 1, 2013, management estimates that consolidated revenue would have been USD 267,862 and consolidated loss for the year ended March 31, 2014 would have been USD 24,800. This unaudited pro-forma information is not necessarily indicative of the results of operations that would have occurred had the acquisition been made at the beginning of the period.

The acquisition has been accounted for under the acquisition method of accounting in accordance with IFRS 3 “Business Combinations”. The assets and liabilities of ETB Group were recorded at fair value at the date of acquisition.

The purchase price has been allocated based on management’s estimates and an independent appraisal of fair values as follows:

Property, plant and equipment	141
Intangible assets	5,730
Current assets and liabilities, net	(292	)
Total identifiable net assets assumed	5,579
Gain on bargain purchase	(1,168	)
Total purchase price	4,411

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MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

The fair value of the current assets acquired includes trade receivable with a fair value of USD 1,596.

The Group incurred acquisition related costs of USD 134 relating to external legal fees and due diligence cost. These amounts have been included in other operating expenses in the consolidated statement of profit or loss and other comprehensive income (loss) for the year ended March 31, 2014.

8) INVESTMENT IN EQUITY-ACCOUNTED INVESTEES

In November 2011, the Company acquired 28.57% equity interest in My Guest House Accommodations Private Limited (MGH), which is engaged in the business of aggregation, sales and distribution of hotel room inventory with a special focus on budget lodging accommodations and serviced apartments. The Company paid cash consideration of USD 963 for the purchase of equity shares. Additionally, acquisition related expenses incurred by the Company amounted to USD 60.

In January 2013, the Company acquired additional shares in MGH, increasing its stake to 38.34% through equity infusion of USD 642 paid in cash.

In December 2014, the Company acquired 16.96% equity interest in Simplotel Technologies Private Limited (Simplotel), which owns and operates www.simplotel.com, and is engaged in the business of building websites and booking engines for hotels. The Company paid cash consideration of USD 712 for the purchase of new shares. Further, the Company has committed to invest approximately USD 500 for new shares of Simplotel, which would take its equity interest to 25.39%, on or before June 30, 2015.

Summary financial information for individually immaterial associates is as follows:

As at March 31								For the Year Ended March 31
2014				2015				2013		2014		2015(1)
Total     assets		Total liabilities		Total     assets		Total liabilities		Loss
	486		440		1,130		660		593		447		390

Note 1: Includes share of loss of Simplotel from December 2014 to March 2015.

9) OTHER INVESTMENTS

Particulars	As at March 31
	2014		2015
Investment in equity securities		3,973		5,938
Total		3,973		5,938

These investments have been classified as “Available-for-sale Financial Assets” as per IAS 39 “Financial Instruments: Recognition and measurement”.

The Group’s exposure to risks and fair value measurement is disclosed in note 5 and 34.

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MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

10) OTHER REVENUE

	For the Year Ended March 31
Particulars	2013		2014		2015
Advertising revenue		1,190		879		1,008
Facilitation fee		776		1,908		2,116
Commission on rail and bus reservation		1,231		1,090		985
Miscellaneous		607		474		716
Total		3,804		4,351		4,825

11) OTHER INCOME

	For the Year Ended March 31
Particulars	2013		2014		2015
Gain on bargain purchase (refer note 7(c))		—		1,168		—
Gain on disposal of property, plant and equipment		—		144		—
Claim received from vendor		—		—		283
Excess provision written back		—		—		570
Total		—		1,312		853

12) PERSONNEL EXPENSES

	For the Year Ended March 31
Particulars	2013		2014		2015
Wages, salaries and other short term employees benefits		19,362		22,974		27,816
Contributions to defined contribution plans		1,182		1,193		1,915
Expenses related to defined benefit plans		161		201		204
Equity settled share based payments		11,667		11,097		12,308
Employee welfare expenses		2,148		1,756		2,075
Total		34,520		37,221		44,318

13) OTHER OPERATING EXPENSES

	For the Year Ended March 31
Particulars	2013		2014		2015
Traveling and conveyance		3,349		2,417		2,766
Advertising and business promotion		19,690		27,885		42,724
Communication		2,744		2,889		3,089
Repairs and maintenance		1,668		1,770		2,389
Rent		2,624		2,857		2,816
Legal and professional		3,116		2,889		3,597
Payment gateway and other charges		15,204		17,766		23,296
Website hosting charges		1,281		1,175		1,800
Net loss on disposal of property, plant and equipment		25		63		101
Loss on disposal of assets held for sale		45		—		—
Outsourcing fees		13,587		13,178		13,888
Miscellaneous expenses		4,621		7,227		5,603
Total		67,954		80,116		102,069

F-34

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

14) DEPRECIATION AND AMORTIZATION

	For the Year Ended March 31
Particulars	2013		2014		2015
Depreciation		1,748		1,836		2,434
Amortization		2,005		3,856		5,521
Total		3,753		5,692		7,955

15) FINANCE INCOME AND COSTS

	For the Year Ended March 31
Particulars	2013			2014			2015
Recognized in profit or loss
Interest income on term deposits		3,697			1,875			3,053
Net foreign exchange gain		1			—			—
Change in financial liability		262			—			—
Other interest income		87			567			115
Net gain on change in fair value of derivative financial instrument		151			—			—
Finance income		4,198			2,442			3,168
Interest expense on financial liabilities measured at amortised cost		137			149			242
Change in financial liability		417			1,083			454
Cost related to public offerings		—			391			—
Net foreign exchange loss		1,944			2,696			5,216
Impairment loss on trade and other receivables		2,072			1,990			210
Net loss on change in fair value of derivative financial instrument		—			204			—
Finance and other charges		370			1,263			590
Finance costs		4,940			7,776			6,712
Net finance costs recognized in profit or loss		(742	)		(5,334	)		(3,544	)

16) INCOME TAX BENEFIT (EXPENSE)

Income Tax Recognized in Profit or Loss

	For the Year Ended March 31
Particulars	2013			2014			2015
Current tax expense
Current period		(143	)		(185	)		(186	)
Current tax expense		(143	)		(185	)		(186	)
Deferred tax benefit (expense)
Origination and reversal of temporary differences		3,975			1,159			62
Change in unrecognized deductible temporary differences		(8,929	)		(1,104	)		(3,995	)
Utilization of previously unrecognised tax losses		45			51			3,984
Reversal of previously recognized tax losses		(3,547	)		—			—
Deferred tax benefit (expense)		(8,456	)		106			51
Total income tax benefit (expense)		(8,599	)		(79	)		(135	)

F-35

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

Income Tax Recognized in Other Comprehensive Income

	For the Year Ended March 31
	2013									2014								2015
Particulars	Before tax			Tax (expense) benefit			Net of tax			Before tax			Tax (expense) benefit		Net of tax			Before tax			Tax (expense) benefit		Net of tax
Foreign currency translation differences on foreign operations		(2,310	)		—			(2,310	)		(2,768	)		—		(2,768	)		(776	)		—		(776	)
Net change in fair value of available-for-sale financial assets		459			—			459			(986	)		—		(986	)		1,965			—		1,965
Remeasurement of defined benefit (asset) liability		(126	)		(14	)		(140	)		64			—		64			(142	)		—		(142	)
Total		(1,977	)		(14	)		(1,991	)		(3,690	)		—		(3,690	)		1,047			—		1,047

Reconciliation of Effective Tax Rate

Particulars	For the Year Ended March 31
	2013					2014					2015
Loss for the year				(27,589	)				(20,905	)				(18,358	)
Income tax expense				(8,599	)				(79	)				(135	)
Loss before tax				(18,990	)				(20,826	)				(18,223	)
Income tax benefit using the Company’s domestic tax rate		15.00	%	2,849			15.00	%	3,124			15.00	%	2,733
Effect of tax rates in foreign jurisdictions		11.49	%	2,181			5.52	%	1,150			0.47	%	(86	)
Non deductible expenses		1.08	%	(205	)		1.27	%	(264	)		1.12	%	(204	)
Tax exempt income		0.62	%	119			0.18	%	37			1.16	%	211
Utilization of previously unrecognised tax losses		0.24	%	45			0.25	%	51			21.86	%	3,984
Reversal of previously recognized tax losses		18.68	%	(3,547	)		0.00	%	—			0.00	%	—
Current year losses for which no deferred tax asset was recognized		5.84	%	(1,108	)		14.74	%	(3,069	)		15.18	%	(2,767	)
Change in unrecognised temporary differences		47.02	%	(8,929	)		5.30	%	(1,104	)		21.92	%	(3,995	)
Others		0.02	%	(4	)		0.02	%	(4	)		0.06	%	(11	)
				(8,599	)				(79	)				(135	)

F-36

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

17) PROPERTY, PLANT AND EQUIPMENT

Particulars	Land			Building			Computers			Furniture and Fixtures			Office Equipment			Motor Vehicles			Leasehold Improvements			Diesel Generator Sets			Capital Work in Progress			Total
Cost
Balance as at April 1, 2013		954			550			6,573			407			1,089			606			3,908			14			—			14,101
Acquisitions through business combinations		—			—			124			7			2			—			8			—			—			141
Additions/Adjustment		—			20			1,364			43			179			209			163			—			17			1,995
Disposals		—			—			(13	)		(2	)		(10	)		(43	)		(138	)		(3	)		—			(209	)
Effect of movements in foreign exchange rate		(95	)		(55	)		(569	)		(36	)		(93	)		(56	)		(344	)		(1	)		—			(1,249	)
Balance as at March 31, 2014		859			515			7,479			419			1,167			716			3,597			10			17			14,779
Balance as at April 1, 2014		859			515			7,479			419			1,167			716			3,597			10			17			14,779
Additions		—			—			2,155			72			172			346			595			—			(17	)		3,323
Disposals		—			—			(524	)		(283	)		(224	)		(76	)		(62	)		(1	)		—			(1,170	)
Effect of movements in foreign exchange rate		(2	)		(1	)		(343	)		(15	)		(39	)		(25	)		(241	)		—			—			(666	)
Balance as at March 31, 2015		857			514			8,767			193			1,076			961			3,889			9			—			16,266
Depreciation and impairment loss
Balance as at April 1, 2013		—			17			2,917			354			600			191			815			4			—			4,898
Depreciation for the year		—			43			1,070			33			138			91			460			1			—			1,836
Disposals		—			—			(12	)		(1	)		(6	)		(15	)		(84	)		(1	)		—			(119	)
Effect of movements in foreign exchange rate		—			(4	)		(254	)		(27	)		(9	)		(14	)		(61	)		—			—			(369	)
Balance as at March 31, 2014		—			56			3,721			359			723			253			1,130			4			—			6,246
Balance as at April 1, 2014		—			56			3,721			359			723			253			1,130			4			—			6,246
Depreciation for the year		—			54			1,523			16			210			124			506			1			—			2,434
Disposals		—			—			(442	)		(281	)		(208	)		(60	)		(47	)		(1	)		—			(1,039	)
Effect of movements in foreign exchange rate		—			—			(149	)		(9	)		(26	)		(6	)		(85	)		—			—			(275	)
Balance as at March 31, 2015		—			110			4,653			85			699			311			1,504			4			—			7,366
Carrying amounts
As at April 1, 2013		954			533			3,656			53			489			415			3,093			10			—			9,203
As at March 31, 2014		859			459			3,758			60			444			463			2,467			6			17			8,533
As at April 1, 2014		859			459			3,758			60			444			463			2,467			6			17			8,533
Balance as at March 31, 2015		857			404			4,114			108			377			650			2,385			5			—			8,900

F-37

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

During the quarter ended June 30, 2014, management based on internal technical evaluation reassessed the remaining useful life of assets primarily consisting of computers and office equipment with effect from April 1, 2014. Accordingly the useful lives of certain assets required a change from the previous estimates.

The existing and revised useful lives are as below:

Category of assets	Existing useful life (Years)		Revised useful life (Years)
Computers		5		3-6
Furniture and fixtures		6		6
Office equipments		7		3-5
Motor vehicles		7		7
Diesel generator sets		7		7
Building		20		20

Had the group continued with the previously assessed useful lives, charge for depreciation for year ended March 31, 2015 would have been lower by USD 214 for assets held at April 1, 2014. The revision of the useful lives will result in the following changes in the depreciation expense as compared to the original useful life of the assets:

Particulars	Year ending March 31, 2016			Year ending March 31, 2017			Year ending March 31, 2018
Increase (decrease) in depreciation expense		(114	)		(112	)		(89	)

F-38

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

18) INTANGIBLE ASSETS AND GOODWILL

Particulars	Goodwill			Customer Relationship			Non- Compete			Brand / Trade Mark			Website Development Cost			Software			Capital work in progress			Total
Cost
Balance as at April 1, 2013		13,469			1,345			479			8,542			9,214			3,576			3,488			40,113
Acquisitions through business combinations		—			—			—			2,721			2,560			—			449			5,730
Additions		79			—			—			—			2,360			2,316			(1,695	)		3,060
Effect of movements in foreign exchange rate		(38	)		(2	)		(2	)		26			(429	)		(260	)		(323	)		(1,028	)
Balance as at March 31, 2014		13,510			1,343			477			11,289			13,705			5,632			1,919			47,875
Balance as at April 1, 2014		13,510			1,343			477			11,289			13,705			5,632			1,919			47,875
Additions/Adjustment		—			—			—			—			2,635			1,016			587			4,238
Disposals		—			—			—			—			—			(134	)		—			(134	)
Effect of movements in foreign exchange rate		(217	)		(12	)		(14	)		(617	)		(1,060	)		(279	)		(289	)		(2,488	)
Balance as at March 31, 2015		13,293			1,331			463			10,672			15,280			6,235			2,217			49,491
Amortization
Balance as at April 1, 2013		—			100			64			472			2,906			1,585			—			5,127
Amortization for the year		—			216			36			1,137			1,729			738			—			3,856
Effect of movements in foreign exchange rate		—			—			(1	)		(1	)		(223	)		(124	)		—			(349	)
Balance as at March 31, 2014		—			316			99			1,608			4,412			2,199			—			8,634
Balance as at April 1, 2014		—			316			99			1,608			4,412			2,199			—			8,634
Amortization for the year		—			193			45			1,461			2,808			1,014			—			5,521
Disposals		—			—			—			—			—			(134	)		—			(134	)
Effect of movements in foreign exchange rate		—			(4	)		(10	)		(70	)		(323	)		(123	)		—			(530	)
Balance as at March 31, 2015		—			505			134			2,999			6,897			2,956			—			13,491
Carrying amounts
As at April 1, 2013		13,469			1,245			415			8,070			6,308			1,991			3,488			34,986
As at March 31, 2014		13,510			1,027			378			9,681			9,293			3,433			1,919			39,241
As at April 1, 2014		13,510			1,027			378			9,681			9,293			3,433			1,919			39,241
Balance as at March 31, 2015		13,293			826			329			7,673			8,383			3,279			2,217			36,000

F-39

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

For the purpose of impairment testing, goodwill is allocated to a CGU representing the lowest level within the Group at which goodwill is monitored for internal management purposes, and which is not higher than the Group’s operating segment. Goodwill as at March 31, 2015 has been allocated to the respective acquired subsidiaries level as follows:

	As at March 31
Particulars	2014		2015
Luxury Tours & Travel Pte Ltd		2,580		2,363
Hotel Travel Group		9,625		9,625
ITC Group		1,305		1,305
Total		13,510		13,293

The recoverable amount of the CGU was based on its value in use and was determined by discounting the future cash flows to be generated from the continuing use of the CGU. These calculations use cash flow projections over a period of five years, based on next year financial budgets approved by management, with extrapolation for the remaining period, and an average of the range of assumptions as mentioned below. The key assumptions used for the calculations are as follows:

	As at March 31,
	2014		2015
Discount rate		19 - 22%		19 - 21%
Terminal value growth rate		3.5 - 4%		3.5 - 4%
Average EBITDA margin (5 years)		14 - 36%		5 - 40%

The above discount rate is based on the Weighted Average Cost of Capital (WACC) of a comparable market participant, which is adjusted for specific risks. These estimates are likely to differ from future actual results of operations and cash flows.

Based on the above, no impairment was identified as of March 31, 2015 and March 31, 2014 as the recoverable value of the CGUs exceeded the carrying value. An analysis of the calculation’s sensitivity to a change in the key parameters (Revenue growth, discount rate and long-term growth rate) based on reasonably probable assumptions, did not identify any probable scenarios where the CGU’s recoverable amount would fall below its carrying amount.

19) TAX ASSETS AND LIABILITIES

Unrecognized Deferred Tax Assets

Deferred tax assets have not been recognized in respect of the following items:

	As at March 31
Particulars	2014		2015
Deductible temporary differences		8,363		11,546
Minimum alternate tax		820		772
Tax loss carry forwards		8,593		6,507
Total		17,776		18,825

F-40

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

Deferred tax assets of USD 8,893 had been recognized in the previous years, relating to unutilized tax losses and other temporary differences in respect of its Indian subsidiary. The Indian subsidiary after two consecutive years of profits had incurred losses in the financial year ended March 31, 2013. Based on evaluation of convincing evidence required by IAS 12, the management had recorded impairment of deferred tax asset of USD 8,456 in the financial year ended March 31, 2013. The impairment had no impact on the Company’s ability to utilize carry forward losses or tax assets in the future. During the year ended March 31, 2014 and 2015, the Company did not recognize deferred tax asset on tax losses and other temporary differences because a trend of future profitability is not yet clearly discernible. The above tax losses expire at various dates ranging from 2021 to 2029.

Recognized Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are attributable to the following:

	As at March 31
	Assets						Liabilities						Net
Particulars	2014			2015			2014			2015			2014			2015
Property, plant and equipment		—			—			(387	)		(337	)		(387	)		(337	)
Intangible assets		—			—			(2,340	)		(1,971	)		(2,340	)		(1,971	)
Tax loss carry forwards		2,450			2,082			—			—			2,450			2,082
Deferred tax assets/(liabilities)		2,450			2,082			(2,727	)		(2,308	)		(277	)		(226	)
Set off		(2,450	)		(2,082	)		2,450			2,082			—			—
Net deferred tax assets/(liabilities)		—			—			(277	)		(226	)		(277	)		(226	)

Movement in Temporary Differences During the Year

Particulars	Balance as on April 1, 2013			Recognised in profit or loss			Recognised in other comprehensive income		Effects of movement in foreign exchange rates			Balance as on March 31, 2014			Recognised in profit or loss			Recognised in other comprehensive income		Effects of movement in foreign exchange rates			Balance as on March 31, 2015
Property, plant and equipment		(373	)		(47	)		—		33			(387	)		33			—		17			(337	)
Intangible assets		(808	)		(1,561	)		—		29			(2,340	)		331			—		38			(1,971	)
Tax loss carry forwards		798			1,714			—		(62	)		2,450			(313	)		—		(55	)		2,082
Total		(383	)		106			—		—			(277	)		51			—		—			(226	)

F-41

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

20) TRADE AND OTHER RECEIVABLES

	As at March 31
Particulars	2014		2015
Trade and other receivables, net		23,637		23,714
Due from employees		144		452
Security deposits		4,182		3,317
Interest accrued on term deposits		1,393		2,369
Total		29,356		29,852
Non-current		983		901
Current		28,373		28,951
Total		29,356		29,852

The trade receivables primarily consist of receivable from airline, corporate and retail customers.

Security deposits include amounts paid in advance to suppliers of hotels and other services in order to guarantee the provision of those services.

The management does not consider there to be significant concentration of credit risk relating to trade and other receivables.

The Group’s exposure to credit and currency risks and impairment losses related to trade and other receivables is disclosed in note 5 and 34.

21) CASH AND CASH EQUIVALENTS

	As at March 31
Particulars	2014		2015
Cash in hand		291		234
Credit card collection in hand		15,104		15,901
Bank balances		21,575		33,340
Term deposits		1,041		382
Cash and cash equivalents		38,011		49,857

Credit card collection in hand represents the amount of collection from credit cards swiped by the customers which is outstanding as at the year end and credited to Group’s bank accounts subsequent to the year end.

The Group’s exposure to interest rate risk and a sensitivity analysis for financial assets and financial liabilities is disclosed in note 5 and 34.

F-42

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

22) TERM DEPOSITS

	As at March 31
Particulars	2014		2015
Term deposits		105,170		93,492
Total		105,170		93,492
Non-current		75,656		864
Current		29,514		92,628
Total		105,170		93,492

As of March 31, 2015, term deposits include USD 595 (March 31, 2014: USD 595) against which mainly letters of credit have been issued to various airlines.

As of March 31, 2015, term deposits include USD 13,377 (March 31, 2014: USD 8,995) pledged with banks against bank guarantees and bank overdraft facility.

23) OTHER CURRENT ASSETS

	As at March 31
Particulars	2014		2015
Advance to vendors		31,951		36,715
Prepaid expenses		1,632		2,271
Prepaid lease rentals		91		78
Other assets		1,065		1,282
Total		34,739		40,346

24) OTHER NON-CURRENT ASSETS

	As at March 31
Particulars	2014		2015
Prepaid lease rentals		476		473
Total		476		473

F-43

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

25) CAPITAL AND RESERVES

Share Capital and Share Premium

	Ordinary Shares*
Particulars	Number			Share capital		Share premium
Balance as at April 1, 2013		37,562,016			18		153,743
Issue of ordinary shares through follow-on public offering, net of issuance costs		3,325,000			2		73,431
Own shares acquired		(100	)		—		—
Shares issued during the year on exercise of share based awards		751,183			1		11,249
Balance as at March 31, 2014		41,638,099			21		238,423
Balance as at April 1, 2014		41,638,099			21		238,423
Reissue of own shares		38,655			—		263
Own shares acquired		(20,000	)		—		—
Shares issued during the year on exercise of share based awards		308,625			—		3,976
Balance as at March 31, 2015		41,965,379			21		242,662

* Par value of USD 0.0005 per share

On August 17, 2010, the Company completed the initial public offering of its ordinary shares on National Association of Securities Dealers Automated Quotation System (NASDAQ) at the initial offering price of USD 14 per share.

On November 6, 2012, the Company issued 209,050 shares as a part of the initial consideration for the acquisition of Hotel Travel Group.

In December 2012, the Company purchased 40,142 of its own shares from the open market at the prevailing market price at different dates for USD 525 including directly attributable costs. In May 2013, the Company purchased 100 of its own shares from the open market at the prevailing market price for USD 1, including directly attributable costs.

On March 19, 2014, the Company completed the follow-on public offering of its ordinary shares on NASDAQ, pursuant to which Company issued and sold 3,000,000 ordinary shares and certain of its existing shareholders (referred to as the “Selling Shareholders”) sold 2,500,000 ordinary shares at a price of USD 23 per share. The offering resulted in gross proceeds of USD 69,000 and net proceeds of USD 66,671 to the Company, and gross proceeds of USD 57,500 and net proceeds of USD 55,559 to the Selling Shareholders, after deducting underwriting commissions. Additionally, the Company incurred offering related expenses of approximately USD 852. Further, the underwriters exercised their option to purchase 325,000 additional ordinary shares from the Company and 500,000 additional ordinary shares from the Selling Shareholders at the follow-on offering price of USD 23 per share to cover over-allotments, resulting in additional gross proceeds of USD 7,475 and net proceeds of USD 7,223 to the Company, and additional gross proceeds of USD 11,500 and net proceeds of USD 11,112 to the Selling Shareholders, after deducting underwriting commissions.

In April, 2014, the Company re-issued 38,655 of its own shares to discharge a part of the deferred consideration for the acquisition of Hotel Travel Group.

F-44

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

In March 2015, the Company purchased 20,000 of its own shares from the open market at the prevailing market price for USD 417, including directly attributable costs.

The Company presently has only one class of ordinary shares. For all matters submitted to vote in a shareholders meeting of the Company, every holder of an ordinary share as reflected in the records of the Company on the date of the shareholders meeting shall have one vote in respect of each share held.

Mauritius law mandates that any dividends shall be declared out of the distributable profits, after having set off accumulated losses at the beginning of the accounting period and no distribution may be made unless the Group’s board of directors is satisfied that upon the distribution being made (1) the Company is able to pay its debts as they become due in the normal course of business and (2) the value of the Company’s assets is greater than the sum of (a) the value of its liabilities and (b) Company’s stated capital. Should the Company declare and pay any dividends on ordinary shares, such dividends will be paid in USD to each holder of ordinary shares in proportion to the number of shares held to the total ordinary shares outstanding as on that date.

In the event of liquidation of the Company, all preferential amounts, if any, shall be discharged by the Company. The remaining assets of the Company shall be distributed to the holders of equity shares in proportion to the number of shares held to the total equity shares outstanding as on that date.

Foreign currency translation reserve

The translation reserve comprises foreign currency differences arising from the translation of the financial statements of the Indian, Singapore, Malaysia, the Netherlands, Thailand, U.A.E, Israel, and China subsidiaries.

26) LOSS PER SHARE

The following is the reconciliation of the loss attributable to ordinary shareholders and weighted average number of ordinary shares used in the computation of basic and diluted loss per share for the year ended March 31, 2013, 2014 and 2015:

	For the Year Ended March 31
Particulars	2013			2014			2015
Loss attributable to ordinary shareholders		(27,592	)		(20,934	)		(18,252	)
Weighted average number of ordinary shares outstanding used in computing basic loss per share		37,315,434			37,832,246			41,808,897
Weighted average number of ordinary shares outstanding used in computing dilutive loss per share		37,315,434			37,832,246			41,808,897
Loss per share (USD)
Basic		(0.74	)		(0.55	)		(0.44	)
Diluted		(0.74	)		(0.55	)		(0.44	)

As at March 31, 2015, 2,334,927 (March, 2014: 2,659,852 and March 2013: 1,753,701) issuable ordinary shares including employees share based awards were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti-dilutive.

F-45

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

27) LOANS AND BORROWINGS

This note provides information about the contractual terms of Group’s interest bearing loans and borrowings, which are measured at amortized cost. For more information about the Group’s exposure to interest rate, foreign currency and liquidity risk, see note 5 and 34.

	As at March 31
Particulars	2014		2015
Non-current liabilities
Secured bank loans		179		354
Finance lease liabilities		24		8
Non-current portion of loans and borrowings		203		362

	As at March 31
Particulars	2014		2015
Current liabilities
Current portion of secured bank loans		96		121
Current portion of finance lease liabilities		19		16
Current portion of loans and borrowings		115		137

Terms and debt repayment schedule

Terms and conditions of outstanding loans were as follows:

				As at March 31, 2014				As at March 31, 2015
Particulars	Currency	Interest rate	Year of maturity	Original value		Carrying amount		Original value		Carrying amount
Secured bank loans	INR	9% - 13%	2014 - 2021		379		227		588		459
Secured bank loans	THB	7.25%	2015		154		48		153		16
Finance lease liabilities	THB	4.35% - 7.60%	2015 - 2016		82		43		82		24

The bank loans are secured over motor vehicles with a carrying amount of USD 484 as at March 31, 2015 (March 31, 2014: USD 281).

The finance lease liabilities are secured over motor vehicles with a carrying amount of USD 40 as at March 31, 2015 (March 31, 2014: USD 58).

Finance Lease Liabilities

Finance lease liabilities are as follows:

	As at March 31, 2014						As at March 31, 2015
Particulars	Future minimum lease payments		Interest		Present value of minimum lease payments		Future minimum lease payments		Interest		Present value of minimum lease payments
Less than one year		22		3		19		17		1		16
Between one and five years		25		1		24		8		—		8
More than five years		—		—		—		—		—		—
Total		47		4		43		25		1		24

F-46

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

The Group has taken certain vehicles on lease which have an option for the Group to purchase the vehicles as per terms of the lease agreements.

Credit Facility

The group has fund based limits with various banks amounting to USD 18,369 as at March 31, 2015 (March 31, 2014: USD 19,227). The group has drawn down from its outstanding limit amounting to USD Nil as at March 31, 2015 (March 31, 2014: Nil) (refer note 21).

28) OTHER CURRENT LIABILITIES

Particulars	As at March 31
	2014		2015
Statutory liabilities		6,428		2,517
Deferred rent liabilities		58		64
Deferred consideration		1,178		5,112
Other liabilities		744		850
Total		8,408		8,543

29) OTHER NON-CURRENT LIABILITIES

Particulars	As at March 31
	2014		2015
Deferred rent liabilities		691		635
Deferred consideration		5,338		—
Other liabilities		1,639		352
Total		7,668		987

30) DEFERRED REVENUE

Particulars	As at March 31
	2014		2015
Global Distribution System provider		2,801		3,025
Loyalty programme		888		4,069
Others		—		202
Total		3,689		7,296
Non-current		2,353		3,147
Current		1,336		4,149
Total		3,689		7,296

The Group requires the services of a Global Distribution System (“GDS”) provider for facilitating the booking of airline tickets on its website or other distribution channels. There are various The Group requires the services of a Global Distribution System (“GDS”) provider for facilitating the booking of airline tickets on its website or other distribution channels. There are various GDS companies like Abacus, Amadeus,

F-47

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

Galileo etc. These companies usually pay upfront fee to travel agents for using their system as they get paid by airlines on the basis of airline tickets booked through their GDS, which is recognized as revenue on the proportion of actual airline tickets sold over the total estimated airline tickets to be sold or is recognized on a straight line basis in case of upfront fee to promote hotel and packages, over the term of the agreement and the balance amount is recognized as deferred revenue.

31) EMPLOYEE BENEFITS

	As at March 31
Particulars	2014		2015
Defined benefit plan		673		864
Other long term employee benefit (liability for compensated absences)		290		481
Total		963		1,345

Defined Benefit Plan

The Group’s gratuity scheme for the employees of its Indian subsidiary is a defined benefit plan. Gratuity is paid as a lump sum amount to employees at retirement or termination of employment at an amount based on the respective employee’s eligible salaries and the years of employment with the Group. The following table sets out the disclosure in respect of the defined benefit plan:

	As at March 31
Particulars	2014		2015
Present value of unfunded obligations		673		864
Total		673		864

Movement in the Present Value of the Defined Benefit Obligation

	As at March 31
Particulars	2014			2015
Defined benefit obligation at the beginning of the year		693			673
Current service cost		155			150
Interest cost		46			54
Actuarial (gains) losses arising from:
—financial assumptions		(28	)		71
—experience adjustment		(36	)		71
Benefits paid		(96	)		(119	)
Effects of movement in exchange rate		(61	)		(36	)
Defined benefit obligations at the end of the year		673			864

F-48

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

Expense Recognised in Profit or Loss

	For the Year Ended March 31
Particulars	2013		2014		2015
Current service costs		125		155		150
Interest on obligation		36		46		54
Total		161		201		204

The expense is recognised in personnel expenses in the consolidated statement of profit or loss and other comprehensive income (loss).

Actuarial Gains (Losses) Recognised in Other Comprehensive Income

	For the Year Ended March 31
Particulars	2013			2014		2015
Recognised during the year		(126	)		64		(142	)
Total		(126	)		64		(142	)

Actuarial Assumptions

Principal actuarial assumptions are given below:

	As at March 31
	2014			2015
Discount rate (per annum)		9.10	%		7.80	%
Future salary increases (per annum)		10.00	%		11.00	%
Retirement age (years)		58			58
Withdrawal rates		25.00	%		25.00	%
Weighted average duration of defined benefit obligation		5 years			5 years

Assumptions regarding future mortality rates are based on Indian Assured Lives Mortality (2006-08) (modified) Ultimate as published by Insurance Regulatory and Development Authority (IRDA).

The actuarial valuation is carried out half yearly by an independent actuary. The discount rate used for determining the present value of obligation under the defined benefit plan is determined by reference to market yields at the end of the reporting period on Indian Government Bonds. The currency and the term of the government bonds is consistent with the currency and term of the defined benefit obligation.

The salary growth rate takes into account inflation, seniority, promotion and other relevant factors on long-term basis.

Sensitivity analysis

Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below:

Particulars	For the year ended March 31, 2014						For the year ended March 31, 2015
	Increase			Decrease			Increase			Decrease
Discount rate (1% movement)		(24	)		26			(33	)		35
Future salary growth (1% movement)		23			(22	)		30			(29	)
Withdrawal rate (10% movement)		(49	)		58			(79	)		116

F-49

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

32) SHARE BASED PAYMENT

Description of the Share-Based Payment Arrangements

Share Option Programme (Equity-Settled)

a) 2006 MakeMyTrip.com Equity Option Plan

In 2006, the Group established a share option program in India, named the ‘2006 MakeMyTrip.com Equity Option Plan’ (or ‘2006 ESOP’), which was approved by the shareholders of the Company at an extra-ordinary meeting held on December 21, 2005. The ESOP entitles the eligible employees to purchase ordinary shares of the Group’s Indian Subsidiary. The Group granted employee stock options to eligible employees on various dates. There were Nil options outstanding as at March 31, 2010 as all options outstanding under this plan were replaced with options granted under the MakeMyTrip.com Equity Option Plan (“MMT ESOP plan”). There have been no further issues of stock options under this plan.

b) MakeMyTrip.com Equity Option Plan

In 2000, the Group approved a share option programme in Mauritius, named the MakeMyTrip.com Equity Option Plan (“MMT ESOP Plan”). In June 2009, this plan was expanded in order to issue share options to employees of subsidiaries and directors of the group. The Group replaced certain share options to acquire shares in its Indian subsidiary held by employees at its subsidiaries with options granted under the MMT ESOP Plan. Total options granted under this plan were 2,703,810 during the year ended March 31, 2010. No options were granted during the year ended March 31, 2013, 2014 and 2015.

The number and weighted average exercise price of share options under MMT ESOP plan are as follows:

Particulars	Weighted Average Exercise Price per share (USD)		Number of Options			Weighted Average Exercise Price per share (USD)		Number of Options			Weighted Average Exercise Price per share (USD)		Number of Options
	For the Year Ended March 31
	2013		2013			2014		2014			2015		2015
Outstanding at beginning of the year		1.59		913,221			1.49		691,127			1.49		478,918
Forfeited and expired during the year		—		—			—		—			—		—
Granted during the year		—		—			—		—			—		—
Exercised during the year		1.88		(222,094	)		1.49		(212,209	)		1.57		(96,479	)
Outstanding at the end of the year		1.49		691,127			1.49		478,918			1.47		382,439
Exercisable at the end of the year		1.56		646,127			1.49		478,918			1.47		382,439

The options outstanding at March 31, 2015 have an exercise price per share in the range of USD 0.4875 to USD 5.3940 (March 31, 2014: USD 0.4875 to USD 5.3940 and March 31, 2013: USD 0.4875 to USD 5.3940) and a weighted average contractual life of 2 years and 3 months (March 31, 2014: 3 years and 4 months and March 31, 2013: 8 months).

During the year ended March 31, 2015, share based payment expense for these options recognized under personnel expenses (refer note 12) amounted to Nil (March 31, 2014: USD 29 and March 31, 2013: USD 81).

F-50

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

c) Share Incentive Plan

In 2010, the Group approved a share incentive plan in Mauritius, named the MakeMyTrip 2010 Share Incentive Plan (“Share Incentive Plan”). During the year ended March 31, 2013, 2014 and 2015, the Group granted restricted share units, or RSUs, under the plan to eligible employees. Each RSU represents the right to receive one common share.

Terms and Conditions of the Share Incentive Plan

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

Grant date/Employees entitled	Number of instruments		Vesting conditions		Contractual life of RSUs
RSUs granted during the year ended March 31, 2013		850,160		Refer notes		4 – 8 years
RSUs granted during the year ended March 31, 2014		828,390		Refer notes		4 – 8 years
RSUs granted during the year ended March 31, 2015		845,507		Refer notes		4 – 8 years

Notes:

1. Of the RSU granted during the year ended March 31, 2015:

• Nil (March 31, 2014: 1,132 and March 31, 2013: Nil) RSUs have 25% graded vesting each six months over a 2 year period.

• 438,801 (March 31, 2014: 438,801 and March 31, 2013: 572,349) RSUs have 33.33% graded vesting each year over a 3 year period.

• 404,721 (March 31, 2014: 364,039 and March 31, 2013: 273,802) 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.

• 1,985 (March 31, 2014: 24,418 and March 31, 2013: 4,009) RSUs were fully vested on the grant date.

2. The RSUs can be exercised within a period of 48 months from the date of vesting.

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

Particulars	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
	2013		2013			2014		2014			2015		2015
Outstanding at beginning of the year		0.0005		955,404			0.0005		1,742,604			0.0005		1,872,930
Granted during the year		0.0005		850,160			0.0005		828,390			0.0005		845,507
Forfeited and expired during the year		0.0005		(51,551	)		0.0005		(159,090	)		0.0005		(175,551	)
Exercised during the year		0.0005		(11,409	)		0.0005		(538,974	)		0.0005		(212,143	)
Outstanding at the end of the year		0.0005		1,742,604			0.0005		1,872,930			0.0005		2,330,743
Exercisable at the end of the year		0.0005		292,716			0.0005		275,261			0.0005		734,716

F-51

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

The RSUs outstanding at March 31, 2015 have an exercise price per share of USD 0.0005 (March 31, 2014: USD 0.0005 and March 31, 2013: USD 0.0005) and a weighted average contractual life of 4.7 years (March 31, 2014: 5.0 years and March 31, 2013: 5.1 years).

During the year ended March 31, 2015, share based payment expense recognized under personnel expenses (refer note 12) is amounted to USD 12,308 (March 31, 2014: USD 11,360 and March 31, 2013: USD 11,294) for the RSUs granted under the share incentive plan.

33) TRADE AND OTHER PAYABLES

	As at March 31
Particulars	2014		2015
Other trade payables		36,129		42,246
Accrued expenses		16,328		16,978
Advance from customers		33,757		44,431
Total		86,214		103,655

The Group’s exposure to currency and liquidity risk related to trade and other payables is disclosed in note 5 and 34.

34) FINANCIAL INSTRUMENTS

Credit Risk

Exposure to Credit Risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:

	As at March 31
Particulars	2014		2015
Trade and other receivables		29,356		29,852
Other assets		1,065		1,282
Term deposits		105,170		93,492
Cash and cash equivalents (except cash in hand)		37,720		49,623
Total		173,311		174,249

The maximum exposure to credit risk for trade and other receivables at the reporting date by geographic region was:

	As at March 31
Particulars	2014		2015
India		19,029		20,458
Thailand		3,141		3,266
Malaysia		3,431		1,542
Singapore		1,233		1,058
Netherlands		1,681		1,055
Others		841		2,473
Total		29,356		29,852

F-52

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

The maximum exposure to credit risk for trade and other receivables and term deposits at the reporting date by type of counterparty was:

	As at March 31
Particulars	2014		2015
Airlines		9,590		10,497
Retail customers		9,941		7,374
Corporate customers		3,837		5,376
Deposit with hotels and others		4,181		3,317
Term deposits with bank		105,170		93,492
Others		1,807		3,288
Total		134,526		123,344

Impairment Losses

The age of trade and other receivables and term deposits at the reporting date was:

	As at March 31
	2014				2015
Particulars	Gross		Impairment		Gross		Impairment
Not past due		130,686		—		115,013		—
Past due 0-30 days		2,131		—		3,393		—
Past due 30-120 days		965		—		3,783		—
More than 120 days		2,366		1,622		2,160		1,005
Total		136,148		1,622		124,349		1,005

The movement in the allowance for doubtful debts in respect of trade and other receivables during the year was as follows:

	For the year ended March 31
Particulars	2014			2015
Balance at the beginning of the year		2,220			1,622
Provision for doubtful debts		1,473			456
Amounts written off against the allowance		(1,706	)		(419	)
Effects of movement in exchange rate		(365	)		(654	)
Balance at the end of the year		1,622			1,005

Allowance for doubtful debts mainly represents amounts due from airlines, global distribution system providers and retail customers. Based on historical experience, the Group believes that no impairment allowance is necessary, apart from above, in respect of trade receivables.

F-53

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

Liquidity risk

The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements:

As at March 31, 2014

Non-derivative financial liabilities	Carrying amount		Contractual cash flows*			6 months or less			6-12 months			1-2 years			2-5 years			More than 5 years
Finance lease liabilities		43		(47	)		(11	)		(11	)		(17	)		(8	)		—
Secured bank loans		275		(358	)		(87	)		(75	)		(112	)		(84	)		—
Trade and other payables		52,457		(52,457	)		(52,457	)		—			—			—			—
Other liabilities		15,327		(17,346	)		(7,965	)		(454	)		(6,785	)		(2,142	)		—
Total		68,102		(70,208	)		(60,520	)		(540	)		(6,914	)		(2,234	)		—

Note: * Represents undiscounted cash flows of interest and principal

As at March 31, 2015

Non-derivative financial liabilities	Carrying amount		Contractual cash flows*		6 months or less		6-12 months		1-2 years		2-5 years		More than 5 years
Finance lease liabilities		24		(25)		(11)		(6)		(8)		—		—
Secured bank loans		475		(588)		(90)		(77)		(148)		(238)		(35)
Trade and other payables		59,224		(59,224)		(59,224)		—		—		—		—
Other liabilities		8,831		(9,367)		(3,368)		(5,599)		(400)		—		—
Total		68,554		(69,204)		(62,693)		(5,682)		(556)		(238)		(35	)

Note: * Represents undiscounted cash flows of interest and principal

Currency Risk

Exposure to Currency Risk

The Group incurs foreign currency risk primarily in respect of currency other than the functional currency of MakeMyTrip (India) Private Limited (MMT India), Hotel Travel Group (HT Group) and Easytobook Group (ETB Group), in which the transaction takes place. On a consolidated basis, the Group is primarily exposed to foreign currency fluctuations between the USD and INR, INR being the functional currency of MMT India, between the EUR and USD, USD being the functional currency of HT Group, and between USD and EUR, EUR being the functional currency of ETB Group. The Group’s exposure to foreign currency risk was based on the following amounts as at the reporting dates (in equivalent USD):

Between USD and INR

	As at March 31
Particulars	2014			2015
Trade and other receivables		8,210			10,904
Trade and other payables		(37,955	)		(34,135	)
Cash and cash equivalents		2,975			3,375
Net exposure		(26,770	)		(19,856	)

F-54

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

Between EUR and USD

	As at March 31
Particulars	2014			2015
Trade and other receivables		1,153			389
Trade and other payables		(803	)		(2,991	)
Cash and cash equivalents		3,418			1,706
Net exposure		3,768			(896	)

Between USD and EUR

	As at March 31
Particulars	2015
Trade and other receivables		371
Trade and other payables		(6,657	)
Cash and cash equivalents		1,713
Net exposure		(4,573	)

The following significant exchange rates applied during the year:

	Average exchange rate per unit				Reporting date rate per unit
USD	2013-14		2014-15		March 31, 2014		March 31, 2015
INR 1		0.0166		0.0164		0.0167		0.0160
EUR 1		1.3751		1.2690		1.3753		1.0851

Sensitivity Analysis

Any change in the exchange rate of USD against currencies other than INR and EUR is not expected to have significant impact on the Group’s profit or loss. Accordingly, a 10% appreciation of the USD as indicated below, against the INR and EUR would have increased loss by the amounts shown below and a 10% appreciation of the EUR as indicated below, against the USD would have increased loss for the current year/decreased loss for the previous year by the amounts shown below. This analysis is based on foreign currency exchange rate variances that the Group considered to be reasonably possible at the end of the reporting period. The analysis assumes that all other variables remain constant.

	For the Year Ended March 31
Particulars	2014			2015
10% strengthening of USD against INR		(2,550	)		(1,891	)
10% strengthening of EUR against USD		359			(79	)
10% strengthening of USD against EUR		—			(401	)

A 10% depreciation of the USD against INR and EUR, and 10% depreciation of EUR against USD would have had the equal but opposite effect on the above currency to the amounts shown above, on the basis that all other variables remain constant.

F-55

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

Interest Rate Risk

Profile

At the reporting date the interest rate profile of the Group’s interest-bearing financial instruments was as follows:

	As at March 31
Particulars	2014		2015
Fixed rate instruments
Financial assets
Term deposits		105,170		93,492
Cash and cash equivalents		38,011		49,857
Financial liabilities
Finance lease liabilities		43		24
Secured bank loans		275		475
		143,499		143,848

Fair Value Sensitivity Analysis for Fixed Rate Instruments

The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.

Fair Values

Fair Values Versus Carrying Amounts

The fair values of financial assets and liabilities, together with the carrying amounts shown in the statement of financial position, are as follows:

	As at March 31, 2014				As at March 31, 2015
Particulars	Carrying amount		Fair value		Carrying amount		Fair value
Assets carried at fair value (Available for sale)
Other investments		3,973		3,973		5,938		5,938
		3,973		3,973		5,938		5,938
Assets carried at amortised cost ( Loans and receivables)
Trade and other receivables		29,356		29,356		29,852		29,852
Term deposits		105,170		105,170		93,492		93,492
Cash and cash equivalents		38,011		38,011		49,857		49,857
Other assets		1,065		1,065		1,282		1,282
		173,602		173,602		174,483		174,483
Liabilities carried at amortized cost (Other financial liabilities)
Finance lease liabilities		43		43		24		24
Secured bank loans		275		275		475		475
Financial liabilities		8,899		8,899		6,314		6,314
Trade and other payables		52,457		52,457		59,224		59,224
Other liabilities		6,428		6,428		2,517		2,517
		68,102		68,102		68,554		68,554

F-56

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

Fair value hierarchy

The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

• Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

	As at March 31, 2015
Particulars	Level 1		Level 2		Level 3		Total
Other investments		—		—		5,938		5,938
Total Assets		—		—		5,938		5,938
Financial liabilities		—		—		6,314		6,314
Total Liabilities		—		—		6,314		6,314

	As at March 31, 2014
Particulars	Level 1		Level 2		Level 3		Total
Other investments		—		—		3,973		3,973
Total Assets		—		—		3,973		3,973
Financial liabilities		—		—		8,899		8,899
Total Liabilities		—		—		8,899		8,899

The following table shows a reconciliation from the beginning balances to the ending balances for fair value measurements in Level 3 of the fair value hierarchy:

	As at March 31, 2015
Particulars	Other investments		Derivatives instruments		Derivatives instruments		Financial liabilities
Opening balances		3,973		—		—		8,899
Payment/settlement		—		—		—		(2,919	)
Total gains and losses recognized in:
—profit or loss		—		—		—		334
—other comprehensive income		1,965		—		—		—
Closing balances		5,938		—		—		6,314

	As at March 31, 2014
Particulars	Other investments			Derivatives instruments			Derivatives instruments			Financial liabilities
Opening balances		4,959			15			189			6,830
Arising from acquisition		—			—			—			1,158
Arising from completion of measurement period for business combination		—			—			—			(172	)
Total gains and losses recognized in:
—profit or loss		—			(15	)		(189	)		1,083
—other comprehensive income		(986	)		—			—			—
Closing balances		3,973			—			—			8,899

F-57

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

The basis for determining fair values is disclosed in note 4.

There were no transfers between Level 1, Level 2 and Level 3 during the year.

Valuation Techniques and significant unobservable inputs

The following tables show the valuation techniques used in measuring Level 3 fair values at March 31, 2015 and 2014, as well as the significant unobservable inputs used.

Financial Instruments measured at fair value:

Type	Valuation technique	Significant unobservable inputs	Inter- relationship between significant unobservable inputs and fair value measurement
Other investments	Discounted cash flows: The valuation model considers the present value of expected free cash flow, discounted using a risk adjusted discount rate.	Forecast annual revenue growth rate : 30% - 385% (March 31, 2014: 31%-175%) Forecast EBITDA margin: (88%) - 34% (March 31, 2014: (294%)-71%) Risk adjusted discount rate: 20.0% (March 31, 2014: 18.5%)	The estimated fair value would increase (decrease) if : • the annual revenue growth rate were higher (lower) • the EBITDA margin were higher (lower) • the risk adjusted discount rate were lower (higher)
Financial liabilities	Discounted cash flows: The valuation model considers the present value of expected payment, discounted using a risk adjusted discount rate.	Risk adjusted discount rate: 13%, 20% (March 31, 2014:13%, 20%)	The estimated fair value would increase (decrease) if : • the risk adjusted discount rate were lower (higher)

Sensitivity Analysis

For the fair values of other investments, reasonably possible changes of 100 basis points at the reporting date to one of the significant unobservable inputs, holding other inputs constant, would have the following effects:

	For the year ended March 31, 2015
	Other Comprehensive Income
	Increase			Decrease
Annual revenue growth rate		276			(272	)
EBITDA Margin		120			(120	)
Risk adjusted discount rate		(618	)		709

	For the year ended March 31, 2014
	Other Comprehensive Income
	Increase			Decrease
Annual revenue growth rate		183			(179	)
EBITDA Margin		26			(26	)
Risk adjusted discount rate		(389	)		453

F-58

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

35) OPERATING LEASES

Leases as lessee

Non cancellable operating lease rentals are payable as follows:

	As at March 31
Particulars	2014		2015
Less than one year		2,354		2,014
Between one and five years		6,106		5,897
More than five years		1,791		671
Total		10,251		8,582

The Group leases a number of offices under operating leases. The lease period ranges for a period of three to nine years, with an option to renew the lease after that date. Lease payments are increased after a specified period under such arrangements.

During the year ended March 31, 2015, USD 2,816 was recognized as rent expense under other operating expense in profit or loss in respect of operating leases (March 31, 2014: USD 2,851, March 31, 2013: USD 2,607).

36) CAPITAL COMMITMENTS

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) aggregate USD 123 as at March 31, 2015 (March 31, 2014: USD 434).

37) RELATED PARTIES

For the purpose of the consolidated financial statements, parties are considered to be related to the Group, if the Group has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group and the party are subject to common control or common significant influence. Related parties may be individuals or other entities.

Related parties and nature of related party relationships:

Nature of relationship	Name of related parties
Key management personnel	Deep Kalra
Key management personnel	Keyur Joshi
Key management personnel	Rajesh Magow
Key management personnel	Mohit Kabra
Key management personnel	Mohit Gupta
Key management personnel	Amit Somani (till May 9, 2014)
Key management personnel	Sanket Atal (from June 4, 2012 till August 31, 2014)
Key management personnel	Vivek Gour
Key management personnel	Frederic Lalonde
Key management personnel Key management personnel	Philip Wolf Ranodeb Roy
Party controlled by key management personnel	PhoCus Wright Inc. (till December 31, 2012)
Party controlled by key management personnel	Chandra Capital (till May 20,2014)

F-59

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

Transactions with party controlled by key management personnel:

	For the Year Ended March 31
Transactions	2013		2014		2015
Revenue from air ticketing		63		87		14
Purchase of marketing and other services		42		—		—

	As at March 31
Balance Outstanding	2014		2015
Trade and other receivables		122		—

Transactions with Key Management Personnel:

Key Management Personnel Compensation*

Key management personnel compensation comprised:

	Year ended March 31,
Particulars	2013		2014		2015
Short-term employee benefits		1,009		2,287		1,969
Contribution to provident fund		56		63		58
Share based payment		9,260		9,702		9,116
Legal and professional		95		112		127
Total		10,420		12,164		11,270

Note: * Provision for gratuity and compensated absences has not been considered, since the provisions are based on actuarial valuations for the Group’s entities as a whole.

In January 2015, the Company granted a short term loan of USD 385 to one of its key management personnel. In the quarter ended March 2015, an amount of USD 66 was repaid. As of March 31, 2015, the balance loan outstanding was USD 319 and interest accrued was USD 6. In May 2015, this loan along with interest has been repaid.

38) LIST OF MATERIAL SUBSIDIARIES

Name of entity	Place of Incorporation	Ownership interest as at March 31, 2014			Ownership interest as at March 31, 2015
1. MakeMyTrip Inc.	Delaware, USA		100	%		100	%
2. MakeMyTrip (India) Private Limited	India		100	%		100	%
3. Luxury Tours & Travel Pte Ltd	Singapore		100	%		100	%
4. MakeMyTrip FZ-LLC	United Arab Emirates		100	%		100	%
5. Luxury Tours (Malaysia) Sdn Bhd.	Malaysia		100	%		100	%
6. Techblend Inc.	British Virgin Islands		100	%		100	%
7. Hotel Travel Limited	Malaysia		100	%		100	%
8. HTN Co. Ltd.	Thailand		100	%		100	%
9. ITC Bangkok Co. Ltd.	Thailand		51	%		51	%
10. Easy to Book Holding B.V.	Netherlands		100	%		100	%
11. Easy to Book Service B.V.	Netherlands		100	%		100	%

F-60

MAKEMYTRIP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Amounts in USD thousands, except per share data and share count)

39) SUBSEQUENT EVENT

a) In April 2015, the Company acquired 18.18% equity interest in Inspirock, Inc., which owns and operates www.inspirock.com, an online planning tool for completely customizable itineraries. The company paid cash consideration of USD 1,945 for the purchase of new shares. In addition, the Company has also got warrants convertible into 1.82% common stock of Inspirock, Inc. subject to the Company providing certain marketing services to Inspirock, Inc. over a period of 10 months ending April 2016.

b) In April 2015, the Company acquired certain technology assets of Mygola Inc. (U.S.) for a cash consideration of USD 1,100, that will be used to further develop its capability in online travel planning.

F-61

EX-4.22

Exhibit 4.22

Confidential Treatment Requested

The portions of this document marked by “XXXX” have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission.

INDIA NON JUDICIAL   Government of National Capital Territory of Delhi   e-Stamp  

Certificate No.	:	IN-DL69409279125663M
Certificate Issued Date	:	21-Jun-2014 11:00 AM
Account Reference	:	IMPACC (IV)/ dl862203/ DELHI/ DL-DLH
Unique Doc. Reference	:	SUBIN-DLDL86220335696743294188M
Purchased by	:	IBM DAKSH BUSINESS PROCESS SERVICES PVT LTD
Description of Document	:	Article 5 General Agreement
Property Description	:	Not Applicable
Consideration Price (Rs.)	:	0
		(Zero)
First Party	:	IBM DAKSH BUSINESS PROCESS SERVICES PVT LTD
Second Party	:	Not Applicable
Stamp Duty Paid By	:	IBM DAKSH BUSINESS PROCESS SERVICES PVT LTD
Stamp Duty Amount(Rs.)	:	100
		(One Hundred only)

14^th Amendment to the

Business Process Outsourcing Services Agreement

And

Statement of Work

By and between

MAKEMYTRIP (INDIA) PRIVATE LIMITED

And

IBM DAKSH BUSINESS PROCESS SERVICES PVT. LTD.

DATED MARCH 05, 2008

  Confidential 1 | Pg

Confidential Treatment Requested

The portions of this document marked by “XXXX” have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission.

This Amendment Agreement (“Amendment No. 14”) dated 26th June, 2014 to Business Process Outsourcing Services Agreement dated March 05, 2008, First Amendment dated July 16, 2008, Second Amendment dated July 28, 2009, Third Amendment dated November 4, 2009, Fourth Amendment dated December 09, 2010, Fifth Amendment dated December 10, 2010, Sixth Amendment dated December 18, 2010, Seventh Amendment dated April 7, 2011, Eighth Amendment dated October 27, 2011 9th Amendment dated December 29, 2011, 10th Amendment dated July 4, 2012, 11th Amendment dated November 1, 2012, 12th Amendment dated July 1, 2013 and 13^th Amendment dated September 25, 2013 thereto and Statement of Work dated March 05, 2008 and Statement of Work for OBT and DH dated January 1, 2012 (collectively referred to as “Agreement”) is made at New Delhi:

By and between:

MakeMyTrip (India) Private Limited, a Company registered under the Companies Act, 1956 and having its head office at 243, S P Infocity, Udyog Vihar, Phase I, Gurgaon, 122016 (hereinafter referred to as “MMTL/Customer” which expression shall, unless repugnant to or inconsistent with the context, mean and include its successors and permitted assigns), of the ONE PART;

AND

IBM Daksh Business Process Services Private Limited, a company registered under the Companies Act, 1956 and having its registered office at Birla Tower, 1st Floor, 25, Barakhamba Road, Connaught Place, New Delhi - 110001 (hereinafter referred to as “Daksh”/ “Supplier” which expression shall, unless repugnant to or inconsistent with the context, mean and include its successors and permitted assigns), of the OTHER PART

WHEREAS MMTL and IBM Daksh have executed a Master Service Agreement dated March 05, 2008 (hereinafter referred to as “the Agreement”) including Statement Of Work (‘SOW”) which sets forth the services, functions and responsibilities that IBM Daksh has agreed to perform for MMTL and the associated responsibilities of the Parties and both Parties agree to amend the Agreement as mentioned below.

TERMS AND CONDITIONS GOVERNING THIS AMENDMENT NO. 14

1. The Parties hereto agree and confirm that the Business Processing Outsourcing Services Agreement dated 5^th March 2008 and amendments thereof shall enure to the benefit of their respective Affiliates.

2. The Parties hereby agree to add the following additional under Section 2.1 of the SOW “Contact Centre Services for “Easy to Book Services B.V. (ETB) lines of business” wherein the following services would be undertaken:-

• Customer Service: - Inbound customer calls are originating in EU & APAC countries. Some outbound calls may be required to be made by this team for assisting the customers for performance of services.

The Headcount for various language services is mentioned below:-

XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX
XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX
XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX
XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX

  Confidential 2 | Pg

Confidential Treatment Requested

The portions of this document marked by “XXXX” have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission.

MMTL commits to pay for minimum 15 headcount per month as a minimum commit.

• All training material is to be provided by MMT in English & those will be in their most updated form & in English

• Knowledge Transfer and Train the trainer(T3) related travel and stay cost for 1 to 2 resources would be on pass through to MMTL.

• This plan is basis the consideration that the contract will be signed off by June 30^th, 2014; any shifts in this date would have a direct bearing on the plan and the dates would have to be revised.

• First Batch training of 14 agents to start on or before 30^th July 2014 (all efforts in place to get wave 1 inside training room by 18^th July 2014) to go live in August 2014

• Hiring Capacity and timelines for any future requirements post wave 1 (weeks) :

XXXX	XXXX	XXXX
XXXX	XXXX	XXXX
XXXX	XXXX	XXXX
XXXX	XXXX	XXXX
XXXX	XXXX	XXXX
XXXX	XXXX	XXXX
XXXX	XXXX	XXXX
XXXX	XXXX	XXXX
XXXX	XXXX	XXXX
XXXX	XXXX	XXXX

• For Each language, One of the Sr. Agents would be part utilized for QA/SME activities.

• Product and Process Training is billable to MMTL. i.e. the Agents would be billable from day 1 of onboarding (attrition backfill will not be billed to MMTL).

• Agents would work 5 days a week. Process would be working 7 days with skeletal staffing on weekends and off hours.

• MMTL personal will provide training to Daksh resources.

Date of Training Commence		18-July-14
WAVE	LANGUAGE	HC Required		Class 1
WAVE 1:	French		3		3
Total 15	German		3		3
	Spanish		3		2
	Italian		3		1
	English		3		3
			15		12

  Confidential 3 | Pg

Confidential Treatment Requested

The portions of this document marked by “XXXX” have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission.

Date of Training Commence				29-Dec-14		2-Feb-15
WAVE	LANGUAGE	HC Required		Class 1		Class 2
WAVE 2:	Japanese		3		1		2
Total 20	Russian		3		1		2
	French		3		3
	German		3		3
	Chinese		3		1		2
	English		5		5
			20		14		6

• The operational SLAs and KPIs for the above activities and services would be base-lined within 6 months of go-live.

3. Key IT Assumptions in order to implement the above services:

• All existing IT assumptions of MMT International will be applicable to this LOB.

• 20kb per user Internet Bandwidth would be required for Internet based applications and websites of MMTL for these operations.

• Daksh will provide the Avaya and Nice as provided in MMTL International operations currently.

• International PRI costs are not included as part of the prices quoted by Daksh. If required, VC IPLC (Managed Voice) solution or PRIs will be added and cost will direct pass through to MMTL as it is done for MMT currently. All Toll or toll free numbers will be owned and managed by MMTL.

• MMTL will augment existing MMTL provided MPLS for connecting to their applications.

• It is assumed that there is no PI / SPI / PCI related compliance required for these set of operations.

• MMTL acknowledges it is solely responsible for determining that the security measures specified in this proposal constitute appropriate technical and organizational measures to protect MMTL provided Personal Data as required by the applicable data protection laws. Daksh is not required to perform or adhere to any security measures concerning MMTL provided Personal Data other than those specified in this proposal.

• The EU MCA between Daksh and MMTL is designated in Annexure 1 signed along with Amendment 14.

  Confidential 4 | Pg

Confidential Treatment Requested

The portions of this document marked by “XXXX” have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission.

4. Service Charges and Payment terms The Parties hereby agree to add to the existing Section 10.2 of the SoW as under:

Daksh shall bill MMTL for the above services as per the rate table below:

XXXX	XXXX
XXXX	XXXX
XXXX	XXXX
XXXX	XXXX
XXXX	XXXX
XXXX	XXXX
XXXX	XXXX
XXXX	XXXX
XXXX	XXXX

The payment shall be made on a monthly basis subject to applicable tax deduction at source and is inclusive of taxes. Daksh agrees that it shall raise separate invoice for billing for ETB services

Any Material developed under this Amendment No 14 will be considered as Type I material in accordance with the Business Process Outsourcing Services Agreement dated March 05, 2008.

5. This Amendment no 14 shall be effective from July 01 , 2014 (“Amendment No. 14 Effective Date”) and shall be co-existent and co-terminus with the Agreement.

6. Except for the amendments provided hereunder, all other terms and conditions of the Agreement/ SoW, which have not been specifically changed / amended / modified hereunder, shall remain unchanged and continue to be binding between the Parties and the same shall be deemed to be a part of this Amendment No. 14 by reference.

7. This Amendment No. 14 read together with the Agreement/ SoW reflects the complete understanding between the Parties. This Amendment No. 14 is incorporated into and deemed to be part of the Agreement/ SoW.

ACCEPTED AND AGREED BY THE FOLLOWING AUTHORISED REPRESENTATIVES OF THE PARTIES:

For MakeMyTrip (India) Private Limited		For IBM Daksh Business Process Services Private Limited
By:	/s/ JASMEET SINGH	By:	/s/ SUNIL K. GUPTA
Name:	JASMEET SINGH	Name:	SUNIL K. GUPTA
Title:	HEAD – CUSTOMER CONTACT GROUP	Title:	CFO
Date:	26 June 2014	Date:	26 June 2014
Seal:		Seal:

  Confidential 5 | Pg

EX-4.23

Exhibit 4.23

AMENDMENT No 15 TO THE SERVICE AGREEMENT

This Amendment No 15 to the Service Agreement dated March 05, 2008, is entered into on this 14^th day of October 2014 between MakeMyTrip (India) Private Limited having head office at 243, S P Infocity, Udyog Vihar, Phase I, Gurgaon, 122016 (“Client”) and Concentrix Daksh Services India Private Limited., (Formerly known as IBM Daksh Business Process Services Pvt. Ltd) having its registered office at 1st Floor, Birla Tower, 25, Barakhamba Road, Connaught Place, New Delhi - 110001 (“Concentrix Daksh”) to amend the Service Agreement dated March 05 2008. Therefore for good and valuable consideration, the receipt and sufficiency of which the parties hereby acknowledge, the Agreement is amended as follows:

RECITALS

WHEREAS, Client and Concentrix Daksh have entered into the Services Agreement (the “Agreement”), pursuant to which Concentrix is providing outsourced services to Client.

AND WHEREAS Concentrix Daksh Services India Private Limited was previously known as “IBM Daksh Business Process Services Pvt. Ltd” and was renamed as Concentrix Daksh Services India Private Limited., with effect from July 28, 2014, as approved and acknowledged by the Registrar of Companies, New Delhi, Ministry of Corporate Affairs, Government of India by and under a fresh certificate of Incorporation issued subsequent to the name change dated 28^th July 2014.

AND WHEREAS now the Parties wish to execute this Amendment to record such change in name and style of Concentrix Daksh.

I. General

A. “Effective Date” shall mean July 28, 2014.

B. Except as modified herein, the Agreement shall be unaffected and shall remain in full force and effect.

C. In the event of a conflict between a provision of this Amendment and a provision of the Agreement, the terms herein will prevail.

II. Amendment to Agreement:

The name of the Company “IBM Daksh Business Process Services Private Limited” shall be replaced with “Concentrix Daksh Services India Private Limited.”, wherever applicable.

The signatories below represent and warrant that they are authorized representatives of the Parties on whose behalf they are affixing their respective signatures to this Amendment to bind the Parties to this Amendment.

For Make My Trip (India) Private Limited		For Concentrix Daksh Services India Private Limited
Authorized Representative		Authorized Representative
Name:		Name:
Title:		Title:	CFO
Date:	14/10/14	Date:	14/10/14

EX-4.24

Exhibit 4.24

Confidential Treatment Requested

The portions of this document marked by “XXXX” have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission.

INDIA NON JUDICIAL   Government of National Capital Territory of Delhi   e-Stamp  

Certificate No.	:	IN-DL16961165198322M
Certificate Issued Date	:	30-Sep-2014 03:19 PM
Account Reference	:	IMPACC (IV)/ dl848403/ DELHI/ DL-DLH
Unique Doc. Reference	:	SUBIN-DLDL84840330748101969077M
Purchased by	:	CONCENTRIX DAKSH SERVICES INDIA PVT LTD
Description of Document	:	Article 5 General Agreement
Property Description	:	Not Applicable
Consideration Price (Rs.)	:	0
		(Zero)
First Party	:	CONCENTRIX DAKSH SERVICES INDIA PVT LTD
Second Party	:	Not Applicable
Stamp Duty Paid By	:	CONCENTRIX DAKSH SERVICES INDIA PVT LTD
Stamp Duty Amount(Rs.)	:	100
		(One Hundred only)

Amendment to the

Business Process Outsourcing Services Agreement And

Statement of Work

Dated March 05, 2008

By and between

MAKEMYTRIP INDIA PRIVATE LIMITED

And

CONCENTRIX DAKSH SERVICES INDIA PRIVATE LIMITED

Confidential Treatment Requested

The portions of this document marked by “XXXX” have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission.

This Amendment Agreement (“Amendment No. 16”) dated 1st October, 2014 to Business Process Outsourcing Services Agreement dated March 05, 2008, First Amendment dated July 16, 2008, Second Amendment dated July 28, 2009, Third Amendment dated November 4, 2009, Fourth Amendment dated December 09, 2010, Fifth Amendment dated December 10, 2010, Sixth Amendment dated December 18, 2010, Seventh Amendment dated April 7, 2011, Eighth Amendment dated October 27, 2011 9th Amendment dated December 29, 2011, 10th Amendment dated July 4, 2012, 11th Amendment dated November 1, 2012, 12th Amendment dated July 1, 2013 ,13^th Amendment dated September 25, 2013, 14^th Amendment dated June 26, 2014 and 15^th Amendment effective July 28, 2014 , thereto and Statement of Work dated March 05, 2008 and Statement of Work for OBT and DH dated January 1, 2012 (collectively referred to as “Agreement”) is made at New Delhi:

By and between:

MakeMyTrip (India) Private Limited, a Company registered under the Companies Act, 1956 and having its head office at 243, S P Infocity, Udyog Vihar, Phase I, Gurgaon, 122016 (hereinafter referred to as “MMTL/Customer” which expression shall, unless repugnant to or inconsistent with the context, mean and include its successors and permitted assigns), of the ONE PART;

AND

Concentrix Daksh Services India Private Limited formerly known as IBM Daksh Business Process Services Private Limited, a Company registered under the Companies Act, 1956 and having its registered office at Unit # 101, 2nd Floor, Westend Mall, District Centre, Janakpuri, New Delhi-110058 (hereinafter referred to as “Concentrix Daksh” or the “Service Provider”, which expression shall unless repugnant to the context or meaning thereof, include its successors and permitted assigns), through its duly authorized representative of the SECOND PART;

WHEREAS MMTL and IBM Daksh have executed a Master Service Agreement dated March 05, 2008 (hereinafter referred to as “the Agreement”) including Statement Of Work (‘SOW”) which sets forth the services, functions and responsibilities that Concentrix Daksh has agreed to perform for MMTL and the associated responsibilities of the Parties and both Parties agree to amend the Agreement as mentioned below.

TERMS AND CONDITIONS GOVERNING THIS AMENDMENT NO. 16

I. Parties hereby agree to add Arabic language to the scope of languages offered Section 2, Amendment 14, dated 26^th June, 2014, to the “Contact Centre Services for MMTL’s affiliate for Foreign Language LOB :-

Customer Service: - Inbound customer calls are originating in Arabic countries. Some outbound calls may be required to be made by this team for assisting the customers for performance of services

• XXXX

• These resource would take would take calls in Arabic and Hindi Languages.

• The Delivery of the business is from NCR - Domestic (India).

• The training time consists of 6-8 days and all training material is to be provided by MMT in English & those will be in their most updated form

II. Service Charges and Payment terms:- The Parties hereby agree to add to the existing Section 4 of Amendment 14, dated June 26, 2014 , the following price for the Arabic resources :-

XXXX	XXXX	XXXX
XXXX	XXXX	XXXX

Confidential Treatment Requested

The portions of this document marked by “XXXX” have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission.

The above mentioned price point is 1st Year price and there shall be an increase in price by 5% on 1st contract anniversary till the end of the contract. The price is exclusive of any Withholding tax/service tax. Any taxes, other than direct Income tax, imposed on the transaction by local authorities shall be passed through.

III. Key IT Assumptions in order to implement the above services: Parties hereby agree to add to existing Section 3, the cost of implementation of the IT structure would be passed on to MMT on actuals.

IV. This Amendment No. 16 shall be effective from 01 Oct 2014 (“Amendment No. 16 Effective Date”), the amendment shall be effective till 5th March 2017 and shall be and shall be co-existent and co-terminus with the Agreement.

V. Except for the amendments provided hereunder, all other terms and conditions of the Agreement, which have not been specifically changed / amended / modified hereunder, shall remain unchanged and continue to be binding between the Parties and the same shall be deemed to be a part of this Amendment No. 16 by reference.

VI. This Amendment No. 16 read together with the Agreement reflects the complete understanding between the Parties. This Amendment No. 16 is incorporated into and deemed to be part of the Agreement.

For MakeMyTrip (India) Private Limited		For Concentrix Daksh Services India Private Limited
By:	/s/ JASMEET SINGH	By:	/s/ SUNIL K. GUPTA
Name:	JASMEET SINGH	Name:	SUNIL K. GUPTA
Title:	HEAD – CUSTOMER CONTACT GROUP	Title:	CFO
Date:	1 October 2014	Date:	1 October 2014
Seal:		Seal:

EX-4.25

Exhibit 4.25

Confidential Treatment Requested

The portions of this document marked by “XXXX” have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission.

INDIA NON JUDICIAL   Government of National Capital Territory of Delhi   e-Stamp  

Certificate No.	:	IN-DL18738589198670M
Certificate Issued Date	:	06-Oct-2014 03:11 PM
Account Reference	:	IMPACC (IV)/ dl862203/ DELHI/ DL-DLH
Unique Doc. Reference	:	SUBIN-DLDL86220334344232644272M
Purchased by	:	CONCENTRIX DAKSH SERVICES INDIA PVT LTD
Description of Document	:	Article 5 General Agreement
Property Description	:	Not Applicable
Consideration Price (Rs.)	:	0
		(Zero)
First Party	:	CONCENTRIX DAKSH SERVICES INDIA PVT LTD
Second Party	:	Not Applicable
Stamp Duty Paid By	:	CONCENTRIX DAKSH SERVICES INDIA PVT LTD
Stamp Duty Amount(Rs.)	:	100
		(One Hundred only)

Amendment to the

Business Process Outsourcing Services Agreement And

Statement of Work

Dated March 05, 2008

By and between

MAKEMYTRIP INDIA PRIVATE LIMITED

And

CONCENTRIX DAKSH SERVICES INDIA PRIVATE LIMITED

Confidential Treatment Requested

The portions of this document marked by “XXXX” have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission.

This Amendment Agreement (“Amendment No. 17”) dated 18th October, 2014 to Business Process Outsourcing Services Agreement dated March 05, 2008, First Amendment dated July 16, 2008, Second Amendment dated July 28, 2009, Third Amendment dated November 4, 2009, Fourth Amendment dated December 09, 2010, Fifth Amendment dated December 10, 2010, Sixth Amendment dated December 18, 2010, Seventh Amendment dated April 7, 2011, Eighth Amendment dated October 27, 2011 9th Amendment dated December 29, 2011, 10th Amendment dated July 4, 2012, 11th Amendment dated November 1, 2012, 12th Amendment dated July 1, 2013 ,13^th Amendment dated September 25, 2013, 14^th Amendment dated June 26,2014 ,15^th Amendment effective July 28^, 2014 and 16^th Amendment dated October 01, 2014, thereto and Statement of Work dated March 05, 2008 and Statement of Work for OBT and DH dated January 1, 2012 (collectively referred to as “Agreement”) is made at New Delhi:

By and between:

MakeMyTrip (India) Private Limited, a Company registered under the Companies Act, 1956 and having its head office at 243, S P Infocity, Udyog Vihar, Phase I, Gurgaon, 122016 (hereinafter referred to as “MMTL/Customer” which expression shall, unless repugnant to or inconsistent with the context, mean and include its successors and permitted assigns), of the ONE PART;

AND

Concentrix Daksh Services India Private Limited formerly known as IBM Daksh Business Process Services Private Limited, a Company registered under the Companies Act, 1956 and having its registered office at Unit # 101, 2nd Floor, Westend Mall, District Centre, Janakpuri, New Delhi-110058 (hereinafter referred to as “Concentrix Daksh” or the “Service Provider”, which expression shall unless repugnant to the context or meaning thereof, include its successors and permitted assigns), through its duly authorized representative of the SECOND PART;

WHEREAS MMTL and IBM Daksh have executed a Master Service Agreement dated March 05, 2008 (hereinafter referred to as “the Agreement”) including Statement Of Work (‘SOW”) which sets forth the services, functions and responsibilities that IBM Daksh has agreed to perform for MMTL and the associated responsibilities of the Parties and both Parties agree to amend the Agreement as mentioned below.

TERMS AND CONDITIONS GOVERNING THIS AMENDMENT NO. 17

I. Parties herby agree to amend section VI, of Amendment 11, dated November 1, 2012 with the following Current gain share grid which would be effective for the month of April, May and June ’14.

Current GAIN SHARE GRID for AMJ
XXXX		XXXX		XXXX		XXXX		XXXX
XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX
XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX
XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX
XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX
XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX

Confidential Treatment Requested

The portions of this document marked by “XXXX” have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission.

And the following Gain Share Grid effective July 01, 2014:

PROPOSED GAIN SHARE GRID (Effective 1st Jul 2014)
XXXX		XXXX		XXXX		XXXX		XXXX
XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX
XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX
XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX
XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX
XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX	XXXX

II. This Amendment No. 17 shall be effective from April 01, 2014 (“Amendment No. 17 Effective Date”) and shall be co-existent and co-terminus with the Agreement.

III. Except for the amendments provided hereunder, all other terms and conditions of the Agreement, which have not been specifically changed / amended / modified hereunder, shall remain unchanged and continue to be binding between the Parties and the same shall be deemed to be a part of this Amendment No. 17 by reference.

IV. This Amendment No. 17 read together with the Agreement reflects the complete understanding between the Parties. This Amendment No. 17 is incorporated into and deemed to be part of the Agreement.

For MakeMyTrip (India) Private Limited		For Concentrix Daksh Services India Private Limited
By:	/s/ JASMEET SINGH	By:	/s/ SUNIL K. GUPTA
Name:	JASMEET SINGH	Name:	SUNIL K. GUPTA
Title:	HEAD – CUSTOMER CONTACT GROUP	Title:	CFO
Date:	8 October 2014	Date:	8 October 2014
Seal:		Seal:

EX-4.31

Exhibit 4.31

Emerging Corporates Group HDFC Bank Limited 2nd Floor, Express Building, 9-10, Bahadur Shah Zafar Marg, ITO, New Delhi - 110 002.

Sanction Letter (Working Capital Facilities)

June 5, 2014

Mr. Mohit Kabra

Chief Financial Officer

MakeMyTrip (India) Pvt. Ltd.

Tower A, SP Infocity, Plot No 243

Udyog Vihar, Phase-1,

Gurgaon- 122016

Re - Sanction Letter for Working Capital Facilities

Dear Sir,

We are pleased to inform you that, the bank has agreed to grant the following working capital facilities to MakeMyTrip (India) Pvt. Ltd. payable on demand and subject to periodic review.

1.	Borrower	:	MakeMyTrip (India) Pvt. Ltd.
2.	Constitution	:	Pvt. Limited Company
3.	Directors
	Mr. Deep Kalra Mr. Keyur Joshi Mr. Rajesh Magow Mr. Philip Wolf Mr. Frederic Lalonde Mr. Aditya Guleri
4.	Nature of the facility	:	Working Capital facilities

Sr.No	Facility	Sanctioned (Rs.MM)		Tenor
A	OD against Fixed Deposits		200.00	On demand
B	BG against Fixed Deposits		50.00	Upto Maximum 3 years
C	Corporate Purchase Card		30.00	12 months
	Total Limit		280.00

5.	Purpose	:	Facility to be used by the borrower towards Financing working capital requirements of the Business
6.	Validity period Of the sanction	:	Renewable annually i.e. in FEB 2015

1 of 7

Emerging Corporates Group HDFC Bank Limited 2nd Floor, Express Building, 9-10, Bahadur Shah Zafar Marg, ITO, New Delhi - 110 002.

The aforesaid credit facilities are subject to the main terms and conditions (subject to change as per RBI directives / bank policies from time to time) set out in Annexure hereto which is deemed to be a part of the Credit Agreement Letter. The credit assistance is also subject to the conditions that are contained in the documents, which the company shall execute between and in favour of HDFC Bank.

HDFC Bank based on the representations made by the Borrower and the furnishing of financial statements by the Borrower has extended these proposed facilities.

The commitment to the proposed facilities is contingent upon:

- Absence of any material adverse change in the condition of the borrower.

- The Borrower or its associate not having defaulted under any financing obligation (with respect to repayment of principle, payment of interest) to any bank or institution in past

- compliance by the Borrower of all material laws and regulations applicable to its operations

- The Borrower fulfilling all its financial obligations under various material taxation, retiral and applicable laws prevalent from time to time.

The working capital facilities are not available for Investments made in shares, debentures, advances and inter-corporate loans / deposits to other companies (including subsidiary companies). The said facilities are being extended at the sole discretion of HDFC Bank and the terms and conditions as well as pricing would be to subject to periodic review, amendment or cancellation.

We are pleased to offer you the preferred rate of interest / commission, which is incumbent upon your shifting majority of your business and family accounts with us and that HDFC Bank will become your preferred bank for all your personal and business banking needs. Interest rate / commission will be reviewed from time to time based on overall relationship.

HDFC Bank’s Right on Default

The borrower further agrees that in addition to any other right enjoyed by HDFC Bank in the event of the Borrower committing any act of default, HDFC Bank shall be entitled to disclose to the Reserve Bank of India or to any other third person, on its being called upon to do so, the name / identity of the Borrower and the fact of its having committed any act of default as aforesaid.

The Borrower hereby agrees that the Bank shall have an unqualified right to disclose to the Lead Bank and / or other banks information including the credit history and the conduct of the account(s) of the Borrower, in such manner and through such medium as the Bank in its absolute discretion may think fit. The Borrower agrees that such disclosure shall not be considered to be breach of confidentiality on the part of the Bank.

2 of 7

Emerging Corporates Group HDFC Bank Limited 2nd Floor, Express Building, 9-10, Bahadur Shah Zafar Marg, ITO, New Delhi - 110 002.

The above letter is valid for 30 days from the date of issue. Kindly sign on the duplicate of this Sanction Letter as a token of your acceptance to the above and return the same, along with the duly completed documentation, in order to proceed ahead.

We look forward to your drawal of the proposed facilities and assure you of our best services always.

Regards

Deepak Khulbe Relationship Manager Emerging Corporates Group HDFC Bank Ltd.		Ashish Sood Vice President Emerging Corporates Group HDFC Bank Ltd.

For and on behalf of MakeMyTrip India (P) Ltd.

3 of 7

Emerging Corporates Group HDFC Bank Limited 2nd Floor, Express Building, 9-10, Bahadur Shah Zafar Marg, ITO, New Delhi - 110 002.

Annexure I

1.	Facility	Over Draft (OD)
2.	Proposed Limit	Rs.200.00 MM
3.	Sub-Limits	NIL
4.	Interchangeability	N.A.
5.	Tenor	On demand
6.	Security	100% Cash Margin in the form of Fixed Deposit Lien Marked in favor of HDFC Bank
7.	Margin
8.	Inventory	N.A
9.	Book debts	N.A.
10.	Interest	As mutually Agreed
11.	Interest payment frequency	Interest shall be payable at monthly rests. Interest shall be payable on the first day of the subsequent month.
12.	Interest calculation method	Interest will be calculated on 365 days basis in respect of rupee loans / credit facilities
13.	Penal Interest	Penal interest would be levied @ 3.00 % over and above the rate as mentioned in clause 11 above for all overdues / delays of any monies payable (principal as well as interest).
14.	Documentation	1.      Request letter for availing the credit facilities 2.      Board resolution for availing facility, creation of security & execution of necessary documents for availment of facilities 3.      Attested copy of Memorandum & Articles of association. 4.      Demand Promissory Note(DPN) 5.      Letter of General Lien and Set-off 6.      Letter of Continuity for DP Note(LOC) 7.      Memorandum Related to Charge over Fixed Deposit (MRFD) 8.      Any other document that may be required for disbursement
15.	Special Covenants	1.      Fixed Deposit to be under auto renewal mode

4 of 7

Emerging Corporates Group HDFC Bank Limited 2nd Floor, Express Building, 9-10, Bahadur Shah Zafar Marg, ITO, New Delhi - 110 002.

Annexure II

1.	Facility	Bank Guarantees
2.	Proposed Limit	Rs.50.00 MM
3.	Interchangeability	-        N.A.
4.	Tenor	-        Max 36 months (including claim period)
5.	Security	-        Fixed Deposit with lien marked in favour of HDFC Bank
6.	Cash margin	-        Secured by 100% margin in the form of FD
7.	Commission	-        Fully Secured BGs – 0.50% p.a.
8.	Purpose	Towards bid bond, security deposit, earnest money deposit, performance, advance payment, and retention money purposes. OR Customs, central excise, sales tax, electricity, insurance, contract performance purposes.
9.	Beneficiaries	Government, Quasi Government authorities, reputed public / private sector undertakings.
10.	General	-        Period of BGs to be issued will be restricted to 12 months in general but 24 months for BGs to be furnished in favour of government authorities. -        The bank guarantees to be issued shall be as per the format acceptable to the Bank. -        In case of bid bond / EMD /advance payment / retention money guarantees stipulated under project exports, Bank will obtain counter guarantees from ECGC at the expense of the company. -        If the guarantees to be issued come under EPCG scheme, bank will obtain counter guarantee of ECGC at company’s expense.
11.	Documentation	1.      Request letter for availing the credit facilities 2.      Board resolution for availing facility, creation of security & execution of necessary documents for availment of facilities 3.      Letter of General Lien and Set-off 4.      Counter Indemnity for Bank Guarantee 5.      Memorandum Related to Charge over Fixed Deposit (MRFD) 6.      Any other document that may be required for disbursement
12.	Special Covenants	1.      Fixed Deposit to be under auto renewal mode

5 of 7

Emerging Corporates Group HDFC Bank Limited 2nd Floor, Express Building, 9-10, Bahadur Shah Zafar Marg, ITO, New Delhi - 110 002.

Annexure III

1.	Facility	Corporate Purchase Card of Rs. 30.0 Mio
2.	Proposed Limit	Rs. 30.0 Mio
3.	Tenor	12 months. Annually Renewable facility. The facilities will be reviewed as per the Bank’s norms
4.	Schedule of Charges	As per card member agreement
5.	Repayment	100% of the outstanding amounts as per statement to be paid within the payment due date (PDD). No amount or a part thereof can be carried forward for payment at a later date beyond the PDD mentioned in the statement.
6.	Statement	On 5th of every month with 15 days grace period for payment. However for utility cards, statement would be issued every 20 days with 10 days grace period for payment.

Operational terms and conditions

1.	Period of sanction	The working capital facilities are payable on demand. However the facilities are available for a period of 12 months subject to review at periodical intervals wherein the facilities may be continued / cancelled / reduced depending upon the conduct and utilization of the facilities.
2.	Periodicity of submission of information to the Bank	Quarterly / Annual Financial statements	-        Quarterly financial statements – 90 days from end of a quarter. -        Annual Financial statement -        Provisional results to be received within 90 days after the financial year end. -        Audited results to be received within 180 days after the financial year end.
3.	Processing Fees	Nil
4.	Creation of Charges	NA

Applicable Laws : Indian / Mumbai

6 of 7

Emerging Corporates Group HDFC Bank Limited 2nd Floor, Express Building, 9-10, Bahadur Shah Zafar Marg, ITO, New Delhi - 110 002.

General Covenants -

^¡  Aforesaid credit facilities are subject to the main terms and conditions (subject to change as per applicable RBI guidelines and banks policies from time to time) set out in this Credit agreement letter. The credit facilities are also subject to the conditions that are contained in the documents which the company shall execute between and in favour of the bank.

• Company to avail Cash Management Collection facility from HDFC Bank Ltd subject to competitive offer.

• All outlets of Make My Trip to have HDFC Bank POS machines subject to competitive offer.

• A minimum throughput of Rs 50 Cr per month to be routed through HDFC Bank payment gateway / POS Terminals subject to competitive offer.

• Bank reserves the right to levy penal interest rate at 3% p.a. in the event of delay in service of interest or repayment of principal, non- adherence to any covenants, delay in submission of papers / creation of charge or any other event the bank may deem fit.

- Please note that the facilities as mentioned in this letter are sanctioned at the sole discretion of the bank and is recallable on demand.

- This letter shall form an integral part of the Purchase Card agreement to be executed by M/s. Make My Trip India (P) Limited and shall be governed by the terms and conditions as contained in the Purchase Card agreement

- Corporate Purchase Card facility would be made available on satisfactory execution of all documents and completion of security formalities, as required by the Bank as mentioned in Annexure III attached along with this letter

- The privileges of the Cards may be withdrawn and / or the Cards may be temporarily cancelled by the Bank (without assigning any reasons thereof and in its absolute discretion with/without giving written notice thereof to the Corporate). The Bank may cancel/block the cards permanently by giving 30 days prior written notice to the Corporate.

7 of 7

EX-4.37

Exhibit 4.37

Sanction No: IBL/CAD-CBG/2014-15/1764

Date: October 28, 2014

To,

The Director,

MAKE MY TRIP (INDIA) PRIVATE LIMITED

UG-7, (Front Side), TDI Mall, Rajouri Garden

New Delhi - 110027, India

Dear Sir/Madam,

Sub: Addendum Sanction Letter

With reference to our Sanction letter ref No IBL/CAD-CBG/2013-14/11690A/Addendum dated 18^th March, 2014 and IBL/CAD-CBG/2013-14/11690/Addendum dated 07^th February, 2014 to you wherein we have conveyed the Sanctioned and enhancement of Credit Facilities in favor of your company against the terms and conditions as stipulated therein the aforesaid letter.

In the context and as per of your request, we are pleased to advice you the following addition/modification in the limits as mentioned below:

(INR In Lac)
Facility Details	Existing Limit			Revised Facility & Limits
Bank Guarantees-I (For IATA)		12,500.00			12,500.00
Bank Guarantees-II (For Other airlines)		1,500.00	*		1,500.00	*
SBLC Limit (Sub-Limit of BG II)		—			(250	)
Overdraft against Fixed deposit facility		3,000.00			3,000.00
Overdraft (OD)		1,500.00			1,500.00
Bank Guarantees-III (For Operational requirement) (Sublimit of OD Limits)		(1000.00	)		(1000.00	)
Overdraft against Card Receivables of Amex		2,000.00			2,000.00
Forward Cover Limit		6,250.00			6,250.00
MTM Threshold (@ 8% on notional)		500.00			500.00

Page 1 of 4

* Interchangeability permitted between BG II and BG I.

All other terms and conditions set out in all our earlier Sanction Letters shall remain unchanged.

All the securities created in favour of the Bank shall continue in full force and effect for the above additional/amended terms and conditions also.

You are requested to return a duplicate copy of this letter duly signed by you in token of your acceptance of the terms and conditions hereof.

Yours faithfully,		Induslnd Bank Limited
For Induslnd Bank Limited
		Shailendra Chaudhary
Anurag Mathur		(VP – Commercial Banking)
(Relationship Manager)

Accepted the aforesaid Terms and Conditions

Borrower:

For MAKE MY TRIP (INDIA) PVT. LTD.

Authorised Signatory

Accepted the aforesaid Terms and Conditions

Guarantors –

For Make My Trip Ltd (Mauritius)

Authorised Signatory

Page 2 of 4

ANNEXURE I

Terms

Make My Trip (India) Pvt. Ltd.

Type of Facility	Stand-by Letter of Credit (SBLC) limit (sub-limit of Bank Guarantee limit of INR 1,500 lacs)
Amount proposed	Rs. 250 lacs/ equivalent USD/Euro/ JPY/ CHF
Purpose	For the regular business purposes of the company.
Period of Sanction	Same as the BG limit
Tenor	Valid till 30/09/2015 (In case the SBLC extends beyond the initial expiry of the SBLC i.e. 30th September 2015, bank has a right to call for such guarantees to be covered by full cash margins from 1st October 2015.)
Cash Margin	Nil
Commission	As per banks guidelines
Other Terms	In line with the main BG limit.
Security	Same as the main BG limit
Documents	As per banks internal policies / guidelines

Special Covenants for Bank Guarantee

1. The Bank will not normally issue any guarantee that:

a. Does not contain a clause limiting the liability and the period for honoring claims, in a form approved by the Bank

b. Contains any onerous clause or places a undue liability, or is required in a format not acceptable to the Bank.

c. Requires the Bank to automatically renew / extend the guarantee

d. Relates to performance of an obligation not related to borrower’s normal business

e. The Bank has not received, to its satisfaction, documentary evidence of the underlying obligation and of the Borrowers ability to fulfil the same.

2. Payment will be made on an invoked Bank Guarantee, immediately on receipt of a valid claim, under intimation to you, by debit to your operative cash credit/ current account, for which you are obliged to make good the funds, forthwith.

3. The company and the guarantor shall undertake to provide full margin if the Bank does not want to renew the guarantee. In case of BGs issued for more than 18 months validity, the Bank has right to demand 100% cash margin in deposit, after the expiry of 18 months.

4. The borrower should submit a quarterly certificate from a practicing CA/statutory auditor that all payments/ settlements to IATA were done promptly, listing out instances of delays, beyond 3 days if any.

5. The company/ Borrower should undertake to inform the Bank immediately, by means of a special letter, in case of any adverse event as regards performance of the underlying obligation such as claims, counterclaims, dispute, cost and time overruns Court / Arbitration proceedings and the like.

 

Page 3 of 4

Sanction No: IBL/CAD-CBG/2014-15/1764

Date: October 28, 2014

To,

The Director,

MAKE MY TRIP (INDIA) PRIVATE LIMITED

UG-7, (Front Side), TDI Mall, Rajouri Garden

New Delhi - 110027, India

Dear Sir/Madam,

Sub: Addendum Sanction Letter

With reference to our Sanction letter ref No IBL/CAD-CBG/2013-14/11690A/Addendum dated 18^th March, 2014 and IBL/CAD-CBG/2013-14/11690/Addendum dated 07^th February, 2014 to you wherein we have conveyed the Sanctioned and enhancement of Credit Facilities in favor of your company against the terms and conditions as stipulated therein the aforesaid letter.

In the context and as per of your request, we are pleased to advice you the following addition/modification in the limits as mentioned below:

				(INR In Lac)
Facility Details	Existing Limit			Revised Facility & Limits
Bank Guarantees-I (For IATA)		12,500.00			12,500.00
Bank Guarantees-II (For Other airlines)		1,500.00	*		1,500.00	*
SBLC Limit (Sub-Limit of BG II)		—			(250	)
Overdraft against Fixed deposit facility		3,000.00			3,000.00
Overdraft (OD)		1,500.00			1,500.00
Bank Guarantees-III (For Operational requirement) (Sublimit of OD Limits)		(1000.00	)		(1000.00	)
Overdraft against Card Receivables of Amex		2,000.00			2,000.00
Forward Cover Limit		6,250.00			6,250.00
MTM Threshold (@ 8% on notional)		500.00			500.00

* Interchangeability permitted between BG II and BG I.

All other terms and conditions set out in all our earlier Sanction Letters shall remain unchanged.

All the securities created in favour of the Bank shall continue in full force and effect for the above additional/amended terms and conditions also.

You are requested to return a duplicate copy of this letter duly signed by you in token of your acceptance of the terms and conditions hereof.

Page 4 of 4

EX-8.1

Exhibit 8.1

Significant Subsidiaries

Name of entity	Place of incorporation	Ownership interest
1. MakeMyTrip Inc.	Delaware, USA		100	%
2. MakeMyTrip (India) Private Limited	India		100	%
3. Luxury Tours & Travel Pte Ltd	Singapore		100	%
4. MakeMyTrip FZ-LLC	United Arab Emirates		100	%
5. Luxury Tours (Malaysia) Sdn. Bhd.	Malaysia		100	%
6. Techblend Inc.	British Virgin Islands		100	%
7. Hotel Travel Limited	Malaysia		100	%
8. HTN Co., Ltd.	Thailand		100	%
9. ITC Bangkok Co., Ltd.	Thailand		100	%
10. Easy to Book Holding B.V.	Netherlands		100	%
11. Easy to Book Service B.V.	Netherlands		100	%

EX-12.1

Exhibit 12.1

Certification of Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Deep Kalra, certify that:

1. I have reviewed this annual report on Form 20-F of MakeMyTrip Limited (the “Company”);

2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the company and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting.

5. The company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the Audit Committee of the company’s Board of Directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.

Date: June 9, 2015

By:	/s/ Deep Kalra
Name:	Deep Kalra
Title:	Group Chief Executive Officer

EX-12.2

Exhibit 12.2

Certification of Chief Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Mohit Kabra, certify that:

1. I have reviewed this annual report on Form 20-F of MakeMyTrip Limited (the “Company”);

2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the company and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting.

5. The company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the Audit Committee of the company’s Board of Directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.

Date: June 9, 2015

By:	/s/ Mohit Kabra
Name:	Mohit Kabra
Title:	Group Chief Financial Officer

EX-13.1

Exhibit 13.1

Certification of Chief Executive Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of MakeMyTrip Limited (the “Company”) hereby certifies, to such officer’s knowledge, that:

(i) the accompanying annual report on Form 20-F of the Company for the year ended March 31, 2015 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 9, 2015

By:	/s/ Deep Kalra
Name:	Deep Kalra
Title:	Group Chief Executive Officer

The foregoing certification is being furnished solely to accompany the Report pursuant to 18 U.S.C. Section 1350, and is not being “filed” either as part of the Report or as a separate disclosure statement, and is not to be incorporated by reference into the Report or any other filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. The foregoing certification shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section 18 or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

EX-13.2

Exhibit 13.2

Certification of Chief Financial Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of MakeMyTrip Limited (the “Company”) hereby certifies, to such officer’s knowledge, that:

(i) the accompanying annual report on Form 20-F of the Company for the year ended March 31, 2015 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 9, 2015

By:	/s/ Mohit Kabra
Name:	Mohit Kabra
Title:	Group Chief Financial Officer

The foregoing certification is being furnished solely to accompany the Report pursuant to 18 U.S.C. Section 1350, and is not being “filed” either as part of the Report or as a separate disclosure statement, and is not to be incorporated by reference into the Report or any other filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. The foregoing certification shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section 18 or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

EX-15.1

Exhibit 15.1

Consent of Independent Registered Public Accounting Firm

The Board of Directors

MakeMyTrip Limited:

We consent to the incorporation by reference in the registration statement (No. 333-168880) on Form S-8 and (No. 333-193943) on Form F-3 of MakeMyTrip Limited of our reports dated June 9, 2015, with respect to the consolidated statements of financial position of MakeMyTrip Limited as of March 31, 2014 and 2015, and the related consolidated statements of profit or loss and other comprehensive income (loss), changes in equity and cash flows for each of the years in the three-year period ended March 31, 2015, and the effectiveness of internal control over financial reporting as of March 31, 2015, which reports appear in the March 31, 2015 annual report on Form 20-F of MakeMyTrip Limited.

/s/ KPMG

Gurgaon, India

June 9, 2015