Exhibit 4.37



LOGO

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 18th March, 2014 and IBL/CAD-CBG/2013-14/11690/Addendum dated 07th 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    |  



|     |  |            |  |     
|---- |  | ---------- |  | ----
|     |  | LOGO  LOGO |  | LOGO
|LOGO |  |           



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,         |  | LOGO |                      | Induslnd Bank Limited    
|For Induslnd Bank Limited |  |      | LOGO                
|LOGO                      |  |      | Shailendra Chaudhary
|Anurag Mathur             |  |      |                      | (VP  Commercial Banking)
|(Relationship Manager)    |  |      |                      |                          



|                                           
|-------------------------------------------
|Accepted the aforesaid Terms and Conditions
|Borrower:                                  
|ForMAKE MY TRIP (INDIA) PVT. LTD.          
|LOGO                                       
|Authorised Signatory                       
|                                           
|Accepted the aforesaid Terms and Conditions
|Guarantors                                
|For Make My Trip Ltd (Mauritius)           
|LOGO                                       
|Authorised Signatory                       



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



|     |  |  |      | 
|---- |  |  | ---- | 
|LOGO |  |  | LOGO | 



Page 3 of 4



---

LOGO

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 18th March, 2014 and IBL/CAD-CBG/2013-14/11690/Addendum dated 07th 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.



LOGO



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