Exhibit 4.32

Sanction No: IBL/CAD-CBG/2013-14/11690A/Addendum

Date: 18thMarch, 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/CBG/2013  14/ 11321dated 17thDecember, 2013 and IBL/CBG/2013  14/ 11690dated 31st January, 2014and IBL/CAD-CBG/2013  14/11690/Addendumdated 07th February, 2014to 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:



|                                           |  |                                  |  |                                                                            |  |          
|------------------------------------------ |  | -------------------------------- |  | -------------------------------------------------------------------------- |  | ---------
|Existing Facility &
Limits                 |  | Revised Facility & Limits       
|Facility                                   |  | Limits                           |  | Facility                                                                   |  | Limits   
|Bank
Guarantees-I (For IATA)               |  | 12,500.00                        |  | Bank Guarantees-I (For IATA)                                               |  | 12,500.00
|Bank
Guarantees-ll (For Other airlines)    |  | 1,500.00*                        |  | Bank Guarantees-ll (For Other airlines)                                    |  | 1,500.00*
|Overdraft
against Fixed deposit facility   |  | 3,000.00                         |  | Overdraft against Fixed deposit facility                                   |  | 3,000.00 
|Overdraft                                  |  | 1,500.00                         |  | Overdraft (OD)                                                             |  | 1,500.00 
|Overdraft
against Card Receivables of Amex |  | 2,000.00                         |  | Bank Guarantees-III (For Operational requirement) (Sublimit of OD Limits)& |  | (1000.00)
|Forward Cover Limit                        |  | 6,250.00                         |  | Overdraft against Card Receivables of Amex                                 |  | 2,000.00 
|MTM Threshold (@ 8% on notional)           |  | 500.00                           |  | Forward Cover Limit                                                        |  | 6,250.00 
|                                           |  | MTM Threshold (@ 8% on notional) |  | 500.00                                                                    

*lnterchangeability permitted between BG II and BG I.

& BG facility of INR 1000 Lacs is Sublimit of OD facility of INR 1500 Lacs.

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.



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Gurgaon-Administrative Office: IndusInd Bank Limited, 3rd Floor, Bldg. No. 10, Tower-B, DLF Cyber City, Gurgaon
122 002 (Haryana), India. Tel: (0124) 4749500 Fax: (0124) 4749595

Registered Office: 2401 Gen. Thimmayya
Road, Pune 411 001, India Tel.: (020) 2634 3201 Fax: (020) 2634 3241 Visit us at www.indusind.com



---

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,         |  |  |  |                          
|                          |  | 
|For Induslnd Bank Limited |  |  |  | Induslnd Bank Limited    
|                          |  | 
|/s/ Anuragh Mathur        |  |  |  | /s/ Shailendra Chaudhary 
|Anuragh Mathur            |  |  |  | Shailendra Chaudhary     
|(Relationship Manager)    |  |  |  | (VP  Commercial Banking)



|                                                        
|--------------------------------------------------------
|Accepted the aforesaid Terms and Conditions Borrower:   
|For MAKE MY TRIP (INDIA) PVT. LTD.                      
|                                                        
|/s/ Vikas Saini /s/ Malaya
Kumar Pallai                 
|Authorised
Signatory                                    
|                                                        
|Accepted the aforesaid Terms and Conditions Guarantors 
|For Make My Trip Ltd (Mauritius)                        
|                                                        
|/s/ Mohit Kabra                                         
|Authorised
Signatory                                    



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ANNEXURE I

Terms

Make My Trip (India) Pvt. Ltd.



|                               |  |                                                                                                                                                                                         
|------------------------------ |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Type of Facility               |  | Bank Guarantee                                                                                                                                                                          
|Nature                         |  | Financials/ Performance Guarantees                                                                                                                                                      
|Limit                          |  | INR 1000 Lacs                                                                                                                                                                           
|Purpose                        |  | To be submitted for regular business purpose.                                                                                                                                           
|Period of Sanction             |  | 12 months                                                                                                                                                                               
|Cash Margin                    |  | NIL                                                                                                                                                                                     
|Commission                     |  | 0.50% p. a. plus applicable taxes                                                                                                                                                       
|Tenor (including claim period) |  | 18 Months including claim period (In case of guarantees exceeding 18 months Bank has
the right to call for such guarantees to be covered by full cash margin from 19thmonth onwards)    
|Primary Security               |  | Exclusive charge on the assets of the company.                                                                                                                                          
|Guarantees                     |  | Corporate Guarantee of MakeMy Trip Limited (Mauritius)                                                                                                                                  
|Other Terms                    |  | 1. Company to undertake to route at least Rs.1000 crore of throughput from IBL counters.
2. Corporate Guarantee of MakeMy Trip Limited shall be obtained within 30 days of
disbursement.

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.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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