# EDGAR Filing Document

**Accession Number:** 0001495153
**File Stem:** 0000950170-25-086539
**Filing Date:** 2025-6
**Character Count:** 1256930
**Document Hash:** 60430800917d205d343e79be0d4a8e5f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-086539.hdr.sgml**: 20250616

**ACCESSION NUMBER**: 0000950170-25-086539

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 206

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250616

**DATE AS OF CHANGE**: 20250616

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MakeMyTrip Ltd
- **CENTRAL INDEX KEY:** 0001495153
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRANSPORTATION SERVICES [4700]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** O4
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34837
- **FILM NUMBER:** 251048540

**BUSINESS ADDRESS:**
- **STREET 1:** 19TH FLOOR, BUILDING NO.5,
- **STREET 2:** DLF CYBER CITY,
- **CITY:** GURGAON
- **STATE:** K7
- **ZIP:** 122002
- **BUSINESS PHONE:** 91 124 439 5000

**MAIL ADDRESS:**
- **STREET 1:** 19TH FLOOR, BUILDING NO.5,
- **STREET 2:** DLF CYBER CITY,
- **CITY:** GURGAON
- **STATE:** K7
- **ZIP:** 122002

?xml version='1.0' encoding='ASCII'? 20-F

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

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**FORM** 20-F

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**(Mark One)** 

☐ **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**or** 

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended** March 31**,** 2025

**or** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**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** 

**For the transition period from to**

**Commission file number** 001-34837

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MakeMyTrip Limited

**(Exact Name of Registrant as specified in its charter)** 

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---

| | |
|:---|:---|
| **Not Applicable** | Mauritius |
| **(Translation of Registrant's Name Into English)** | **(Jurisdiction of Incorporation or Organization)** |

---

**19**<sup>th</sup> **Floor, Building No. 5**

DLF Cyber City

Gurugram**,** India**,** 122002

**(Address of principal executive offices)** 

Mohit Kabra

**Group Chief Financial Officer**

**(**91-124**)** 439-5000

groupcfo@go-mmt.com

**19**<sup>th</sup> **Floor, Building No. 5**

DLF Cyber City

Gurugram**,** India**,** 122002

**(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.** 

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| | | |
|:---|:---|:---|
| Ordinary Shares, par value $0.0005 per share | MMYT | Nasdaq Global Market |
| **(Title of Each Class)** | **(Trading Symbol(s))** | **(Name of Each 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)** 

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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.

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| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;**Number of Shares Outstanding as of March 31, 2025** |
| Ordinary shares, $0.0005 par value per share ("ordinary shares") | 71,594,512 shares outstanding |
| Class B convertible ordinary shares, par value $0.0005 per share ("Class B Shares") | 39,667,911 shares outstanding |

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

Yes ☒ No ☐

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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 ☒

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 ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ <br> Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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 ☐ <br> by the International Accounting Standards Board ☒

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 Exchange Act).

Yes ☐ No ☒

(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 ☐

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **PAGE** |
| PART I |  |
| [<u>ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</u>](#item_1_identity_directors_senior_managem) | 9 |
| [<u>ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</u>](#item_2_fer_statistics_expected_timetable) | 9 |
| [<u>ITEM 3. KEY INFORMATION</u>](#item_3_key_information) | 9 |
| [<u>ITEM 4. INFORMATION ON THE COMPANY</u>](#item4_information_on_company) | 41 |
| [<u>ITEM 4A. UNRESOLVED STAFF COMMENTS</u>](#item_4a_unresolved_staff_comments) | 66 |
| [<u>ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</u>](#item_5_operating_financial_review_prospe) | 67 |
| [<u>ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</u>](#item_6_directors_senior_management_emplo) | 100 |
| [<u>ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</u>](#item_7_major_shareholders_related_party_) | 112 |
| [<u>ITEM 8. FINANCIAL INFORMATION</u>](#item_8_financial_information) | 115 |
| [<u>ITEM 9. THE OFFER AND LISTING</u>](#item_9_fer_listing) | 129 |
| [<u>ITEM 10. ADDITIONAL INFORMATION</u>](#item_10_additional_information) | 129 |
| [<u>ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</u>](#item_11_quantitative_qualitative_disclos) | 155 |
| [<u>ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</u>](#item_12_description_securities_or_than_e) | 156 |
| PART II |  |
| [<u>ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</u>](#item_13_defaults_dividend_arrearages_del) | 157 |
| [<u>ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</u>](#item_14_material_modifications_to_rights) | 157 |
| [<u>ITEM 15. CONTROLS AND PROCEDURES</u>](#item_15_controls_procedures) | 157 |
| <br>[<u>ITEM 16. \[RESERVED\]</u>](#item_16_reserved) | 160 |
| [<u>ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT</u>](#item_16a_audit_committee_financial_exper) | 160 |
| [<u>ITEM 16B. CODE OF ETHICS</u>](#item_16b_code_ethics) | 160 |
| [<u>ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</u>](#item_16c_principal_accountant_fees_servi) | 160 |
| [<u>ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</u>](#item_16d_exemptions_from_listing_stards_) | 161 |
| [<u>ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</u>](#item_16e_purchases_equity_securities_by_) | 161 |
| [<u>ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT</u>](#item_16f_change_in_registrants_certifyin) | 162 |
| [<u>ITEM 16G. CORPORATE GOVERNANCE</u>](#item_16g_corporate_governance) | 162 |
| [<u>ITEM 16H. MINE SAFETY DISCLOSURE</u>](#item_16h_mine_safety_disclosure) | 162 |
| [<u>ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.</u>](#item_16i_disclosure_regarding_foreign_ju) | 162 |
| [<u>ITEM 16J. INSIDER TRADING POLICIES</u>](#item_16j) | 163 |
| [<u>ITEM 16K. CYBERSECURITY</u>](#item_16k) | 163 |
| PART III |  |
| [<u>ITEM 17. FINANCIAL STATEMENTS</u>](#item_17_financial_statements) | 165 |
| [<u>ITEM 18. FINANCIAL STATEMENTS</u>](#item_18_financial_statements) | 165 |
| [<u>ITEM 19. EXHIBITS</u>](#item_19_exhibits) | 166 |
| [<u>SIGNATURES</u>](#signatures) | 169 |
| [<u>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</u>](#index_to_consolidated_financial_statemen) | F-1 |

---

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**CONVENTIONS USED IN THIS ANNUAL REPORT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 the Directorate General of Civil Aviation, the Indian governmental regulatory body for civil aviation, or the DGCA; the Telecom Regulatory Authority of India, or TRAI; the Government of India Press Information Bureau, or PIB; and the Reserve Bank of India, or RBI. References to IATA are to the International Air Transport Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We conduct our business principally through our wholly-owned Indian subsidiaries, MakeMyTrip (India) Private Limited, or MMT India, and redBus India Private Limited, or redBus India. On February 1, 2023, we completed the transfer of our Goibibo business from ibibo Group Private Limited, or ibibo India, to MMT India pursuant to a scheme of arrangement between our wholly-owned Indian subsidiaries, MMT India and ibibo India. Our redBus business was retained by ibibo India and ibibo India was subsequently renamed redBus India. References to "MakeMyTrip", "Goibibo" and "redBus" in this Annual Report refer to our MakeMyTrip, Goibibo and redBus brands and platforms, respectively.

Our other key operating subsidiaries include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Bitla Software Private Limited, or Bitla;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Book My Forex Private Limited, or Book My Forex;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•ITC Bangkok Co., Ltd., Thailand, the main operating entity of the group of companies known as the ITC Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Luxury Tours & Travel Pte. Ltd., Singapore, or Luxury Tours;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•MakeMyTrip Inc., or MMT USA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•MakeMyTrip Travel & Tourism L.L.C, or MMT UAE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Quest 2 Travel.com India Private Limited, or Quest 2 Travel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Savaari Car Rentals Private Limited, or Savaari;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Simplotel Technologies Private Limited, or Simplotel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•TripMoney Fintech Solutions Private Limited, or TripMoney.

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", "U.S.", "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 "Colombia" are to the Republic of Colombia, references to "GCC" are to the Gulf Cooperation Council, references to "Indonesia" are to the Republic of Indonesia, references to "Malaysia" are to the Federation of Malaysia, references to "Mauritius" are to the Republic of Mauritius, references to "Peru" are to the Republic of Peru, references to "Vietnam" are to the Socialist Republic of Vietnam, references to "Cambodia" are to the Kingdom of Cambodia, references to "Singapore" are to the Republic of Singapore, references to "Thailand" are to the Kingdom of Thailand and references to "UAE" are to the United Arab Emirates. References to "$", "dollars" or "US dollars" are to the legal currency of the United States, references to "Rs.," "Rupees", "INR" or "Indian Rupees" are to the legal currency of India, references to "€" are to the Euro and references to "Emirati Dirhams" are to the legal currency of the UAE. References to "2028 Notes" are to our $230.0 million in aggregate principal amount of 0.00% convertible senior notes due 2028.

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 subsidiaries, MMT India and redBus India. The functional currency of MMT India and redBus India is Indian Rupees and its revenues and expenses are denominated in that currency. We report our consolidated financial results in US dollars. 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 middle rate of Rs. 85.47 per $1.00 on March 31, 2025, as per rates available on www.oanda.com. No representation is made that the Indian Rupee amounts referred to in this Annual Report

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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 financial statements as of March 31, 2024 and 2025 and for the fiscal years ended March 31, 2023, 2024 and 2025 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" or "financial 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.

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**CERTAIN KEY PERFORMANCE INDICATORS AND NON-IFRS MEASURES** 

We refer to certain non-IFRS measures in various places within this Annual Report, including "Adjusted Operating Profit (Loss)", "Adjusted Net Profit (Loss)", "Adjusted Diluted Earnings (Loss) per Share" and constant currency results. Our key performance indicators are "Adjusted Margin" and "Adjusted Margin %" which are also non-IFRS measures referred to in various places within this Annual Report.

We evaluate our financial performance in each of our reportable segments based on our key performance indicators, Adjusted Margin and Adjusted Margin %, which are non-IFRS measures and segment profitability measures. Adjusted Margin represents IFRS revenue after adding back customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs which are reported as a reduction of revenue, and deducting the cost of procurement of services primarily relating to sales to customers where we act as the principal. Adjusted Margin % represents Adjusted Margin as a percentage of gross bookings.

As certain parts of our revenues are recognized on a "net" basis when we are acting as an agent, and other parts of our revenue are recognized on a "gross" basis when we are acting as the principal, we evaluate our financial performance in each of our reportable segments based on Adjusted Margin, which is a non-IFRS measure and a segment profitability measure, as we believe that Adjusted Margin reflects the value addition of the travel services that we provide to our customers. Income from packages, including income on airline tickets sold to customers as a part of tours and packages is accounted for on a "gross" basis as our company controls the services before such services are transferred to travelers. Revenue from the packages business which is accounted for on a "gross" basis represents the total amount paid by customers for these travel services and products, while our cost of procuring the relevant services and products for sale to our customers in this business is classified as service cost. Similarly, in our car bookings business we generally recognize revenue on a "gross" basis. See "Item 5. Operating and Financial Review and Prospects — Our Revenue, Service Cost and Expenses — Revenue."

We also refer to Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) and Adjusted Diluted Earnings (Loss) per Share which are non-IFRS measures and most directly comparable to results from operating activities, profit (loss) for the year and diluted earnings (loss) per share for the year, respectively, each of which is an IFRS measure. We use financial measures that exclude share-based compensation costs, merger and acquisitions related expenses, amortization of acquired intangibles, gain on discontinuation of equity-accounted investment, impairment provision for non-financial assets, net change in value of financial liability relating to acquisitions, change in fair value of financial asset measured at fair value through profit or loss (FVTPL), share of loss (profit) of equity-accounted investees, gain on change in carrying value of financial liabilities measured at amortized cost, interest expense on financial liabilities measured at amortized cost and income tax expense (benefit) for our internal management reporting, budgeting and decision-making purposes, including comparing our operating results to that of our competitors.

A limitation of using Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) and Adjusted Diluted Earnings (Loss) per Share instead of results from operating activities, profit (loss) for the year and diluted earnings (loss) per share for the year calculated in accordance with IFRS as issued by the IASB is that these non-IFRS financial measures exclude a recurring cost, for example, share-based compensation. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) and Adjusted Diluted Earnings (Loss) per Share. Because of varying available valuation methodologies and subjective assumptions that companies can use when applying IFRS 2 "Share based payment," management believes that providing non-IFRS measures that exclude such expenses allows investors to make additional comparisons between our operating results and those of other companies. For a description of the components and calculation of "Adjusted Operating Profit (Loss)", "Adjusted Net Profit (Loss)", and "Adjusted Diluted Earnings (Loss) per Share" and a reconciliation of these non-IFRS measures to the most directly comparable IFRS measures, see "Item 5. Operating and Financial Review and Prospects — Certain Key Performance Indicators and Non-IFRS Measures" elsewhere in this Annual Report.

Constant currency results are financial measures that are not prepared in accordance with IFRS, and assume constant currency exchange rates used for translation based on the rates in effect during the comparable period in the prior fiscal year. Because the impact of changing foreign currency exchange rates may not provide an accurate baseline for analyzing trends in our business, management believes that percentage growth in constant currency is an important metric for evaluating our operations. Constant currency is a non-IFRS measure and it should not be considered as a substitute for measures prepared in accordance with IFRS.

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We believe that our current calculations of Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss), Adjusted Diluted Earnings (Loss) per Share, Adjusted Margin, Adjusted Margin % and constant currency results represent a balanced approach to adjusting for the impact of certain discrete, unusual or non-cash items and other items such as customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs, which we believe are representative of our operating results and provide useful information to investors and analysts. We believe that investors and analysts in our industry use these non-IFRS measures and key performance indicators to compare our company and our performance to that of our global peers.

However, the presentation of these non-IFRS measures and key performance indicators 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 and key performance indicators may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation. The IFRS measures that are most directly comparable to Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) and Adjusted Diluted Earnings (Loss) per share are results from operating activities, profit (loss) for the year and diluted earnings (loss) per share for the year, respectively.

For further information and a reconciliation of these non-IFRS measures to the most directly comparable IFRS measures, see "Item 5. Operating and Financial Review and Prospects — Certain Key Performance Indicators and Non-IFRS Measures" elsewhere in this Annual Report.

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**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 "aim", "anticipate", "believe", "continue", "estimate", "expect", "is/are likely to", "intend", "may", "potential", "plan", "project", "should", "seek", "will", 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."

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 materially 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 statement, 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. [Reserved]**

**B. Capitalization and Indebtedness** 

Not applicable.

**C. Reasons for the Offer and Use of Proceeds** 

Not applicable.

**D. Risk Factors** 

You should carefully consider all of the information set forth in this section and elsewhere in this Annual Report and in the other documents we file with or furnish to the SEC before deciding to invest in or to maintain an investment in our securities. Our business, financial condition or results of operations could be materially and/or adversely affected by any of these risks, any of which could have an adverse effect on the trading price of our securities. Additional risks not presently known to us or that we currently deem immaterial may also impair our business, financial condition and results of operations.

**Summary of Risk Factors**

Our business is subject to a number of risks and uncertainties, including those described in Item 3.D. of this Annual Report. If any of those risks are realized, our business, financial condition and results of operations could be materially and adversely affected. Set forth below is a summary list of the key risks to our business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disruptions or adverse developments, events or incidents affecting our business and financial performance, the travel industry and the economy of India and elsewhere generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to maintain and expand our supplier relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to obtain additional financing to fund future operational needs and to meet our payment obligations under our 2028 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our reliance on information technology, including those from third-party systems and service providers;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our reliance on the value of our brands;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the potential for disruptive competition in various forms including but not limited to new businesses, business models or technology in the travel industry in India and worldwide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks associated with online commerce in cyber security, system interruptions and, data privacy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changing laws and regulations in India and worldwide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•political, economic and social stability in and around India and other key travel destinations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the other matters described in "Risk Factors."

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**Risks Related to Us and Our Industry** 

***Disruptions or Adverse Developments, Events or Incidents 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. Events specific to the travel industry that could negatively affect our business include changes in supply and pricing, changes in the commercial aviation landscape, fare increases, travel-related strikes, aviation accidents or labor unrest, general civil unrest, fuel price volatility and bankruptcies or liquidations of our suppliers. For example, as the domestic Indian air travel industry is concentrated among a small base of domestic airlines, adverse market developments, particularly among the larger domestic airlines, are more likely to impact our business. For instance, Go Airlines (India) Limited, or Go First, being one of our top domestic airline suppliers in prior years, suspended all of its flight operations since May 3, 2023, and filed an application for voluntary insolvency resolution proceedings. On January 20, 2025, the National Company Law Tribunal, or NCLT, ordered Go First to be liquidated. These events reduced the supply of air travel tickets available on our platform and resulted in disruptions to our customers' travel plans.

Additionally, our business is sensitive to safety concerns, and thus our business has in the past been impacted and may in the future be impacted on account of incidents of actual or threatened terrorism, political instability or conflict or other factors due to which travelers become concerned about safety. Our business, financial condition and results of operations may be adversely affected by geopolitical instability and terrorist activities in the regions we operate. See "Risk Factors — Risks Related to Operations in India — 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."

Natural disasters such as earthquakes, tsunamis, floods, landslides, cyclones and droughts, which have occurred in India and elsewhere in the past, can have an adverse impact on economic activity and travel demand in affected areas. Major public health issues, including outbreaks of disease or other epidemics or pandemics, could have a significant negative impact on our travel business. In the past, the COVID-19 pandemic and efforts to stop the spread of COVID-19 severely restricted the level of economic activity around the world, had an unprecedented significant negative impact on the global travel industry, and materially impacted our business, financial performance and liquidity position, as well as those of many of the partners on which our business relies. The travel industry globally was severely disrupted by the COVID-19 pandemic throughout much of fiscal years 2021 and 2022, which resulted in significant travel cancellations and a steep reduction of domestic and international travel.

Such events are outside our control and any future outbreak of contagious diseases or similar adverse public health developments 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 face liquidity constraints 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, for these or any other reasons, our business, financial condition and results of operations would be adversely affected.

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***Our Business, Financial Condition and Results of Operations Could Be Adversely Affected by Global Economic Conditions.*** 

Perceived or actual adverse economic conditions, including slow, slowing or negative economic growth, increase in unemployment rates, inflation and weakening currencies, the imposition of tariffs by the US on various countries and the countermeasures taken by such countries and any resulting negative impact on economy in the United States of America and rest of the world, concerns over government responses such as higher taxes and reduced government spending, could impair consumer spending and adversely affect travel demand. 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 platforms, and could have a material adverse effect on our business, financial condition and results of operations.

The global economy may be adversely impacted by unforeseen events beyond our control including incidents of actual or threatened terrorism, regional hostilities or instability, unusual weather patterns, natural disasters, political instability, war between countries and health concerns (including epidemics or pandemics), defaults on government debt, tax increases and other matters that could reduce discretionary spending, tightening of credit markets and further decline in consumer confidence. Ongoing conflicts, such as the war in Ukraine, the Israel-Hamas war and the conflict between Iran and Israel, continue to have a significant impact on oil prices, which adversely impacts the travel industry globally, including our business. In addition, the uncertainty of macroeconomic factors and their impact on consumer behavior, which may differ across regions, makes it more difficult to forecast industry and consumer trends and the timing and degree of their impact on our markets and business, which in turn could adversely affect our ability to effectively manage our business and adversely affect our results of operations. The weakness and uncertainty in the global economy has 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 or run promotions 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 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 Distribution India Enterprise Private Limited or Amadeus, Travelport Worldwide Ltd and Trip.com and its subsidiaries, global distribution system or GDS service providers, hotels, hotel suppliers, Switch (a hotel inventory distribution hub) and destination management companies, bus operators, Indian Railways and car hire companies, as well as our ability to establish and maintain relationships with new travel suppliers. In addition, we rely on a limited number of travel suppliers and aggregators to provide the majority of our accommodation and other travel products in markets outside India. A substantial portion of our revenue and Adjusted Margin is derived from fees and commissions negotiated with travel suppliers for bookings made through our platforms 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 such parties on favorable terms, 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, financial condition and results of operations. For example, we have experienced short-term disruptions in the supply of tickets from domestic airlines in the past, such as the suspension of flights from May 3, 2023 by Go First, one of our top five domestic airline suppliers for fiscal year 2023. For more information, see "Item 3. Key Information — D. Risk Factors — Risks Related to Us and Our Industry — Disruptions or Adverse Developments, Events or Incidents in the Travel Industry Could Adversely Affect Our Business and Financial Performance."

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In addition, adverse economic developments affecting the travel industry could also adversely impact our ability to maintain our existing relationships and arrangements with our suppliers. In particular, adverse changes to the overall business and financial climate for the airline industry in India due to various factors including, rising fuel costs, high taxes, non-availability of aircrafts or aircraft engines and related equipment, 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. In addition, any consolidation involving our suppliers, including in the airline industry, 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, Switch or GDS service providers will continue. In addition, our travel suppliers, Switch or GDS service providers may 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 Adjusted Margin or may require us to initiate legal or arbitral proceedings to enforce their contractual obligations, which may adversely affect our business, financial condition and results of operations. See also "Item 3. Key Information - D. Risk Factors — Risks Related to Us and Our Industry — Some of Our Airline Suppliers (Including Our GDS Service Providers) 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 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. 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 Experience Operating Losses in the Future.*** 

We sustained operating losses in fiscal years from 2013 to 2022 and in all our fiscal years prior to and including fiscal year 2010. While we generated operating profits in fiscal years 2011, 2012, and consecutively in 2023, 2024 and 2025, driven by robust growth in our revenue due to strong travel demand in India for both domestic and international outbound travel, there can be no assurance that we will continue to be profitable or will be able to sustain our recent revenue growth rates. We expect to continue making investments in mobile technology, marketing and sales promotion (including brand building) and customer acquisition programs and expanding our hotels and packages offerings as part of our long-term strategy to increase the contribution of our hotels and packages business and to increase the share of outbound travel from India. The degree of increases in these expenses will be largely based on anticipated organizational growth and revenue trends, the competitive environment, pricing trends and trends in online penetration of the Indian travel market. In recent years, we made significant investments in our ongoing customer inducement and acquisition programs, such as cash incentives and select loyalty programs, to accelerate growth in our business in response to increased competition in the domestic travel market in India. Any decrease or delay in generating additional sales volumes and revenue could result in substantial operating losses. In addition, we have undertaken a number of strategic initiatives to pursue long-term market share growth opportunities as described in "Item 4. Information on the Company—B. Business Overview—Our Strategy." We cannot assure you that we will be able to effectively manage our growth, execute all these strategies successfully or that our new business initiatives will be successful. If we are not able to manage our growth or execute our strategies effectively, our expansion plans may not be successful and our business and prospects may be materially and adversely affected.

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

The market for travel services and products is highly competitive. We compete with established and emerging providers of travel services and products, including other online travel agencies such as 'agoda', 'airbnb', 'Booking.com', 'cleartrip', 'EaseMyTrip', 'Expedia', 'ixigo', 'Yatra' and offline traditional travel agencies, tour operators and travel suppliers. We also face potential competition from payment platforms, online marketplaces, search engines and intermediaries that also offer travel services. Many large, established internet search engines who offer travel services and meta-search companies that can aggregate travel search results also compete with us for customers. Consumers may favor travel services offered by meta-search platforms, search companies or artificial intelligence chatbots over online travel companies such as ours, which could reduce traffic to our online platforms and require us to further increase our expenditures on marketing and other customer acquisition.

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. Certain of our competitors have launched brand marketing campaigns to increase their visibility with customers. In addition, many large airlines and hotel chains have launched initiatives, such as increased discounting, loyalty benefits and incentives, to encourage consumers to book air tickets and accommodations directly through their own websites. Increased competition in the travel industry may also require us to significantly increase our spending on marketing and sales promotion expenses to promote transactions. Discounting and couponing coupled with a high degree of consumer shopping behavior is particularly common in Asian markets we operate in, while brand loyalty in such markets is less important. In some cases, our competitors are willing to make little or no profit on a transaction, or offer travel services at a loss, in order to gain market share. 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 to us. From time to time, we may be required to reduce service fees and commissions charged to our customers or suppliers in order to compete effectively and maintain or gain market share.

Over the years, there has been a proliferation of new channels through which accommodation providers can offer reservations as the market for travel services has evolved. For example, several leading online travel companies now allow alternative accommodation property owners, particularly individuals, to list accommodations on their platforms, which has resulted in direct competition with our alternative accommodation services. Further, we may also face increased competition from new entrants in our industry, some of whom may offer discounted rates and other incentives from time to time. 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, financial condition and results of operations may be adversely affected.

Some of our travel suppliers are seeking to decrease their reliance on distribution intermediaries like 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 directly from supplier-related channels.

We also compete with the 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, financial condition and results of operations may be adversely affected.

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***We Have Incurred and May Continue to Incur Significant Expenses to Grow Our Businesses, Including Marketing and Sales Promotion Expenses.***

In order to drive our growth strategy in the hotels business, in the past we have incurred increased marketing and sales promotion expenses. Over the last few years, we have also made significant investments in customer acquisition through our customer inducement programs such as cash incentives and select loyalty program incentive promotions, to accelerate growth in our business in response to increased competition in the domestic travel market in India. We may continue to incur such expenses in future, including expenses associated with our strategy of converting our traditional offline customers into online customers. We have incurred and expect to continue to incur expenses associated with customer inducement and acquisition programs primarily in our air ticketing, hotels and packages business to offer cash incentives and select loyalty program incentive promotions from time to time on our booking platforms. We may also increase our marketing and sales 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. We may also be required to lower our fees and commissions charged to hotel suppliers to retain and increase our market share in response to competitors that are able to negotiate better rates and higher performance linked and other incentives from such suppliers, including new entrants with greater financial resources than us. We may also incur increasing marketing and sales promotion expenses as we grow our redBus business in India as well as overseas, which competes with various national and regional competitors.

***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 a variety of third-party systems, service providers and software companies. These include our GDS service providers and other electronic central reservation systems used by airlines, various offline and online channel managing systems, Switch and reservation systems used by hotels and accommodation suppliers and aggregators. We also rely on systems used by Indian Railways, systems used by bus and car operators and aggregators, technologies used by payment gateway providers, as well as systems used by the local transit authorities, amusement parks, tourist attractions. In particular, we rely on third parties and their systems to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•enable searches for airfares and process air ticket bookings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•process hotel reservations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•process bus ticket bookings, car rental reservations and services under activities and experiences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•process credit card, debit card, net banking, e-wallet and other modes of online payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide information technology infrastructure critical to our business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 Strategic Investments and Acquisitions May Not Bring Us Anticipated Benefits, and We May Not Be Successful in Pursuing Future Investments and Acquisitions.*** 

Part of our growth strategy is the pursuit of strategic investments and acquisitions, and we have made a number of investments and acquisitions in the past. For example, in January 2017, we acquired ibibo Group Holdings (Singapore) Pte. Ltd. or, ibibo Group, which provides online travel services. In July 2018, we acquired Bitla, which provides technology support for bus operators. In April 2019, we acquired a majority equity interest in Quest 2 Travel, which provides travel solutions for various corporates across India, and now hold 100% of the equity interest in Quest 2 Travel. In April 2022, we acquired a majority interest in Book My Forex, which offers currency exchange, multi-currency prepaid forex cards, and cross border remittances, as well as other ancillary products, to Indians travelling abroad. In September 2022, we acquired an additional equity interest in Simplotel,

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which is engaged in building websites and booking technology for hotels, and now hold a majority equity interest in Simplotel. In December 2023, we acquired a majority equity interest in Savaari which is engaged in the business of providing car rental services in India. In February 2025, we acquired a corporate travel and expense management business on a going concern basis, operated through the "HAPPAY" brand.

We believe that our investments and acquisitions serve to strengthen our presence in key geographic markets and expand the travel products and services that we offer to our customers. However, there can be no assurance that our investments and acquisitions will achieve their anticipated benefits. We may not be able to integrate acquired operations, personnel and technologies successfully or effectively manage our combined business following the acquisition. Our investments and acquisitions may subject us to uncertainties and risks, including potential ongoing and unforeseen or hidden liabilities, diversion of management resources and cost of integrating acquired businesses. We may also experience difficulties and additional expenses associated with supporting legacy products and hosting infrastructure of the acquired business and retaining suppliers and customers of the acquired business. For example, we acquired a group of companies known as the Hotel Travel Group in 2012, which experienced a significant reduction in its operations and that resulted in the recognition of an impairment of goodwill and brands of $14.6 million in fiscal year 2017. In addition, in the fiscal year 2020, we performed a quantitative assessment of goodwill and, following that assessment, we recorded an impairment charge of our goodwill amounting to $272.2 million primarily related to our Goibibo business, which we had acquired in fiscal year 2017, though this non-cash charge did not affect our long-term operating plans for the Goibibo brand. We plan to continue to drive synergies across our portfolio of multiple brands on the path of disciplined and financially sustainable growth while making appropriate investments to drive online penetration in various travel segments to support the long-term growth of our company.

We may not succeed in implementing our strategy of growth through strategic investments and acquisitions in the future, 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. Any failure to achieve the anticipated benefits of our past investments and acquisitions or to consummate new investments and acquisitions in the future could negatively impact our ability to compete in the travel industry and have a material adverse effect on our business.

For details on our investments and acquisitions, see "Item 4. Information On the Company — History and Development of the Company — Investments, Acquisitions and Disposals."

***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 and redBus India, our key operating subsidiaries, 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 will affect our results of operations. In fiscal year 2025, the average value of the Indian Rupee as compared to the US dollar depreciated by approximately 2.1%. The drop in the average value of the Indian Rupee as compared to the US dollar and other foreign currencies in fiscal years 2023, 2024 and 2025 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, loans and borrowings and cash and cash equivalents.

Based on our operations in fiscal year 2025, a 10.0% appreciation of the US dollar against the Indian Rupee as of March 31, 2025, assuming all other variables remained constant, would have decreased our profit for fiscal year 2025 by $19.7 million. Similarly, a 10.0% depreciation of the US dollar against the Indian Rupee as of March 31, 2025, assuming all other variables remained constant, would have increased our profit for fiscal year 2025 by $19.7 million.

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 financial condition and results of operations, which we report in US dollars.

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***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 for customer service support for all flights (domestic and international), hotel reservations and packages, bus ticketing, car hire, rail and other services 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.

Additionally, many of our contracts with the outsourcing service providers have short notice periods. 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 match our expectations or 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, disrupt, and adversely affect our business, financial condition and results of operations.

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

The markets in which we compete are characterized by rapidly changing technology, evolving industry standards, competitor consolidation, frequent new service announcements and changing consumer demands. We may not be able to keep up with these rapid changes. In addition, these market characteristics are heightened by the progress of technology adoption in various markets, including the continuing adoption of the internet and online commerce in certain geographies and the emergence and growth of the use of smartphones and tablets for mobile e-commerce transactions, including through the increasing use of mobile applications. New developments in other areas, such as cloud computing, the use of artificial intelligence could make entering our markets easier for competitors due to lower upfront technology costs. As a result, our future success depends in part on our ability to adapt to rapidly changing technologies, to adapt our services and online platforms to evolving industry standards and to continually innovate and improve the performance, features and reliability of our services and online platforms in response to competitive service offerings and the evolving demands of the marketplace. In particular, it is increasingly important for us to effectively offer our services on mobile devices through mobile applications and mobile-optimized websites. Any failure by us to successfully develop and achieve customer adoption of our mobile applications and mobile optimized websites would have a material and adverse effect on our growth, market share, business and results of operations. We believe that ease-of-use, comprehensive functionality and the look and feel of our mobile applications and mobile-optimized websites are increasingly critical as consumers obtain more of their travel and related services through mobile devices. As a result, we intend to continue to invest in the maintenance, development and enhancement of our websites and mobile platforms. Such investments may be more costly than we expect and might result in negative financial impact. Further, technical innovation often results in bugs and other system failures. Any such bug or failure, especially in connection with a significant technical implementation could result in loss of business, harm to our brands or reputation, customer complaints and other adverse consequences, any of which could adversely affect our business, financial condition and results of operations.

Our MakeMyTrip, Goibibo and redBus platforms are hosted on Amazon Web Services, or AWS, which provides a high degree of reliability, security and scalability and helps us to maintain adequate capacity, however, the ability to restore any disruption of these services is therefore outside of our control. In addition, we license from third-parties some of the technologies incorporated into our platforms, and there can be no assurance that we will be able to renew such licenses on favorable terms or at all. 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.

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***Our Use of Artificial Intelligence, Machine Learning and Automated Decision-Making May Give Rise to Legal, Business and Operational Risks. Legal, Regulatory, Social and Ethical Issues Relating to the Use of Artificial Intelligence and Machine Learning Technologies in our Offerings and Business May Result in Reputational Harm and Liability.***

We have begun incorporating the use of artificial intelligence tools and technologies into our business operations, including in relation to features such as personalized travel recommendations and product pricing. The use of artificial intelligence in our business presents risks and challenges, including that algorithms may be flawed, datasets may be insufficient, erroneous, stale, or contain biased information, or content chosen for display to customers by artificial intelligence systems may be discriminatory, offensive, illegal, or otherwise harmful. In addition, we may face operational risks with integrating artificial intelligence tools and technologies into our platform. These deficiencies and other failures of artificial intelligence systems could subject us to competitive harm, regulatory action, legal liability, brand or reputational harm. In addition, artificial intelligence is complex and rapidly evolving, and there is no guarantee that our artificial intelligence focused initiatives will be competitive or attract more customers to our platform.

***Some of Our Airline Suppliers (Including Our GDS Service Providers) 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 or incentives earned from our GDS service providers. Our airline suppliers may reduce or eliminate the commissions and incentive payments they pay to us. Over the last few years, airlines in India have reduced the base commissions paid to travel agencies, which has had an adverse impact on our business. In addition, some airlines have recently started to offer air tickets at discounted or lower rates on their own booking platforms. If airlines continue to move away from distribution through GDS service providers and use other distribution channels, it may result in a decrease in our fees or incentives earned from our GDS service providers.

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. 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 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 brands, "MakeMyTrip", "Goibibo", and "redBus", is critical to retain and expand our business. We believe that our brands are well respected and recognized in the travel market. We have invested in developing and promoting our brands and expect to continue to incur expenses to maintain our brands' 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 brands are not well known. 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. 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, financial condition and results of operations.

Negative events or circumstances could also adversely affect consumer perception and the value of our brands. Unfavorable publicity regarding, among other things, our business model, product offerings, customer service and support, sales and marketing activities, platform quality, ownership, privacy or security practices, regulatory compliance and financial or operating performance could adversely affect our reputation. Such negative publicity could also harm the size of our network and the engagement and loyalty of our users that utilize our platform, which could adversely affect our business, financial condition and results of operations. In addition, the foregoing risks are increased by the widespread use of social media and the increasing incidence of fake or unsubstantiated news, particularly on social media and other online platforms.

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See also "Item 3. Key Information — D. Risk Factors — Risks Related to Us and Our Industry — We Cannot Be Sure That Our Intellectual Property Is Protected from Copying or Use by Others, Including Current or Potential Competitors, and We May Be Subject to Third Party Claims for Intellectual Property Rights Infringement".

***We May Not Be Successful in Implementing Our Growth Strategies.*** 

Our growth strategies involve expanding our flights, hotels and packages business including through our travel agents' network, franchise owned stores and in particular, our outbound air ticketing and hotels business for overseas travel, 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. Any softening of supply or demand of travel products and services that we offer to our customers whether caused by events outside of our control, challenging macroeconomic and political conditions, public health crises such as pandemics, and any of the other factors described in the risk factors set forth in "Item 3. Key Information — D. Risk Factors," may result in decreased revenue and our business, results of operations, and financial condition could be adversely affected.

Our success in implementing our growth strategies is affected by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to increase our customer base or drive repeat bookings from our existing customer base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the growth of the internet and mobile technology as a medium for commerce in India;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to maintain relationships with our suppliers, including international hotel suppliers, online travel agents and aggregators outside India, particularly in key outbound destinations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to compete effectively with existing and new entrants to the Indian travel industry, including online travel companies, hotel room aggregators, traditional offline travel agents and tour providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to build or acquire required technology and adapt to new technological developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in our regulatory environment and tax related laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to attract and retain key personnel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the management and operation of our franchisee-owned travel stores.

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 and bus ticketing business, which has generally outpaced our air ticketing business and is a relatively higher margin business, may not grow at a pace to affect our overall growth in the short term.

We are also subject to additional risks involved in our strategies of expanding into new geographic markets and pursuing strategic partnerships and acquisitions. See "Item 3. Key Information — D. Risk Factors — Risks Related to Us and Our Industry— Our International Operations Involve Additional Risks" and "— Our Strategic Investments and Acquisitions May Not Bring Us Anticipated Benefits, and We May Not Be Successful in Pursuing Future Investments and Acquisitions."

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***Our International Operations 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 operations in the UAE in December 2009. We plan 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 had previously entered into new geographies in Southeast Asia, in Europe and in Latin America through our acquisitions of Luxury Tours, the ITC Group, the Hotel Travel Group, the EasyToBook Group and the redBus entities in Peru, Colombia, Vietnam and Cambodia. These acquisitions have not always yielded the benefits that we anticipated. For example, after we acquired the Hotel Travel Group in 2012, we experienced a significant reduction in its operations and that resulted in the recognition of an impairment of goodwill and brands of $14.6 million in fiscal year 2017.

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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•differences in consumer preferences in such markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increased risk to and limits on our ability to enforce our intellectual property rights in such markets;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•currency exchange rate fluctuations.

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

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

A portion of the traffic to our websites is driven by Google, and, to a lesser extent, we use other search and meta-search websites and social websites to generate traffic to our websites, principally through pay-per-click advertising campaigns. The pricing and operating dynamics on these search and metasearch websites can experience rapid change commercially, technically and competitively. For example, Google frequently updates and changes the logic, which determines the placement and display of its search results, such that the placement of links to our websites can be negatively affected and our costs to improve or maintain our placement in search results can increase. Changes by Google in how it presents travel search results, including its promotion of its travel metasearch services, or the manner in which it conducts the auction for placement among search results, may be competitively disadvantageous to us and may impact our ability to efficiently generate traffic to our websites, which in turn would have an adverse effect on our business, market share and results of operations. Similarly, changes by our other search and meta-search partners in how they present travel search results or the manner in which they conduct the auction for placement among search results may be competitively disadvantageous to us and may impact our ability to efficiently generate traffic to our websites. In addition, the increased incorporation of artificial intelligence technology and tools, including different engine optimization methods in search, may result in changes in search outcome and how they are presented on search results as well as changes in consumer search habits. These changes may require us to make ongoing efforts and investments to ensure that we generate the desired level of traffic to our website. If we fail to effectively and efficiently adapt to these changes, our business may be negatively impacted.

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In addition, we rely on various third-party distribution channels (such as marketing affiliates) to distribute hotel accommodation and airline ticket reservations. Should one or more of such third parties cease distribution of reservations made through us, or suffer deterioration in its search or meta-search ranking, due to changes in search or meta-search algorithms or otherwise, our business, financial condition and results of operations could be adversely affected.

***Processing, Storage, Use and Disclosure of Personal Data by Us and Our Third-Party Providers Exposes Us to Risks of Internal or External Security Breaches and Could Give Rise to Liabilities****.*

The confidentiality, integrity and availability of our information technology infrastructure, networks, hardware and software (collectively, "IT Systems"), are crucial for engaging in electronic commerce and maintaining the trust of consumers and travel service providers. Some of our critical IT Systems and confidential information are managed or controlled by third parties, such as our business partners, vendors and service providers. Any cyberattack or security breach, whether internal or external, targeting our systems or the systems of these third parties, could have a significant negative impact on our business, financial condition, results of operations, brands and market share. It is possible that breaches or disruptions could occur due to circumvention capabilities, developments or our own actions, which could compromise confidential information or third-party data that we handle. For example, third parties may attempt to fraudulently obtain sensitive information, such as usernames, passwords or credit card details, from our employees, travel service provider partners or customers, which could be used to access our IT Systems or defraud our partners and customers. Furthermore, defects or vulnerabilities in the hardware, software and applications we use, whether developed internally or procured from third parties, could unexpectedly impact the security and operation of our IT Systems or those of third parties with whom we interact.

We frequently encounter attempts to breach our security infrastructure through website attacks, phishing scams and denial of service incidents, and we anticipate facing other cyberattacks and security breaches in the future. These risks are expected to increase as we expand our offerings, integrate products and services and handle more confidential information. Despite our efforts to safeguard the security, integrity and availability of our IT Systems and confidential information, we may not always be successful in doing so. Legitimate attempts to book reservations through our services may inadvertently be rejected. Such incidents could have a significant negative impact on our business, financial condition and results of operations. Our existing security measures may not be successful in preventing breaches, as evidenced by high-profile security breaches experienced by other major companies in recent years, which exposed their systems, information and personal data of their customers and employees. We allocate significant resources to mitigate the risks of cyberattacks and security breaches, and may need to increase our investments in security to enhance the protection of our systems, meet evolving compliance requirements and address problems and liabilities arising from breaches. Advances in technology or other developments could potentially compromise or breach our security technology. Managing these challenges is expected to become more complex as we expand our geographical presence and diversify our range of products and services. Threat actors are becoming increasingly sophisticated, utilizing tools and techniques such as artificial intelligence to bypass security controls, avoid detection and obscure forensic evidence. This makes it more difficult for us to promptly and effectively detect, identify, investigate, contain and recover from future cyberattacks and incidents. Furthermore, the continued prevalence of remote working globally for our customers, employees and critical third parties has amplified the risk of threat actors engaging in social engineering and exploiting vulnerabilities commonly found in non-corporate networks.

A party, whether internal, external or unrelated, with the ability to bypass our security systems could cause severe harm to our IT Systems. This damage could impair our ability to provide services and prevent consumers from making reservations or conducting searches on our platform. Such breaches could result in the loss of crucial customer, financial or other data, which could significantly and adversely impact our business operations, compliance with commercial obligations and timely fulfillment of public reporting requirements. Security breaches may also lead to negative publicity, reputational damage, financial losses, legal actions, regulatory investigations, penalties and sanctions. Additionally, such incidents may erode consumer trust in our security measures, prompting them to choose our competitors' services instead. These outcomes would have a detrimental effect on our business, financial condition, results of operations, brands and market share. Our insurance coverage may not be sufficient to fully compensate us for all costs and losses resulting from security breaches.

We have entered into agreements with banks and certain companies that handle the processing of customer credit and debit card transactions to facilitate customer bookings for travel products and services on our platform. However, we may be liable for accepting fraudulent international credit cards on our platforms. In the fiscal year 2025, we experienced losses amounting to $0.3 million due to unauthorized credit and debit card transactions.

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These losses were associated with disputed settlements and refunds resulting from credit card or digital commerce fraud committed by third parties primarily on our platforms. These fraudulent activities primarily involved the purchase of air tickets and hotels and packages products using counterfeit credit cards. Additionally, we may encounter other payment disputes with customers for such sales. If we fail to effectively combat the usage of fraudulent credit cards, our revenue from these transactions could be at risk, as demands from relevant banks and credit card processing companies may arise. Consequently, our business, financial condition and results of operations may be adversely affected.

We are exposed to risks related to security breaches affecting third parties engaged in online business activities. As consumers are generally concerned about security and privacy online, any publicized security issues could potentially diminish their willingness to provide personal information or engage in commercial electronic commerce transactions as a whole, including through our services. Some of our business operations involve collaborating with third-party marketing affiliates that may generate travel reservations using our infrastructure or other systems. Moreover, security breaches at third parties such as travel service providers, payment processors, Switch and GDS service providers, that we rely on could impact consumers utilizing our services. If a security breach were to occur at any of these third-party marketing affiliates, travel service providers, payment processors, Switch, GDS service providers or other third parties, it could be perceived as a breach of our own systems by consumers. Such incidents could result in negative publicity, trigger notification requirements, harm our reputation, expose us to the risk of losses or litigation and potentially subject us to regulatory penalties and sanctions. Furthermore, these third parties may not adhere to applicable disclosure and other requirements, which could expose us to liability.

***Regulations, Guidance and Practices for the Use of "Pixels," "Cookies" and Similar Technologies Could Negatively Impact the Way We Do Business.*** 

Our website and mobile applications rely on technologies such as tracking pixels, cookies, and other similar tools to collect user data, enhance security, personalize user experiences, support targeted marketing, and improve conversion rates. However, the regulatory and technological landscape surrounding these tools is rapidly evolving. At the same time, regulators across various regions have enacted privacy laws that impose limitations on how such data collection tools can be used. See "Risk Factors — Risks Related to Us and Our Industry — Changing Laws, Rules and Regulations and Legal Uncertainties in India May Adversely Affect Our Business and Financial Performance." In addition to regulatory changes, there has been a noticeable increase in legal actions challenging the use of cookies and similar technologies. These legal and regulatory pressures may restrict our ability to deliver personalized advertising and targeted campaigns, hinder our efforts to optimize platform performance, and potentially degrade the overall user experience. Furthermore, the broader industry shift toward a privacy-centric, cookie-less digital environment introduces new challenges to our data-driven strategies and models. These developments could significantly impact how we engage with users and measure success across our digital platforms.

***System Interruption in Our Information Systems and Infrastructure including System Capacity Constraints May Harm Our Business.*** 

We rely significantly on IT Systems to manage consumer traffic to our websites and mobile platforms and 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 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.

Further, the consumer traffic to our websites and through our mobile platforms continues to increase. If our systems cannot be expanded to cope with increased demand or fail to perform, we could experience unanticipated disruptions in service, slower response times, decreased customer service and customer satisfaction and delays in the introduction of new services, any of which could impair our reputation, damage our brands and materially and adversely affect our results of operations. If we were to experience frequent or persistent system failures, our reputation and brands could be harmed.

Our computer hardware for operating our services is currently located at hosting facilities in India. 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 (e.g., ransomware), sabotage, break-ins and electronic intrusion attempts from both

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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 all 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 Cannot be Sure That Our Intellectual Property is Protected from Copying or Use by Others, Including Current or Potential Competitors, and We May be Subject to Third Party Claims for Intellectual Property Rights Infringement.*** 

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 any intellectual property protection. We protect our logos, brand names, 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 either offline or through the internet, and policing unauthorized use of our content and technological customizations is difficult and expensive.

We have registered the domain names <u>www.makemytrip.com</u>, <u>www.makemytrip.ae</u>, <u>www.makemytrip.com.sg</u>, <u>www.goibibo.com</u>, and www.redbus.in, and have full legal rights over all these domain names for the period for which such domain names are registered. We primarily conduct our business under the "MakeMyTrip," "Goibibo" and "redBus" brand names and logos. We have registered the trademark "MakeMyTrip," "Goibibo" and "redBus" in India, Australia, Canada, certain member states of the European Union, Russia, Singapore, the USA and various other jurisdictions, and we have other trademark applications pending in these jurisdictions.

Our key logos are also registered trademarks in India, including "MakeMyTrip", "MMTBLACK", "MyBiz", "go-mmt", "GoStays", "GoIbibo", "Ibibo", "MAKEMY", "MYTRIP", "goTribe", "GoCash", "redbus.in", "redRail" and "Primo". To protect the marks of MakeMyTrip, Goibibo and redBus, we file objections before the trademark registry from time to time against deceptively similar trademarks.

We cannot be sure that our trademarks or domain names 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. See also "Item 8. Financial Information – Consolidated Statements and Other Financial Information – Legal Proceedings – Other Proceedings – Petition filed against Booking.com and Google LLC & Google India." 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.

Third parties may assert that our services, products, and technology, including software, processes and domain names, violate their intellectual property rights. As competition in our industry increases and the functionality of technology offerings further overlaps, such claims and counterclaims could increase. There can be no assurance that we do not or will not inadvertently infringe on the intellectual property rights of third parties. Any intellectual property claim against us, regardless of its merit, could have an adverse effect on our business, financial condition and results of operations and can be expensive and time consuming to defend. Our failure to prevail in such matters could result in loss of intellectual property rights, judgments awarding substantial damages and injunctive or other equitable relief against us, or require us to delay or cease offering services or reduce features in our services.

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***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. Our bus ticketing business is less impacted by seasonality. As a result, quarter-to-quarter comparisons of our results may not be meaningful.

***Changing Laws, Rules and Regulations and Legal Uncertainties in India 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 and results of operations, to the extent that we are unable to suitably respond to and comply with such changes in applicable law and policy. Changes in laws, rules or regulations may subject us to greater compliance costs and regulatory risks.

We are subject to proceedings and notices under the Motor Vehicles Act, 1988, or the MV Act, challenging the status of our redBus business, and may be subject to similar challenges in future for our redBus and Savaari businesses. See also "Item 8. Financial Information – Consolidated Statements and Other Financial Information – Legal Proceedings – Other Proceedings – Writ petition filed in the Delhi High Court regarding applicability of the Motor Vehicles Act, 1988, as amended, or the MV Act, to the redBus business." In addition, amendments to the MV Act which became effective in 2019 and 2020, and the Motor Vehicle Aggregator Guidelines, 2020, or the MVA Guidelines, issued thereunder, introduced a license requirement for "aggregators", defined as digital intermediaries or market places for passengers to connect with drivers for transportation. The MVA Guidelines specify compliance requirements with respect to the aggregator's online platform, including safety features, data storage in India, fare regulation and responsibilities with respect to drivers on the platform. In the event any portion of our business is deemed to require a license under any covered categories in the MV Act or the MVA Guidelines, we may be required to obtain a license and comply with conditions therein. Although we believe that our business is compliant with applicable laws, depending on the outcome of the above-mentioned proceedings, as well as amendments to the MV Act or any other applicable laws, we may be required to adhere to additional compliance requirements.

The Consumer Protection Act, 2019, along with the Consumer Protection (E-Commerce) Rules, 2020, or the CPA, regulates matters relating to consumer rights, unfair trade practices and false or misleading advertising, and also establishes regulatory authorities, including to address complaints, conduct investigations and adjudicate disputes. The rules impose obligations on marketplace and inventory e-commerce entities and sellers relating to the conduct of business and disclosure of information. In addition, the Government of India, invited comments in June 2021 on draft amendments to the Consumer Protection (E-Commerce) Rules, 2020, which include various compliance requirements, including registration of e-commerce entities, restrictions on certain sales and marketing activities and disclosure requirements. The timing or impact of such amendments, which remain in draft form, are not yet certain. We may incur increased compliance costs in order to comply with these new requirements, which may also require significant management time and other resources, and any failure to comply may adversely affect our business, financial condition and results of operations. The Central Consumer Protection Authority, a regulatory authority established under the CPA, issued guidelines in 2023 to prevent and regulate certain "dark pattern" practices, and is applicable to all platforms offering goods and services in India, advertisers and sellers. These practices include false urgency, basket sneaking, confirm shaming, forced action, subscription trap, interface interference and others. Such new requirements may further evolve and be subject to varying interpretation and may cause us to incur increased compliance costs and make changes to our products, practices or other aspects of our business, and any failure to comply may adversely affect our business. Further, while we are in our view, fully compliant with the CPA and the laws and regulations framed thereunder, we face risks of interpretations being taken of the CPA and subordinate legislation which may not be consistent with our interpretation, and also risk of enforcement authorities providing relief to customers under the CPA over and above what the CPA and subordinate legislation may provide.

The growth and development of e-commerce may result in more stringent consumer protection laws that may impose additional burdens on internet businesses generally. India's Department of Promotion of Industry and Internal Trade, Ministry of Commerce and Industry invited comments on a draft National e-Commerce Policy in

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2019, which addresses topics, such as data and e-commerce regulation. The timing or impact of this policy, which remains in draft form, is not yet certain. Any such changes could have an adverse effect on our business and financial performance.

Pursuant to amendments in April 2020, India's foreign direct investment policy (FDI Policy) and the Indian Foreign Exchange Management Act, 1999 (or the FEMA), prior government approval is required for any non-debt investment into India by non-resident entities from countries that share a land border with India or where the beneficial owner of such an investment is situated in or is a citizen of any such country, as well as for any transfer of any such proposed or existing non-debt investment, directly or indirectly, that would result in ownership by any such non-resident entity or beneficial owner. The list of land border countries includes Afghanistan, Bangladesh, Bhutan, the People's Republic of China, Myanmar, Nepal and Pakistan. This approval requirement applies to investments in all sectors, including those that previously did not require such approval, such as travel and tourism. The term "beneficial owner" has not yet been defined for purposes of the FDI Policy and the FEMA. If our holding company is deemed to be an entity with a beneficial owner restricted by these amendments, prior government approval will be required for investments in non-debt instruments in our direct and indirect Indian subsidiaries and group entities, including MMT India and redBus India, as well as for any such proposed investments or acquisitions by us or our affiliates, including MMT India, redBus India and affiliates which are not resident in India. Investments in our ordinary shares, including upon conversion of our Class B shares or our 2028 Notes, and our Class B shares would be deemed to be non-debt investments into our Indian subsidiaries, including MMT India and redBus India. Accordingly, under the current FDI Policy and the FEMA rules, any proposed holder of our ordinary shares or our Class B shares that is a non-resident entity from a country that shares a land border with India or where the beneficial owner of such an investment is situated in or is a citizen of any such country would need to obtain prior government approval in India, and any holder or beneficial owner of our 2028 Notes that is a non-resident entity from a country that shares a land border with India or where the beneficial owner of such an investment is situated in or is a citizen of any such country will not be able to convert such notes into ordinary shares without such approval.

The Digital Personal Data Protection Act, 2023, or DPDP Act, which will become effective upon notification by the Government of India, regulates data fiduciaries and processors and data localization, provides Indian citizens with the right to access, correct or require deletion of their personal data, and establishes a data protection board. The DPDP Act and related legislation may require us to change our business practices and marketing initiatives and incur significant compliance costs.

Our subsidiary, Book My Forex Private Limited, provides foreign exchange services. This sector is highly regulated in India under applicable Reserve Bank of India regulations, including penalties for non-compliance and broad enforcement powers for regulatory authorities.

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, financial condition and results of operations 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.

***Changing Tax Laws, Rules and Regulations, Including Adverse Application Thereof, May Adversely Affect Our Business and Financial Performance.*** 

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 India, Mauritius, UAE, Kingdom of Saudi Arabia or KSA, the United States, Malaysia, Thailand, Singapore, Peru, Colombia, Vietnam, Cambodia and Indonesia. 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.

The application of various Indian and international tax laws, rules and regulations to our services and products is subject to interpretation by the applicable taxing authorities. In India, tax authorities may issue notices calling for information for scrutiny within fifteen months from the end of the relevant financial year, which may

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be further extended up to six years for different tax returns and under specified circumstances. In addition, tax authorities may dispute claims or positions taken in the tax returns filed due to divergent interpretations of provisions of law or otherwise. We have received notices from Indian tax authorities for demands of service tax and goods and service tax on certain matters, some of which relate to the travel industry in India and involve complex interpretations of law. We have also received notices and various assessment orders from the Indian income tax authorities, to which we have responded. See "Item 8. Financial Information — A. Consolidated Statements and Other Financial Information — Legal Proceedings — Tax Proceedings."

Our business, financial condition and results of operations could be materially and adversely affected if we become subject to a significant amount of unanticipated tax liabilities. For example, under the India General Anti Avoidance Rules, or GAAR, which came into effect on April 1, 2017, any income accruing or arising from transfer of investments made before April 1, 2017 is exempted from GAAR provisions. If the GAAR provisions are applied to such arrangements or to our Indian subsidiaries, this could result in the denial of tax benefits, amongst other consequences, which could have an adverse impact on our business and financial performance.

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 result could increase our tax liabilities (prospectively or retrospectively) and reporting obligations, including requirements to provide information about travel suppliers, customers, and transactions on our technology platform. The outcome of these changes may have an adverse effect on our business or financial performance, including a decrease in demand for our products and services if we pass on such costs to the consumer; an increase in the volume and cost of our tax reporting and compliance obligations; or limit the scope of our business activities if we decide not to conduct business in particular jurisdictions.

UAE's corporate tax legislation has become applicable to our entities in UAE since April 1, 2024. The legislation provides that qualifying income of free zone entities in UAE is exempt from corporate tax, subject to satisfaction of certain conditions. However, non-qualifying income will be taxable at the rate of 9%. The corporate tax laws introduced in UAE are currently nascent, and any future amendments, new rules or a divergent view of tax authorities with respect to our tax positions could materially and adversely affect our business operations and financial performance.

***We are Subject to Evolving Global Privacy and Data Security Regulations, Which Could Impose Significant Compliance Burdens and Expose us to Liability.*** 

In our processing of travel transactions, we receive and store a large volume of personal data. This data is increasingly subject to legislation and regulations in numerous jurisdictions around the world, which would subject us to civil liability to compensate 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 that we possess in our computer systems, networks, databases and software. The Indian Information Technology Act, 2000, as amended, is the omnibus technology legislation. India has also implemented privacy rules, 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 data and the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, as amended, or the Intermediary Guidelines, which regulate third party content.

The DPDP Act, which will become effective upon notification by the Government of India, regulates the collection, processing, storage, transfer and use of personal data either collected in digital form or otherwise and later digitized. The law seeks to protect the rights of data principals, or individuals to whom the data relates, and impose obligations and duties on data fiduciaries, which determine the purpose and means of processing such data, including with other entities. In particular, the DPDP Act provides data principals with various rights, including to access information on processing and sharing of data by data fiduciaries, to correct, update or erase data and to have grievances redressed by a data fiduciary. Processing of personal data by data fiduciaries is only permitted with consent of the data principal. The data fiduciary remains responsible for compliance with requirements for processing, including by third party data processors, and requirements for reasonable security safeguards to protect data from breach and notifications to data principals and the Data Protection Board of India, or the DPBI, a new regulatory authority established under the DPDP Act, including for any data breach, and special provisions for data of children and persons with disabilities. Data fiduciaries can also be designated by the Government of India, based on volume and sensitivity of data processed and other factors, as significant data fiduciaries subject to increased regulatory requirements, including to appoint a data protection officer and an independent data auditor and requirements for periodic data protection impact assessment and audit. The DPBI

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has powers to impose penalties of up to Rs. 2.5 billion ($0.03 billion) for breaches of the DPDP Act. The Government of India has also published draft rules under the DPDP Act for public consultation. These draft rules include several additional requirements for data fiduciaries, including user consent requirements, limitations on the transfer of personal data outside India, reasonable security measures to prevent data breaches and notification obligations in the event of a breach. Under the DPDP Act, data fiduciaries are required to delete personal data once the purposes for which it was collected have been fulfilled and retention is no longer necessary. Additionally, the draft rules propose a mandatory review of retained personal data every three years. These requirements may impact our ability to retain, process, and use personal data for certain business purposes. There are also additional requirements for entities notified, or belonging to a notified class, of significant data fiduciaries, including data protection impact assessment and audit, restrictions on transfer of data outside India and ensuring that algorithmic software used for processing personal data do not pose a risk to user rights.The impact of the DPDP Act and any rules thereunder, are not yet certain. Such requirements may require us to incur increased compliance costs and make changes to our business, and any failure to comply may adversely affect our business and results of operations.

Practices regarding the collection, use, storage, transmission and security of personal information by companies operating over the internet have recently come under increased public scrutiny around the world. In the European Union and the United Kingdom, the General Data Protection Regulation, or GDPR and the Data Protection Act 2018, require companies to implement and comply with regulations regarding the storage and handling of personal data, including but not limited to its collection, use, sharing, protection and the ability of persons to determine the purposes for which their personal data may be processed and to access, correct or delete such data. The legality of cross-border mechanisms for data transfers from the European Union and United Kingdom to the United States and other countries not deemed 'adequate' by the European Commission also continues to raise uncertainty for e-commerce companies. Any failure to comply with the GDPR could result in penalties for non-compliance, including possible fines of up to the greater of €20 million (approximately $21.6 million) and 4% of our total annual revenue for the preceding financial year for the most serious violations, as well as the right to compensation for financial or non-financial damages claimed by individuals. In addition, other countries in Asia, Europe, Latin America, and North America have passed or are considering privacy regulations similar to the GDPR, resulting in additional compliance burdens and uncertainty as to how some of these laws will be interpreted.

Any liability we may incur for violation of various global laws and regulations and related costs of compliance and other burdens may adversely affect our business and profitability. We could be adversely affected if legislation or regulations are expanded to require changes in our business practices or if governing jurisdictions interpret or implement their legislation or regulations in ways that negatively affect our business, financial condition and results of operations. For example, India's DPDP Act, which will become effective upon notification by the Government of India, regulates data fiduciaries and processors and data localization, provides Indian citizens with the right to access, correct or require deletion of their personal data, and establishes a data protection board. The DPDP Act and related legislation may require us to change our business practices and marketing initiatives and result in us incurring significant compliance costs. If similar legislation is enacted in other markets in which we operate, we may incur additional compliance costs, significantly change how we serve customers and affect us in other ways that which we are currently unable to predict.

The imposition of new laws in various jurisdictions globally, including travel specific laws and laws specifically targeting e-commerce business also remain an area of concern and may require us to incur increased costs for compliances. For instance, California has enforced new rules for sellers of travel products which regulate, inter alia, how refunds are to be processed and how hotel fees are to be displayed, and the EU requires registration of intermediaries, and other attendant obligations, under the Digital Services Act. Such increased focus on digital businesses, including extra territorial application of some laws may require us to either incur increased compliance costs, or selectively withdraw our services from certain jurisdictions.

We are also subject to payment card association rules and obligations under our contracts with payment card processors. Under these rules and obligations, if information is compromised, we could be liable to payment card issuers for associated expenses and penalties. The Indian Computer Emergency Response Team, Ministry of Electronics and Information Technology, Government of India, or the CERT-In, has issued directions under the Information Technology Act, 2000, as amended, requiring reporting of cyber security incidents and maintenance of transaction records. Pursuant to Reserve Bank of India circulars in relation to the security of credit and debit card transactions, card data were required to be tokenized by card issuers and any data previously stored by entities other than card issuers and card networks were required to be purged on or prior to September 30, 2022. In addition, if we fail to follow payment card industry security standards, even if no customer information is

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compromised, we could incur significant fines or experience a significant increase in payment card transaction costs.

***Our Significant Shareholder Exercises Significant Influence over Our Company and May Have Interests That Are Different from Those of Our Other Shareholders.*** 

As of March 31, 2025, Trip.com Group Limited, or Trip.com, beneficially owns 100.0% of our issued and outstanding Class B Shares and 45.34% of our aggregate ordinary shares and Class B Shares. For more information, see "Item 7. Major Shareholders and Related Party Transactions" and "Item 10. Additional Information – B. Memorandum and Articles of Association – Amended and Restated Trip.com Investor Rights Agreement."

Trip.com has the ability to exercise significant influence over our company and certain aspects of 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. As a result of its ownership of our Class B Shares, Trip.com is entitled to nominate five directors to our board of directors (one of whom shall be a resident of Mauritius) as of the date of this Annual Report. So long as Trip.com beneficially owns 10% or more of our issued and outstanding voting securities (subject to adjustment for any share split, share dividend, recapitalization, reclassification or similar transaction in respect of any such ordinary shares), it will be entitled to nominate a number of directors to our board of directors in proportion to its beneficial ownership in our company. In addition, under the Amended and Restated Trip.com Investor Rights Agreement, one Independent Director must be appointed from a pool of candidates recommended by Trip.com and approved by Mr. Deep Kalra and Mr. Rajesh Magow, a majority of Independent Directors must be appointed from a pool of candidates approved by Mr. Deep Kalra, Mr. Rajesh Magow and a majority of the Trip.com directors and one of the investor directors designated by Trip.com shall be entitled to exercise the casting vote to which the chairman of the board of directors would otherwise have been entitled pursuant to Article 114 of our Constitution. Under the Amended and Restated Trip.com Investor Rights Agreement, Trip.com and its affiliates are not restricted from purchasing additional ordinary shares of MakeMyTrip in the open market and can further increase their ownership in MakeMyTrip Limited up to 74.9% under the Amended and Restated Trip.com Investor Rights Agreement, which means that Trip.com and its affiliates may acquire enough ordinary shares of MakeMyTrip Limited to control more than a majority of our issued and outstanding voting securities and consequently the right to appoint a majority of our board of directors. In addition, important matters relating to MakeMyTrip Limited which constitute Reserved Matters (as defined herein) must be approved by a majority of the total number of directors (including the Class B directors) and a majority of the Class B directors, which provides Trip.com and its affiliates with significant veto rights over such matters. The Terms of Issue governing the Class B Shares, or the Terms of Issue, also provide that certain transferees of Class B Shares may, subject to certain minimum ownership thresholds, acquire some of the same rights with respect to board representation and Reserved Matters that Trip.com currently has.

The interests of Trip.com and its affiliates 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 or other significant actions affecting our company, even if such transactions or actions 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 personnel, including personnel with travel industry experience or expertise in information technology and systems, software services, engineering and financial services. Any of these individuals may choose to terminate their employment with us at any time. There is a limited pool of individuals who have the skills and training needed to help us grow our company, 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 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. High attrition rates of qualified personnel could have an adverse effect on our ability to expand our business, as well as cause us to incur greater

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personnel expenses and training costs. 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.

***We Could Face Liability For Information or Content on or Accessible Through Our Platforms.*** 

We could face claims relating to information or content that is made available on our platforms. Our customers may rely on the description of the products and services presented on our platforms to ascertain the quality of the accommodation, service or other product. We receive information utilized in the descriptions on our platforms directly from the accommodation or other suppliers or through reviews from our customers. Although, content on our platforms is typically generated by third parties, and not by us, claims of defamation, disparagement, negligence, warranty, personal harm, intellectual property infringement, or other alleged damages could be asserted against us. To the extent that the information presented on our platforms does not reflect the actual quality of product or service, 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 and may also cause financial loss, in case we are required to pay damages or compensation for loss caused to customers.

We are subject to existing and evolving regulatory regimes that may increase the regulation of third party information or content available on our platform. For example, Intermediary Guidelines, impose certain obligations on intermediaries to review content and users, make reasonable efforts not to, and to cause its users not to, host, display or transmit specified categories of non-compliant content, and take action against non-compliant users and remove or disable access to such content. Such changes and evolving interpretation of such rules may cause us to incur increased compliance costs, and any failure to comply may adversely affect our business. The Ministry of Electronics and Information Technology, Government of India, has proposed, as part of public consultations, a framework for a new Digital India Act emphasizing open Internet principles, online safety and trust and accountability of intermediaries. This proposed new bill is not yet in draft form and is expected to replace or update the Information Technology Act, 2000, and may lead to increased compliance requirements and costs. Similarly, the Digital Services Act in the European Union or EU requires platforms to have mandatory procedures in place for removing illegal goods, trace their traders, protect fundamental rights and ensure a fair and open online platform environment, among other requirements which aim to prevent illegal and harmful activities online. Compliance with such requirements in respect of third party content and offerings may require increased compliance costs and may adversely affect our business, financial condition and results of operations.

***Our Substantial Level of Indebtedness Could Limit Our Financial and Operating Activities and Adversely Affect Our Ability to Obtain Additional Financing to Fund Future Operational Needs.***

We have significant outstanding indebtedness, including under our 2028 Notes. A significant portion of our cash flows will be required to repay our existing indebtedness, and we may not generate sufficient cash flows from operations, or have future borrowing capacity available, to enable us to repay our indebtedness or to fund other liquidity needs. Our ability to make scheduled payments of the principal of, to pay interest on or to refinance our indebtedness, including our 2028 Notes, and to satisfy our other obligations, will depend upon our future operating performance and financial condition and the availability of refinancing opportunities, which will also be affected by prevailing economic conditions and financial, business and other factors, many of which are beyond our control, such as the disruption caused by the COVID-19 pandemic. We cannot assure you that our business will generate sufficient cash flows from operations, or that future fund raising or borrowing opportunities will be available to us in amounts sufficient to fund our liquidity needs or to meet our debt repayment obligations. If we are unable to generate such cash flow, we may be required to adopt one or more alternatives, such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive. Our ability to refinance our indebtedness will depend on the capital markets and our financial condition at such time. We may not be able to engage in any of these activities or engage in these activities on desirable terms, which could result in a default on our debt obligations.

In addition to making it more difficult for us to satisfy our debt repayment obligations, our substantial indebtedness could limit our ability to incur additional indebtedness if needed for other purposes, including working capital, capital expenditures, acquisitions and general corporate or other purposes, on satisfactory terms or at all. As a result, our indebtedness could increase our vulnerability to future economic downturns and impair our ability to withstand declines in the travel industry and limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate.

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***We May Not Have the Ability to Raise the Funds Necessary to Meet Our Payment Obligations Under Our 2028 Notes.***

Holders of our 2028 Notes will have the right to require us to repurchase such 2028 Notes on February 15, 2026, and upon the occurrence of a fundamental change, in each case, at a repurchase price equal to 100% of the principal amount of the 2028 Notes to be repurchased, plus accrued and unpaid special interest, if any. However, we may not have enough available cash or be able to obtain financing at the time we are required to make repurchases of the 2028 Notes. In addition, our ability to repurchase and/or redeem our 2028 Notes may be limited by law, by regulatory authority or by agreements governing our future indebtedness. Our failure to repurchase our 2028 Notes or pay the redemption price with respect to our 2028 Notes or repay the principal at a time when the repurchase or such payment is required by the indenture governing our 2028 Notes would constitute a default under the indenture. A default under the indenture governing our 2028 Notes offered hereby could also lead to a default under agreements governing our future indebtedness. If the repayment of the related indebtedness were to be accelerated after any applicable notice or grace periods, we may not have sufficient funds to repay the indebtedness and repurchase our 2028 Notes or make required payments on our 2028 Notes when due.

***Our Failure to Implement And Maintain Effective Internal Control Over Financial Reporting May Result in Material Misstatements in Our Financial Statements Requiring Us to Restate Financial Statements in The Future, Cause Investors to Lose Confidence in Our Reported Financial Information And Have a Negative Effect on Our Stock Price.***

Our management had in past identified a material weakness in our internal control over financial reporting and we took steps to remediate the same, we cannot assure you that additional material weaknesses in our internal control over financial reporting will not be identified in the future. Any failure to maintain or improve existing controls or implement new controls could result in material misstatements in our financial statements and adversely affect the results of annual management evaluations regarding the effectiveness of our internal control over financial reporting. In addition, any such failure could result in material weaknesses and cause us to fail to meet our periodic reporting obligations which in turn could cause our shares to be de-listed or suspended from trading on the Nasdaq Global Market. Also, any of the foregoing may cause investors to lose confidence in our reported financial information, leading to a decline in our share price and adversely affect our ability to raise funds in future.

***Increased Focus on Our Environmental, Social, and Governance ("ESG") Responsibilities May Result in Additional Costs and Risks.***

Institutional, individual, and other investors, proxy advisory services, regulatory authorities, consumers and other stakeholders are increasingly focused on ESG practices of companies. As we look to respond to evolving standards for identifying, measuring, and reporting ESG metrics, our efforts may result in a significant increase in costs and may nevertheless not meet investor or other stakeholder expectations and evolving standards or regulatory requirements, which may negatively impact our financial results, our reputation, our ability to attract or retain employees, our attractiveness as a service provider, investment, or business partner, or expose us to government enforcement actions, private litigation, and actions by stockholders or stakeholders.

***Climate Change May Have An Adverse Impact On Our Business*.**

Our business may also be negatively impacted by climate change. Direct effects may include disruptions to travel and to our operations due to more frequent or severe storms, hurricanes, flooding, rising sea levels, shortages of water, droughts and wildfires. Rising seas also degrade beaches and pose significant risks to the viability of some low-lying destinations, such as Seychelles and the Maldives. Indirect effects may include a significant shift in consumer preferences, which we may not successfully adapt to, or the general harm to our business as a result of a general perception of travel as an environmental harm. These and other climate change related impacts could have a significant adverse impact on our business in the short, medium and long term. Further, there is uncertainty around the accounting standards and climate-related disclosures associated with emerging laws and reporting requirements and the related costs to comply with the emerging regulations could be significant. Experiencing or addressing the various physical, regulatory and adaptation/transition risks from climate change may impact our business, financial condition and results of operations.

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***We Rely on Assumptions and Estimates and Data to Calculate Certain of Our Key Metrics, and Real or Perceived Inaccuracies in such Metrics may Harm Our Reputation and Negatively Affect Our Business.***

We depend on our key metrics to assess our performance, guide strategic decisions, and communicate to investors. These metrics are derived from assumptions, estimates, and data sourced from third-party travel suppliers. The accuracy of these metrics is subject to inherent uncertainties and limitations, including incomplete or inaccurate data, system errors, or changes in supplier reporting practices. For example, a single person may have multiple accounts and download our application on multiple devices, some customers may restrict our ability to accurately identify them across visits, some mobile applications automatically contact our servers for regular updates with no user action, and we are not always able to capture user information on our platform. As such, the calculations of our mobile application download may not accurately reflect the unique number of people actually downloading our applications. Similarly, our reported number of hotels and properties, a key metric reflecting our platform's scale and attractiveness to customers, is based on data provided by hotel partners and aggregators, which may include assumptions about active listing, availability or contractual agreements.

While we continue to improve upon our tools and methodologies to capture data, the improvement of our tools and methodologies could cause inconsistency between current data and previously reported data, which could confuse investors or lead to questions about the integrity of our data. Moreover, regulatory scrutiny over reporting inaccuracies could lead to penalties or legal challenges. If we fail to ensure the accuracy of these metrics or address actual or perceived discrepancies, our reputation and investor confidence could be adversely affected.

In addition, limitation or inaccuracies in these key metrics, whether due to data errors, flawed assumption or supplier reporting issues, could affect our long-term strategies and harm 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 business, financial performance and the market price of our ordinary shares will be affected by prevailing economic conditions, changes in government policies, including taxation policies and foreign investment 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. The rate of economic liberalization could change, and specific laws and policies affecting travel service companies, e-commerce, data, foreign investments, currency exchange rates and other matters affecting investments in India could change as well or be subject to unfavorable changes, interpretations, or uncertainty, including by reason of limited administrative or judicial precedents. There can be no assurance that the Government of India may not implement new regulations and policies, which will require us to obtain approvals and licenses or impose onerous requirements and conditions on our operations. In addition, if any negative diplomatic relations, trade dispute or political tension arises between India and other countries, it could reduce levels of trade, investment, technological exchanges, and other economic activities between India and such countries. Such tensions could also affect travel volumes and demand for travel-related products and services. A significant change in India's policy of economic liberalization and deregulation, or any social or political uncertainties or tensions, could adversely affect our business, financial condition, results of operations and prospects.

See also "Item 3. Key Information — D. Risk Factors — Risks Related to Us and Our Industry — Changing Laws, Rules and Regulations and Legal Uncertainties in India May Adversely Affect Our Business And Financial Performance" and "Item 3. Key Information — D. Risk Factors — Risks Related to Us and Our Industry — Changing Tax Laws, Rules and Regulations, Including Adverse Application Thereof, May Adversely Affect Our Business and Financial Performance."

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

In fiscal years 2023, 2024 and 2025, 96.3%, 93.1% and 92.9%, respectively, of our revenue was derived directly from sales by our subsidiaries 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. For a large part of 2020 to 2022, the global economy (including India) was affected by the COVID-19 pandemic, which resulted in a sharp decline in economic activities and consumer spending. More recently, inflation and other macroeconomic pressures, such as global tariffs, high interest rates, energy price volatility and inflationary pressures, have contributed to an increasingly complex macroeconomic environment. The Indian economy also remains largely driven by the performance of the agriculture sector, which depends on external factors such as the quality of the monsoon season each year.

A change in economic and deregulation policies could adversely affect economic conditions prevalent in the areas in which we operate our business. For example, in November 2016, the Government of India and the Reserve Bank of India issued notifications withdrawing certain high-value denominations of currency notes as legal tender, which resulted in a short-term negative impact on the economy, including the travel industry. Further, in May 2023, the Reserve Bank of India issued notification withdrawing denomination of currency notes of 2000 Indian Rupees from circulation with effect from September 30, 2023. These and similar future measures may adversely affect India's economy and growth rate. 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. The conflict between Ukraine and Russia, as well as in the Middle East, has contributed to significant volatility in global economic conditions and has had a negative impact on the global economy, which could dampen demand for India's exports. In addition, supply chain disruptions could further affect India's economy and exacerbate the effect of inflation. Any slowdown in the Indian economy or increase in inflation could have a material adverse effect on the demand for the travel products we sell and, as a result, on our business, financial condition and results of operations.

Trade deficits, any downgrading of India's debt rating by a domestic or international rating agency or any changes in the rate of increase of Indian price inflation 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, our business, our financial performance and the price of our ordinary shares could be adversely affected. Imposition of tariffs by the US on various countries and the countermeasures taken by such countries, as well as concerns over government responses such as higher taxes and reduced government spending, could impair consumer spending, adversely affect travel demand and have a material adverse effect on our business, financial condition and results of operations.

India also faces major challenges in sustaining its growth, which includes the need for substantial infrastructure development, improving access to healthcare and education, widespread vaccine coverage, gains from supply-side reforms and easing of regulations, robust export growth, and availability of fiscal space to ramp up capital spending. 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.*** 

Our business, financial condition and results of operations may be adversely affected by geopolitical instability and terrorist activities in the regions we operate. Further, terrorist attacks and other acts of violence or war, such as the outbreak of war between Ukraine and Russia in 2022 and between Israel and Hamas in 2023, as well as any associated conflict escalations surrounding those regions, may have a negative effect on tourism in the region. In addition, events such as border conflicts between India and People's Republic of China in the Himalayan Region in 2020, the terrorist attacks in France, Belgium and the United Kingdom between 2015 and 2017, in Jammu and Kashmir, India and in Sri Lanka in 2019, as well as other neighboring countries, may adversely affect the Indian and 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. The occurrence of any of these events may result in a loss of business confidence and have an adverse effect on our business, financial condition and results of operations.

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India has also experienced instances of hostilities with neighboring countries from time to time. For example, on April 22, 2025, a terrorist attack in the Baisaran Valley near Pahalgam, Jammu and Kashmir, India resulted in the deaths of a number of civilians and injured numerous others, primarily tourists, resulting in escalating tensions and conflict between India and Pakistan. This led to significant disruptions in the region, including closure of tourist sites and cancellations of travel bookings, as well as significant infrastructure disruptions, including the temporary closure of airports in several Indian cities in northern and western India. Additionally, Pakistan's closure of its airspace for Indian aircrafts and airlines flying to and from India forced rerouting of international flights, increasing travel time, fuel costs, and operational complexities for airlines. As a result, our gross booking growth was muted during the period following the incident on April 22, 2025 until the ceasefire that was agreed between India and Pakistan on May 10, 2025. As of the date of this Annual Report, the ceasefire remains in effect. However, any military activity, terrorist attacks or other adverse social, economic and political events affecting 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 or travel to affected regions involve a high degree of risk and could have an adverse impact on our business and the price of our ordinary shares. 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.

***Restrictions on Foreign Investment in India May Prevent or Delay Future Acquisitions or Investments By Us in India, or Require Us to Make Changes to Our Business, Which May Adversely Affect Our Business and Financial Performance, and Require Prior Government Approval for Holders of Our Ordinary Shares, Including Upon Conversion of Our Class B Shares or Our 2028 Notes, and Our Class B Shares.***

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, redBus India and affiliates that 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 the Government of India's consolidated foreign direct investment policy, or FDI policy, and India's Foreign Exchange Management Act, 1999, and the rules and regulations thereunder, each as amended, or FEMA, additional requirements are applicable to 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 transactions between foreigners. These requirements, which include restrictions on pricing, valuation of shares and sources of funding for such investments and may in certain cases, include prior notice to or approval of the Government of India, may adversely affect our ability to make future acquisitions or investments in India.

In addition, pursuant to amendments in April 2020 to the FDI policy and the FEMA rules, prior government approval will be required for any non-debt investment into India by non-resident entities from countries that share a land border with India or where the beneficial owner of such an investment is situated in or is a citizen of any such country, as well as for any transfer of any such proposed or existing non-debt investment, directly or indirectly, that would result in ownership by any such non-resident entity or beneficial owner. The list of land border countries includes Afghanistan, Bangladesh, Bhutan, the People's Republic of China, Myanmar, Nepal and Pakistan. This approval requirement applies to investments in all sectors, including those that previously did not require such approval, such as travel and tourism. The term "beneficial owner" has not yet been defined for purposes of the FDI Policy and the FEMA. If our holding company is deemed to be an entity with a beneficial owner restricted by these amendments, prior government approval will be required for investments in non-debt instruments in our direct and indirect Indian subsidiaries and group entities, including MMT India and redBus India, as well as for any such proposed investments or acquisitions by us or our affiliates, including MMT India, redBus India and affiliates which are not resident in India. Investments in our ordinary shares, including upon conversion of our Class B shares or our 2028 Notes, and our Class B shares would be deemed to be non-debt investments into our Indian subsidiaries, including MMT India and redBus India. Accordingly, under the current FDI Policy and the FEMA rules, any proposed holder or beneficial owner of our ordinary shares, Class B shares or the 2028 Notes that is a non-resident entity from a country that shares a land border with India or where the beneficial owner of such an investment is situated in or is a citizen of any such country will not be able to convert such notes into ordinary shares without such approval. The Government of India has made and may continue to make revisions to the FDI Policy and the FEMA rules, which may impose additional requirements with respect to any holder's ability to acquire our ordinary shares, including upon conversion of our Class B shares or our 2028 Notes, and/or requirements for acquisition of our ordinary shares or Class B shares upon a transfer thereof.

Further, under the FEMA, we are restricted from lending to or borrowing from our Indian subsidiaries and our Indian subsidiaries are restricted from lending or borrowing in foreign currencies. We are also required to complete FEMA filings with respect to past investments in order to make further investments in India. There can be no assurance that we will be able to obtain any required approvals for future acquisitions or investments in

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India, including in our Indian subsidiaries and group entities, or that we will be able to obtain such approvals in a timely manner, on satisfactory terms or at all. Under the FEMA, the Reserve Bank of India has the power to impose monetary penalties up to three times the value of a FEMA violation, where quantifiable, and confiscate the shares at issue.

Further, the Government of India has made and may continue to make revisions to the FDI policy on e-commerce in India, including in relation to business model, inventory, pricing and permitted services. India's Department of Promotion of Industry and Internal Trade, Ministry of Commerce and Industry invited comments on a draft National e-Commerce Policy in 2019, which addresses topics such as data and e-commerce regulation. The timing or impact of this policy, which remains in draft form, is not yet certain. Such changes may require us to make changes to our business in order to comply with Indian law.

***Our Business and Activities Are Regulated by Competition Laws and Regulations.*** 

We are subject to competition laws and regulations. These laws and regulations constantly evolve, and their interpretation, application, and enforcement can also change, be unpredictable, or be affected by changing political or social pressures. For example, the Competition Act, 2002, as amended, or the Competition Act, regulates anti-competitive practices including those that have or likely to have an appreciable adverse effect on competition in India. Breach of any provisions of the Competition Act may result in substantial penalties and compensation to be paid to persons shown to have suffered losses. Any other agreement among enterprises or persons at different stages or levels of the production chain in different markets, including a tie-in arrangement, exclusive dealing, exclusive distribution, refusal to deal and/ or resale price maintenance, are prohibited if such agreement causes or is likely to cause an appreciable adverse effect on competition and will also be subject to penalties. The effects of the provisions of the Competition Act on the agreements entered by us cannot be predicted with certainty at this stage. However, if any agreement entered into by us is interpreted by the Competition Commission of India or CCI in an adverse manner or any prohibition or substantial penalties are levied under the Competition Act by the CCI, it could adversely affect our business, financial condition and results of operations. 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. On October 19, 2022, the CCI, passed an order against MMT India and redBus India in relation to certain alleged anti-competitive conduct under the Competition Act by MMT India and redBus India. The CCI imposed an aggregate penalty of Rs. 2,234.8 million ($26.1 million) on MMT India and redBus India, as well as certain behavioral sanctions in respect of its agreements with hotels and disclosure of properties on its platform, in connection with the alleged abuse of dominant position and alleged anti-competitive practices by MakeMyTrip and Goibibo in the market for online intermediation services for booking of hotels in India.

MMT India and redBus have appealed against the CCI's order before the National Company Law Appellate Tribunal. If such appeal is unsuccessful, our business, financial condition and results of operations could be adversely affected. In May 2023, MMT India filed an application before the CCI to bring on record that our Goibibo business has been merged with MMT India with effect from February 1, 2023, pursuant to the scheme of arrangement approved by the NCLT. As a result, any liability, levy, cess, interest, penalty or refund that may arise as a result of this proceeding will be paid for or received by MMT India, as applicable.

The Ministry of Corporate Affairs, Government of India recently invited comments on a draft Digital Competition Bill, 2024, which includes *ex-ante* regulatory measures applicable to 'systemically significant digital enterprises' offering certain specified 'core digital services' to be designated by the CCI. These measures include fair and transparent dealing with users, restrictions on personal and non-public data usage, permitting the use of third-party applications, and prohibitions on self-preferencing, anti-steering, and tying and bundling, and others. The impact of this proposed law, which is in draft form, is uncertain. Complying with these rules and requirements may be difficult and costly for us and could result in the incurrence of considerable costs and use of significant management time and other resources.

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Acquisitions, mergers and amalgamations that exceed certain revenue, asset or deal value thresholds (combinations) require prior approval of the CCI. Any such combinations that have, or are likely to 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. Further, the CCI has extra-territorial powers and can investigate any agreements, abusive conduct or combination occurring outside India if such agreement, conduct or combination has, or is likely to have, an appreciable adverse effect on competition in India. Pursuant to recent Competition Act amendments, anti-competitive arrangements between enterprises and persons, even if not engaged in similar businesses, can now also be treated as cartels or violations of certain provisions under the Competition Act. Further, the CCI has recently introduced norms enabling entities subject to inquiry proceedings under the Competition Act, to offer commitments to cease or reduce the impact of the alleged anti-competitive conduct prior to completion of the CCI investigation. The CCI has also introduced provisions enabling enterprises to propose a settlement in such cases after the conclusion of the director general's investigation and prior to the CCI's final order. The CCI has also recently notified certain regulations and guidelines for the determination of turnover and income of enterprises and persons liable (as applicable), and monetary penalties applicable to enterprises and persons liable. The full impact of each of these regulations on the operations and plans of the Company is uncertain.

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

The Income Tax Act, 1961, as amended, provides 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 fiscal year 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 5% 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.

On May 10, 2016, a protocol for amendment of the India-Mauritius tax treaty was signed by India and Mauritius (which came into force on July 19, 2016) under which India is entitled to taxation rights on capital gains arising from alienation of shares acquired on or after April 1, 2017 in an Indian resident company. In respect of such capital gains arising after March 31, 2019, the tax is chargeable at full domestic Indian tax rates.

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**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 you 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 Global Business Company, or GBC, and are tax resident in Mauritius. The Income Tax Act 1995 of Mauritius imposes a tax in Mauritius on the chargeable income of our holding company at the rate of 15% and effective from the assessment year commencing on July 1, 2024, an additional 2% as Corporate Climate Responsibility (CCR) levy.

Our holding company is governed by the regulatory regime applicable to GBCs effective from July 1, 2021. Generally, income tax rate for GBCs is 15%. Subject to meeting certain prescribed conditions, a partial exemption of 80% may be allowed against certain types of income such as foreign source dividend and interest. Where the GBC derives income which is subject to foreign tax, and where such partial exemption has not been applied, the amount of foreign tax paid may be allowed as a credit against income tax payable in Mauritius in respect of that income.

In order to maintain their global business licenses, GBCs must adhere to substance requirements such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)carrying out their core income generating activities in or from Mauritius by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•employing either directly or indirectly a reasonable number of qualified persons to carry out the core activities, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•having a minimum level of expenditure, which is proportionate to its level of activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)be managed and controlled from Mauritius; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)be administered by a Management Company.

In a circular addressed to Management Companies dated October 12, 2018, the Financial Services Commission in Mauritius has advised that in assessing the substance requirements to be met by a GBC, they shall consider the nature and level of core income generating activities conducted (including the use of technology) by the GBC and taking into account the circumstances of each GBC, based on certain indicative guidelines such as minimum expenditure and employment in Mauritius.

The Mauritius Financial Services Commission has clarified through a circular dated January 17, 2022, that core income generating activities requirements will only apply to those holders or applicants for a global business license wishing to benefit from the preferential tax regime. GBCs not claiming partial exemption are not required to meet the core income generating activities requirements. Accordingly, our holding company will need to meet these requirements in order to benefit from the preferential tax regime.

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Our holding company holds a specific Tax Residence Certificate issued under the convention between Government of Mauritius and the Government of Republic of India for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains and for the encouragement of mutual trade and investment, valid until May 4, 2026 and a general Tax Residence Certificate for all jurisdictions, valid until May 8, 2026, to certify that our holding company is resident in Mauritius, 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 and the UAE. These tax residence certificates are renewed annually. If these tax residence certificates are not renewed for a period for which benefit under the Agreements for the Avoidance of Double Taxation is claimed, then, the same may be denied by the tax authorities.

**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 subsidiaries 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 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. A judgment of courts in the United States may be enforced in India only by a fresh suit upon the foreign judgment and not by proceedings in execution. 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.

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***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 Marketplace Rules, or the Nasdaq Rules. A foreign private issuer must disclose in its Annual Reports filed with the Securities and Exchange Commission, or the SEC, each Nasdaq Rule 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, nominations committee, audit committee, executive sessions and approval of amendments to our share incentive plans. Unlike the Nasdaq Rules, 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; do not require an audit committee to have at least three members, do not require us to hold regular executive sessions where only independent directors shall be present and do not require us to obtain shareholder approval prior to the issuance of securities when a stock option or purchase plan is materially amended. 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.

***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, 2025, we had 71,594,512 ordinary shares and 39,667,911 Class B 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, Including Upon Conversion of Our Class B Shares and Our 2028 Notes, May Decrease the Trading Price of Our Ordinary Shares and Result in Substantial Dilution to Holders 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. For example, in 2017, we issued 38,971,539 Class B Shares to MIH Internet as partial consideration for the acquisition of the ibibo Group, issued 413,035 ordinary shares to MIH Internet for an aggregate consideration of $8.8 million and 5,500,000 our ordinary shares to various investors

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(including 916,666 of our ordinary shares to Trip.com) and 3,666,667 of our Class B Shares to MIH Internet in a private placement for total gross proceeds of $330 million.

In February 2021, we issued $230.0 million in aggregate principal amount of 0.00% convertible senior notes due 2028, or the 2028 Notes. Pursuant to the Terms of Issue of our Class B Shares, if and when any holder of the 2028 Notes offered hereby elects to convert its 2028 Notes into our ordinary shares, Trip.com (or any subsequent transferee in a Forty Percent Transfer (as in the Terms of Issue of our Class B Shares)) will have a pre-emptive right to subscribe for and purchase such number of additional Class B Shares that would preserve the percentage of its voting power in our share capital (after giving pro forma effect to the issuance of our ordinary shares upon the relevant conversion), at a price per Class B share equal to the then-effective conversion price (being $1,000 divided by the then-effective conversion rate). The maximum number of Class B Shares that may be issued pursuant to the exercise of Trip.com's pre-emptive rights as of March 31, 2025 is 13,083,099 assuming (i) no adjustment to the conversion rate for any 2028 Notes converted in connection with a make-whole fundamental change or any conversion rate adjustments (in each case, as described in the indenture relating to the 2028 Notes), (ii) all 2028 Notes are converted simultaneously immediately prior to maturity and (iii) there are no changes to our share capital after March 31, 2025 until such pre-emptive rights are exercised, other than issuance of our ordinary shares upon conversion of the entire aggregate principal amount of the 2028 Notes. Such maximum number of Class B Shares includes Class B Shares issuable to Trip.com in connection with the exercise of its pre-emptive rights to subscribe for and purchase new Class B Shares (which Trip.com has deferred to a later date on which the purchase by Trip.com of the new Class B Shares would in the good faith judgment of Trip.com not be inconsistent with any applicable law) as a result of the issuance of ordinary shares pursuant to the assumed full conversion of the 2028 Notes as well as the exercise or settlement of equity awards under our Share Incentive Plan between August 19, 2020 to March 31, 2025. See "Item 10. Additional Information — B. Memorandum and Articles of Association — Trip.com's Pre-Emptive Rights in relation to our 2028 Notes." Any issuance of our Class B Shares will be subject to applicable restrictions under foreign investment laws in India. See "Item 3. Key Information — D. Risk Factors — Risks related to Operations in India — Restrictions on Foreign Investment in India May Prevent or Delay Future Acquisitions or Investments By Us in India, or Require Us to Make Changes to Our Business, Which May Adversely Affect Our Business and Financial Performance, and Require Prior Government Approval for Holders of Our Ordinary Shares, Including Upon Conversion of Our Class B Shares or Our 2028 Notes, and Our Class B Shares".

The issuance of ordinary shares upon the conversion of some or all of our Class B Shares or the 2028 Notes may result in substantial dilution to each holder of ordinary shares by reducing that shareholder's percentage ownership of our total outstanding shares. In addition, any future issuance of equity securities could dilute the interests of our shareholders and could substantially decrease the trading price of our ordinary shares.

***Provisions of Our 2028 Notes Could Discourage An Acquisition of Us By a Third Party.***

Certain provisions of our 2028 Notes could make it more difficult or more expensive for a third party to acquire us, or may even prevent a third party from acquiring us. For example, upon the occurrence of certain transactions constituting a fundamental change, holders of our 2028 Notes will have the right, at their option, to require us to repurchase their 2028 Notes. In the event of a fundamental change, we may also be required to increase the conversion rate for conversions in connection with such fundamental changes. By discouraging an acquisition of us by a third party, these provisions could have the effect of depriving the holders of our ordinary shares and our Class B Shares of an opportunity to sell their ordinary shares or Class B Shares, as applicable, at a premium over prevailing market prices.

***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, ibibo Group or any other subsidiary has not paid any cash dividends on its equity shares to MakeMyTrip Limited. 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 subsidiaries are established in India, such subsidiaries also subject to certain limitations with respect to dividend payments.

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***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. Despite our efforts to ensure the integrity of our financial reporting process, we cannot assure you that material weaknesses or significant deficiencies in our internal control over financial reporting will not be identified in the future. Any failure to maintain or improve existing controls or implement new controls could result in material misstatements in our financial statements and adversely affect the results of annual management evaluations regarding the effectiveness of our internal control over financial reporting.

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 company, such failure could result in the loss of investor confidence, 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 will be 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 Foreign Account Tax Compliance Act and Treasury Regulations thereunder, commonly referred to as "FATCA," generally may impose 30.0% withholding on certain "withholdable payments" and, subject to the proposed regulations discussed below, may impose such withholding on "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

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"foreign passthru payment" is intended to cover payments that are attributable to underlying US source income. Under recently proposed regulations, any withholding on foreign pass thru payments would apply to passthru payments made on or after the date that is two years after the date of publication in the Federal Register of applicable final regulations defining foreign passthru payments. Although these recent regulations are not final, taxpayers generally may rely on them until final regulations are issued. 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.

***If a United States Person is Treated as Owning At Least 10% of Our Shares, Such Holder May be Subject to Adverse U.S. Federal Income Tax Consequences.*** 

If a United States person is treated as owning (directly, indirectly or constructively) at least 10.0% of the value or voting power of our stock, such person may be treated as a "United States shareholder" with respect to each "controlled foreign corporation" in our group (if any). If our group includes one or more U.S. subsidiaries, certain of our non-U.S. subsidiaries could be treated as controlled foreign corporations (regardless of whether we are not treated as a controlled foreign corporation). A United States shareholder of a controlled foreign corporation may be required to report annually and include in its U.S. taxable income its pro rata share of "Subpart F income," "global intangible low-taxed income" and investments in U.S. property by controlled foreign corporations, regardless of whether we make any distributions. An individual that is a United States shareholder with respect to a controlled foreign corporation generally would not be allowed certain tax deductions or foreign tax credits that would be allowed to a United States shareholder that is a U.S. corporation. Failure to comply with these reporting obligations may subject you to significant monetary penalties and may prevent the statute of limitations with respect to your U.S. federal income tax return for the year for which reporting was due from starting. We cannot provide any assurances that we will assist investors in determining whether any of our non-U.S. subsidiaries are treated as a controlled foreign corporation or whether such investor is treated as a United States shareholder with respect to any of such controlled foreign corporations or furnish to any United States shareholders information that may be necessary to comply with the aforementioned reporting and tax paying obligations. A United States investor should consult its advisors regarding the potential application of these rules to an investment in the stock.

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**ITEM 4. INFORMATION ON THE COMPANY** 

**A. History and Development of the Company** 

MakeMyTrip Limited (Company No. 24478/5832) is a public company incorporated under the laws of Mauritius with limited liability on April 28, 2000, and we hold a Global Business License issued by the Financial Services Commission of Mauritius. Our registered office is located at c/o IQ EQ Corporate Services (Mauritius) Limited, 33, Edith Cavell Street, Port Louis, Republic of Mauritius, 11324 and the telephone number for this office is (230) 212 9800. Our principal executive office is located at 19<sup>th</sup> Floor, Building No. 5, DLF Cyber City, Gurugram, India, 122002 and the telephone number for this office is (91-124) 439-5000. Our principal website address is <u>www.makemytrip.com</u>. Our other websites include <u>www.goibibo.com</u>; and <u>www.redbus.in</u>. 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 605, 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 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 ordinary 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.

On January 7, 2016, we entered into an agreement for the issue of $180 million of 4.25% convertible notes due in 2021, redeemable at par value, in two tranches to Trip.com. On October 28, 2016, we issued an aggregate of 9,857,028 ordinary shares (comprising 659,939 ordinary shares issued from treasury shares held by us and 9,197,089 new ordinary shares) to Trip.com upon conversion of all its convertible notes.

On January 29, 2016, we issued 274,135 of our own shares to discharge the balance deferred consideration for the acquisition of Hotel Travel Group. These shares were issued from treasury shares held by us.

On January 31, 2017, we issued 38,971,539 Class B Shares to MIH Internet as consideration for the acquisition of the ibibo Group and a cash contribution of $83.3 million from MIH Internet (representing 40% of our consolidated net working capital upon the completion of the acquisition, after giving effect to the cash contribution from MIH Internet). As part of the consideration for the acquisition, we also issued 413,035 ordinary shares to MIH Internet for an aggregate value of $8.8 million.

On May 5, 2017, we completed a private placement of 5,500,000 of our ordinary shares to various investors (including 916,666 of our ordinary shares to Trip.com) at a price of $36.00 per ordinary share and 3,666,667 of our Class B Shares to MIH Internet at a price of $36.00 per Class B Share, which generated total gross proceeds of $330 million.

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On April 26, 2019, MIH Internet and MIH B2C Holdings B.V. entered into a share purchase agreement with Trip.com, or the Naspers-Trip.com Agreement, pursuant to which Trip.com agreed to acquire all of our ordinary shares and Class B Shares held by MIH Internet, or the Naspers-Trip.com Transaction. On August 30, 2019, Trip.com completed the share exchange transaction with MIH Internet and increased its shareholding in our holding company to 49.0% of our total voting power based on our then-outstanding ordinary shares and Class B Shares voting as a single class.

On February 9, 2021, we issued $230.0 million aggregate principal amount of 0.00% convertible senior notes due 2028. The 2028 Notes are convertible based upon an initial conversion rate of 25.8035 ordinary shares per $1,000 principal amount of the 2028 Notes (equivalent to a conversion price of approximately $38.75 per ordinary share). This conversion rate is subject to certain adjustments in connection with a make-whole fundamental change or any conversion rate adjustments (in each case, as described in the indenture relating to the 2028 Notes). The 2028 Notes will mature on February 15, 2028, unless earlier repurchased, redeemed or converted. The 2028 Notes are convertible into ordinary shares, at the option of the holders, in integral multiples of $1,000 principal amount, at any time prior to the close of business on the second business day preceding February 15, 2028.

As of March 31, 2025, our stated capital was $2,041,204,288.07 comprising 71,594,512 ordinary shares and 39,667,911 Class B Shares with a par value of $0.0005 each.

**Investments, Acquisitions and Disposals** 

***Acquisition of the ibibo Group*** 

On January 31, 2017, we undertook a strategic combination with the ibibo Group by way of an acquisition of 100% equity interest in the ibibo Group from MIH Internet, an indirect subsidiary of Naspers, pursuant to a transaction agreement dated October 18, 2016, or the Naspers Transaction Agreement. In consideration for the acquisition of the ibibo Group and MIH Internet's cash contribution of $83.3 million to our holding company (representing 40% of our consolidated net working capital upon the completion of the acquisition after giving effect to the cash contribution from MIH Internet), we issued 38,971,539 Class B Shares to MIH Internet and MIH Internet exercised its option to purchase 413,035 new ordinary shares for a total cash consideration of $8.8 million.

Goibibo was founded in 2007 to provide online travel services in India and subsequently also acquired the redBus consumer travel brand. Goibibo offers hotel room bookings and air ticketing services on <u>www.goibibo.com</u> and its mobile platforms. In addition, Goibibo also offers rail tickets and ancillary travel services. Although we operate our businesses under both the Goibibo and MakeMyTrip brands, our acquisition of the Goibibo will contribute to the growth of these complementary businesses under these respective brands. redBus, a leading online bus ticketing brand with a presence across India and in select countries overseas, operates its domestic business through <u>www.redbus.in</u> and its mobile platforms. redBus also sells bus tickets through its SeatSeller platform. We believe that the addition of the redBus brand through our acquisition of the ibibo Group is a significant step in the growth of our bus ticketing business.

On February 1, 2023, we completed the transfer of our Goibibo business from ibibo India to MMT India pursuant to a scheme of arrangement between our wholly-owned subsidiaries, MMT India and ibibo India. Our redBus business was retained by ibibo India, and ibibo India was subsequently renamed as redBus India. redBus continues to operate separately as an existing brand. On March 22, 2024, our board approved the composite scheme of amalgamation and arrangement between MMT India and redBus India, whereby redBus India as an entity is proposed to be merged with MMT India, subject to customary approvals from the National Company Law Tribunal, or NCLT and other relevant regulatory authorities. NCLT has accepted our first motion application on July 4, 2024 and subsequently we have filed second motion petition before the NCLT on August 12, 2024 for the final approval of the scheme. The next date of hearing with NCLT is yet to be scheduled.

We believe that bringing together the MakeMyTrip, Goibibo and redBus brands strengthens each individual business. See also "Item 3. Key Information — D. Risk Factors —Risks Related to Us and Our Industry — Our Strategic Investments and Acquisitions May Not Bring Us Anticipated Benefits, and We May Not Be Successful in Pursuing Future Investments and Acquisitions."

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***Other Acquisitions*** 

In July 2018, we acquired 100% equity interest in Bitla, which provides technology support for bus operators.

In April 2019, we acquired a majority equity interest in Quest 2 Travel, which provides travel solutions for various corporates across India. In September 2023, we acquired the remaining equity interest in Quest 2 Travel, which is now our wholly owned subsidiary.

In April 2022, we acquired a majority interest in Book My Forex, which offers currency exchange, multi-currency prepaid forex cards and cross border remittances, as well as other ancillary products, to Indians travelling abroad.

In September 2022, we acquired an additional equity interest in Simplotel, which is engaged in building websites and booking technology for hotels. We currently hold a majority equity interest in Simplotel.

In December 2023, we acquired a majority equity interest in Savaari which is engaged in the business of providing car rental services in India.

In February 2025, we acquired a corporate travel and expense management business on a going concern basis, operated through the "HAPPAY" brand.

**Additional Information**

The SEC maintains an internet site, www.sec.gov, that contains reports, proxy and information statements, and other information regarding issuers, like us, that file electronically with the SEC. We also maintain a website at <u>www.makemytrip.com</u>, which contains information about our company. The information on our website shall not be deemed part of this Annual Report.

**B. Business Overview** 

We commenced operations in 2000 with a focus on the non-resident Indian market in the United States, primarily servicing demand for United States to India air tickets. We started our Indian business with the launch of our Indian MakeMyTrip website in September 2005. We primarily target Indian leisure and corporate travelers for our services and travel products who prefer to make their own travel arrangements through our online and offline sales channels. We are a leading travel service provider in India. Through our primary websites, <u>www.makemytrip.com</u>, <u>www.goibibo.com</u> and <u>www.redbus.in</u>, and our mobile applications, 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 ticketing, hotels and packages, bus tickets, rail tickets, car hire, activities and experiences and ancillary travel requirements such as facilitating access to third-party travel and other insurance products, foreign currency exchange services and visa-related products and services.

As of March 31, 2025, approximately 87,000 properties in India including alternative accommodation properties, were available to our customers for booking through our platform. In addition, customers could book over 1.2 million hotels and properties outside India, as well as tickets from Indian Railways and over 5,950 bus operators, including several major bus operators in India, Malaysia, Singapore, Indonesia, Cambodia, Vietnam, Peru and Colombia, through our platforms as of March 31, 2025.

We have invested significant capital in our infrastructure and in sales and marketing efforts to build our brand, acquire customers and gain recognition, and recorded net losses for each of our fiscal years except for fiscal years 2011, 2012, 2024 and 2025. We recorded net losses of $(11.2) million in fiscal year 2023. In fiscal year 2024, we recorded a net profit of $216.7 million which includes a credit of $126.1 million on recognition of deferred tax assets and a gain of $30.6 million due to the change in carrying value of our 2028 Notes. In fiscal year 2025, the robust travel demand in India for both domestic and international outbound travel led to a net profit of $95.3 million.

Air ticketing – Flight segments, Hotels and packages – Room nights and Bus ticketing – Bus tickets booked through our platform were 43.9 million, 26.1 million and 73.0 million, respectively, in fiscal year 2023, 51.1 million, 31.1 million and 86.8 million, respectively, in fiscal year 2024 and 58.7 million, 37.0 million and 106.5 million, respectively, in fiscal year 2025. Our gross bookings were $6.6 billion, $8.0 billion and $9.8 billion in fiscal years 2023, 2024 and 2025, respectively.

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We have built advanced and secure technology platforms, which integrate our sales, customer service and fulfillment operations. Our technology platforms are scalable and can be upgraded to handle increased traffic and complexity of products with limited additional investment such as high traffic generated by promotional rates offered simultaneously by multiple travel operators. In order to meet the requirements of the growing Indian middle-class travel market, we also utilize other technology-enhanced distribution channels, including call centers in India, as well as our travel agents' network in India.

We have made selective acquisitions in the past to grow our business, enhance our hotel inventory in popular travel destinations for our user base and to gain access to technology. In January 2017, we acquired Goibibo, a hotel and travel package booking platform focused on the Indian consumer travel market and redBus, a leading online bus ticketing platform with a presence across India and in select countries overseas.

We believe the strength of our brands, 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 hotel and packages market in India. Our MakeMyTrip brand has won a number of awards in the past three fiscal years, including:

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| | | |
|:---|:---|:---|
| **Awards** | **Brand** | **Year** |
| IAMAI - Best user experience in an application | MakeMyTrip | 2025 |
| The Economic Times - MICE Travel agency of the year - Domestic Travel | MakeMyTrip | 2024 |
| LinkedIn - Top Companies 2024 (<5k employees) | MakeMyTrip | 2024 |
| The Economic Times (Travel and Tourism Awards) - Excellence in use of PR | MakeMyTrip | 2024 |
| ETCIO Awards - Digital Enterprise of the Industry (Digital Native Category) | MakeMyTrip | 2024 |
| Avtar – The Power of Diversity – 100 Best Companies for Women | MakeMyTrip | 2024 |
| The Economic Times – Future Ready Organization | MakeMyTrip | 2024 |
| Annual CX Excellence Awards - Best Customer Experience Transformation Award | MakeMyTrip | 2023 |
| Sustainability100+ Award – Climate Action | MakeMyTrip | 2023 |
| The Economic Times - Best Online Travel Marketplace - B2C | MakeMyTrip | 2023 |
| The Economic Times - MICE Travel Agency of the year – Domestic Travel | MakeMyTrip | 2023 |
| The Economic Times (Travel and Tourism Awards) - Best Domestic Tour Operator | MakeMyTrip | 2023 |

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**Our Strengths** 

We have the following competitive strengths:

*A Leading Travel Service Provider in India with Well-Recognized Brands.* Since commencing our travel business in India in 2005, we have become a leading company in the Indian travel market for air ticketing, hotels and packages and bus ticketing bookings. In fiscal year 2023, 43.9 million flight segments for air ticketing, 26.1 million room nights for hotels and packages and 73.0 million travelled tickets for bus ticketing were booked through us. In fiscal year 2024, 51.1 million flight segments for air ticketing, 31.1 million room nights for hotels and packages and 86.8 million travelled tickets for bus ticketing were booked through us. In fiscal year 2025, 58.7 million flight segments for air ticketing, 37.0 million room nights for hotels and packages and 106.5 million travelled tickets for bus ticketing were booked through us. Based on data from the DGCA, we estimate that nearly one in three domestic air passengers in India booked their air ticket through our company during fiscal year 2025.

The travel and hospitality industry has made significant and continuous progress in last decade. Businesses are now increasingly driven by technology with the aim of providing better customer service and increasing efficiencies. Over the years, we have used technology to automate our processes, make our offerings more customer-friendly and improve overall user experience.

We believe that MakeMyTrip, Goibibo and redBus brands are well-recognized in the Indian travel industry. We have invested in developing and promoting our MakeMyTrip 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, Instagram, YouTube, LinkedIn, X (formerly twitter) and other social media websites, viral marketing and online display banners, to broaden our reach to travelers in India and overseas. We expect to continue to invest in our MakeMyTrip, Goibibo and redBus brands. 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 the ability to negotiate competitive rates when contracting with airlines, hotels and other suppliers.

We believe that as the leading travel service provider in India, we are well-positioned to succeed as consumers' destination of choice for fast, easily searchable and more transparent travel research and shopping.

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As our market share grows, we are increasingly able to leverage deep knowledge of the travel industry and consumer trends and preferences to further personalize our travel offerings and drive higher customer conversion. Additionally, we are able to provide better pricing through scale and by bundling multiple travel products together in a single offer*.*

*Comprehensive Selection of Service and Product Offerings.* We offer a comprehensive selection of travel and travel-related services and products to our customers. 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, Southeast Asia, GCC countries and elsewhere. Our services and products include air tickets, hotels and packages, bus tickets, rail tickets, car hire, activities and experiences and ancillary travel requirements such as facilitating access to third-party travel and other insurance products, foreign currency exchange services and visa-related products and services. As of March 31, 2025, approximately 87,000 properties in India, including alternative accommodation properties, were available to our customers for booking through our platforms. In addition, customers could book over 1.2 million hotels and properties outside India, as well as tickets from Indian Railways and over 5,950 bus operators, including several major bus operators in India, Peru, Colombia, Vietnam, Cambodia and select countries in Southeast Asia, through our platform as of March 31, 2025. Our selection of hotels is diverse, with choices for travelers from budget to premium category offerings, homestays, villas and apartments being available on all our brands and also through our offline channels and corporate offerings. We believe our comprehensive selection of travel services and products positions us a "one-stop shop" for various types of travel and related ancillary services 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. Our distribution network is centered on our India-focused websites, <u>www.makemytrip.com</u>, <u>www.goibibo.com</u> and <u>www.redbus.in</u>, mobile applications for Android and iOS, our UAE-focused website, <u>www.makemytrip.ae</u>, our call centers, and various franchisee-owned travel stores in India as of March 31, 2025. Travel agents can access our MakeMyTrip B2B website through our dedicated myPartner platform, which enables them to sell our full suite of online travel services to their customers. We have also partnered with various digital platforms such as Amazon Pay, Google Pay and HDFC SmartBuy to provide travel services to expand our customer reach. Our Holiday Experts initiative also offers a unique career opportunity to Indian women homemakers provides them with in-depth training and access to advanced tools and technology, along with close and continuous mentoring. As of March 31, 2025, approximately 2,000 women participated in this initiative by working from home and assisting our customers with planning and booking holiday offerings through our platform.

*Advanced, Secure and Scalable Technology Platform.* We have built an advanced and secure common technology platform which integrates our sales, supplier and customer services fulfillment operations. We have designed our websites and mobile applications 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 continuously make improvements to our online booking platforms to enhance the user experience for researching and booking air tickets, hotels, packages and bus tickets on <u>www.makemytrip.com</u>, <u>www.goibibo.com</u> and <u>www.redbus.in</u>. We also continue to focus on automation, for example by making changes to our MakeMyTrip and Goibibo extranet sites to allow more of our hotel suppliers to use a self-service mode in managing their rates and inventory. redBus launched the redPro platform, which provides real-time operational insights to bus operators, allowing them to provide customized deals for our customers, analyze customer feedback and respond to customer concerns.

Our web-based booking engines have been designed to link to our suppliers' systems either through "direct connects", Switch or a GDS (both Amadeus CRS and Galileo GDS), and are capable of delivering real-time availability and pricing information for multiple options simultaneously. Our MakeMyTrip, Goibibo and redBus platforms are hosted on AWS, which provides a high degree of reliability, security and scalability and helps us to maintain adequate capacity. Our technology platforms can be upgraded to handle increased traffic and complexity of products with limited additional investment.

*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 automated chat support as well as our call centers, our franchisee-owned travel stores and e-mail. We have access to a large amount of customer data through our MakeMyTrip, Goibibo and redBus businesses, which allows us to optimize our online marketing and provide customized product offerings. Our mobile service platforms allow customers to receive e-tickets and flight alerts via text messages

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and WhatsApp messages on their mobile phones. Our customers can also make bookings on our mobile sites and web application mobile sites, accessible through <u>www.makemytrip.com</u>, <u>www.goibibo.com</u> and <u>www.redbus.in</u>. 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 their refund status, check their flight status, search for new deals and use location-based services to find nearby places of interest. Our websites and mobile applications provide an enhanced user experience for researching and booking hotels, as well as valuable travel information not available on our mobile sites, such as user-generated travel reviews and destination guides to help customers conduct research and make travel decisions.

Our self-service web-support is available through free online accounts on our websites and allows customers to check the status of their domestic and international flight, train, bus or hotel bookings, cancel bookings and track the progress of refunds. Customers who require assistance or have inquiries about certain products also have an option to contact our sales representatives through our website. We have dedicated personnel available 24 hours a day, seven days a week, who provide assistance to our customers on a real-time basis.

We primarily outsource our call center operations and fulfillment process in India to iEnergizer IT Services, Radical Minds Technologies, Concentrix Daksh Services, Globiva Services, Insight Customer Call Solutions and others, as we believe that these providers are experienced, reputable and able to adhere to our customer service standards and enhance our service quality. We also have a dedicated in-house escalation service team, which operates 24 hours a day, seven days a week, and is responsible for addressing issues or complaints raised by our customers. All of our representatives participate in a formal training program before commencing work and have in-depth knowledge of their relevant local market. Our representatives also attend periodic training programs to familiarize themselves with our new services and products.

We offer a number of loyalty programs that are aimed at promoting repeat bookings, driving customer retention and rewarding loyal customers. Members of these programs have access to a range of benefits, including cashback rewards, discounts, offers and complimentary privileges such as seat selection and meals on flights. As of March 31, 2025, our MMT India "MMTBLACK" and Goibibo "goTribe" loyalty programs had approximately 2.0 million and 2.4 million enrolments respectively.

*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 comprises industry executives with significant experience in the travel industry, including online travel agencies, in India and the United States. Our senior management team also has in-depth experience in the internet, consumer services and consumer product industries, having worked with companies such as GE Capital, PepsiCo, Colgate and Seagram. Our senior management team is supported by our broader leadership team, comprising talented and experienced professionals that oversee and implement our day-to-day operations. We also actively recruit management graduates and engineers from leading institutions in India to fill important management roles in our company.

**Our Strategy** 

We believe that India's growing base of more than 940 million internet users, coupled with its rapid drive towards digital adoption driven by its young population, provide us with significant growth opportunities. Our objective is to pursue long-term market share growth opportunities and to grow profitably by building on our current position as one of India's leading travel service providers. The key elements of our strategy include:

*Expand Our Hotels and Packages Business.* Our hotels and packages business generally yields higher Adjusted Margin % than our air ticketing business, and we intend to continue shifting our business mix towards this segment. In fiscal year 2017, we acquired the Goibibo business, which operates a hotels and packages business under the Goibibo brand, making us one of the leading online hotels and packages providers in India.

We aim to increase our market share by investing in automation, adoption of new technologies and greater focus on customers. Our objective is to enable more hotel suppliers to seamlessly connect to our various platforms using the latest technology, including 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 for managing their rates, inventory, content, payments and confirm bookings made by our customers on a real-time basis. India is the most populous country in the world and has an under-penetrated market for travel. Propensity and willingness to travel is steadily increasing, fueled by a growing Indian middle-class. This is expected to drive growth in consumer spending. In addition, India has 943 million internet subscribers as at April 2025, according to the TRAI, and close to 460 million individual digital payment users as at April 2025, according to the PIB. More than 221 billion digital payment transactions were made in India during fiscal year 2025, according to the RBI. This presents a significant opportunity for technology companies. We believe that we can increase our total number of transactions as internet penetration in India

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increases over time. In addition, given the high penetration of smartphones in India, we have also introduced our extranet mobile application which allows hotels to directly update inventory and rates, and confirm bookings through the application. We are investing in improving the customer experience by enhancing our offerings on various devices (particularly mobile and tablets) 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 mobile applications and allow us to cross sell higher-margin services and products to them. We expect to explore opportunities to expand our offerings of alternative accommodation, activities and experiences, multi-modal transportation and travel offerings across regions.

We seek to continue expanding our travel offerings beyond core air tickets, hotels and packages to mass market products including bus and rail tickets and car hire. We introduced the sale of bus tickets in 2008 and the sale of rail tickets in 2009 under our MakeMyTrip brand. In January 2017, we expanded both of these businesses through the acquisition of the ibibo Group and the addition of its redBus bus ticketing and Goibibo rail ticketing businesses to our offerings. We also provide car hire services in conjunction with our holiday package bookings and in fiscal year 2018, we introduced inter-city car hire services on both our MakeMyTrip and Goibibo platforms. In December 2023, we acquired a majority equity interest in Savaari which is engaged in the business of providing car rental services in India. In line with our continued focus to strengthen our corporate travel business, we acquired a corporate travel and expense management business on a going concern basis, operated through the "HAPPAY" brand in February 2025. As of March 31, 2025, we offer over 24,000 activities and experiences on our platform, both domestically and overseas, with a focus on international experiences. Further, we also provide other value-added ancillary services such as facilitating access to third-party travel and other insurance products, foreign currency exchange services and visa-related products and services to enhance our customers' travel experience.

*Enhance Our Service Platforms by Investing in Technology.* We intend to continue to enhance our platforms by further investing in advanced technologies such as generative artificial intelligence, artificial intelligence driven personalization, and intelligent automation. These investments are key to our strategy of providing seamless, intuitive, and highly personalized travel experiences for our customers at every interaction. We have integrated our hotels extranet platform, flights supply unification, pricing system and CRM unification across our MakeMyTrip and Goibibo brands. 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 transactions more user-friendly and allow real-time verification 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 contribute to increased 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, strengthen our focus on analytics, and continue upgrading our technology platform. We have also unified our back-end systems across our MakeMyTrip, Goibibo and redBus platforms, which we believe will yield faster and more efficient development and deployment of system enhancements.

*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. In December 2009, we launched our website, <u>www.makemytrip.ae</u>, in the UAE, 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 international website. In 2021, we launched our UAE flights and hotels desktop and mobile web platform. We have developed multilingual content and vernacular search optimized pages in Arabic and English which has resulted in customer acquisition from the UAE using both our web and mobile platforms. In 2023, we launched a major brand campaign for the UAE to grow our brand visibility in the region. We continue to build awareness amongst non-Indian users through campaigns during travel seasons. In addition, we launched our "MMT SELECT" loyalty program. As of March 31, 2025, we have approximately 0.6 million enrolments in this program.

We entered the Singapore market by acquiring Luxury Tours in May 2011. In November 2012, we expanded in Southeast Asia through our acquisition of the ITC Group. In January 2017, as part of our acquisition of the

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ibibo Group, we entered the Colombia and Peru markets through our redBus business. In addition, redBus commenced operations in Indonesia, Cambodia and Vietnam in April 2018, March 2024 and April 2024 respectively.

*Pursue Selective Strategic Partnerships and Acquisitions.* In addition to growing our business organically, we have in the past and may continue to pursue strategic partnerships and targeted acquisitions that complement our service offerings, strengthen or establish our presence in our targeted domestic and overseas markets or facilitate technological advancements to our platform. On January 31, 2017, we undertook a strategic combination with the ibibo Group by way of an acquisition of 100% equity interest in the ibibo Group, which owns and operates air ticketing, hotels and packages and rail and bus ticketing businesses under its Goibibo and redBus brands. In fiscal year 2013, we became the sole owner 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, following our initial investment in 2011. In 2014, we acquired a minority equity interest in Simplotel. We became the sole owner of the ITC Group in 2015, a well-established hotel aggregator and tour operator focused on Thailand in which we initially invested in 2012. In fiscal year 2019, we acquired 100% equity interest in Bitla, which provides technology support for bus operators and in April 2019, we acquired a controlling equity interest from the existing shareholders of Quest 2 Travel, which provides travel solutions for large corporates across India. We also hold a 38.6% stake in Saaranya Hospitality Technology Private Limited. In April 2022, we acquired a majority interest in Book My Forex, which offers currency exchange, multi-currency prepaid forex cards, cross border remittances as well as other ancillary products to Indians travelling abroad. In September 2022, we acquired an additional equity interest in Simplotel and now hold a majority equity interest in Simplotel. In September 2023, we acquired the remaining equity interest in Quest 2 Travel, which is now our wholly owned subsidiary. In December 2023, we acquired a majority equity interest in Savaari, which is engaged in the business of providing car rental services in India. In February 2025, we acquired a corporate travel and expense management business on a going concern basis, operated through the "HAPPAY" brand. We expect to continue to monitor strategic partnerships and acquisitions in the future. We believe that our acquisitions and partnerships, together with our technology platform that enables us to successfully and cost-effectively integrate our new acquisitions and partners, have helped to strengthen our positions in our different businesses.

**Our Services and Products**

We offer a comprehensive selection of travel and travel-related services and products catering to the travel needs of residents in India as well as non-resident Indians and others traveling to India from the United States, Southeast Asia, the GCC countries and elsewhere. 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, bus tickets, rail tickets, car hire, activities and experiences and ancillary travel requirements such as foreign currency exchange services, visa-related products and services, facilitating access to third-party travel and other insurance products. Our key customers include leisure travelers and corporates.

***Air Ticketing*** 

Our air ticketing business is primarily targeted at domestic travel within India and international travel originating in India; and inbound travel to India from the United States, Southeast Asia, the GCC countries and elsewhere. We further expanded our air ticketing business in 2017 through our acquisition of the ibibo Group.

We commenced our air ticketing operations under our MakeMyTrip brand in 2000 and have experienced significant growth in our air ticketing business covering domestic travel within India and international travel from India. Furthermore, based on data from the DGCA, we estimate that nearly one in three domestic air passengers in India booked their air ticket through our company during fiscal year 2025. The following table sets forth the number of flight segments booked through our platforms for the periods indicated.

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| | | | |
|:---|:---|:---|:---|
|  | **Number of Flight Segments**<sup>(1)</sup> | **Number of Flight Segments**<sup>(1)</sup> | **Number of Flight Segments**<sup>(1)</sup> |
|  | **Fiscal Year March 31,** | **Fiscal Year March 31,** | **Fiscal Year March 31,** |
|  | **2023** | **2024** | **2025** |
| Indian domestic air travel | 37.9 million | 42.1 million | 46.8 million |
| Outbound (outside India) air travel | 6.0 million | 9.0 million | 11.9 million |

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Note

(1)"Flight segments" means a flight between two cities, including flights booked as part of a longer itinerary or a package, and is reported net of cancellations.

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, Alliance Air, Akasa, Flybig, IndiGo,

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SpiceJet, Star Air, Air India, Fly91; and all major international flights that originate from cities in India including, Air Asia, Air France-KLM, Air India, American Airlines, British Airways, Cathay Pacific, Delta Airlines, Emirates, Etihad Airways, Ethiopian Airlines, Finnair, IndiGo, Kenya Airways, Lot Polish, Lufthansa, Malaysia Airlines, Qatar Airways, Qantas Airways, Scoot Airlines, Singapore Airlines, Thai Airways, United Airlines, Virgin Atlantic, Vietnam Airlines and Vietjet Air. We make bookings with these airlines through a GDS (we use both Amadeus CRS and Galileo GDS), via "direct connects" to the airlines' booking systems, through New Distribution Capability or NDC, or through third party suppliers.

We believe our websites and mobile platforms provide comprehensive information to our customers in a time-efficient and unbiased manner. Customers can quickly and easily evaluate a broad range of potential fare and airline combinations through our user-friendly websites and mobile platforms. Customers may search for flights based on their preferred travel dates, destinations, number of passengers, number of stops and class of travel. By using advanced search options, such as for Indian domestic flights, customers can specify preferred flight timings, routes, airlines and fare categories. Customers can also easily filter and sort the results of their search according to their preferences. We have also introduced features that allow customers to select their preferred seats, book meals and check in baggage using our website and mobile platforms.

***Hotels and Packages*** 

We introduced our hotels and packages business in 2005 and have since experienced significant growth in this area, including through our acquisition of the ibibo Group in January 2017. We operate our hotels and packages business mainly through MMT India under the MakeMyTrip brand and Goibibo brand. The total number of room nights in our hotels and packages business was 26.1 million, 31.1 million and 37.0 million in fiscal years 2023, 2024 and 2025, respectively.

*Hotels*. As of March 31, 2025, approximately 87,000 properties in India, including alternative accommodation properties, were available to our customers for booking through our platform. In addition, customers could book over 1.2 million hotels and properties outside India through our platform. We obtain access to room inventory from our hotel suppliers through three methods: "direct connects," "direct allocation" and for most hotels outside 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 through our extranet, or through channel managers, or supported by us via telephone. We do not assume any inventory risk for such "direct allocation" as unsold rooms are 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 hotel bookings. Through our ongoing efforts to increase the automation of and otherwise improve our extranet, our hotel suppliers are now able to perform most of the necessary functions for executing transactions through our system without our direct involvement. We obtain access to inventory for most hotels outside India through contracts with other online travel agents and aggregators outside India. Our inventory also includes home stays and budget rooms through "goSTAYS" at Goibibo and MakeMyTrip. During fiscal year 2018, we merged our supplier extranet for MakeMyTrip and Goibibo to a common technology platform for our domestic and self-contracted international accommodation properties both on our websites and mobile applications. We have further upgraded this platform by adding features such as management of inventory, rates, promotions and analytical capabilities. We have also expanded our hotel offerings by providing alternate accommodations, which include villas, apartments, hostels, homestays and cottages. We do not assume any inventory risk, as these properties allocate their inventory to us directly or through channel managers. We have also introduced a calendar sync option, which allows alternative accommodation providers to update inventory by synchronizing their calendars. We allow customers to book these properties through all of our online platforms. In 2020, we introduced a feature for certain alternative accommodation properties to facilitate communication between customers and hosts. In 2021, we also introduced a feature which allowed new hosts to be onboarded directly through our MakeMyTrip mobile application. In 2022, we launched a "Book with Zero payment" option, which allows our customers to book hotels or homestays in India and internationally without making any upfront payment. This provides our customers with convenience and flexibility in making travel plans, as they are only required to make payment closer to their check-in date. In 2024, we launched a dedicated funnel to sell hostel rooms on our Goibibo mobile application and also launched options to search and book pet friendly stays on our MakeMyTrip mobile application.

With respect to our websites and mobile applications, the focus of our technological improvement and sales efforts is on consolidating multiple supply sources and identifying the best rates possible for our customers. On our <u>www.makemytrip.com</u> and <u>www.goibibo.com</u> websites and through our applications on various mobile

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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, location, accommodation type and other options. Customers can also indicate amenity preferences, such as business services, internet access, fitness centers, swimming pools and travel assistance. MakeMyTrip's "View Map" offers customers the ability to compare hotel locations on an interactive neighborhood map. Our online hotel booking platforms provide an enhanced user experience for researching and booking hotels on desktop and mobile devices.

*Packages.* We offer pre-packaged vacations, which includes elements of travel and accommodation services, designed by our in-house product specialists, under arrangements with various travel suppliers and our Switch and GDS service providers to cater to both individual and group travelers. Our packages also include various travel services such as facilitating access to third-party travel and other insurance products, visa-related products and services, airport transfer and sightseeing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Indian Domestic Packages.* We offer a variety of packages, including escorted tours, honeymoon specials and weekend breakaways, as well as themed vacations, such as beach, adventure, family, pilgrimage, romantic, shopping, cruise and culture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*International Packages.* We offer a wide variety of pre-designed independent packages, customized independent vacations, customized group tours and pre-designed escorted tours to cater to the varying budgets and preferences of our customers. In fiscal year 2024, we partnered with Europamundo, a supplier of travel services in Europe, allowing customers to book an extensive range of hotels and packages and experiences in Europe through our platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Meetings, Incentives, Conferences and Exhibitions (MICE).* Our MICE team offers services to organizations and other groups with planning meetings, incentive travel, conferences, offsites, group travel, weddings, trips or other events. Our MICE team assists such customers in planning and booking travel arrangements for large groups of travelers to domestic and international destinations.

*Corporate Travel Service.* In fiscal year 2018, we introduced the corporate booking tool "myBiz" which is a complete business travel solution for the booking of travel services by corporates and SMEs. myBiz was built to provide greater flexibility and convenience for business travel and also offers corporate travel benefits for employees. myBiz is also designed to reduce payment inefficiencies and minimize corporate card abuse. It offers a centralized, corporate level wallet for all bookings, which is managed by corporate administrators and provides real-time reporting. With the acquisition of Quest 2 Travel in April 2019, which provides customizable travel solutions for large corporates across India, we have further strengthened our offerings to corporate travelers. During the fiscal year 2024, we incorporated a wholly-owned subsidiary in India, Hotelcloud Services Private Limited, primarily to provide travel services to our corporate clients.

***Bus Ticketing***

We own and operate our bus ticketing business primarily through redBus, a leading online bus ticketing platform with a presence across India through <u>www.redbus.in</u> and in select countries overseas through our other regional redBus websites. Customers can also make bus bookings on our MakeMyTrip and Goibibo websites in India and on mobile platforms through our mobile applications for iOS and Android. We believe that the strength of these three brands have positioned us to increase our penetration of the bus ticketing market. Customers can also access YourBus, a vehicle tracking tool and other features in all three brands. Through our websites and mobile platforms, 73.0 million, 86.8 million and 106.5 million bus tickets were booked in fiscal years 2023, 2024 and 2025, respectively.

We have agreements with several major bus operators in India, Peru, Colombia, Vietnam, Cambodia and select countries in Southeast Asia, including government 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 two channels: real-time inventory from operators and aggregators, both of which are directly connected to our booking platforms.

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Customers can search for bus tickets based on their preferred platform with their travel dates and routes and our websites 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. 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. Our websites and applications also enable our customers to find their destinations easily by using colloquial names. We also made significant improvements to our online bus booking platform, such as more flexible search options and allowing our users to write reviews and upload bus images, which helps our customers make informed booking decisions. We have also made our booking platforms available in Hindi, Tamil, Telugu and Kannada in India and also in local languages in international markets, as a part of our localization efforts. On the redBus app in India, auto rides and metro tickets in select cities are offered in partnership with Open Network for Digital Commerce, for better last mile connectivity.

redBus also sells bus tickets through an agent platform, SeatSeller, which comprises more than 18,750 agents across India, Southeast Asia and Latin America. In addition, tickets are sold through more than 135 application programming interface, or API partners. Our redBus transaction database is highly scalable to cater to our growing transaction needs.

In recent years, redBus has launched a variety of initiatives aimed at improving customer experience. In India, we have launched a feature that allows female users to search for buses that are highly rated by female users and female solo travelers. During the fiscal year 2025, we introduced a hotel booking feature on our redBus Android application.

***Other Services and Products*** 

*Rail Tickets.* We sell railway tickets in India on our MakeMyTrip and Goibibo platforms through "direct-connect" access to Indian Railways' passenger reservation system online, allowing customers to reserve and purchase Indian Railways tickets on a real-time basis, as well as through our redBus platforms (which also includes our redRail mobile application). Indian Railways is India's state-owned railway, which owns and operates most of India's rail transport. We booked approximately 8.1 million, 10.6 million and 14.0 million transactions for rail tickets in fiscal years 2023, 2024 and 2025, 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. Customers are able 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.

*Car Hire.* We provide car hire services, airport transfers and outstation cabs on our platforms. Customers can make bookings through our desktop and mobile sites and our mobile applications for iOS and Android. In December 2023, we acquired a majority equity interest in Savaari which is engaged in the business of providing car rental services in India. As of March 31, 2025, we offered outstation car hire services in more than 2,300 cities in India. We also offer transfers to and from 129 airports across India. Through our websites and mobile platform, approximately 0.3 million, 0.3 million and 0.7 million outstation cabs service transactions were recorded in fiscal years 2023, 2024 and 2025, respectively, while approximately 0.5 million, 0.6 million and 0.8 million airport transfer transactions were recorded in fiscal years 2023, 2024 and 2025, respectively.

***Fintech Services***

In fiscal year 2021, we launched a technology platform for financial services to cater the needs of domestic and international travelers from India through our wholly-owned subsidiary, TripMoney.

In April 2022, TripMoney acquired a majority interest in Book My Forex, which offers currency exchange, multi-currency prepaid forex cards, cross border remittances as well as other ancillary products to Indians travelling abroad.

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***Ancillary Services and Products*** 

We offer travel-related ancillary services to our customers who book their travel using our platforms, such as travel insurance and foreign currency exchange services and visa-related products and services. In fiscal year 2023, we introduced add-on products for air ticketing bookings on our platform. Customers opting for "Zero Cancellation" can cancel their booking and receive a full refund up to 72 hours before the departure of flight. Customers who opt for "Free Date Change" on domestic flights can change their travel date up to two hours before departure by paying any applicable fare difference. We also offer a "Price Lock" feature, where a customer can lock in the flight fare by paying a fee and book the ticket later without an increase in fare. Similarly for bus ticketing, we offer "Free Cancellation" in India and "Refund Guarantee" in Singapore, Malaysia, Indonesia, Peru and Colombia, which allows users to cancel their booking up to a few hours before departure for a full ticket fare refund. Customer can also utilize features such as "Free Cancellation" and "Trip/Seat Guarantee" and claim refunds for last minute cancellations or not being able to confirm a seat for their train journey for a fee.

**Our Distribution Channels**

We utilize a variety of technology-enhanced distribution channels to target the growing Indian middle-class travel market, where digital and ecommerce adoption is still at an early stage. 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, mobile applications, franchisee-owned travel stores, our travel agents' network as well as call centers and holiday experts, providing us with multiple channels to access these customers. We have also partnered with various digital platforms such as Amazon Pay, Google Pay and HDFC SmartBuy to provide travel services to expand our customer reach. The significant majority of our total transactions are still carried out through our own websites and mobile applications.

Our customers' varied needs are served by different distribution channels. While we experienced a decrease in the number of transactions booked through our desktop websites between fiscal years 2020 and 2025, we believe that this is due to more customers shifting towards using our mobile applications instead of our desktop website as a result of the increased use of smartphones and mobile devices in India. Our customers can book standard flights and hotel packages on our websites and our mobile applications, but the majority of the sales of packages within or outside India are concluded through our Holiday Experts and our franchisee-owned travel stores.

***Internet Websites and Mobile Applications***

Our MakeMyTrip brand operates through the websites <u>www.makemytrip.com,</u> and other overseas regional websites 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), as well as countries in the GCC and Southeast Asia. Our MakeMyTrip brand also operates through our <u>g</u>lobal website. Our Goibibo brand operates through <u>www.goibibo.com</u> and our redBus brand operates through <u>www.redbus.in</u> and other overseas regional websites.

Our websites and their content are tailored to our predominantly Indian user base. For example, on www.makemytrip.com, 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. In fiscal year 2021, we also launched the Arabic language version of our desktop and mobile website for flights and hotels product offerings in UAE. Our multilingual content has helped us build vernacular search optimized pages, acquire more Arabic-speaking customers and increased the number of downloads for the English version of our mobile application, which have resulted in an increase in the number of our customers in UAE.

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 and other insurance products as part of the booking process. Although certain packages for MICE or other customized packages cannot be purchased online, customers can submit inquiries through our websites and our sales representatives will contact such customers to follow up and process the transaction, if required.

A transaction on our websites typically involves the following steps:

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*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 and fare types. 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 the majority of search results on our platforms are derived from search engine caches. Our web-based MakeMyTrip, Goibibo and redBus booking engines, which have been designed to link to our suppliers' systems either through "direct connects" or a GDS (both Amadeus CRS and Galileo GDS) or Switch, allow 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.

*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 GDS (Amadeus CRS and Galileo GDS) or Switch 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 travel products on our websites will also be shown options to purchase travel and other insurance products and other related ancillary services.

*Payment.* We offer our customers a variety of payment methods. On our Indian websites, customers may pay in Indian Rupees with credit cards, debit cards issued by banks in India, bank transfers, e-wallets and unified payment interfaces such as GooglePay and PhonePe. We also offer partial payment options for large value transactions. All sales made through our desktop and mobile platforms require consumers to pay or guarantee their purchases with their credit cards or other payment options. Our online payment gateways are secured by "Verified by VISA," "MasterCard Secure Code," "Diners ProtectBuy," "RuPay PaySecure" and "American Express SafeKey." Customers may also use our proprietary prepaid wallets ("MyWallet", "GoCash" and "redBus Wallet") to obtain instant refunds and a quicker checkout experience. We also accept international credit cards issued outside India through single factor authorization for which we bear fraud chargeback liability. On our US MakeMyTrip website, customers may pay in US dollars with credit cards or through PayPal. On our UAE website, customers may pay in UAE Dirhams with credit cards or other payment modes acceptable in UAE. On our other international websites, customers may pay in multiple currencies with credit cards.

In fiscal year 2022, we partnered with various banking and non-banking lenders to offer an algorithm-based "Book Now, Pay Later" option for certain customers and offerings, as well as a hotel booking option that requires the payment of a nominal fee at booking, with the remaining fee auto-debited from customers after completion of their stay. We do not assume credit risk for these options offered to our customers.

In order to simplify the booking process for our customers, our websites do not require prior customer registration in order for customers to complete their purchases. Customers who do not wish to register will only be required to provide basic contact details (including their name, telephone number and e-mail address) prior to payment. An electronic confirmation is sent to the customer through e-mail and WhatsApp and customers can also use our self-service web-support, My Account, to check their booking details, print e-tickets and vouchers, cancel bookings and track progress of refunds.

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Our MakeMyTrip, Goibibo and redBus mobile platforms cater to the full range of traveler needs. This includes our mobile websites and mobile applications, which allow customers to search, book and pay for Indian domestic and international air tickets, hotels and packages, bus and rail tickets, car hire bookings and attractions and activity bookings on their mobile phones at no additional cost with flexibility of payment options. The tickets and bookings are delivered through email and WhatsApp messages. We also send regular updates on our offers to our customers via push notifications on mobile applications. In addition to being able to make different types of travel bookings on their mobile devices, customers can view their booking details, cancel bookings, request e-tickets, track refund status, search for new deals and use location-based services to find nearby places of interest. Our mobile applications are available on Android and iOS. Since our inception in 2000 till March 31, 2025, over 81.9 million customers have transacted on our various platforms. As of March 31, 2025, our MakeMyTrip mobile application had been downloaded approximately 183.8 million times on Android and approximately 27.1 million times on iOS, our Goibibo mobile application had been downloaded approximately 143.6 million times on Android and approximately 14.0 million times on iOS, our redBus mobile application had been downloaded approximately 195.8 million times on Android and 16.7 million times on iOS and our redRail app had been downloaded approximately 8.5 million times on Android and approximately 0.24 million times on iOS.

***Travel Stores*** 

As of March 31, 2025, we had over 136 franchisee-owned travel stores operated across India, which primarily sell packages under our MakeMyTrip brand.

At our franchisee-owned travel stores, customers can consult with our sales representatives, receive comprehensive, real-time information on flights, hotels, packages, 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, franchisee-owned travel stores sell our products exclusively. These travel stores are connected with our franchisee dedicated booking tool 'MMT One' and are linked to our CRM system.

The customer experience in all our franchisee-owned travel stores is substantially similar because they are operated according to our guidelines, as required in our contractual arrangements with our franchisees. In addition to providing our franchisees with the use of dedicated portal, links to our CRM system and a license to use our brand, we also make frequent on-site visits and provide other technical and operational support to our franchisees. 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***

Our travel agents can access our myPartner platform, which enables them to sell our full suite of online travel services to customers. This platform use a similar interface as our external customer-facing websites while offering additional features which are customized for use by travel agents. Travel agents can book hotels and air tickets on our platform, which offers customization, personalization and travel booking convenience for their customers. 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. As of March 31, 2025, our "myPartner" platform had over 48,480 registered agents in India.

***Call Centers and Holiday Experts***

To achieve cost-efficiency and scalability, we utilize in-house teams as well as various call centers in India to provide sales support. Our platform also features an automated chat bot that instantly connects customers with dedicated outsourced customer service support, providing real-time assistance for bookings, inquiries and personalized travel needs. Our customer support representatives also receive up-to-date training on our new services and products. For customers seeking curated travel experiences, our team of specialized Holiday Experts offers expert guidance in crafting and booking holiday packages tailored to their preferences. They engage closely with customers to understand their preferences, travel goals, and budget constraints.

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**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 external and internal data centers in India located in Mumbai, Chennai and Gurugram. Our Indian external data centers utilize AWS in the Mumbai region. Our internal data center runs independently and serves all the data needs of our internal operations.

Our website utilizes AWS across multiple availability zones, which provides greater reliability through redundancy protection, including during peak traffic periods, and aims to minimize potential damage in the event of a disruption.

To further support business continuity, our Indian external data centers can replicate and synchronize data from each other on a continuous basis, effectively allowing each data center to back up data from another data center. In addition, all data is backed up on a weekly basis and stored in a secure facility.

Our technology infrastructure is monitored by an internal team and is assisted by an outsourced security monitoring and engineering support team that operates 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, cloud platforms 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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•availability on a variety of mobile platforms, including iOS and Android;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•capability to combine various flight and hotel options, offering our customers the ability to compare 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•capability to monitor more than 10,000 unique systems, application, network, security and business metrics that comprise our technology platform, including the capability to generate advanced reports and alerts related to this data.

***Fully Integrated Technology Platform*** 

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Our systems also allow 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 systems also enable us to monitor the number of waiting calls and limit aborted calls on our hotlines due to long waiting times.

Our ERP application uses Microsoft Dynamics 365 for MMT India, RB India and certain other subsidiaries. These systems are integrated with our mid-office systems, which enables our agents to create and amend bookings as well as to attend to customer inquiries raised in our CRM systems.

Our MakeMyTrip, Goibibo and redBus platforms are hosted on AWS, which provides us with a high degree of reliability, security and scalability. For business continuity, our systems are backed up at regular intervals, including several times throughout the day. We have the ability to scale any of our applications depending on the traffic. This helps us in maintaining adequate capacity. Our technology architecture is modeled on microservice architecture, which enables us to rapidly make changes on any APIs and scale individual components. We also have a New Relic and ELK monitoring system that tracks crucial metrics of our Goibibo and redBus applications. Information on system health, performance and security can be monitored in real time and analyzed for troubleshooting.

We use software from Adobe Analytics, Qlik, Databricks, Power BI and AWS Analytics Stack to assist us in analyzing various business metrics on our website and mobile applications, such as the rate of conversion of visitors to our websites and mobile applications into successful transactions. Similarly, our in-house tools enable us to provide targeted marketing to our potential customers based on their search history.

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

Our core technology platform is scalable and can accommodate increased traffic and complexity of products with limited additional investment.

***Security*** 

We are committed to protecting the security of our customers' information. Our information security team works with third party providers to implement and maintain measures designed to prevent unauthorized access to our systems. These measures include information security policies and procedures, security monitoring software, encryption policies, access policies, password policies, physical access restrictions and the detection and monitoring of fraud from internal staff. Additionally, our fraud detection system utilizes transaction patterns and other data sources with the aim of proactive, real-time prevention of fraudulent transactions.

We depend on encryption and authentication technology to effect the secure transmission of our customers' personal information and proprietary data over the internet. Such information transmitted through our systems is protected using AES 256 encryption, covering data both in transit and at rest.

Our information security team oversees regular internal and external audits conducted every six months. Our MakeMyTrip, redBus and Goibibo platforms in India comply with the PCI-DSS, or the Payment Card Industry Data Security Standard. PCI-DSS requirements were developed by the Payment Card Industry Security Standards Council, which includes major credit card and financial services companies. Compliance with PCI-DSS helps to enhance the security of payment account information.

We have implemented a layered information security model that is focused on the protection of all aspects of our operations. Our strategic approach incorporates multiple layers of controls, follows a defense-in-depth methodology and involves proactive analysis and testing during early stages of the model development process. We have implemented various internal policies, processes and controls, encompassing preventive, detective and corrective measures. To enhance security, our critical operations are isolated through network segmentation and access controls, which creates an additional layer of protection by preventing potential breaches from easily spreading across systems and networks. We have also implemented measures aimed at restricting privilege escalation and exploitation, comprehensive data discovery, classification and protection.

We regularly conduct a range of programs to assess and enhance the effectiveness of our security measures. These programs encompass bug bounty initiatives, red teaming exercises, breach and attack simulation exercises, phishing campaigns and various awareness programs for both employees and customers.

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In addition, we strive to align our compliance program with relevant guidelines and regulations, including through certifications and audits.

***Data Privacy***

We have established a comprehensive data protection policy that demonstrates our commitment to safeguarding personal information and complying with applicable laws.

To protect personal data from unauthorized access, loss or alteration, we implement security measures that involve utilizing strong passwords, encryption, firewalls, and secure data storage systems. In addition, we regularly conduct privacy audits and assessments to assess our data privacy practices, identify vulnerabilities and determine areas for improvement.

In addition, we provide regular training to our employees on data privacy best practices, with an emphasis on confidentiality, data protection measures, and the recognition and reporting of potential data breaches or security incidents.

**Marketing and Brand Awareness** 

We believe our online and offline marketing strategies increase our brand awareness, drive potential customers to our websites and mobile applications and improve the rate at which potential customers visiting our websites and mobile applications and become actual customers. Our marketing strategies have been in line with our objective of driving the shift from offline to online, especially in the hotels and packages and ground transport businesses and reaching the underpenetrated and fragmented Indian online hotels segment while strengthening our brand leadership position in the space.

Our marketing channels on desktop and mobile web primarily include online advertising, such as paid search engine marketing and optimization with Google, social media advertising (such as on Facebook, Twitter, LinkedIn, Instagram and YouTube) and display advertising on other websites, participation in meta search engines (such as hotel advertisements by Google, TripAdvisor and Trivago), offline advertising leveraging 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 franchisee 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.

Our marketing programs and initiatives include broad-based campaigns, promotional or seasonal offers, as well as brand campaigns with leading celebrities as our brand ambassadors to drive awareness and consideration across all our target consumer groups.

As part of our marketing efforts, we continued to scale up our existing strategic partnerships with major banks and credit card providers in India, including ICICI, SBI Cards, HDFC and Axis, which provides us with access to their extensive customer base. Our MakeMyTrip-ICICI co-branded credit card had 0.8 million subscribers as of March 31, 2025.

Our marketing efforts have also included strategic partnerships with tourism boards, airports, airlines, attractions and theme parks in Saudi Arabia, Singapore, Abu Dhabi, Dubai, Australia, Thailand, and elsewhere to help boost tourism to these destinations. These collaborations aim to drive destination-awareness and increase consumer engagement. From time to time, we have been closely working with the Indian state tourism boards such as Odisha and West Bengal to promote state-run hotel packages on our platforms.

We offer a number of loyalty programs that are aimed at promoting repeat bookings, driving customer retention and rewarding loyal customers. MMT India offers the "MMTBLACK" loyalty program for its select premium users. MMTBLACK members are entitled to earn cashback rewards based on their spends, which can be used to obtain discounts on future bookings. Additionally, members are entitled to tier-based loyalty benefits such as discounts on hotels, complimentary seat selection and meals on flights, holiday package discount vouchers and access to additional offers during sale campaigns. As of March 31, 2025, MMTBLACK had approximately 2.0 million enrolments. Goibibo's "goTribe" loyalty program offers members a range of tier-based loyalty benefits including additional discounts and cash backs, rewards on travel bookings and complimentary privileges such as early check-in, late check-out, free meals and room upgrades on hotels and complimentary seat selection for flights etc. As of March 31, 2025, "goTribe" had more than 2.4 million enrolments.

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**Customer Service** 

Our customer focused approach is centered on ensuring a favorable user experience on our websites and mobile platforms as well as excellent customer service. Our intention is to provide customer support prior to, during and after travel. Our websites and mobile platforms 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.* Our self-service web-support is available through free online accounts on our websites and allows customers to check the status of their domestic and international flight, train, bus, car hire or hotel bookings, cancel bookings and track the progress of their refunds. Customers who require assistance or have inquiries about certain products also have an option to contact our sales representatives through our website. We have dedicated personnel available 24 hours a day, seven days a week, who provide assistance to our customers on a real-time basis. Since fiscal year 2021, we have improved automation functions for our customer self-help platforms.

In order to help customers with their queries just before and during the journey, we have revamped our support channels for faster customer grievance resolution with dedicated customer support flows. Additionally, we have driven more accountability among our suppliers in providing direct and prompt resolution to our customers.

*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. Our platform also features an automated chat bot that instantly connects customers with dedicated outsourced customer service support, providing real-time assistance for bookings, inquiries and personalized travel needs. Currently, we primarily outsource our customer service call center operations in India to iEnergizer IT Services, Radical Minds Technologies, Concentrix Daksh Services, Globiva Services, Insight Customer Call Solution and others in India, whose employees have been trained by our respective outsourcing service providers and us.

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 in India, as well as dedicated call centers in India, Malaysia, Vietnam, Cambodia, Indonesia and Peru. We are able 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, the number of active call center agents, and the real-time activity status of agents. Our in-house quality team monitors the quality of our call center transactions, including the tone and voice of our customers, with the aim of ensuring that high quality service is consistently offered. All of our representatives participate in a formal training program before commencing work and have in-depth knowledge of their relevant local market. Our representatives also attend periodic training programs to familiarize themselves with our new services and products. As of March 31, 2025, we had more than 2,600 customer support representatives.

*Travel Stores.* Customers may also visit our more than 136 franchisee-owned travel stores in India and obtain assistance from sales and customer service representatives.

*Mobile Service.* In addition to being able to make different types of travel bookings on their mobile devices, customers can view their booking details, cancel bookings, request e-tickets, track refund status, check flight status, search 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 websites.

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

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Through our CRM system, we maintain a secured anonymized 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 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.

**Supplier Relationships** 

We believe that we have cultivated and maintained 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 and mobile platforms as well as through our call centers.

The table below sets forth our top five (in alphabetical order) airline suppliers for travel in India and overseas (based on gross bookings) and our top five (in alphabetical order) hotel suppliers (based on gross bookings) for fiscal year 2025.

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| | | |
|:---|:---|:---|
| **Airlines<br>(Travel within India)** | **Airlines<br>(International Travel)** | **Hotels<br>(within India)** |
| Air Asia | Air India | Accor Hotels |
| Air India\* | Air India Express | Lemon Tree Hotels |
| Indigo | Indigo | Marriott Hotels & Resorts |
| SpiceJet | Lufthansa | Radisson Hotels |
| Vistara\* | Singapore Airlines | Taj Hotels, Resorts & Palaces |

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\*Air India and Vistara merged on November 12, 2024 and now operate under Air India brand.

*Airlines*

We have access to real-time inventory of all major airlines operating in, from and to India through a GDS (we use both Amadeus CRS and Galileo GDS), through "direct connects" to our airline suppliers' booking systems, through NDC or other third party suppliers.

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 most 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 or incentives from our GDS service providers on a per-segment basis for sales completed by us through the GDS that are linked to the volumes of sales completed by us. Further, we also earn commissions through sales of ancillary services that allow customers to select their preferred seats, book meals and check baggage using our website and mobile platforms.

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*Hotels* 

As of March 31, 2025, approximately 87,000 properties in India including alternative accommodation properties were available to our customers for booking through our platform. In addition, our customers could book over 1.2 million hotels and properties outside India through our platform. 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 platforms maintain acceptable standards.

We obtain access to room inventory from our hotel suppliers through three methods: "direct connects," "direct allocation" and, for most hotels outside 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 rooms are 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.

We have also expanded our hotel offerings by providing alternate accommodations, which include villas, apartments, hostels, homestays and cottages. We do not assume any inventory risk and these properties allocate their inventory to us directly or through channel managers. We have also introduced calendar sync option, which allows alternative accommodation providers to update inventory by synchronizing their calendars. We allow customers to book these properties through all of our online platforms.

*Buses* 

In fiscal year 2025, we provided our customers with access to more than 40,000 privately operated services, and more than 18,000 government-owned Road Transport Corporation services in India, as well as 10,800 services across Peru and Colombia and 30,000 services across Southeast Asia. Our "redPro" platform allows bus operators to update service information, create customer campaigns, respond to customer feedback and analyze customer demand. Bus operators also have the option to subscribe for additional programs, being "Revmax" (which aims to maximize yields for bus operators through the use of automated dynamic pricing), "Rise" (which aims to help low rated bus operators improve their online share). Further, we also offer our "Primo" subscription based program for highly rated small and medium sized bus operators which aims to help them build customer loyalty. redBus also provides bus ticketing API to multiple e-commerce websites across the spectrum, which aims to significantly increase the distribution reach for bus operators.

In July 2018, we acquired Bitla, a leading bus travel-focused technology provider in India. Bitla offers SaaS, Cloud and mobile-based solutions to help customers expand their business. Bitla's technologies are widely used domestically and internationally by bus operators, bus GDSs, online ticketing portals and cargo and logistics companies. Bitla maintains an online bus ticketing ecosystem and manages a large inventory of direct buses and bus operators in India.

**Sustainability**

We aim to have a positive impact on people and the planet through our sustainability initiatives. By sustainability, we mean the long-term health of our business, which includes consideration of planet, people and governance factors. Our board of directors has tasked Deep Kalra, our Founder and Group Chairman, with overseeing our sustainability initiatives.

We believe that travel should create memorable experiences for travelers and also contribute positively to the places and people that make these journeys special. Our focus on climate action, community empowerment, and sustainable tourism are part of the meaningful steps taken by us to create long-term impact. Through

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MakeMyTrip Foundation, or MMT Foundation, a charitable trust promoted by MMT India, we are working towards making travel more sustainable and inclusive and to support communities, protect natural ecosystems, and promote responsible tourism across India.

**Planet**

In 2024, MMT Foundation, through its partnership with Central Himalayan Rural Action Group, planted over 0.2 million saplings and rejuvenated 13 natural springs in Uttarakhand, India. In July 2023, MMT Foundation partnered with Vikas Center for Development to plant mangroves in the coastal region of Gujarat, India as part of a mangrove restoration and conservation initiative. Through its collaborative efforts with local communities, MMT Foundation has planted over 2.1 million saplings across several states in India as of the date of this Annual Report.

MMT Foundation aims to address plastic pollution and promote public awareness concerning responsible waste management practices through initiatives such as waste collection, clean-up activities, and community engagement programs. MMT Foundation has continued its partnership with Waste Warriors Society, a non-profit organization in India, to implement waste management initiatives in Sahastradhara and Kempty Falls, in Uttarakhand, India which are popular tourist locations in India. In November 2024, MMT Foundation undertook waste management initiatives at Dal Lake, Srinagar, India through its partnership with Jhelum Foundation. These initiatives involve cleaning up the channels of the lake and spreading awareness amongst local communities and tourists. We also partnered with One Earth Foundation, to conduct similar activities in Goa, which is also a popular tourist location in India.

MMT Foundation continued its waste management and sanitization initiative at Neil Island in the Andaman and Nicobar Islands in collaboration with the local government and partnership with Kachrewala Foundation. Through this initiative, MMT Foundation has provided waste bins on the beaches to manage solid waste, established sanitation facilities and installed drinking water dispensers to provide tourists with safe drinking water.

MMT Foundation promotes community based tourism and works with local residents to facilitate the establishment of homestays and eco-cafes. MMT Foundation also provides local residents with training on cooking, tour guiding, and waste collection and segregation. MMT Foundation has implemented similar initiatives through its partnerships with non-profit organizations such as Tata Trusts and Himmotthan Society to support rural tourism in Uttarakhand, India where local residents operate and manage community-led homestays and cafes.

Where appropriate and practicable, we encourage local residents to list homestay properties on our platform, with the aim of contributing to the local economy and promoting sustainable livelihoods for local residents. Over 30,000 homestays were available to customers for booking through our platform as of March 31, 2025 and we intend to continue expanding the options available in this category.

**People**

We are an "Equal Opportunity Workplace," and accordingly we aim to create a workplace that provides equal opportunities and fair treatment for all our employees. We seek to ensure that all our employees are treated fairly and prohibit any form of discrimination. We have implemented a policy that emphasizes our commitment to providing equal opportunities to our employees, regardless of their race, ethnicity, gender, age, disability, sexual orientation, or any other applicable and legally protected characteristic in the jurisdictions in which we operate.

We have also adopted a formal anti-sexual harassment policy that provides guidance to our employees and outlines procedures for preventing and reporting sexual harassment incidents at our workplaces.

We seek to empower employees by providing them with opportunities for growth and development. Where feasible, we provide financial support to employees who aim to develop new skills and obtain additional professional qualifications that are relevant to their scope of employment.

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**Governance**

We seek to uphold high standards of corporate governance and have implemented policies that seek to facilitate ethical conduct, transparency and accountability. Our code of business conduct and ethics outlines our expectations for our directors, officers and employees in relation to a range of matters, including disclosure of conflicts of interest, fair dealing with employees, customers and suppliers and reporting any known or suspected violations of our code of business conduct and ethics. Our whistleblower policy seeks to protect confidential reporting of employee and third-party concerns regarding improper practices or accounting misconduct. Our global anti-corruption compliance policy outlines the measures we have implemented to comply with applicable anti-corruption and anti-bribery laws.

We also regularly engage with our stakeholders to seek their input and feedback on certain aspects of our business, as we believe in the power of collaboration to drive positive change.

**Competition** 

The market for travel services and products is highly competitive. We primarily compete with established and emerging providers of travel services and products, including other online travel agencies such as 'agoda', 'airbnb', 'Booking.com', 'cleartrip', 'EaseMyTrip', 'Expedia', 'ixigo', 'Yatra' and offline traditional travel agencies, tour operators and suppliers and intermediaries that provide travel services. Large, established internet search engines have also launched applications offering travel itineraries in destinations around the world, and meta-search companies that can aggregate travel search results also compete with us for customers. The Indian market is highly competitive, and current and new competitors may be able to launch new services at a lower cost. In the hotels and packages segment, we primarily compete with traditional travel players such as Thomas Cook, Travel Triangle and others in packages offerings, as well as online travel agencies in standalone hotel bookings and new entrants. Such competitors may have greater financial resources than us, may seek to increase market share by offering heavy discounting and promotional schemes and may be able to negotiate better rates with suppliers.

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**

We have registered the domain names <u>www.makemytrip.com</u>, <u>www.makemytrip.ae</u>, <u>www.makemytrip.com.sg</u>, <u>www.goibibo.com</u>, and www.redbus.in, and have full legal rights over all these domain names for the period for which such domain names are registered. We primarily conduct our business under the "MakeMyTrip", "Goibibo" and "redBus" brand names and logos. We have registered the trademark "MakeMyTrip", "Goibibo" and "redBus" in India, Australia, Canada, certain member states of the European Union or EU, Russia, Singapore, the USA and various other jurisdictions, and we have other trademark applications pending in these jurisdictions. We have also applied for patents in India for certain aspects of our technological systems.

Our key logos are also registered trademarks in India, including "MakeMyTrip", "MMTBLACK", "MyBiz", "go-mmt", "GoStays", "GoIbibo", "Ibibo", "MAKEMY", "MYTRIP", "goTribe", "GoCash", "redbus.in", "redRail" and "Primo".

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. See, also, "Item 3. Key Information — D. Risk Factors — Risks Related to Us and Our Industry —We Cannot Be Sure That Our Intellectual Property Is Protected from Copying or Use by Others, Including Current or Potential Competitors, and We May Be Subject to Third Party Claims for Intellectual Property Rights Infringement".

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**Employees**

As of March 31, 2025, we had 5,122 employees. The following tables show a breakdown of our employees as of the end of our past three fiscal years by function and location.

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| | | | |
|:---|:---|:---|:---|
|  | **Number of Employees as of<br>March 31,** | **Number of Employees as of<br>March 31,** | **Number of Employees as of<br>March 31,** |
| **Division/Function** | **2023** | **2024** | **2025** |
| Management | 14 | 14 | 14 |
| Product development | 227 | 271 | 303 |
| Sales and marketing | 1219 | 1313 | 1569 |
| Technology development and technology support | 1538 | 1581 | 1649 |
| Operations, business development and supply | 667 | 819 | 991 |
| Others (including administration, finance and<br> accounting, legal and human resources) | 425 | 578 | 596 |
| **Total** | **4090** | **4576** | **5122** |

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| | | | |
|:---|:---|:---|:---|
|  | **Number of Employees as of<br>March 31,** | **Number of Employees as of<br>March 31,** | **Number of Employees as of<br>March 31,** |
| **Location** | **2023** | **2024** | **2025** |
| India | 3841 | 4288 | 4840 |
| United States | 2 | 2 | 2 |
| Singapore | 48 | 68 | 70 |
| Malaysia | 19 | 27 | 33 |
| Thailand | 73 | 82 | 82 |
| United Arab Emirates | 14 | 15 | 16 |
| Colombia | 10 | 9 | 8 |
| Peru | 52 | 53 | 35 |
| Indonesia | 29 | 25 | 22 |
| Vietnam | 2 | 6 | 7 |
| Cambodia |  | 1 | 6 |
| Saudi Arabia |  |  | 1 |
| **Total** | **4090** | **4576** | **5122** |

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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 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. As of March 31, 2025, we employed 525 temporary and contract 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 Gurugram and other offices in India. We have a liability policy to insure our directors and officers from various liabilities arising out of the general performance of their duties. We have purchased public liability insurance, fidelity insurance, housebreaking cover for assets and work injury compensation insurance for our group entities and have also obtained cyber and crime insurance for operations in India.

**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 MakeMyTrip, Goibibo and redBus call centers.

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 licenses from the Ministry of Tourism, Government of India for its registered office in the state of Haryana. In addition, Luxury Tours and ibibo Group Pte. Ltd. holds travel agent's licenses from the Singapore Tourism Board. We also have inbound and outbound licenses for ITC Group issued by Department of Tourism, Thailand, as well as a Seller of Travel certificate of registration for MakeMyTrip, Inc. from the State of California in the United States. One of our recently acquired subsidiaries, Book My Forex is licensed with the Reserve Bank of India as a full fledged money changer and can offer currency exchange services in India.

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The DPDP Act, which will become effective upon notification by the Government of India, regulates the collection, processing, storage, transfer and use of personal data either collected in digital form or otherwise and later digitized. The law seeks to protect the rights of data principals, or individuals to whom the data relates, and impose obligations and duties on data fiduciaries, which determine the purpose and means of processing such data, including with other entities. In particular, the DPDP Act provides data principals with various rights, including to access information on processing and sharing of data by data fiduciaries, to correct, update or erase data and to have grievances redressed by a data fiduciary. Processing of personal data by data fiduciaries is only permitted with consent of the data principal. The data fiduciary remains responsible for compliance with requirements for processing, including by third party data processors, and requirements for reasonable security safeguards to protect data from breach and notifications to data principals and the Data Protection Board of India, or the DPBI, a new regulatory authority established under the DPDP Act, including for any data breach, and special provisions for data of children and persons with disabilities. Data fiduciaries can also be designated by the Government of India, based on volume and sensitivity of data processed and other factors, as significant data fiduciaries subject to increased regulatory requirements, including to appoint a data protection officer and an independent data auditor and requirements for periodic data protection impact assessment and audit. The DPBI has powers to impose penalties of up to Rs. 2.5 billion ($0.03 billion) for breaches of the DPDP Act. The Government of India has also published draft rules under the DPDP Act for public consultation. These draft rules include several additional requirements for data fiduciaries, including user consent requirements, limitations on the transfer of personal data outside India, reasonable security measures to prevent data breaches and notification obligations in the event of a breach. Under the DPDP Act, data fiduciaries are required to delete personal data once the purposes for which it was collected have been fulfilled and retention is no longer necessary. Additionally, the draft rules propose a mandatory review of retained personal data every three years. There are also additional requirements for entities notified, or belonging to a notified class, of significant data fiduciaries, including data protection impact assessment and audit, restrictions on transfer of data outside India and ensuring that algorithmic software used for processing personal data do not pose a risk to user rights.

The Consumer Protection Act, 2019, along with the Consumer Protection (E-Commerce) Rules, 2020, or the CPA, regulate matters relating to consumer rights, unfair trade practices and false or misleading advertising, and also establishes regulatory authorities, including to address complaints, conduct investigations and adjudicate disputes. The rules impose obligations on marketplace and inventory e-commerce entities and sellers relating to the conduct of business and disclosure of information. In addition, the Government of India invited comments in June 2021 on draft amendments to the Consumer Protection (E-Commerce) Rules, 2020, which include various compliance requirements, including registration of e-commerce entities, restrictions on certain sales and marketing activities and disclosure requirements. The timing or impact of such amendments, which remain in draft form, are not yet certain. The Central Consumer Protection Authority, a regulatory authority established under the CPA, issued guidelines in 2023 to prevent and regulate certain "dark pattern" practices, and is applicable to all platforms offering goods and services in India, advertisers and sellers. These practices include false urgency, basket sneaking, confirm shaming, forced action, subscription trap, interface interference and others.

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

The Government of India's consolidated foreign direct investment policy, or the FDI Policy, and the Foreign Exchange Management Act, 1999, and the rules and regulations thereunder, each as amended, or FEMA, have certain requirements with respect to downstream investments by Indian companies that are owned or controlled by foreign entities and with respect to foreign investment into India and 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 transactions between foreigners. These requirements currently include restrictions on pricing, valuation of shares and sources of funding for such investments, and may, in certain cases, require prior notice to or approval of the Government of India. In addition, pursuant to amendments in April 2020 to the FDI policy and the FEMA rules, prior government approval will be required for any non-debt investment into India by non-resident entities from countries that share a land border with India or where the beneficial owner of such an investment is situated in or is a citizen of any such country, as well as for any transfer of any such proposed or existing non-debt investment, directly or indirectly, that would result in ownership by any such non-resident entity or beneficial owner. The list of land border countries includes Afghanistan, Bangladesh, Bhutan, the People's Republic of China, Myanmar, Nepal and Pakistan. This approval requirement applies to investments in all sectors, including those that previously did not require such approval, such as travel and tourism. The term "beneficial owner" has not yet been defined for purposes of the FDI Policy and the FEMA. If we are deemed to be a non-resident entity or an entity with a beneficial owner restricted by these amendments, prior government approval will be required for investments in non-debt instruments in our direct and indirect Indian subsidiaries and group entities, including MMT India and redBus India, as well as for any such proposed investments or acquisitions by us or our affiliates, including MMT India, redBus India and affiliates which are not resident in India. Investments

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in our ordinary shares, including upon conversion of our Class B shares or our 2028 Notes, and our Class B shares would be deemed to be non-debt investments into our Indian subsidiaries, including MMT India and redBus India. Accordingly, under the current FDI Policy and the FEMA rules, any proposed holder of our ordinary shares or Class B shares that is a non-resident entity from a country that shares a land border with India or where the beneficial owner of such an investment is situated in or is a citizen of any such country would need to have obtained prior government approval in India, and any holder or beneficial owner of our 2028 Notes that is a non-resident entity from a country that shares a land border with India or where the beneficial owner of such an investment is situated in or is a citizen of any such country will not be able to convert such notes into ordinary shares without such approval. The Government of India has made and may continue to make revisions to the FDI Policy and the FEMA rules, which may impose additional requirements with respect to any holder's ability to acquire our ordinary shares, including upon conversion of our Class B shares or our 2028 Notes, and/or requirements for acquisition of our ordinary shares or Class B shares upon a transfer thereof. Further, under the FEMA, we are restricted from lending to or borrowing from our Indian subsidiaries and our Indian subsidiaries are restricted from lending or borrowing in foreign currencies. We are also required to complete FEMA filings with respect to past investments in order to make further investments in India. Under the FEMA, the Reserve Bank of India has the power to impose monetary penalties up to three times the value of a FEMA contravention where quantifiable, and confiscate the shares at issue. Further, the Government of India has made and may continue to make revisions to the FDI policy on e-commerce in India, including in relation to business model, inventory, pricing and permitted services. The Department of Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India invited comments on a draft National e-Commerce Policy in 2019, which addresses various topics, including data and e-commerce regulation. The timing or impact of this policy, which remains in draft form, is not yet certain. Such changes may require us to make changes to our business in order to comply with Indian law.

The Competition Act regulates practices that have or likely to 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. Acquisitions, mergers and amalgamations that exceed certain revenue, asset or deal value thresholds (combinations) require the prior approval of the CCI. Any such combinations that have, or are likely to 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. Further, the CCI has extra-territorial powers and can investigate any agreements, abusive conduct or combination occurring outside India if such agreement, conduct or combination has, or is likely to have, an appreciable adverse effect on competition in India. Pursuant to recent Competition Act amendments, anti-competitive arrangements between enterprises and persons, even if not engaged in similar businesses, can now also be treated as cartels or violations of certain provisions under the Competition Act. Further, the CCI has recently introduced a commitment mechanism, by way of which entities which are subject to inquiry proceedings under the Competition Act, may offer commitments to cease or reduce the impact of the alleged anti-competitive conduct prior to completion of the investigation by the director-general of the CCI. The CCI has also introduced a mechanism for enterprises to propose a settlement in such cases after the conclusion of the director general's investigation, and prior to the CCI's final order. The CCI has also recently notified certain regulations and guidelines for the determination of turnover and income of enterprises and persons liable (as applicable), and monetary penalties applicable to enterprises and persons liable. The full impact of each of these regulations on the operations and plans of the Company is uncertain.

The Ministry of Corporate Affairs, Government of India recently invited comments on a draft Digital Competition Bill, 2024, which includes *ex-ante* regulatory measures applicable to 'systemically significant digital enterprises' offering certain specified 'core digital services', to be designated by the CCI. These measures include fair and transparent dealing with users, restrictions on personal and non-public data usage, permitting the use of third-party applications, and prohibitions on self-preferencing, anti-steering, and tying and bundling, and others. The impact of this proposed law, which is in draft form, is uncertain.

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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" and "— *Our Business and Activities Are Regulated by Competition Laws and Regulations.*"

**C. Organizational Structure** 

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

![img55448820_0.jpg](img55448820_0.jpg)

Notes:

(1)MakeMyTrip Limited and ibibo Group collectively hold all the issued shares in MMT India. The operating subsidiaries of MMT India include Quest 2 Travel, Simplotel, Savaari, MMT UAE and other insignificant subsidiaries. On May 30, 2025, MMT India became the holding company of MMT UAE following the acquisition of all the shares in MMT UAE from MakeMyTrip FZ-LLC (UAE).

(2)The operating subsidiaries of ibibo Group include redBus India, Bitla, ibibo Group Pte. Ltd. and other insignificant subsidiaries. redBus India is the ibibo Group's key Indian operating subsidiary.

(3)The ITC Group consists of ITC Bangkok Co., Ltd. (Thailand) and other insignificant subsidiaries.

(4)The key operating subsidiary of TripMoney is Book My Forex.

**D. Property, Plants and Equipment** 

Our principal executive office is located in Gurugram, India, which serves as the principal place of business for our MakeMyTrip and Goibibo operations. Our principal executive office covers approximately 170,212 square feet and is under lease. Our redBus business is operated from our Bengaluru office in India. We have leased three facilities covering 102,827 square feet in Bengaluru for our MakeMyTrip, Goibibo and redBus businesses.

**ITEM 4A. UNRESOLVED STAFF COMMENTS** 

Not applicable.

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**ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS** 

**A. Operating Results**

*The following discussion of our business, financial condition and results of operations should be read in conjunction with 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.* 

*In this Annual Report, references to "customers" are to our end customers or travelers and references to "suppliers" are to our travel suppliers. We consider both travelers and travel suppliers to be our customers.* 

**Overview** 

We are a leading travel service provider in India. Through our primary websites, <u>www.makemytrip.com</u>, <u>www.goibibo.com</u> and <u>www.redbus.in</u>, 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 ticketing, hotels and packages, bus tickets, rail tickets, car hire, activities and experiences and ancillary travel requirements such as facilitating access to third-party travel and other insurance products, foreign currency exchange services and visa-related products and services. In order to meet the requirements of the growing Indian middle-class travel market where internet penetration is low, we also utilize other technology-enhanced distribution channels, including call centers, franchisee-owned travel stores in India, as well as our travel agents' network in India. Our customers are able to make bookings on our MakeMyTrip, Goibibo and redBus websites and on mobile platforms through our mobile applications. Mobile devices have and will continue to be an integral part of how our customers purchase our products in the coming years.

We generate revenue through three main lines of business, air ticketing, hotels and packages and bus ticketing. We use multiple custom information technology systems for processing our revenue transactions. Our sales of air tickets, bus tickets and hotel rooms are primarily made through our websites and our mobile applications. Our customers can book standard packages on our websites and mobile platforms, but sales of packages within or outside India are often concluded through our call centers, as well as through our network of travel agents and franchisees. We also generate revenue through the sale of rail tickets, car hire services, activities and experiences, visa-related products and services, brand alliance fees and by facilitating access to third-party travel and other insurance products, as well as advertising revenue from third-party advertisements on our platforms.

In our air ticketing business, our main sources of revenue are commissions and incentive payments from airline suppliers for tickets booked by customers through our distribution channels, convenience fees we charge our customers and fees or incentives from our GDS service providers. Revenue from our air ticketing business is accounted for as an agent on a "net" basis.

Revenue from our hotels and packages business generally represents the total amount paid by our customers for these services and products. Revenue from air tickets sold as part of packages is included in our hotels and packages revenue. In our hotels and packages business we earn revenue from sale of standalone hotel reservations and revenue from tours and packages. Income from standalone hotel reservations including commission earned and convenience fees is recognized on a "net" basis as an agent. Income from tours and packages, including income on airline tickets sold to the customers as a part of tours and packages is accounted on "gross" basis (representing the total amount paid by our customers for these travel services and products) as we control the services before such services are transferred to the customer. The cost of procuring the relevant services and products for sale to our customers in this business is classified as service cost. Similarly, in our car bookings we generally recognize revenue on a "gross" basis.

Our hotels and packages revenue also include commissions we earn as an agent from other online travel agents and aggregators from whom we procure hotel rooms for our customers for most of the hotels outside India. We earn commissions in a similar manner for certain non-hotel products related to our packages. Income from hotels and packages includes amounts received from hotel suppliers against online promotions of hotel brands on our platforms.

Our hotels and packages business tends to yield higher margins than our air ticketing business, which we believe reflects the greater value that our travel services add and the more complex nature of our hotels and packages services as compared to our air ticketing business. We are focused on expanding our hotels and packages business and shifting our revenue mix accordingly.

In our bus ticketing business, our main sources of revenue are commissions or fees on the sale of bus tickets, including from bus operators. We also receive commissions from aggregators from whom we source inventory for certain bus tickets, when their inventory is booked through us. Revenue from bus ticketing is recognized on a "net" basis as an agent.

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As certain parts of our revenue are recognized on a "net" basis when we are acting as an agent and other parts of our revenue are recognized on a "gross" basis when we are acting as the principal, we evaluate our financial performance in each of our reportable segments based on Adjusted Margin, which is a non-IFRS measure and a segment profitability measure, as we believe that Adjusted Margin reflects the value addition of the travel services that we provide to our customers. The presentation of this segment profitability 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 Adjusted Margin may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

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The following table reconciles our revenue (an IFRS measure) to Adjusted Margin (a segment profitability measure) for the periods indicated:

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Air Ticketing** | **Air Ticketing** | **Air Ticketing** | **Hotels and Packages** | **Hotels and Packages** | **Hotels and Packages** | **Bus Ticketing** | **Bus Ticketing** | **Bus Ticketing** | **Others** | **Others** | **Others** |
|  | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** |
|  | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **Revenue as per IFRS** | $147793 | $201246 | $241529 | $337686 | $435542 | $520411 | $74873 | $92693 | $119361 | $32684 | $53043 | $97035 |
| Add: Customer inducement costs recorded as a<br> reduction of revenue | 135338 | 116423 | 131563 | 90487 | 123695 | 155616 | 8025 | 9432 | 11606 | 1902 | 440 | 2789 |
| Less: Service cost as per IFRS | 3078 |  |  | 168387 | 210357 | 246550 | 5596 |  |  | 506 | 4732 | 27798 |
| **Adjusted Margin** | $280053 | $317669 | $373092 | $259786 | $348880 | $429477 | $77302 | $102125 | $130967 | $34080 | $48751 | $72026 |

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**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. The key metrics which are critical in determining the ongoing growth of our business are Gross Bookings, Adjusted Margin and Adjusted Margin %.

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, net of cancellations and refunds.

Adjusted Margin represents IFRS revenue after adding back customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs which are reported as a reduction of revenue, and deducting the cost of procurement of services primarily relating to sales to customers where we act as the principal.

Adjusted Margin % is defined as Adjusted Margin as a percentage of gross bookings and represents the commissions, fees, incentive payments and other amounts earned in our businesses. We follow Adjusted Margin % trends closely across our various lines of business to gain insight into the profitability of our various businesses.

Revenue from our air ticketing business is 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.

Revenue from our hotels and packages business generally represents the total amount paid by our customers for these services and products. Revenue from air tickets sold as part of packages is included in our hotels and packages revenue. In our hotels and packages business we earn revenue from sale of standalone hotel reservations and revenue from tours and packages. Income from standalone hotel reservations including commission earned and convenience fees is recognized on a "net" basis as an agent. Income from tours and packages, including income on airline tickets sold to the customers as a part of tours and packages is accounted on "gross" basis (representing the total amount paid by our customers for these travel services and products) as we control the services before such services are transferred to the customer. The cost of procuring the relevant services and products for sale to our customers in this business is classified as service cost. Similarly, in our car bookings we generally recognize revenue on a "gross" basis.

Our hotels and packages revenue also include commissions we earn as an agent from other online travel agents and aggregators from whom we procure hotel rooms for our customers for most of the hotels outside India. We earn commissions in a similar manner for certain non-hotel products related to our packages. Income from hotels and packages includes amounts received from hotel suppliers against online promotions of hotel brands on our platforms.

Income from standalone hotel reservations including commission earned is recognized on a "net" basis as an agent on the date of check-in as the performance obligation is satisfied by us on the date of check-in by the traveler. Income from tours and packages, including income on airline tickets sold to the customers as a part of tours and packages is accounted on "gross" basis on the date of departure for packages as the performance obligation is satisfied by us.

Revenue from bus ticketing, including commissions and fees earned from bus operators and convenience fees earned from the traveler is recognized on a net basis as an agent. During the quarter ended March 31, 2025, the group began recognizing bus ticketing revenue at the time of issuance of bus tickets due to changes in underlying arrangements with our suppliers. Previously, the group recognized bus ticketing revenue on the date of the bus journey.

As certain parts of our revenue are recognized on a "net" basis when we are acting as an agent and other parts of our revenue are recognized on a "gross" basis when we are acting as the principal, we evaluate our financial performance in each of our reportable segments based on Adjusted Margin, as we believe this reflects the value addition of the travel services that we provide to our customers.

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The following table sets forth our unit metrics, Adjusted Margin, Gross Bookings and Adjusted Margin % for our air ticketing business, hotels and packages business, bus ticketing business and others business during last three fiscal years.

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| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** |
|  | **2023** | **2024** | **2025** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
| **Unit Metrics** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Ticketing - Flight segments<sup>(1)</sup> | 43882 | 51145 | 58701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels and Packages - Room nights<sup>(2)</sup> | 26101 | 31111 | 37000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Standalone Hotels - Online<sup>(3)</sup> - Room<br> nights<sup>(2)</sup> | 25307 | 30195 | 36039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bus Ticketing - Bus tickets<sup>(9)</sup> | 73048 | 86815 | 106483 |
| **Adjusted Margin**<sup>(4)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Ticketing<sup>(5)</sup> | $280053 | $317669 | $373092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels and Packages | 259786 | 348880 | 429477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bus Ticketing | 77302 | 102125 | 130967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Others | 34080 | 48751 | 72026 |
| **Gross Bookings**<sup>(6)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Ticketing<sup>(5)</sup> | $4144281 | $4942404 | $5867918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels and Packages | 1556330 | 1985210 | 2417425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bus Ticketing | 865567 | 1026807 | 1249564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Transport Services<sup>(8)</sup> |  |  | 268240 |
|  | 6566178 | 7954421 | 9803147 |
| **Adjusted Margin %**<sup>(7)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Ticketing<sup>(5)</sup> | 6.8% | 6.4% | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels and Packages | 16.7% | 17.6% | 17.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bus Ticketing | 8.9% | 9.9% | 10.5% |

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Notes:

(1)"Flight segments" means a flight between two cities, including flights booked as part of a longer itinerary or a package, and is reported net of cancellations.

(2)In view of room bookings by hours being offered from the third quarter of fiscal year 2023, "Room nights" is the total number of hotel rooms occupied by a customer or group, multiplied by the number of nights/days that such customer or group occupies those rooms and is reported net of cancellations. Prior

to the third quarter of fiscal year 2023, "Room nights" is the total number of hotel rooms occupied by a customer or group, multiplied by the number of nights that such customer or group occupies those rooms and is reported net of cancellations.

(3)"Standalone Hotels – Online" refer to Standalone Hotels booked on desktops, laptops, mobiles and other online platforms. Hotels and Packages – Room nights includes Standalone Hotels – Online – Room nights and is reported net of cancellations.

(4)The key travel services we offer are booking of air tickets, hotels and packages and bus tickets. Revenue from the sale of airline tickets, hotel room nights and bus tickets is recognized as an agent on a "net" commission earned basis, as our company does not assume any performance obligation relating to the service. In our packages business, our company acts as the primary obligor for such packages since our company controls the services before such services are transferred to the traveler and accordingly, the revenue for packages is accounted for on a "gross" basis. Similarly, in our car bookings business we generally recognize revenue on a "gross" basis. We evaluate our financial performance in each of our reportable segments based on Adjusted Margin, which is a non-IFRS measure and a segment profitability measure, as we believe that Adjusted Margin reflects the value addition of the travel services that we provide to our customers. The presentation of this segment profitability 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 Adjusted Margin may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

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The following table reconciles our revenue (an IFRS measure) to Adjusted Margin (a segment profitability measure) for the periods indicated:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Air Ticketing** | **Air Ticketing** | **Air Ticketing** | **Hotels and Packages** | **Hotels and Packages** | **Hotels and Packages** |
|  | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** |
|  | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **Revenue as per IFRS** | $147793 | $201246 | $241529 | $337686 | $435542 | $520411 |
| Add: Customer inducement costs<br> recorded as a reduction of revenue | 135338 | 116423 | 131563 | 90487 | 123695 | 155616 |
| Less: Service cost as per IFRS | 3078 |  |  | 168387 | 210357 | 246550 |
| **Adjusted Margin** | $280053 | $317669 | $373092 | $259786 | $348880 | $429477 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Bus Ticketing** | **Bus Ticketing** | **Bus Ticketing** | **Others** | **Others** | **Others** |
|  | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** |
|  | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **Revenue as per IFRS** | $74873 | $92693 | $119361 | $32684 | $53043 | $97035 |
| Add: Customer inducement costs<br> recorded as a reduction of revenue | 8025 | 9432 | 11606 | 1902 | 440 | 2789 |
| Less: Service cost as per IFRS | 5596 |  |  | 506 | 4732 | 27798 |
| **Adjusted Margin** | $77302 | $102125 | $130967 | $34080 | $48751 | $72026 |

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(5)Excludes flight segments booked as a component of bookings for our Hotels and Packages segment.

(6)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.

(7)Adjusted Margin % is defined as Adjusted Margin as a percentage of gross bookings.

(8)From April 1, 2024, we added a gross bookings category for our other transport services (comprising Car Bookings and Rail Ticketing) as these are emerging transport services.

(9)"Bus tickets" means tickets issued to customers for bus journeys, and is reported net of cancellations. Prior to the quarter ended March 31, 2025, we reported "Travelled tickets" which was the total number of bus journeys undertaken by our customers for the relevant period.

**Factors Affecting Our Results of Operations** 

*Changes in Our Business Mix and Adjusted Margin %.* 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, travel disruptions due to the COVID-19 pandemic, jet fuel prices in recent years, as well as increased liquidity and operational 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 or incentives from GDSs.

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. Over the last few years, domestic airlines in India continued to reduce the base commissions paid to travel agencies and airlines offered their own loyalty programs to attract customers, which required us to incur increased marketing and sales promotion expenses to promote transactions on our platforms in India. Any consolidation in the airline industry involving our suppliers may also adversely affect our existing relationships and arrangements with such suppliers.

In addition, many large hotel chains and online travel agencies have launched initiatives, such as increased discounting and incentives, to encourage consumers to book accommodations through their own booking platforms. Discounting and couponing coupled with a high degree of consumer shopping behavior is particularly common in Asian markets, while brand loyalty in such markets is less important. In some cases, our competitors are willing to make little or no profit on a transaction, or offer travel services at a loss, in order to gain market share.

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Our hotels and packages business tends to yield higher margins than our 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 the diversity and complexity of hotels and packages services compared to air tickets. We are focused on expanding our hotels and packages business and, accordingly, increasing our revenue mix from our hotels and packages segment.

*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. 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. Our bus ticketing business is less impacted by seasonality.

*Marketing and Sales Promotion Expenses.* Competition in the Indian 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 marketing and sales promotion expenses in the future in order to compete effectively with new entrants and existing players in the market.

We also incur costs associated with customer inducement and acquisition programs, including cash incentives and select loyalty program incentive promotions, which we offer from time to time on various booking platforms. Such customer inducement costs for acquiring customers and promoting transactions, including upfront cash incentives and select loyalty program costs, when incurred are recorded as a reduction or deferral of revenue. When the incentives offered to the traveler are higher than the income earned from the customers, the excess (i.e., the incentive given to a traveler less income earned from the customers) on an individual transaction basis is classified under marketing and sales promotion expenses. We may also increase our marketing and sales 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. An expanding and evolving travel market, coupled with greater internet, smartphone and other mobile device penetration, is expected to drive robust growth in online travel bookings in India. As consumers shift to researching and booking travel online, travel suppliers have adapted their offerings and deepened their relationships with online marketing and booking channels, such as online travel agencies, to generate revenue. Online travel agencies provide travel suppliers with scale and distribution into new and existing markets and also provide customers with ease of booking, 24/7 customer service and localization services, including language and payment capabilities. Some of the trends and changes include:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increased travel connectivity in India;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increased use of smartphones and mobile devices in India;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increased internet penetration (particularly mobile based penetration) in India;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increased adoption of the internet for commerce in India;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the willingness of travelers to use online travel services instead of traditional offline hotel booking services.

There has since been a significant recovery in the aviation sector in India. Prior to the COVID-19 pandemic, the Government of India implemented an initiative known as the "UDAN" program, with a focus on broadening the air travel sector, bringing new entrants into the air travel market and expanding the Indian travel market. The rising proportion of middle-income households in India has contributed to an increase in demand for air tickets. In addition, all major domestic airlines in India placed orders for new planes during fiscal year 2024, which we believe will contribute to increased domestic and international travel demand in the future.

*US Dollar-Indian Rupee Exchange Rate.* The presentation currency of our financial statements is the US dollar. However, the functional currency of our key operating subsidiaries in India, MMT India and redBus India,

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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 presentation 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 exchange rates at the end of each reporting period are recognized in the profit or loss of the period in which they arise. 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 weakness in the Indian Rupee compared to the US dollar. In fiscal year 2025, the average value of the Indian Rupee depreciated 2.1% against the US dollar as compared to the average value of the Indian Rupee in fiscal year 2024. In fiscal year 2024, the average value of the Indian Rupee depreciated 3.4% against the US dollar as compared to the average value of the Indian Rupee in fiscal year 2023. A 10.0% appreciation of the US dollar against the Indian Rupee as of March 31, 2025, assuming all other variables remained constant, would have decreased our profit for fiscal year 2025 by $19.7 million. Similarly, a 10.0% depreciation of the US dollar against the Indian Rupee as of March 31, 2025, assuming all other variables remained constant, would have increased our profit for fiscal year 2025 by $19.7 million.

*Inflation.* Changes in inflation rates can affect our pricing as well as our expenses, including employee salaries. High fluctuations in inflation rates may make it more difficult for us to accurately estimate or control our costs. Any increase in inflation in India can increase our expenses, which we may not be able to adequately pass on to our customers, whether entirely or in part, and may adversely affect our business, financial condition and results of operations. In particular, we might not be able to reduce our costs or entirely offset any increases in costs with increases in prices for our products. In such case, our business, financial condition and results of operations may be adversely affected. In addition, higher inflation may result in our customers cutting back on travel due to reductions in their disposable income and increases in the price of travel and related offerings.

**Our Revenue, Service Cost and Expenses** 

***Revenue*** 

We commenced operations in 2000 with a focus 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 MakeMyTrip website in September 2005 and acquired the ibibo Group in January 2017. Over time, we have expanded our hotels and packages business, expanded internationally, and introduced other travel related services and products such as the booking of bus and rail tickets, car hire, activities and experiences and ancillary travel requirements such as facilitating access to third-party travel and other insurance products, foreign currency exchange services and visa-related products and services. We also generate advertising revenue from third-party advertisements on our platforms including revenue from brand alliances. The key travel services we offer are booking of air tickets, hotels and packages and bus tickets. Below is a description of the key components of our revenue.

*Air Ticketing.* We earn commissions from airline suppliers 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. 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 satisfied. Further, we also charge our customers a service fee for booking airline tickets. We receive fees or incentives from our GDS service providers based on the volume of sales completed by us through the GDS.

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*Hotels and Packages.* Revenue from our hotels and packages business generally represents the total amount paid by our customers for these services and products. Revenue from air tickets sold as part of packages is included in our hotels and packages revenue. In our hotels and packages business we earn revenue from sale of standalone hotel reservations and revenue from tours and packages. Income from standalone hotel reservations including commission earned and convenience fees is recognized on a "net" basis as an agent. Income from tours and packages, including income on airline tickets sold to the customers as a part of tours and packages is accounted on "gross" basis (representing the total amount paid by our customers for these travel services and products) as we control the services before such services are transferred to the customer. 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 include commissions we earn as an agent from other online travel agents and aggregators from whom we procure hotel rooms for our customers for most of the hotels outside India. We earn commissions in a similar manner for certain non-hotel products related to our packages. Income from hotels and packages includes amounts received from hotel suppliers against online promotions of hotel brands on our platforms.

*Bus ticketing.* Income from bus ticketing, including commissions and fees earned from bus operators and convenience fees earned from the traveler is recognized on a "net" basis as an agent.

*Other Revenue.* Our other revenue primarily comprises third-party advertising on our platforms and brand alliance fees, fees for the booking of rail tickets, car hire, activities and experiences and ancillary travel requirements such as facilitating access to third-party travel and other insurance products, foreign currency exchange services and visa-related products and services.

Our business model requires us to act as either an "agent" or the "principal" for the products we sell. Below is a description of our business model where we either act as an "agent" or the "principal."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We earn a majority of our revenue in the air ticketing, hotels and bus ticketing business, where we predominantly act as an agent of the airlines, hotels and bus operators. The airlines, hotels or the bus operators provide the eventual service on such bookings. We facilitate the transaction for a commission and do not assume any performance obligation relating to the service. Income from the sale of airline tickets, hotel room nights and bus tickets is recognized as an agent on a net commission earned basis, as we do not assume any performance obligation relating to the service. We offer the promotional offers and incentives described elsewhere in this document based on competitive dynamics from time to time and in order to encourage a higher number of end-users to experience our booking platforms with a view to gaining market share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In our packages business, we create packages by bundling air tickets, hotel room nights and other travel services which are then offered as packages. Accordingly, we act as the principal for such packages since we control the services before such services are transferred to the traveler. Accordingly, in case of such packages, revenue is accounted for on a "gross" basis. Similarly, in our car bookings we generally recognize revenue on a "gross" basis. The amount collected from the customer is reflected as revenue on a "gross" basis, and the amount paid to the various suppliers whose services are utilized is reflected as "service cost".

Revenue is recognized net of cancellations, refunds, discounts, incentives and taxes. However, when the discount and other incentives offered to the traveler are higher than the income earned from the customers, the excess (i.e., the discount/incentive given to a traveler less income earned from the customers) on an individual transaction basis is classified under marketing and sales promotion expenses.

See "– Critical Accounting Policies – Revenue Recognition."

***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 air tickets, hotel rooms and other local services such as sightseeing costs for packages and local transport costs. Service costs also include other costs of providing service for our businesses; it does not include any component of personnel cost, depreciation or other operating costs.

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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, our bus ticketing business and our others business during last three fiscal years, together with a reconciliation of our revenue (an IFRS measure) to Adjusted Margin (a non-IFRS, segment profitability measure).

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Air Ticketing** | **Air Ticketing** | **Air Ticketing** | **Hotels and Packages** | **Hotels and Packages** | **Hotels and Packages** | **Bus Ticketing** | **Bus Ticketing** | **Bus Ticketing** | **Others** | **Others** | **Others** |
|  | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** |
|  | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| Revenue on gross basis | $— | $— | $— | $189680 | $243046 | $287864 | $— | $— | $— | $— | $5404 | $31213 |
| Revenue on net basis | 147793 | 201246 | 241529 | 148006 | 192496 | 232547 | 74873 | 92693 | 119361 | 32684 | 47639 | 65822 |
| Revenue as per IFRS | $147793 | $201246 | $241529 | $337686 | $435542 | $520411 | $74873 | $92693 | $119361 | $32684 | $53043 | $97035 |
| Add: Customer inducement<br> costs recorded as a reduction<br> of revenue | 135338 | 116423 | 131563 | 90487 | 123695 | 155616 | 8025 | 9432 | 11606 | 1902 | 440 | 2789 |
| Less: Service cost as per<br> IFRS | 3078 |  |  | 168387 | 210357 | 246550 | 5596 |  |  | 506 | 4732 | 27798 |
| **Adjusted Margin** | $280053 | $317669 | $373092 | $259786 | $348880 | $429477 | $77302 | $102125 | $130967 | $34080 | $48751 | $72026 |

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***Personnel Expenses*** 

Personnel expenses primarily consist of wages, salaries and other short-term benefits, employee welfare expenses, contributions to mandatory retirement provident funds as well as other expenses related to the payment of post employment and other long term benefits, and equity settled share based payment.

***Marketing and Sales Promotion Expenses*** 

Marketing and sales promotion costs comprise internet, television, radio and print media advertisement costs as well as event-driven promotion costs for our products and services. These costs include online video and display advertising on websites, television, print format, search engine marketing, referrals from meta-search and travel research websites and other media costs such as public relations and sponsorships. We also incur costs associated with customer inducements and acquisitions programs, including cash incentives and select loyalty program incentive promotions, which we offer from time to time on various booking platforms.

Since 2016, the Indian travel industry has seen a significant shift to online transactions driven by significant growth in the smartphones user base. In the past, most of our customers booked travel services using our websites through their desktop or laptop. Keeping in view the changing trend of the platform being used by customers for online search and bookings (i.e., increasingly moving towards mobile site or mobile applications), we created direct engagement programs to attract and retain customers.

While internet penetration in India has been increasing steadily, we believe that it still has substantial room for growth. As internet penetration increases, Indian consumers are increasingly using the internet to research and purchase products, including travel. The use of mobile devices in India is expected to continue to grow. With the proliferation of smartphones and tablets, mobile has become a prominent tool for travelers to search, discover and purchase travel services.

We have offered these customer inducement and acquisition programs from time to time on our various booking platforms. Below are further details regarding the cash back incentives, upfront cash incentives and e-wallet loyalty programs that we offer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Cash back incentives*: Under this scheme, the end-customers are offered certain predefined cash backs based on the terms offered at the time of sale. We enter into specific agreements with various banks for joint promotional offers pursuant to which the cost of cash back promotional incentive is shared between the bank and us, before rolling out the schemes to the end-customers. On eligible transactions, either an instant cash-back discount is given to the end-customer at the time of payment or cash is credited to the end customer's credit card or bank account by the bank as per the terms communicated at the time of the transaction. We share details of eligible bookings made under the promotional offer with the respective banks with whom such promotions were offered. The relevant bank reconciles the details shared with transactions recorded on their platform.

It is our obligation to pay the end-customer on the basis of a promotional offer for an instant cash-back discount. In the case of instant cash-back discounts, after the completion of the offer period, we send an invoice to the relevant bank to recover the portion of the cost to be borne by the bank. The bank then verifies the invoice with its bookings under the respective promotional offers based on the agreement entered and pays the eligible cash back amount to us.

It is the relevant bank's obligation to pay the end-customer on the basis of a promotional offer for a cash credit to the end customer's credit card or bank account. In the case of cash back to card offers, after completion of the offer period, the bank sends an invoice to us to recover the portion of the cost to be borne by us. We verify the invoice with our bookings under the respective promotional offers based on the agreement entered with bank and pay the eligible cash back amount to the bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Upfront cash incentives*: Under this scheme, an upfront e-cash incentive is offered to end-customers at the time of booking on eligible online transactions as part of our customer inducement and retention strategy, primarily in the air ticketing and hotels business. We predetermine the cash incentive to be offered on each sale and the end-customer is required to select from the various promotional offers. Upon such selection, the customer becomes eligible for an upfront cash incentive. The quantum of this incentive is based on the gross value of the transaction in order to induce the end-customer and is not linked to the commission earned by us as an agent from the hotels or airlines or service fee earned from the customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*E-wallet loyalty program*: As part of our loyalty program and to drive repeat behavior, we have created a captive E-wallet program on our websites and mobile applications. Under this program, we give cash back on eligible online transactions to our customers as part of our inducement and retention plan and to effectively promote cross-sales across different business segments. The cash back is given in our customers' E-wallet account, which can only be used for future bookings with us, subject to certain monetary restrictions and other terms and conditions.

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We offer E-wallet cash back to customer at the time of sale. We predetermine the cash back to be offered on each sale and the customer is required to select from the various promotional offers. Upon such selection, the customer becomes eligible for the cash back in our E-wallet. Our liability is to honor the promotional offer and credit the amount to the customer's E-wallet. The amount credited may then be used by the customer in future bookings in accordance with the E-wallet balance utilization terms and conditions, subject to an expiration date.

We also run certain other loyalty programs as part of our routine loyalty traction mechanism to incentivize our customers to buy additional services in the future. We have offered these loyalty programs for many years. Under such loyalty programs, the rewards awarded to a customer in a sales transaction represent incentives offered to such customers from value derived from the sales transaction.

These customer inducement costs are recorded as a reduction of revenue since these customer inducement costs are associated with our programs for acquiring customers and promoting transactions across various booking platforms. While most of these customer inducement costs are recorded as a reduction in revenue, however, when the discount and other incentives offered to the customer are higher than the income earned from such customer, the excess (i.e., the discount/incentive given to a traveler less income earned from the customers) on an individual transaction basis is classified under marketing and sales promotion expenses and not recorded as a reduction in revenue.

***Other Operating Expenses*** 

Other operating expenses primarily consist of among other things, charges by payment gateway providers, website hosting charges, distribution costs, fees paid to our outsourcing service providers for our call center service and other functions and legal and professional expenses.

***Depreciation, Amortization and Impairment*** 

Depreciation consists primarily of depreciation expense recorded on property, plant and equipment, such as computers, office equipment, furniture and fixtures, buildings (owned), buildings (right-of-use), leasehold improvements and motor vehicles. Amortization expense consists primarily of amortization recorded on intangible assets including technology-related development expenses, software and intangible assets including customer relationship and brand/trade mark acquired in a business combination. Impairment expenses consist of losses on account of certain intangibles assets no longer being used in business.

***Finance Income and Costs*** 

Finance income comprises interest income on funds invested, foreign exchange gains (net) and change in financial asset.

Finance costs comprise interest expense on borrowings, foreign exchange losses (net), change in financial liability or financial asset, impairment losses recognized on financial assets, including trade and other receivables and cost related to public offerings. Foreign currency gains and losses are reported on a net basis. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in the statement of profit or loss using the effective interest method.

Interest income and cost is recognized as it accrues in profit or loss, using the effective interest method.

The 'effective interest rate' is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the gross carrying amount of the financial asset; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the amortised cost of the financial liability.

***Foreign Currency Translation*** 

We report our consolidated financial statements in US dollars, which is the functional and presentation currency of our holding company and certain of our subsidiaries. The functional currency of each of our subsidiaries is the currency in which each subsidiary primarily generates and expends cash. The financial statements of all our subsidiaries with functional currencies other than US dollars are translated to our holding company's presentation currency using relevant exchange rates in accordance with IFRS. In particular, the assets and liabilities of our foreign operations, including goodwill and fair value adjustments arising on acquisition, are

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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 translations of financial statements of our subsidiaries, except for subsidiaries whose functional currency is US dollars, from their functional currency to our presentation currency are accumulated and reported as other comprehensive income, which is a separate component of our shareholders' equity called "Foreign Currency Translation Reserve" ("FCTR"). However, if the operation is a non-wholly owned subsidiary, then the relevant proportionate share of the foreign currency translation difference is allocated to non-controlling interest and reported in 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. See also "— Quantitative and Qualitative Disclosures about Market Risk — Foreign Currency Risk."

**Critical Accounting Policies** 

We believe the following are the critical accounting policies used in the preparation of our consolidated financial statements. For more information on each of these policies, see "Note 3 — Material Accounting Policies" in the notes to our consolidated financial statements included in this Annual Report.

***Revenue Recognition***

Information about the Group's accounting policies relating to revenue from contracts with customers is provided below.

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 profit or loss upon transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services. This is generally the case: 1) on the date of departure for tours and packages, 2) date of check-in for hotel booking business, 3) on the issuance of the ticket in the case of sale of airline tickets, 4) date of issuance of bus tickets, and 5) date of completion of trip in case of car bookings. The Group considers both the traveler and travel supplier to be its customers.

Income from the sale of tickets (airline, bus and rail) including convenience fees, commission and fees earned is recognized as an agent on a net basis when the traveler books the ticket as the performance obligation is satisfied by the group on issuance of ticket to the traveler. During the quarter ended March 31, 2025, the Group began recognizing bus ticketing revenue at the time of issuance of bus tickets due to changes in underlying arrangements with our suppliers. Previously, the Group recognized bus ticketing revenue on the date of the bus journey.

Income from hotel reservations including commission earned and convenience fees is recognized on a net basis as an agent on the date of check-in as the performance obligation is satisfied by the Group on the date of check-in by the traveler.

Income from tours and packages, including income on airline tickets sold to the travelers as a part of tours and packages is accounted on "gross" basis as the Group controls the services before such services are transferred to the traveler.

Income from hotels and packages also includes amounts received from hotel suppliers against online promotions of hotels brand on our platforms.

Income from sale of airline tickets, hotel reservations, bus ticketing and rail ticketing is recorded on net basis (i.e., the amount billed to a traveler less amount paid to a supplier), as the supplier is primarily responsible for providing the underlying travel services and the Group does not control the service provided by the supplier to the traveler.

Revenue relating to contracts with travel suppliers which include incentive payments are accounted for as variable consideration when the amount of revenue to be recognized can be estimated to the extent that it is probable that a significant reversal of any incremental revenue will not occur.

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Income from other sources of the Group, primarily comprising advertising revenue, fees for facilitating access to its internet-based platforms to travel insurance companies and brand alliance fees is recognized as the services are performed as per the terms of the contracts with respective supplier.

We provide loyalty programs under which participating customers earn loyalty points on current transactions that can be redeemed for future qualifying transactions. Under its customer loyalty programs, the Group allocates a portion of the consideration received to loyalty points that are redeemable against any future purchases of the Group's services. This allocation is based on the relative stand-alone selling prices and considering breakages. The amount allocated to the loyalty program is deferred, and is recognized as revenue when loyalty points are redeemed or expire.

Revenue is recognized net of cancellations, refunds, discounts, incentives and taxes. However, when the discount and other incentives offered to the traveler are higher than the income earned from the customers, the excess (i.e., the discount/incentive given to a traveler less income earned from the customers) on an individual transaction basis is classified under marketing and sales promotion expenses.

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 netted off from the revenue earned during the fiscal period at the time the cancellation is made by the customers. Cancellations, if any, do not impact revenue recognition since revenue is recognized upon the availment of services by the customer.

***Marketing and Sales Promotion Costs*** 

Marketing and sales promotion costs comprise internet, television, radio and print media advertisement costs as well as event driven promotion cost for the Group's products and services. These costs include online video and display advertising on websites, television, print formats, search engine marketing, referrals from meta-search and travel research websites and any other media costs such as public relations and sponsorships.

Additionally, the Group also incurs customer inducement costs for acquiring customers and promoting transactions across various booking platforms such as upfront cash incentives and select loyalty program costs. Such customer inducement costs for acquiring customers and promoting transactions, including upfront cash incentives and select loyalty program costs, when incurred, are recorded as a reduction or deferral of revenue. In addition, when the incentives offered to the traveler are higher than the income earned from the customers, the excess (i.e., incentive given to a traveler less income earned from the customers) on an individual transaction basis is classified under marketing and sales promotion expenses.

***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 the 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.

A provision for onerous contract is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract, which is determined based on incremental costs of fulfilling the obligation under the contract and an allocation of other costs directly related to fulfilling the contract.

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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.

***Business Combinations, Goodwill and Intangible Assets*** 

The Group accounts for business combinations using the acquisition method as at the acquisition date, when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a "concentration test" that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.

The cost of an acquisition is measured at the fair value of the assets acquired, equity instruments issued and liabilities incurred or assumed at the date of acquisition. The cost of acquisition also includes the fair value of 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. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in profit or loss.

Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss.

Transaction costs incurred in connection with a business combination are expensed as incurred, except if related to the issue of debt or equity securities.

Intangible assets acquired in a business combination are measured at fair value as at the date of acquisition. Following initial recognition, these 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:

• Technology related development costs 2-5 years

• Software 3-5 years

• Customer – related intangible assets (Customer Relationship) 7-10 years

• Contract – related intangible assets (Non-Compete) 5-6 years

• Marketing – related intangible assets (Brand / Trade Mark) 7-10 years

• Others 5 years

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***Impairment***

Non-financial assets

The carrying amounts of the Group's non-financial assets, primarily property, plant and equipment, technology related development cost, advances to suppliers 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 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 expectation of non-market performance conditions to be met, therefore we only recognize compensation cost for those shares expected to vest over the vesting period of the award.

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 costs could be significantly different from what we have recorded in the current period.

***Technology-related Development Cost*** 

Technology-related development costs representing all directly attributable development costs, including vendor invoices towards costs of design, configuration, coding, installation and testing of our websites and mobile platforms are capitalized until implementation. Upon implementation, the asset is amortized to expense over its estimated useful life. Ongoing technology-related post-implementation costs of operation and application maintenance are charged to expense as incurred. Technology-related development costs also include costs incurred on development of internally generated intangible assets which have been capitalized on meeting the criteria of technical feasibility, future economic benefit, marketability and being separately identifiable.

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***Income Tax*** 

Income tax expense comprises current and deferred tax. Current and deferred tax is recognized in our 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.

*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, wherever applicable, in 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.* 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 (including unabsorbed depreciation) 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. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used.

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 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 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 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 at the time of transaction affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences, arising on the initial recognition of the goodwill and differences relating to investments in subsidiaries, associates to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future.

Current and 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.

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***Compound financial instruments*** 

Compound financial instruments issued by us comprise the 2028 Notes. The 2028 Notes are convertible at the option of the holder based upon an initial conversion rate of 25.8035 ordinary shares per $1,000 principal amount of the 2028 Notes (equivalent to a conversion price of approximately $38.75 per ordinary share). This conversion rate is subject to certain adjustments in connection with a make-whole fundamental change or any conversion rate adjustments (in each case, as described in the indenture relating to the 2028 Notes) and does not vary with changes in fair value. The liability component of compound financial instruments is initially recognized at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognized as the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts.

Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to the financial liability is recognized in profit or loss. In case of any change in the estimate related to expectations or timing of repayment, the new carrying amount of the liability component is recalculated based on re-estimated cash flows discounted at the original effective rate and any difference in the carrying amounts is recognized in profit or loss.

**Earnings (Loss) Per Share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We present basic and diluted earnings (loss) per share ("EPS") data for our ordinary shares (including Class B Shares). Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders (including Class B Shareholders) of the Company by the weighted average number of ordinary shares (including Class B Shares) outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders (including holders of Class B Shares) and the weighted average number of ordinary shares (including Class B Shares) outstanding after adjusting for the effects of all potential dilutive ordinary shares (including Class B Shares and 2028 Notes).

**Results of Operations** 

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** |
|  | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
| Revenue | $593036 | 100.0 | $782524 | 100.0 | $978336 | 100.0 |
| Other income | 2798 | 0.5 | 770 | 0.1 | 317 | 0.03 |
| Service cost | (177567) | (29.9) | (215089) | (27.5) | (274348) | (28.0) |
| Personnel expenses | (131968) | (22.3) | (147587) | (18.9) | (160065) | (16.4) |
| Marketing and sales promotion expenses | (101601) | (17.1) | (123304) | (15.8) | (165324) | (16.9) |
| Other operating expenses | (133698) | (22.5) | (204833) | (26.2) | (231905) | (23.7) |
| Depreciation, amortization and impairment | (27396) | (4.6) | (27267) | (3.5) | (27122) | (2.8) |
| Results from operating activities | 23604 | 4.0 | 65214 | 8.2 | 119889 | 12.2 |
| Finance income | 10974 | 1.9 | 24365 | 3.1 | 28256 | 2.9 |
| Finance costs | (46732) | (7.9) | 3307 | 0.4 | (32191) | (3.3) |
| Share of profit (loss) of equity- accounted investees | 10 | 0.01 | 52 | 0.01 | (64) | (0.01) |
| Profit (loss) before tax | (12144) | (2.0) | 92938 | 11.7 | 115890 | 11.8 |
| Income tax benefit (expense) | 976 | 0.2 | 123805 | 15.8 | (20616) | (2.1) |
| Profit (loss) for the year | (11168) | (1.9) | 216743 | 27.5 | 95274 | 9.7 |

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***Fiscal Year 2025 Compared to Fiscal Year 2024***

*Revenue*. We generated revenue of $978.3 million in the fiscal year 2025, an increase of 25.0% (27.4% in constant currency) over revenue of $782.5 million in the fiscal year 2024, primarily as a result of an increase of 20.0% (22.4% in constant currency) in revenue from our air ticketing business, an increase of 19.5% (21.8% in constant currency) in revenue from our hotels and packages business, an increase of 28.8% (31.1% in constant currency) in revenue from our bus ticketing business, and an increase of 82.9% (86.7% in constant currency) in revenue from our others business, each as further described below. The increase in revenue was primarily due to the robust travel demand in India for both domestic and international outbound travel in the fiscal year 2025 as compared to the fiscal year 2024.

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*Air Ticketing.* Revenue from our air ticketing business increased by 20.0% (22.4% in constant currency) to $241.5 million in the fiscal year 2025, from $201.2 million in the fiscal year 2024. Our Adjusted Margin – Air ticketing increased by 17.4% (19.7% in constant currency) to $373.1 million in the fiscal year 2025, from $317.7 million in the fiscal year 2024. Adjusted Margin – Air ticketing includes customer inducement costs of $131.6 million in the fiscal year 2025 and $116.4 million in the fiscal year 2024, recorded as a reduction of revenue. The increase in revenue from our air ticketing business and Adjusted Margin – Air ticketing was primarily due to an increase in gross bookings of 18.7% (21.3% in constant currency) primarily driven by a 14.8% increase in the number of air ticketing flight segments year over year (excluding flight segments booked as a component of bookings for our Hotels and Packages segment), primarily due to the robust travel demand in India for both domestic and international outbound travel in the fiscal year 2025 as compared to the fiscal year 2024. Further, our Adjusted Margin % – Air ticketing remained at 6.4% in the fiscal year 2025 as compared to 6.4% in the fiscal year 2024.

*Hotels and Packages*. Revenue from our hotels and packages business increased by 19.5% (21.8% in constant currency) to $520.4 million in the fiscal year 2025, from $435.5 million in the fiscal year 2024. Our Adjusted Margin – Hotels and packages increased by 23.1% (25.7% in constant currency) to $429.5 million in the fiscal year 2025 from $348.9 million in the fiscal year 2024. Adjusted Margin – Hotels and packages includes customer inducement costs of $155.6 million in the fiscal year 2025 and $123.7 million in the fiscal year 2024, recorded as a reduction of revenue. The increase in revenue from our hotels and packages business and Adjusted Margin – Hotels and packages was primarily due to an increase in gross bookings by 21.8% (24.3% in constant currency) primarily driven by a 18.9% increase in the number of hotel-room nights in the fiscal year 2025 as compared to the fiscal year 2024, primarily due to the robust travel demand in India for both domestic and international outbound travel in the fiscal year 2025 as compared to the fiscal year 2024. Our Adjusted Margin % – Hotels and packages increased marginally to 17.8% in the fiscal year 2025 as compared to 17.6% in the fiscal year 2024.

*Bus Ticketing.* Revenue from our bus ticketing business increased by 28.8% (31.1% in constant currency) to $119.4 million in the fiscal year 2025, from $92.7 million in the fiscal year 2024. During the quarter ended March 31, 2025, we began recognizing bus ticketing revenue at the time of issuance of bus tickets due to changes in underlying arrangements with our suppliers. Previously, we recognized bus ticketing revenue on the date of the bus journey. Our Adjusted Margin – Bus ticketing increased by 28.2% (30.6% in constant currency) to $131.0 million in the fiscal year 2025 from $102.1 million in the fiscal year 2024. Adjusted Margin – Bus ticketing includes customer inducement costs of $11.6 million in the fiscal year 2025 and $9.4 million in the fiscal year 2024, recorded as a reduction of revenue. The increase in revenue from our bus ticketing business and Adjusted Margin – Bus ticketing was due to an increase in gross bookings by 21.7% (24.3% in constant currency) driven by an 22.7% increase in the number of bus tickets year over year, primarily due to the robust travel demand in India in the fiscal year 2025 as compared to the fiscal year 2024. Our Adjusted Margin % – Bus ticketing increased marginally to 10.5% in the fiscal year 2025 as compared to 9.9% in the fiscal year 2024.

*Others.* Revenue from our others business increased by 82.9% (86.7% in constant currency) to $97.0 million in the fiscal year 2025, from $53.0 million in the fiscal year 2024. Our Adjusted Margin – Others increased by 47.7% (50.7% in constant currency) to $72.0 million in the fiscal year 2025 from $48.8 million in the fiscal year 2024. Adjusted Margin – Others includes customer inducement costs of $2.8 million in the fiscal year 2025 and $0.4 million in the fiscal year 2024, recorded as a reduction of revenue. The increase in revenue from our others business and Adjusted Margin – Others was primarily due to an increase in other travel services and marketing alliances primarily due to the robust travel demand in India in the fiscal year 2025 as compared to the fiscal year 2024.

*Other Income.* Other income was $0.3 million in the fiscal year 2025 and $0.8 million in the fiscal year 2024.

*Service Cost*. Service cost increased by 27.6% to $274.3 million in the fiscal year 2025 from $215.1 million in the fiscal year 2024, primarily due to the robust travel demand particularly in our packages business in India and an increase of $23.1 million in service cost related to our car booking business in the fiscal year 2025 as compared to the fiscal year 2024.

*Personnel Expenses*. Personnel expenses increased by 8.5% to $160.1 million in the fiscal year 2025 from $147.6 million in the fiscal year 2024, primarily due to the annual wage increases effected in the quarter ended June 30, 2024, partially offset by a decrease in share-based compensation costs in the fiscal year 2025 as compared to the fiscal year 2024.

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*Marketing and Sales Promotion Expenses.* Marketing and sales promotion expenses increased by 34.1% to $165.3 million in the fiscal year 2025 from $123.3 million in the fiscal year 2024, primarily due to an increase in variable costs and discretionary expenditures such as expenses on events and brand building initiatives in response to the robust travel demand in India in the fiscal year 2025 as compared to the fiscal year 2024. Additionally, we incurred customer inducement costs recorded as a reduction of revenue of $301.6 million in the fiscal year 2025 and $250.0 million in the fiscal year 2024. The details are as follows:

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| | | |
|:---|:---|:---|
|  | **Fiscal year ended March 31,** | **Fiscal year ended March 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
| Marketing and sales promotion expenses | $123304 | $165324 |
| Customer inducement costs recorded as a reduction of revenue | 249990 | 301574 |

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*Other Operating Expenses.* Other operating expenses increased by 13.2% to $231.9 million in the fiscal year 2025 from $204.8 million in the fiscal year 2024, primarily due to an increase in operating expenses, including distribution costs, payment gateway charges, website hosting charges and outsourcing expenses linked to an increase in bookings in the fiscal year 2025 as compared to the fiscal year 2024, partially offset by $10.0 million impairment provision for non-financial assets recorded and reported in the quarter ended September 30, 2023.

*Depreciation, Amortization and Impairment.* Our depreciation, amortization and impairment expenses marginally decreased by 0.5% to $27.1 million in the fiscal year 2025 from $27.3 million in the fiscal year 2024.

*Results from Operating Activities*. As a result of the foregoing factors, our results from operating activities were a profit of $119.9 million in the fiscal year 2025 as compared to a profit of $65.2 million in the fiscal year 2024. Our Adjusted Operating Profit was $167.3 million in the fiscal year 2025 as compared to $124.2 million in the fiscal year 2024. For a description of the components and calculation of "Adjusted Operating Profit (Loss)" and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure "Results from operating activities", see — "Certain Key Performance Indicators and Non-IFRS Measures" elsewhere in this Annual Report.

*Net Finance Income (Costs).* Our net finance cost was $3.9 million in the fiscal year 2025 as compared to net finance income of $27.7 million in the fiscal year 2024, primarily due to a gain of $30.6 million due to the change in carrying value of our 2028 Notes, measured at amortized cost, in the quarter ended March 31, 2024 and an increase in net foreign exchange loss of $5.8 million in the fiscal year 2025, primarily due to an increase in unrealized foreign exchange losses resulting from translations of monetary assets and liabilities from U.S. dollars to Indian Rupees as at March 31, 2025 as compared to March 31, 2024, partially offset by an increase of $3.2 million in interest income on term deposits in the fiscal year 2025 as compared to the fiscal year 2024.

*Income Tax Benefit (Expense).* Our income tax expense was $20.6 million in the fiscal year 2025 as compared to income tax benefit of $123.8 million in the fiscal year 2024. The income tax expense in the fiscal year 2025 was primarily due to a net reversal of deferred tax assets, recognized in the quarter ended March 31, 2024. We recognized deferred tax assets of $126.1 million on tax losses carried forward (including unabsorbed depreciation) and other temporary differences mainly related to share-based payments and employee benefits in the quarter ended March 31, 2024.

*Profit for the Year*. As a result of the foregoing factors, our profit for the fiscal year 2025 was $95.3 million as compared to $216.7 million in the fiscal year 2024. Our Adjusted Net Profit was $178.2 million in the fiscal year 2025 as compared to $137.2 million in the fiscal year 2024. For a description of the components and calculation of "Adjusted Net Profit (Loss)" and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure "Profit (loss) for the year", see — "Certain Key Performance Indicators and Non-IFRS Measures" elsewhere in this Annual Report.

*Diluted Earnings per Share for the Year.* As a result of the foregoing factors, diluted earnings per share was $0.83 in the fiscal year 2025 as compared to $1.74 in the fiscal year 2024. Our Adjusted Diluted Earnings per share was $1.56 in the fiscal year 2025 as compared to $1.22 in the fiscal year 2024. For a description of the components and calculation of "Adjusted Diluted Earnings (Loss) per Share" and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure "Diluted earnings (loss) per share for the year", see — "Certain Key Performance Indicators and Non-IFRS Measures" elsewhere in this Annual Report.

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***Fiscal Year 2024 Compared to Fiscal Year 2023***

*Revenue*. We generated revenue of $782.5 million in the fiscal year 2024, an increase of 32.0% (35.7% in constant currency) over revenue of $593.0 million in the fiscal year 2023, primarily as a result of an increase of 36.2% (40.1% in constant currency) in revenue from our air ticketing business, an increase of 29.0% (32.5% in constant currency) in revenue from our hotels and packages business, an increase of 23.8% (27.5% in constant currency) in revenue from our bus ticketing business, and an increase of 62.3% (66.6% in constant currency) in revenue from our others business, each as further described below. The increase in revenue was primarily due to the sustained elevated travel demand in India for both domestic and international outbound travel in the fiscal year 2024 as compared to the fiscal year 2023.

*Air Ticketing.* Revenue from our air ticketing business increased by 36.2% (40.1% in constant currency) to $201.2 million in the fiscal year 2024, from $147.8 million in the fiscal year 2023. Our Adjusted Margin – Air ticketing increased by 13.4% (16.7% in constant currency) to $317.7 million in the fiscal year 2024, from $280.1 million in the fiscal year 2023. Adjusted Margin – Air ticketing includes customer inducement costs of $116.4 million in the fiscal year 2024 and $135.3 million in the fiscal year 2023, recorded as a reduction of revenue. The increase in revenue from our air ticketing business and Adjusted Margin – Air ticketing was primarily due to an increase in gross bookings of 19.3% (23.0% in constant currency) primarily driven by a 16.8% increase in the number of air ticketing flight segments year over year (excluding flight segments booked as a component of bookings for our Hotels and Packages segment), primarily due to the sustained elevated travel demand in India for both domestic and international outbound travel in the fiscal year 2024 as compared to the fiscal year 2023. Further, our Adjusted Margin % – Air ticketing decreased marginally to 6.4% in the fiscal year 2024 as compared to 6.8% in the fiscal year 2023.

*Hotels and Packages*. Revenue from our hotels and packages business increased by 29.0% (32.5% in constant currency) to $435.5 million in the fiscal year 2024, from $337.7 million in the fiscal year 2023. Our Adjusted Margin – Hotels and packages increased by 34.3% (38.4% in constant currency) to $348.9 million in the fiscal year 2024 from $259.8 million in the fiscal year 2023. Adjusted Margin – Hotels and packages includes customer inducement costs of $123.7 million in the fiscal year 2024 and $90.5 million in the fiscal year 2023, recorded as a reduction of revenue. The increase in revenue from our hotels and packages business and Adjusted Margin – Hotels and packages was primarily due to an increase in gross bookings by 27.6% (31.5% in constant currency) primarily driven by a 19.2% increase in the number of hotel-room nights in the fiscal year 2024 as compared to the fiscal year 2023, primarily due to the sustained elevated travel demand in India for both domestic and international outbound travel in the fiscal year 2024 as compared to the fiscal year 2023. Our Adjusted Margin % – Hotels and packages increased marginally to 17.6% in the fiscal year 2024 as compared to 16.7% in the fiscal year 2023, primarily due to the reclassification of distribution costs as a component of "other operating expenses" from a component of "service cost" since the quarter ended June 30, 2023. Corresponding amounts for the previous year have not been reclassified as the impact is considered to be immaterial. For further information, see Note 14 of our consolidated financial statements included elsewhere in this Annual Report.

*Bus Ticketing.* Revenue from our bus ticketing business increased by 23.8% (27.5% in constant currency) to $92.7 million in the fiscal year 2024, from $74.9 million in the fiscal year 2023. Our Adjusted Margin – Bus ticketing increased by 32.1% (36.1% in constant currency) to $102.1 million in the fiscal year 2024 from $77.3 million in the fiscal year 2023. Adjusted Margin – Bus ticketing includes customer inducement costs of $9.4 million in the fiscal year 2024 and $8.0 million in the fiscal year 2023, recorded as a reduction of revenue. The increase in revenue from our bus ticketing business and Adjusted Margin – Bus ticketing was due to an increase in gross bookings by 18.6% (22.3% in constant currency) driven by an 18.8% increase in the number of bus tickets travelled year over year, primarily due to the sustained elevated travel demand in India in the fiscal year 2024 as compared to the fiscal year 2023. Our Adjusted Margin % – Bus ticketing increased to 9.9% in the fiscal year 2024 as compared to 8.9% in the fiscal year 2023, primarily due to the reclassification of distribution costs as a component of "other operating expenses" from a component of "service cost" since the quarter ended June 30, 2023. Corresponding amounts for the previous year have not been reclassified as the impact is considered to be immaterial. For further information, see Note 14 of our consolidated financial statements included elsewhere in this Annual Report.

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*Others.* Revenue from our others business increased by 62.3% (66.6% in constant currency) to $53.0 million in the fiscal year 2024, from $32.7 million in the fiscal year 2023. Our Adjusted Margin – Others increased by 43.0% (47.2% in constant currency) to $48.8 million in the fiscal year 2024 from $34.1 million in the fiscal year 2023. Adjusted Margin – Others includes customer inducement costs of $0.4 million in the fiscal year 2024 and $1.9 million in the fiscal year 2023, recorded as a reduction of revenue. The increase in revenue from our others business and Adjusted Margin – Others was due to an increase in other travel services and ancillary services primarily due to the sustained elevated travel demand in India in the fiscal year 2024 as compared to the fiscal year 2023.

*Other Income.* Other income decreased to $0.8 million in the fiscal year 2024 from $2.8 million in the fiscal year 2023, primarily due to a $2.0 million gain on discontinuation of equity accounted investments recorded in the fiscal year 2023.

*Service Cost*. Service cost increased by 21.1% to $215.1 million in the fiscal year 2024 from $177.6 million in the fiscal year 2023, primarily due to the sustained elevated travel demand particularly in our packages business in India and an increase in $4.7 million in service cost related to our car booking business in the fiscal year 2024 as compared to the fiscal year 2023, partially offset by the reclassification of distribution costs as a component of "other operating expenses" from a component of "service cost" since the quarter ended June 30, 2023. Corresponding amounts for the previous year have not been reclassified as the impact is considered to be immaterial. For further information on such reclassification, see Note 14 of our consolidated financial statements included elsewhere in this Annual Report.

*Personnel Expenses*. Personnel expenses increased by 11.8% to $147.6 million in the fiscal year 2024 from $132.0 million in the fiscal year 2023, primarily due to the increase in share-based compensation costs in the fiscal year 2024 as compared to the fiscal year 2023 and further due to annual wage increases effected in the quarter ended June 30, 2023.

*Marketing and Sales Promotion Expenses.* Marketing and sales promotion expenses increased by 21.4% to $123.3 million in the fiscal year 2024 from $101.6 million in the fiscal year 2023, primarily due to an increase in variable costs and discretionary expenditures such as expenses on events and brand building initiatives in response to the sustained elevated travel demand in India in the fiscal year 2024 as compared to the fiscal year 2023. Additionally, we incurred customer inducement costs recorded as a reduction of revenue of $250.0 million in the fiscal year 2024 and $235.8 million in the fiscal year 2023. The details are as follows:

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| | | |
|:---|:---|:---|
|  | **Fiscal year ended March 31,** | **Fiscal year ended March 31,** |
|  | **2023** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| Marketing and sales promotion expenses | $101601 | $123304 |
| Customer inducement costs recorded as a reduction of revenue | 235752 | 249990 |

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*Other Operating Expenses.* Other operating expenses increased by 53.2% to $204.8 million in the fiscal year 2024 from $133.7 million in the fiscal year 2023, primarily due to an increase in payment gateway charges, outsourcing fees, website hosting charges and distribution costs (which also includes the impact of the reclassification of certain costs from a component of "service cost") linked to an increase in bookings and a $10.0 million impairment provision for non-financial assets. Corresponding amounts for the previous year have not been reclassified as the impact is considered to be immaterial. For further information on such reclassification, see Note 14 of our consolidated financial statements included elsewhere in this Annual Report.

*Depreciation, Amortization and Impairment.* Our depreciation, amortization and impairment expenses marginally decreased by 0.5% to $27.3 million in the fiscal year 2024 from $27.4 million in the fiscal year 2023.

*Results from Operating Activities*. As a result of the foregoing factors, our results from operating activities were a profit of $65.2 million in the fiscal year 2024 as compared to a profit of $23.6 million in the fiscal year 2023. Our Adjusted Operating Profit was $124.2 million in the fiscal year 2024 as compared to $70.3 million in the fiscal year 2023. For a description of the components and calculation of "Adjusted Operating Profit (Loss)" and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure "Results from operating activities", see — "Certain Key Performance Indicators and Non-IFRS Measures" elsewhere in this Annual Report.

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*Net Finance Income (Costs).* Our net finance income was $27.7 million in the fiscal year 2024 as compared to net finance cost of $35.8 million in the fiscal year 2023, primarily due to an increase of $13.9 million in interest income on term deposits, a gain of $30.6 million due to the change in carrying value of our 2028 Notes, measured at amortized cost, in the fiscal year 2024 and a decrease in net foreign exchange loss of $18.0 million in the fiscal year 2024, primarily due to a decrease in unrealized foreign exchange losses resulting from translations of monetary assets and liabilities from U.S. dollars to Indian Rupees as at March 31, 2024 as compared to the fiscal year 2023.

*Income Tax Benefit.* Our income tax benefit was $123.8 million in the fiscal year 2024. We recognized deferred tax assets of $126.1 million on tax losses carried forward (including unabsorbed depreciation) and other temporary differences mainly related to share based payments and employee benefits in the fiscal year 2024, since it is now probable that future taxable profits will be available against which such items can be utilized.

*Profit (Loss) for the Year*. As a result of the foregoing factors, our profit in the fiscal year 2024 was $216.7 million as compared to a loss of $11.2 million in the fiscal year 2023. Our Adjusted Net Profit was $137.2 million in the fiscal year 2024, as compared to $52.9 million in the fiscal year 2023. For a description of the components and calculation of "Adjusted Net Profit (Loss)" and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure "Profit (loss) for the year", see — "Certain Key Performance Indicators and Non-IFRS Measures" elsewhere in this Annual Report.

*Diluted Earnings (Loss) per Share for the Year.* As a result of the foregoing factors, diluted earnings per share was $1.74 in the fiscal year 2024 as compared to diluted loss per share of $0.10 in the fiscal year 2023. Our Adjusted Diluted Earnings per share was $1.22 in the fiscal year 2024, as compared to $0.48 in the fiscal year 2023. For a description of the components and calculation of "Adjusted Diluted Earnings (Loss) per Share" and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure "Diluted earnings (loss) per share for the year", see — "Certain Key Performance Indicators and Non-IFRS Measures" elsewhere in this Annual Report.

**Certain Key Performance Indicators and Non-IFRS Measures** 

We refer to certain non-IFRS measures in various places within this Annual Report, including "Adjusted Operating Profit (Loss)", "Adjusted Net Profit (Loss)", "Adjusted Diluted Earnings (Loss) per Share" and Constant currency results. Our key performance indicators are "Adjusted Margin" and "Adjusted Margin %" which are also non-IFRS measures referred to in various places within this Annual Report.

We evaluate our financial performance in each of our reportable segments based on our key performance indicators, Adjusted Margin and Adjusted Margin %, which are non-IFRS measures and segment profitability measures. Adjusted Margin represents IFRS revenue after adding back customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs which are reported as a reduction of revenue, and deducting the cost of procurement of services primarily relating to sales to customers where we act as the principal. Adjusted Margin % represents Adjusted Margin as a percentage of gross bookings.

As certain parts of our revenues are recognized on a "net" basis when we are acting as an agent, and other parts of our revenue are recognized on a "gross" basis when we are acting as the principal, we evaluate our financial performance in each of our reportable segments based on Adjusted Margin, which is a non-IFRS measure and a segment profitability measure, as we believe that Adjusted Margin reflects the value addition of the travel services that we provide to our customers. Income from packages, including income on airline tickets sold to customers as a part of tours and packages is accounted for on a "gross" basis as our company controls the services before such services are transferred to travelers. Revenue from the packages business which is accounted for on a "gross" basis represents the total amount paid by customers for these travel services and products, while our cost of procuring the relevant services and products for sale to our customers in this business is classified as service cost. Similarly, in our car bookings business we generally recognize revenue on a "gross" basis. See "Item 5. Operating and Financial Review and Prospects — Our Revenue, Service Cost and Expenses — Revenue."

We also refer to Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) and Adjusted Diluted Earnings (Loss) per Share which are non-IFRS measures and most directly comparable to results from operating activities, profit (loss) for the year and diluted earnings (loss) per share for the year, respectively, each of which is an IFRS measure. We use financial measures that exclude share-based compensation costs, merger and acquisitions related expenses, amortization of acquired intangibles, gain on discontinuation of equity-accounted investment, impairment provision for non-financial assets, net change in value of financial liability relating to acquisitions, change in fair value of financial asset measured at fair value through profit or loss (FVTPL), share of loss (profit) of equity-accounted investees, gain on change in carrying value of financial liabilities measured at amortized cost,

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interest expense on financial liabilities measured at amortized cost and income tax expense (benefit) for our internal management reporting, budgeting and decision-making purposes, including comparing our operating results to that of our competitors. A limitation of using Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) and Adjusted Diluted Earnings (Loss) per Share instead of results from operating activities, profit (loss) for the year and diluted earnings (loss) per share for the year calculated in accordance with IFRS as issued by the IASB is that these non-IFRS financial measures exclude a recurring cost, for example, share-based compensation. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) and Adjusted Diluted Earnings (Loss) per Share. Because of varying available valuation methodologies and subjective assumptions that companies can use when applying IFRS 2 "Share based payment," management believes that providing non-IFRS measures that exclude such expenses allows investors to make additional comparisons between our operating results and those of other companies.

Constant currency results are financial measures that are not prepared in accordance with IFRS, and assume constant currency exchange rates used for translation based on the rates in effect during the comparable period in the prior fiscal year. Because the impact of changing foreign currency exchange rates may not provide an accurate baseline for analyzing trends in our business, management believes that percentage growth in constant currency is an important metric for evaluating our operations. Constant currency is a non-IFRS measure and it should not be considered as a substitute for measures prepared in accordance with IFRS.

We believe that our current calculations of Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss), Adjusted Diluted Earnings (Loss) per Share, Adjusted Margin, Adjusted Margin % and constant currency results represent a balanced approach to adjusting for the impact of certain discrete, unusual or non-cash items and other items such as customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs, which we believe are representative of our operating results and provide useful information to investors and analysts. We believe that investors and analysts in our industry use these non-IFRS measures and key performance indicators to compare our company and our performance to that of our global peers.

However, the presentation of these non-IFRS measures and key performance indicators 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. These non-IFRS measures and key performance indicators may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation. The IFRS measures that are most directly comparable to Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) and Adjusted Diluted Earnings (Loss) per share are results from operating activities, profit (loss) for the year and diluted earnings (loss) per share for the year, respectively.

The following table reconciles our revenue (an IFRS measure) to Adjusted Margin (a segment profitability measure) for the periods indicated:

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**Reconciliation of IFRS to Non-IFRS Financial Measures and Key Performance Indicators**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Air Ticketing** | **Air Ticketing** | **Air Ticketing** | **Hotels and Packages** | **Hotels and Packages** | **Hotels and Packages** | **Bus ticketing** | **Bus ticketing** | **Bus ticketing** | **Others** | **Others** | **Others** |
|  | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** |
|  | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Revenue<br> as per IFRS | $147793 | $201246 | $241529 | $337686 | $435542 | $520411 | $74873 | $92693 | $119361 | $32684 | $53043 | $97035 |
| Add: Customer inducement<br> costs recorded as a <br> reduction of revenue | 135338 | 116423 | 131563 | 90487 | 123695 | 155616 | 8025 | 9432 | 11606 | 1902 | 440 | 2789 |
| Less: Service cost as<br> per IFRS | 3078 |  |  | 168387 | 210357 | 246550 | 5596 |  |  | 506 | 4732 | 27798 |
| **Adjusted Margin** | $280053 | $317669 | $373092 | $259786 | $348880 | $429477 | $77302 | $102125 | $130967 | $34080 | $48751 | $72026 |

---

The following table reconciles our revenue (an IFRS measure) to Adjusted Margin (a segment profitability measure) in terms of reported amount and constant currency amount for the periods indicated:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal year ended March 31, 2025** | **Fiscal year ended March 31, 2025** | **Fiscal year ended March 31, 2025** | **Fiscal year ended March 31, 2025** | **Fiscal year ended March 31, 2025** | **Fiscal year ended March 31, 2025** | **Fiscal year ended March 31, 2025** | **Fiscal year ended March 31, 2025** | **Fiscal year ended March 31, 2025** |
|  | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Adjusted Margin** | **Adjusted Margin** | **Adjusted Margin** | **Adjusted Margin** |
| **Reported Amount and Constant Currency Amount** | **Air<br>Ticketing** | **Hotels and<br>Packages** | **Bus<br> Ticketing** | **Others** | **Total** | **Air<br>Ticketing** | **Hotels and<br>Packages** | **Bus<br> Ticketing** | **Others** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Reported Amount | $241529 | $520411 | $119361 | $97035 | $978336 | $373092 | $429477 | $130967 | $72026 |
| Impact of Foreign Currency Translation | 4769 | 9866 | 2158 | 1983 | 18776 | 7216 | 8925 | 2407 | 1446 |
| Constant Currency Amount | $246298 | $530277 | $121519 | $99018 | $997112 | $380308 | $438402 | $133374 | $73472 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal year ended March 31, 2024** | **Fiscal year ended March 31, 2024** | **Fiscal year ended March 31, 2024** | **Fiscal year ended March 31, 2024** | **Fiscal year ended March 31, 2024** | **Fiscal year ended March 31, 2024** | **Fiscal year ended March 31, 2024** | **Fiscal year ended March 31, 2024** | **Fiscal year ended March 31, 2024** |
|  | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Adjusted Margin** | **Adjusted Margin** | **Adjusted Margin** | **Adjusted Margin** |
| **Reported Amount and Constant Currency Amount** | **Air<br>Ticketing** | **Hotels and<br>Packages** | **Bus<br> Ticketing** | **Others** | **Total** | **Air<br>Ticketing** | **Hotels and<br>Packages** | **Bus<br> Ticketing** | **Others** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Reported Amount | $201246 | $435542 | $92693 | $53043 | $782524 | $317669 | $348880 | $102125 | $48751 |
| Impact of Foreign Currency Translation | 5837 | 11982 | 2751 | 1402 | 21972 | 9065 | 10590 | 3046 | 1416 |
| Constant Currency Amount | $207083 | $447524 | $95444 | $54445 | $804496 | $326734 | $359470 | $105171 | $50167 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal year ended March 31, 2023** | **Fiscal year ended March 31, 2023** | **Fiscal year ended March 31, 2023** | **Fiscal year ended March 31, 2023** | **Fiscal year ended March 31, 2023** | **Fiscal year ended March 31, 2023** | **Fiscal year ended March 31, 2023** | **Fiscal year ended March 31, 2023** | **Fiscal year ended March 31, 2023** |
|  | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Adjusted Margin** | **Adjusted Margin** | **Adjusted Margin** | **Adjusted Margin** |
| **Reported Amount and Constant Currency Amount** | **Air<br>Ticketing** | **Hotels and<br>Packages** | **Bus<br> Ticketing** | **Others** | **Total** | **Air<br>Ticketing** | **Hotels and<br>Packages** | **Bus<br> Ticketing** | **Others** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Reported Amount | $147793 | $337686 | $74873 | $32684 | $593036 | $280053 | $259786 | $77302 | $34080 |
| Impact of Foreign Currency Translation | 11540 | 26330 | 5714 | 2677 | 46261 | 21870 | 20010 | 5903 | 2786 |
| Constant Currency Amount | $159333 | $364016 | $80587 | $35361 | $639297 | $301923 | $279796 | $83205 | $36866 |

---

The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported growth and constant currency(1) growth:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal year ended March 31, 2025** | **Fiscal year ended March 31, 2025** | **Fiscal year ended March 31, 2025** | **Fiscal year ended March 31, 2025** | **Fiscal year ended March 31, 2025** | **Fiscal year ended March 31, 2025** | **Fiscal year ended March 31, 2025** | **Fiscal year ended March 31, 2025** | **Fiscal year ended March 31, 2025** |
|  | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Adjusted Margin** | **Adjusted Margin** | **Adjusted Margin** | **Adjusted Margin** |
| **Reported Growth and Constant Currency Growth (YoY)** | **Air<br>Ticketing** | **Hotels and<br>Packages** | **Bus<br> Ticketing** | **Others** | **Total** | **Air<br>Ticketing** | **Hotels and<br>Packages** | **Bus<br> Ticketing** | **Others** |
| Reported Growth | 20.0% | 19.5% | 28.8% | 82.9% | 25.0% | 17.4% | 23.1% | 28.2% | 47.7% |
| Impact of Foreign Currency Translation | 2.4% | 2.3% | 2.3% | 3.8% | 2.4% | 2.3% | 2.6% | 2.4% | 3.0% |
| Constant Currency Growth | 22.4% | 21.8% | 31.1% | 86.7% | 27.4% | 19.7% | 25.7% | 30.6% | 50.7% |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal year ended March 31, 2024** | **Fiscal year ended March 31, 2024** | **Fiscal year ended March 31, 2024** | **Fiscal year ended March 31, 2024** | **Fiscal year ended March 31, 2024** | **Fiscal year ended March 31, 2024** | **Fiscal year ended March 31, 2024** | **Fiscal year ended March 31, 2024** | **Fiscal year ended March 31, 2024** |
|  | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Adjusted Margin** | **Adjusted Margin** | **Adjusted Margin** | **Adjusted Margin** |
| **Reported Growth and Constant Currency Growth (YoY)** | **Air<br>Ticketing** | **Hotels and<br>Packages** | **Bus<br> Ticketing** | **Others** | **Total** | **Air<br>Ticketing** | **Hotels and<br>Packages** | **Bus<br> Ticketing** | **Others** |
| Reported Growth | 36.2% | 29.0% | 23.8% | 62.3% | 32.0% | 13.4% | 34.3% | 32.1% | 43.0% |
| Impact of Foreign Currency Translation | 3.9% | 3.5% | 3.7% | 4.3% | 3.7% | 3.3% | 4.1% | 4.0% | 4.2% |
| Constant Currency Growth | 40.1% | 32.5% | 27.5% | 66.6% | 35.7% | 16.7% | 38.4% | 36.1% | 47.2% |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal year ended March 31, 2023** | **Fiscal year ended March 31, 2023** | **Fiscal year ended March 31, 2023** | **Fiscal year ended March 31, 2023** | **Fiscal year ended March 31, 2023** | **Fiscal year ended March 31, 2023** | **Fiscal year ended March 31, 2023** | **Fiscal year ended March 31, 2023** | **Fiscal year ended March 31, 2023** |
|  | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Adjusted Margin** | **Adjusted Margin** | **Adjusted Margin** | **Adjusted Margin** |
| **Reported Growth and Constant Currency Growth (YoY)** | **Air<br>Ticketing** | **Hotels and<br>Packages** | **Bus<br> Ticketing** | **Others** | **Total** | **Air<br>Ticketing** | **Hotels and<br>Packages** | **Bus<br> Ticketing** | **Others** |
| Reported Growth | 66.6% | 114.7% | 87.7% | 81.1% | 95.1% | 80.1% | 80.3% | 101.8% | 83.6% |
| Impact of Foreign Currency Translation | 13.0% | 16.8% | 14.3% | 14.8% | 15.2% | 14.1% | 13.9% | 15.4% | 15.0% |
| Constant Currency Growth | 79.6% | 131.5% | 102.0% | 95.9% | 110.3% | 94.2% | 94.2% | 117.2% | 98.6% |

---

------

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<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** |
|  | **2023** | **2024** | **2025** |
|  | **(in millions)** | **(in millions)** | **(in millions)** |
| **Results from operating activities as per IFRS** | $23.6 | $65.2 | $119.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Acquisition related intangibles amortization | 12.8 | 12.0 | 11.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Employee share-based compensation costs | 35.6 | 37.0 | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Gain on discontinuation of equity accounted<br> investment | (2.0) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Merger and acquisitions related expenses | 0.3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Impairment provision for non-financial assets |  | 10.0 |  |
| **Adjusted Operating Profit (Loss)** | $70.3 | $124.2 | $167.3 |

---

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<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** |
|  | **2023** | **2024** | **2025** |
|  | **(in millions)** | **(in millions)** | **(in millions)** |
| **Profit (Loss) for the year as per IFRS** | $(11.2) | $216.7 | $95.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Acquisition related intangibles amortization | 12.8 | 12.0 | 11.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Employee share-based compensation costs | 35.6 | 37.0 | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Gain on discontinuation of equity accounted<br> investment | (2.0) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Merger and acquisitions related expenses | 0.3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Gain on change in carrying value of financial liabilities measured at amortized cost |  | (30.6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Impairment provision for non-financial assets |  | 10.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Change in fair value of financial asset measured at FVTPL | 2.8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Interest expense on financial liabilities measured<br> at amortized cost | 14.9 | 15.7 | 14.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add (Less): Income tax expense (benefit) | (1.0) | (123.8) | 20.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Net change in value of financial liability in business combination | 0.7 | 0.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add (Less): Share of loss (profit) of equity-accounted<br> investees | (0.01) | (0.05) | 0.06 |
| **Adjusted Net Profit (Loss)** | $52.9 | $137.2 | $178.2 |

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The following table reconciles our diluted earnings (loss) per share for the year (an IFRS measure) to Adjusted Diluted Earnings (Loss) per Share (a non-IFRS measure) for the periods indicated:

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| | | | |
|:---|:---|:---|:---|
| **Reconciliation of Adjusted Diluted Earnings (Loss) per Share** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** | **Fiscal Year Ended<br>March 31,** |
|  | **2023** | **2024** | **2025** |
|  | **(in $)** | **(in $)** | **(in $)** |
| **Diluted Earnings (Loss) per share for the year as<br> per IFRS** | $(0.10) | $1.74 | $0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Acquisition related intangibles amortization | 0.12 | 0.10 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Employee share-based compensation costs | 0.32 | 0.31 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Gain on discontinuation of equity accounted<br> investment | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Merger and acquisitions related expenses | \* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Gain on change in carrying value of financial liabilities measured at amortized cost<sup>#</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Impairment provision for non-financial assets |  | 0.08 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Change in fair value of financial asset measured at FVTPL | 0.03 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Interest expense on financial liabilities measured<br> at amortized cost<sup>#</sup> | 0.13 |  | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add (Less): Income tax expense (benefit)<sup>#</sup> | (0.01) | (1.01) | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Net change in value of financial liability in business combination | 0.01 | \* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add (Less): Share of loss (profit) of equity-accounted<br> investees | \* | \* | \* |
| **Adjusted Diluted Earnings (Loss) per Share** | $0.48 | $1.22 | $1.56 |

---

------

Note:

\* Less than $0.01.

# For the fiscal year 2024, impact of interest expense on financial liabilities measured at amortized cost and gain on the change in the carrying value thereof along with the related income tax has already been considered in calculation of diluted earnings (loss) per share for the year as per IFRS.

**B. Liquidity and Capital Resources** 

Historically, our sources of liquidity have principally been proceeds from the sale of our ordinary shares and convertible notes, overdraft facilities, working capital facilities and cash flows from operations. On February 9, 2021, we issued the 2028 Notes. The 2028 Notes are convertible based upon an initial conversion rate of 25.8035 of our ordinary shares per $1,000 principal amount of the 2028 Notes (equivalent to a conversion price of approximately $38.75 per ordinary share). The 2028 Notes will mature on February 15, 2028, unless earlier repurchased, redeemed or converted. Holders of our 2028 Notes will have the right to require us to repurchase such 2028 Notes on February 15, 2026, and upon the occurrence of a fundamental change, in each case, at a repurchase price equal to 100% of the principal amount of the 2028 Notes to be repurchased, plus accrued and unpaid special interest, if any.

As of March 31, 2025, we had cash and cash equivalents and term deposits of $763.3 million (including restricted cash and cash equivalents and term deposits of $9.6 million). As at March 31, 2025, we had $0.5 million in bank overdrafts.

Our primary sources of liquidity were $508.9 million of cash and cash equivalents and $254.4 million in term deposits with various banks, which are available on demand. A portion of such term deposits are lien marked and are used to secure bank guarantees, bank overdraft facilities and other facilities to support our business.

Our trade and other receivables primarily comprise commissions, incentives or other payments owing to us from airline suppliers, receivables from our corporate 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 $99.6 million as of March 31, 2024, to $150.0 million as of March 31, 2025, primarily as a result of an increase in receivables from airlines and corporate customers during the fiscal year 2025 in line with the increase in our operations. 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 decreased marginally from $153.1 million as of March 31, 2024 to $152.9 million as of March 31, 2025.

As of March 31, 2025, MMT India had the following facilities available from various banks:

&nbsp;&nbsp;&nbsp;&nbsp;•an overdraft facility of Rs. 300 million ($3.5 million), to meet our working capital requirements, secured primarily by term deposits, an exclusive charge over all the assets of MMT India (excluding vehicles);

&nbsp;&nbsp;&nbsp;&nbsp;•working capital demand loans of Rs. 1,495 million ($17.5 million) to meet our working capital requirements, with one-way inter-changeability for issuing bank guarantees of up to Rs. 750 million ($8.8 million), secured primarily by term deposits, an exclusive charge over all the assets of MMT India (excluding vehicles); and

&nbsp;&nbsp;&nbsp;&nbsp;•a commercial card and combined credit facility of Rs. 805 million ($9.4 million) to meet our working capital requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March 31, 2025, no amounts were outstanding under the above facilities.

From time to time, we are also required to provide bank guarantees to 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 secure our obligations to them. As of March 31, 2025, we had the following bank guarantee and other facilities available from various banks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•MMT India obtained a bank guarantee facility with a limit of Rs. 4,750 million ($55.6 million), for the purpose of issuing bank guarantees to IATA, hotels and other suppliers, with one-way inter-changeability of up to Rs. 400 million ($4.7 million) for working capital limits, secured primarily by term deposits, an exclusive charge on all the assets (excluding vehicles);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Quest 2 Travel obtained a bank guarantee and overdraft facilities of Rs. 100.1 million ($1.2 million) secured against term deposits, for the purpose of providing guarantees to IATA and payment gateway facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Luxury Tours obtained a bank guarantee, overdraft and corporate card limit facilities of $0.3 million secured against term deposits, for the purpose of providing guarantees to various hotels and packages suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•MMT USA obtained letters of credit of $0.1 million secured against bank balances, for the purpose of providing guarantees to various international airlines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•MMT UAE obtained a bank guarantee and corporate card limit facilities of $1.2 million secured against bank balances, for the purpose of providing guarantees to IATA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•ITC Group obtained a bank guarantee facility of $0.07 million secured against term deposits, for the purpose of providing guarantees to various international airlines, and a corporate card limit of $0.07 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•redBus India obtained bank guarantee, overdraft and corporate card limit facilities of Rs. 53.4 million ($0.6 million) secured against term deposits, for the purpose of providing guarantees to various bus operators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Simplotel obtained a corporate card facility of Rs. 2.0 million ($0.02 million) secured against term deposits, for the purpose of providing guarantees to various hotel suppliers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Savaari obtained a corporate card facility of Rs. 1.5 million ($0.02 million) secured against term deposits, for the purpose of providing guarantees to various cab operators.

As of March 31, 2025, we had outstanding amounts of Rs. 2,550 million ($29.8 million) in connection with the issuance of bank guarantees to IATA by MMT India and Rs. 53.6 million ($0.6 million) towards the issuance of bank guarantees towards various other travel and hotel and packages suppliers for other operational requirements of MMT India. No demand has been made against any of these bank guarantees.

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In addition, we have secured credit and guarantee facilities of $70.0 million from an affiliate of our largest shareholder. As of March 31, 2025, this credit facility remained undrawn. Apart from the foregoing borrowings and vehicle loans of Rs. 393.4 million ($4.6 million), 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 including term deposits, cash flows from operations and our working capital facilities will be sufficient to meet our cash needs, including our cash needs for working capital requirements and capital expenditures, for the foreseeable future and for at least 12 months subsequent to the filing of this Annual Report. We may, however, require additional cash resources due to changing business conditions or other future developments and any investments or acquisitions we may decide to pursue.

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

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| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** |
|  | **2023** | **2024** | **2025** |
|  | **(in millions)** | **(in millions)** | **(in millions)** |
| Net cash generated from operating activities | $32.2 | $125.7 | $185.3 |
| Net cash generated from/(used in) investing activities | 46.6 | (75.6) | 26.4 |
| Net cash used in financing activities | (6.2) | (6.2) | (22.9) |
| Net increase in cash and cash equivalents | 72.6 | 43.9 | 188.8 |
| Cash and cash equivalents at beginning of the year | 213.3 | 284.0 | 327.1 |
| Effect of exchange rate fluctuations on cash held | (1.9) | (0.8) | (7.5) |
| Cash and cash equivalents (net of bank overdraft) at end of the year | 284.0<br><sup>(1)</sup> | 327.1<br><sup>(2)</sup> | 508.4<br><sup>(3)</sup> |

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Notes:

(1)Excludes $202.7 million of term deposits not classified as "cash and cash equivalents." As of March 31, 2023, we did not have any amounts outstanding under our bank overdraft.

(2)Excludes $280.7 million of term deposits not classified as "cash and cash equivalents." As of March 31, 2024, we did not have any amounts outstanding under our bank overdraft.

(3)Excludes $254.4 million of term deposits not classified as "cash and cash equivalents." As of March 31, 2025, we had $0.5 million outstanding under our bank overdraft.

*Net Cash Generated From Operating Activities* 

Our net cash generated from operating activities was $185.3 million in fiscal year 2025, as compared to net cash generated from operating activities of $125.7 million in fiscal year 2024, an increase of $59.6 million in fiscal year 2025. Our net profit adjusted for depreciation, amortization and impairment and other non-cash items was $184.4 million in fiscal year 2025 as compared to $140.3 million in fiscal year 2024. Further, in fiscal year 2025, there was an increase of $58.5 million in trade and other payables, other liabilities and contract liabilities, net income tax paid of $5.5 million and an increase of $52.1 million in trade and other receivables and contract assets, inventories and other assets.

Our net cash generated from operating activities was $125.7 million in fiscal year 2024, as compared to net cash generated from operating activities of $32.2 million in fiscal year 2023, an increase of $93.5 million in fiscal year 2024. Our net profit adjusted for depreciation, amortization and impairment and other non-cash items was $140.3 million in fiscal year 2024 as compared to $84.3 million in fiscal year 2023. Further, in fiscal year 2024, there was an increase of $62.8 million in trade and other payables, other liabilities and contract liabilities, net income tax paid of $9.7 million and an increase of $67.7 million in trade and other receivables and contract assets, inventories and other assets.

Our net cash generated from operating activities was $32.2 million in fiscal year 2023, as compared to net cash generated from operating activities of $6.2 million in fiscal year 2022, an increase of $26.0 million in fiscal year 2023. Our net loss adjusted for depreciation, amortization and impairment and other non-cash items was $84.3 million in fiscal year 2023 as compared to $33.1 million in fiscal year 2022. Further, in fiscal year 2023, there was an increase of $40.8 million in trade and other payables, other liabilities and contract liabilities, net income tax paid of $4.2 million and an increase of $88.7 million in trade and other receivables and other assets.

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

In fiscal year 2025, our net cash used in investing activities was $26.4 million. We redeemed term deposits with banks amounting to $403.2 million (computed using average exchange rates for the period) for investment and working capital purposes and received interest mainly on our term deposits of $24.2 million, net of income tax. We also invested $379.2 million (computed using average exchange rates for the period) in term deposits with banks, $10.4 million in the acquisition of a business, $4.1 million in property, plant and equipment, net of sales and $7.3 million in acquisition of intangible assets.

In fiscal year 2024, our net cash used in investing activities was $75.6 million. We redeemed term deposits with banks amounting to $345.9 million (computed using average exchange rates for the period) for investment and working capital purposes and received interest mainly on our term deposits of $21.0 million, net of income tax. We also invested $423.6 million (computed using average exchange rates for the period) in term deposits with banks, $6.5 million in the acquisition of a subsidiary, $5.5 million in property, plant and equipment, net of sales and $6.9 million in acquisition of intangible assets.

In fiscal year 2023, our net cash generated from investing activities was $46.6 million. We redeemed term deposits with banks amounting to $308.3 million (computed using average exchange rates for the period) for investment and working capital purposes and received interest mainly on our term deposits of $8.0 million, net of income tax. We also invested $251.7 million (computed using average exchange rates for the period) in term deposits with banks, $1.5 million in the acquisition of subsidiaries, $7.1 million in property, plant and equipment, net of sales and $9.4 million in acquisition of intangible assets.

*Net Cash Used In Financing Activities*

In fiscal year 2025, our net cash used in financing activities was $22.9 million. We made payment of $8.2 million for lease liabilities and vehicle loans. Proceeds from issuance of shares on exercise of share-based awards during fiscal year 2025 was $7.0 million. Further, we repurchased certain ordinary shares, which we currently hold as treasury shares, for $21.7 million.

In fiscal year 2024, our net cash used in financing activities was $6.2 million. We made payment of $6.9 million for lease liabilities and vehicle loans. Proceeds from issuance of shares on exercise of share-based awards was $6.0 million and proceeds for vehicle loans was $2.1 million during the fiscal year 2024. Further, we acquired a non-controlling interest in Quest 2 Travel for $7.4 million.

In fiscal year 2023, our net cash used in financing activities was $6.2 million. We made payment of $5.5 million for lease liabilities and vehicle loans. Proceeds from issuance of shares on exercise of share-based awards was $2.2 million and proceeds for vehicle loans was $2.2 million during the fiscal year 2023. Further, we acquired a non-controlling interest in Quest 2 Travel for $5.0 million.

**Material Cash Requirements**

Our material cash requirements as of March 31, 2025 and the foreseeable long-term are mainly for our debt obligations and working capital, as well as capital expenditures, contractual obligations and acquisitions.

***Capital Expenditures*** 

We incurred capital expenditures of $16.9 million, $12.8 million, and $11.8 million in fiscal years 2023, 2024 and 2025, respectively. As of March 31, 2025, we had committed capital expenditures of $0.1 million for fiscal year 2025. Our capital expenditures have principally consisted of costs related to our technology platform and infrastructure, upgrading of/additions to our websites and mobile platforms, purchases of workstations, computers, computer software, leasehold improvements, and others. In the future, we may also incur capital expenditures to expand our products and services offerings, including through strategic acquisitions.

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***Contractual Obligations*** 

The following table sets forth our contractual obligations as of March 31, 2025. Other than the obligations specified below, we do not have any other long term contractual obligations.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** |
| **Contractual Obligations** | **Total** | **Less than 1<br>year** | **1-3 years** | **3-5 years** | **More than<br>5 years** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Secured bank loans<sup>(1)</sup> | $5332 | $1837 | $2664 | $831 | \* |
| Lease liabilities<sup>(2)</sup> | 18291 | 6086 | 9616 | 2589 |  |
| Purchase obligations<sup>(3)</sup> | 67710 | 27867 | 34605 | 5238 |  |
| Employee benefits<sup>(4)</sup> | 14705 |  |  |  |  |
| Convertible notes<sup>(5)</sup> | 230000 | 230000 |  |  |  |
| Other liabilities<sup>(6)</sup> | 16786 | 4390 | 3907 | 8489 |  |
| Trade and other payables | 146999 | 146999 |  |  |  |
| Refunds due to customers | 51011 | 51011 |  |  |  |
| Total | $550834 | $468190 | $50792 | $17147 | \* |

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*\*less than 1*

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Secured bank loans relate to loans for motor vehicles used in our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Lease liabilities relate to our leasing arrangements for our various office premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)We enter into purchase orders from time to time for various equipment and other operational requirements for our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Employee benefits in our statement of financial position refers to employee benefit obligations. For this amount, the extent of the amount and timing of repayment/settlement is not reliably estimable or determinable at present and accordingly has not been disclosed in the table above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)On February 9, 2021, we issued the 2028 Notes, which are convertible based upon an initial conversion rate of 25.8035 of our ordinary shares per $1,000 of the principal amount of the 2028 Notes (equivalent to a conversion price of approximately $38.75 per ordinary share). The repayment period of the 2028 Notes has been considered based on the next potential repurchase date of the 2028 Notes, being February 15, 2026.

On May 16, 2023, our board of directors authorized the Company to repurchase the 2028 Notes, from time to time, through open market purchases, privately negotiated transactions with individual holders or otherwise, in accordance with applicable securities laws, provided that the aggregate amount of ordinary shares and aggregate amount of the 2028 Notes that may be repurchased by the Company shall not exceed $136.0 million. The price and timing of any repurchases of ordinary shares and the 2028 Notes will depend on prevailing market conditions, liquidity requirements, contractual restrictions and other factors as determined by the Board from time to time. There can be no assurance that we will execute any such repurchase.

Pursuant to the share repurchase plan, we repurchased 236,012 ordinary shares for an aggregate amount of $21.7 million during fiscal year 2025. There were no repurchases of the 2028 Notes during fiscal year 2025. As at March 31, 2025, we had remaining authority to repurchase an aggregate of up to $114.2 million of our outstanding ordinary shares and the 2028 Notes. For further information, see "Item 16 E. Purchases of equity securities by the issuer and affiliated purchasers" in this Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Other liabilities comprise liability against the right but not the obligation to sell all the shares held by the promoters in Simplotel and Savaari and contingent consideration payable to VA Tech Ventures Private Limited for acquisition of Happay. For further information, see Notes 7(c), 7 (d) and 7 (e) of our consolidated financial statements included elsewhere in this Annual Report.

We intend to fund our existing and future material cash requirements with our existing cash balance and other financing alternatives. 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.

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Other than as discussed above, we do not have any significant capital and other commitments, long-term obligations or guarantees as of March 31, 2025. While the above indicates our material cash requirements as of March 31, 2025, the actual amounts we are eventually required to pay may be different in the event that any agreements are renegotiated, cancelled or terminated.

**C. Research and Development, Patents and Licenses, etc.**

See "Item 4. Information on the Company—B. Business Overview—Intellectual Property" of this Annual Report.

**D. Trend Information**

Other than as disclosed elsewhere in this Annual Report, we are not aware of any trends, uncertainties, demands, commitments or events since March 31, 2025 that are reasonably likely to have a material effect on our net sales or revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition.

**E. Critical Accounting Estimates**

Our consolidated financial statements are prepared in conformity with IFRS, as issued by the IASB. In preparing our consolidated financial statements, we make judgements, estimates and assumptions about the application of our accounting policies which affect the reported amounts of assets, liabilities, revenue and expenses. Our critical accounting judgements and sources of estimation uncertainty are deferred taxes and impairment test of intangible assets and goodwill as further described in Note 2(d) of our consolidated financial statements, which are included elsewhere in this Annual Report.

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**ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES** 

**A. Directors and Senior Management** 

Our board of directors consists of ten directors.

The table below sets forth the name, age and position of each of our directors and executive officers as of the date hereof.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position/Title** |
| **Directors:** |  |  |
| Deep Kalra | 55 | Director, Group Chairman and Chief Mentor |
| Rajesh Magow | 56 | Director and Group Chief Executive Officer |
| Aditya Tim Guleri | 60 | Independent Director |
| Moshe Rafiah | 61 | Director |
| Hashim Joomye | 57 | Independent Director |
| James Jianzhang Liang | 55 | Director |
| Jane Jie Sun | 56 | Director |
| Paul Laurence Halpin | 66 | Independent Director |
| May Yihong Wu | 57 | Independent Director |
| Xing Xiong | 51 | Director |
| **Executive Officer:** |  |  |
| Mohit Kabra | 54 | Group Chief Financial Officer |

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***Directors*** 

*Deep Kalra* is our founder, group chairman and chief mentor and was appointed to our board of directors on October 9, 2001. Mr. Kalra's responsibilities as our group executive chairman from February 11, 2020 to March 31, 2022 included executing our business strategy and managing the overall performance and growth of our company. Effective April 1, 2022, Mr. Kalra transitioned to his new role as group chairman and chief mentor and devotes his time to providing mentorship to our leadership team, as well as continuing to pursue strategic initiatives such as product innovation and expansion. Mr. Kalra has over 33 years of work experience in e-commerce, sales, marketing, corporate banking, financial analysis and senior management roles. Prior to founding our company in April 2000, Mr. Kalra worked with GE Capital India, a subsidiary of the General Electric Company, where he was vice president, business development. Prior to that, he also worked with AMF Bowling Inc. and ABN AMRO Bank NV. Mr. Kalra is the chair of World Travel and Tourism India Chapter and also the co-chair of National Committee on Tourism and Hospitality at Confederation of Indian Industry. He is a founding member of IndiaTech.Org, an industry body representing the interests of Indian digital companies and is a co-founder of Ashoka University, a liberal arts college in Sonipat, near New Delhi and serves on their board and governing council. Mr. Kalra is a founding member of 'I am Gurgaon'— an NGO focused on improving the quality of life in Gurugram and also serves on the board of the Gurugram Metropolitan Development Authority. Mr. Kalra holds 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 group chief executive officer and was appointed to our board of directors on November 6, 2012. Mr. Magow has also previously held the positions of chief financial officer and chief operating officer at our company. Mr. Magow has over 32 years of experience in the information technology and internet industries. After having been a part of our senior management team in 2001 for a few months, Mr. Magow worked as a part of senior management at Tecnovate eSolutions Private Limited, a wholly-owned subsidiary of eBookers.com (a United Kingdom-based online travel company that was listed on the Nasdaq Stock Market until it was acquired by the Cendant group in February 2005) from 2001 to June 2006. Before leaving Tecnovate eSolutions, he was the acting chief executive officer of that company. 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. He serves as the Chairman of FICCI Tourism Committee. Mr. Magow is a qualified Chartered Accountant from the Institute of Chartered Accountants of India.

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*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. He has remained on our board following the lapse of Sierra Ventures entities' right of nomination upon the completion of our initial public offering in August 2010. Mr. Guleri is the Managing Director of Sierra Ventures. Mr. Guleri's investment focus is primarily information technology software companies. As a venture capitalist, Mr. Guleri has helped to complete strategic exits from numerous companies including several public companies. Mr. Guleri currently serves on the board of directors of Enable, Cimulate, Cicero, Appcues, Astronomer, Balto, Phenom People and Sedai. Prior to Sierra, Mr. Guleri founded and served as chief executive officer of Octane Software from 1996 to 2000. He successfully led Octane's merger with Epiphany (NASDAQ: EPNY) in 2000. Before Octane, Mr. Guleri was vice president of field operations at Scopus Technology. Mr. Guleri holds a Master of Science degree in Engineering and Operating Research from Virginia Polytechnic Institute and State University; and a Bachelor of Science degree in Electrical Engineering from Punjab Engineering College, Chandigarh, India.

*Moshe Rafiah* was appointed to our board of directors on May 15, 2024 as a nominee of Trip.com. He served as the founder and chief executive officer of Travelfusion Ltd between January 2000 to February 2021 where he was responsible for strategy, business development and sales and marketing. He was also the chief executive officer of Skyscanner Ltd. between June 2020 to January 2021 where he was responsible for Skyscanner's strategy. Mr. Rafiah holds a Bachelor of Laws from Buckingham University, United Kingdom and a Master of Laws in international banking and financial law from Boston University, United States.

*Hashim Joomye* was appointed to our board of directors on May 14, 2025 as an independent director. He is the Founder and Managing Director of Advisory Capital Ltd, a firm specializing in investment and risk appraisals based in Mauritius. He currently serves on several boards and Investment Committees including pension fund, private equity funds and global business companies. Previously, Hashim has been managing investments for large corporates, pension funds, mutual funds and high net worth individuals for more than a decade. He is a Fellow Member of the Mauritius Institute of Directors and a Member of the American Chamber of Commerce in Mauritius. Hashim received a Masters Degree in Investment Analysis from the University of Stirling in United Kingdom and is a Fellow Chartered Certified Accountant.

James Jianzhang Liang was appointed to our board of directors on January 27, 2016, as a nominee of Trip.com (Nasdaq: TCOM). He is one of the co-founders and the chairman of the board of directors of Trip.com. Prior to founding Trip.com, Mr. Liang held a number of technical, managerial and leadership positions with Oracle Corporation from 1991 to 1999 in the United States and China. Mr. Liang received his Ph.D. degree from Stanford University, United States and his Master's and Bachelor's degrees from Georgia Institute of Technology, United States.

*Jane Jie Sun* was appointed to our board of directors on August 30, 2019 as a nominee of Trip.com. Ms. Sun is the chief executive officer of Trip.com, as well as a member of the board of directors of Trip.com, from November 2016. Prior to that, she was a co-president of Trip.com from March 2015, chief operating officer since May 2012, and chief financial officer from 2005 to 2012. Prior to joining Trip.com, Ms. Sun worked as the head of the SEC and External Reporting Division of Applied Materials, Inc. from 1997. Prior to that, she worked with KPMG LLP as an audit manager in Silicon Valley, California for five years. Ms. Sun is a member of the American Institute of Certified Public Accountants and a State of California Certified Public Accountant. Ms. Sun received her Bachelor's degree from the business school of the University of Florida with high honors. She also obtained her LLM degree from Peking University Law School. She is also a graduate of the Standard Executive Program and an alumni of Stanford University's graduate school of business.

*Paul Laurence Halpin* was appointed to our board of directors on April 30, 2018 and has served as a nominee of Trip.com since August 30, 2019. He is also one of our resident directors in Mauritius. Mr. Halpin has more than 18 years of experience as a non-executive director and chairperson of audit and risk committees of a number of listed companies. His experience includes in-depth board-level involvement in corporate strategy, financial reporting, investment oversight, mergers and acquisitions, and risk oversight. He has a combination of international experience and perspective from a career in Europe and Africa, as a business services entrepreneur, and previously, as a partner in a professional services firm. Mr. Halpin held various leadership positions in the financial services industry practice at PwC Dublin, London and Johannesburg during his 25-year career with PwC from 1979 to 2004. Between 2004 and 2011, having relocated to Mauritius in 2004, Mr. Halpin established a number of international healthcare and insurance outsourcing businesses in Mauritius, which he subsequently sold. Mr. Halpin is a portfolio chair and non-executive director, who serves as non-executive chairman of Gemfields Mauritius Ltd, Nairoto Resources Holding Ltd and Gemfields Madagascar Ltd, and as an independent non-executive director of Citicc (Africa) Holdings Ltd. His previously held roles include Lloyd's General

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Representative for Mauritius, lead independent director at Gamma Civic Ltd, and independent non-executive director at Kolos Cement Ltd and Gamma Construction Ltd. Mr. Halpin holds a Bachelor of Commerce degree from University College Dublin. He is a Chartered Accountant and a Fellow of the Institute of Chartered Accountants in Ireland, a Fellow of the Mauritius Institute of Directors, a Member of the Mauritius Institute of Professional Accountants and a Member of the Institute of Directors (London).

*May Yihong Wu* was appointed to our board of directors on May 15, 2024 as an independent director. She has served as a co-founder and an executive director of Shanghai Sunnyview Eldercare Company Limited since May 2023, an independent non-executive director and chairwoman of the audit committee of Alibaba Health Information Technology Limited (HKEX: 00241) since August 2023 and an independent non-executive director and chairwoman of the audit committee of Swire Properties Limited (HKEX: 01972) since May 2017. Ms. Wu has also served as an independent non-executive director of Noah Holdings Limited (NYSE: NOAH; HKEX: 6686) since November 2010 and as the chairwoman of the compensation committee since May 2015, as well as the chairwoman of the audit committee between November 2010 to May 2015. Ms. Wu held a number of roles at Homeinns Hotel Group, the shares of which were publicly listed (NASDAQ: HMIN) from October 2006 until April 2016, when it merged with Beijing Tourist Hotel (Group) Co Ltd, including as chief financial officer between July 2006 to April 2010, chief strategy officer between May 2010 to June 2019 and board adviser between July 2019 to May 2023. Ms. Wu obtained her MBA degree from the Kellogg School of Management at Northwestern University in Illinois in the United States, her Master's degree in Economics from Brooklyn College of the City University of New York in the United States.

*Xing Xiong* was appointed to our board of directors on August 30, 2019 as a nominee of Trip.com. Mr. Xiong is currently chief operating officer of Trip.com Group. He joined Trip.com Group as Senior R&D Director in 2013 and became the vice president of Technology. He was appointed as the chief executive officer of the Trip.com Group Air Ticketing in 2014. In 2015, he became the Trip.com Senior Vice President, and in 2016 he was made the Trip.com Group Executive Vice President. Currently, Mr. Xiong is in charge of air ticketing, accommodation, corporate travel, technology, international business, and other areas within the group. Prior to joining Trip.com Group, Mr. Xiong held several management positions in the research and development teams of Microsoft and Expedia. Mr. Xiong has over 21 years of technology and management experience. He holds a Bachelor's degree in Computer Science from Peking University and a Master's degree in Computer Science from Northeastern University in Boston, Massachusetts, United States.

***Executive Officer*** 

Mohit Kabra is our group chief financial officer. Prior to joining us in July 2011, Mr. Kabra served as a Director, Finance at Kohler India where he worked from 2006 to June 2011. He has approximately 31 years of work experience and has held various positions in the India businesses of PepsiCo, Colgate and Seagram. Mr. Kabra has a Bachelor of Commerce degree and is a qualified Chartered Accountant from the Institute of Chartered Accountants of India as well as a qualified Cost Accountant from the Institute of Cost Accountants of India.

**B. Compensation** 

For fiscal year 2025, the aggregate compensation (including directors' 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" was $2.0 million, which included $1.4 million in base salary and $0.6 million in other payments. Our employment agreements (as amended from time to time) with each of our group chairman, group chief executive officer, and group chief financial officer provide for 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 2025 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 under "— Outstanding ESOPs" and "Outstanding RSUs," and employee benefits to our directors and executive officers are disclosed separately under "— Employee Benefit Plans."

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**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. On October 18, 2016, our board of directors approved two amendments to our Share Incentive Plan in order to give effect to an earlier recommendation of our compensation committee to increase the shares available under our Share Incentive Plan to fund employee grants for the four fiscal years starting April 2014 and to provide for a sufficient number of RSUs to be granted in connection with the conversion of Indigo SARs and Naspers Rollover RSUs and the other awards contemplated under the Naspers Transaction Agreement for the ibibo Group acquisition. Our board of directors approved an amendment to our Share Incentive Plan on May 18, 2017 to extend the expiration date of our Share Incentive Plan from May 2020 to March 31, 2022 and approved a further amendment on October 26, 2021 to extend the expiration date of our Share Incentive Plan from March 31, 2022 to March 31, 2032. On May 18, 2017, June 19, 2018, January 24, 2019, July 10, 2020, May 18, 2021 and April 21, 2022, our board of directors approved amendments to our Share Incentive Plan to increase the shares available under the 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 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 of our officers, 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 the sum of (x) 19,411,654 ordinary shares, plus (y) in the event that any Indigo SARs or Naspers Rollover RSUs (each, as defined in the Naspers Transaction Agreement) are forfeited between October 18, 2016 and January 31, 2017 as a result of an Indigo Business Employee's (as defined in the Naspers Transaction Agreement) termination of employment during such period, a number of ordinary shares in respect of restricted share units into which such forfeited Indigo SARs and Naspers Rollover RSUs would have converted pursuant to Sections 7.07(a)(i) and 7.07(a)(ii) of the Naspers Transaction Agreement (each such defined term having the meaning ascribed to such term in the Naspers Transaction Agreement). 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

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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.

*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 holding 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, achievement of individual performance, expiration dates and employment restrictions.

Upon exercise of a holder's RSUs, subject to applicable laws, our holding 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.

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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 holding 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 applicable taxes and expenses.

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.

*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, March 31, 2032. Any awards that are outstanding on March 31, 2032 shall remain in force according to the terms of the 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.

**Outstanding RSUs** 

During fiscal year 2025, we issued RSUs with respect to an aggregate of 578,796 ordinary shares with an exercise price of $0.0005 per ordinary share under our Share Incentive Plan, of which RSUs with respect to an aggregate of 143,850 ordinary shares were granted to our directors and an executive officer.

As at March 31, 2025, there were (a) an aggregate of 1,352,713 ordinary shares underlying vested RSUs held by our director and executive officer with grant dates ranging from July 1, 2013 to March 6, 2025 and expiration dates ranging from June 30, 2025 to June 30, 2031 (b) an aggregate of 584,605 ordinary shares underlying unvested RSUs held by our director and executive officer with grant dates ranging from April 1, 2021 to April 1, 2024. Each RSU represents one ordinary share of our holding company and will result in the issuance of one ordinary share of our holding company on exercise. The exercise price of each RSU is $0.0005.

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**Outstanding ESOPs**

During fiscal year 2025, we did not issue any stock options under our Share Incentive Plan, or ESOPs.

As of March 31, 2025, there were an aggregate of 1,218,760 ordinary shares underlying 12,187.6 vested ESOPs held by our director and executive officer which were granted on August 19, 2019, with expiration dates ranging from August 18, 2025 to August 18, 2030. Each ESOP represents 100 ordinary shares of our holding company and will result in the issuance of 100 ordinary shares of our holding company on exercise. The exercise price of each ESOP is $2,229.

**Employee Benefit Plans**

We maintain employee benefit plans in the form of certain statutory and incentive plans covering substantially all of our employees. The aggregate amount set aside or accrued by us to provide for pension, retirement or similar benefits for all our employees (including our directors and executive officer) was $8.9 million, $11.7 million and $14.7 million, respectively, in fiscal years 2023, 2024 and 2025.

***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 by each of the 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 $4.1 million, $4.9 million and $5.7 million, respectively, in fiscal years 2023, 2024 and 2025.

***Gratuity*** 

In accordance with Indian law, we pay gratuity 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). We have provided for an aggregate of $1.5 million, $1.4 million and $2.3 million, respectively in fiscal years 2023, 2024 and 2025 for our gratuity payments.

***Compensated absences***

In accordance with our company policy, eligible employees are given benefits of compensated absences payable on the termination of his or her employment. Under this policy, employees are entitled to receive amount of future benefit that they have earned in return for their service in the current and prior periods resulting from the non-utilization of yearly accumulated leaves. We have provided for aggregate of $0.4 million, $0.8 million and $0.7 million, respectively, in fiscal years 2023, 2024 and 2025 for our compensated absences 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 months' salary in lieu of such notice. These termination provisions apply to executive officers apart from Mr. Rajesh Magow, whose termination provisions are set forth in his employment and change in control severance agreements.

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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 twelve months after termination of his or her employment, not to:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

The employment agreements of Deep Kalra and Rajesh Magow (each, an "Executive") were amended, effective April 1, 2010, to change the notice period for termination from three months to six months. In addition, each Executive has entered into a change in control severance agreement with MMT India, effective October 18, 2016, which provides that, in the event such Executive's employment is terminated by MMT India, other than for cause, death or disability, or by the Executive for good reason (pursuant to which the Executive is required to give three months' notice of intended termination after the occurrence of the event constituting good reason), such Executive will be entitled if such termination occurs prior to the end of the relevant vesting period, to have all of his equity grants under our company's incentive plans to fully vest and be immediately exercisable. The terms of each Executive's change in control severance agreements replaced the corresponding "change in control" provisions in each Executive's employment agreement. Furthermore, each Executive has agreed to additional non-solicitation and non- competition restrictions in his change in control severance agreement, which shall continue for a period of two years following the termination of his employment with MMT India. In addition, Mr. Kalra's employment agreement specifies that he will not engage or have a substantial financial interest in any travel intermediary business that competes directly with our company for a period of 12 months following the termination of his employment with MMT India.

Save as disclosed in this section, 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.

**Policy for Recovery of Erroneously Awarded Compensation**

In fiscal year 2024, we adopted a policy for recovery of erroneously awarded compensation in compliance with the SEC rules and Nasdaq listing standards to recover any excess incentive-based compensation from current and former executive officers after an accounting restatement. A copy of our policy for recovery of erroneously awarded compensation is filed as Exhibit 97.1 to this Annual Report.

**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 holding company by way of qualification. There are no severance benefits payable to our directors and upon termination of their directorships, other than to Mr. Deep Kalra and Mr. Rajesh Magow, who are our directors (and in the case of Mr. Rajesh Magow, also our executive officer) and are entitled to severance benefits in such capacity pursuant to the terms of their employment and their respective change in control severance agreements.

As a result of its ownership of our Class B Shares, Trip.com is entitled to nominate five directors to our board of directors (one of whom shall be a resident of Mauritius) as at the date of this Annual Report. So long as Trip.com beneficially owns 10% or more of our issued and outstanding voting securities (subject to adjustment for any share split, share dividend, recapitalization, reclassification or similar transaction in respect of any such ordinary shares), it will be entitled to nominate a number of directors to our board of directors in proportion to its beneficial ownership in our company. In addition, under the Amended and Restated Trip.com Investor Rights Agreement, one Independent Director must be appointed from a pool of candidates recommended by Trip.com and approved by Mr. Deep Kalra and Mr. Rajesh Magow, a majority of Independent Directors must be appointed from a pool of candidates approved by Mr. Deep Kalra, Mr. Rajesh Magow and a majority of the Trip.com directors and one of the investor directors designated by Trip.com shall be entitled to exercise the casting vote to which the chairman of the board of directors would otherwise have been entitled pursuant to Article 114 of our

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Constitution. For more information, see "Item 10. Additional Information - B. Memorandum and Articles of Association — Amended and Restated Trip.com Investor Rights Agreement."

In connection with our acquisition of the ibibo Group, we issued Class B Shares to MIH Internet. The Class B Shares were subsequently acquired by Trip.com in the Naspers-Trip.com Transaction (as defined herein). The rights and preferences of our Class B Shares are set forth in the Terms of Issue. A summary of the material Terms of Issue are set forth in "Item 10. Additional Information — B. Memorandum and Articles of Association — Class B Shares." Pursuant to the Terms of Issue, so long as the Permitted Holders (as defined in the Terms of Issue) beneficially own 10% or more of our issued and outstanding voting securities, the holders of Class B Shares, or the Class B Members, will be entitled to (i) nominate from time to time a number of directors to our board of directors in proportion to their percentage beneficial ownership of our issued and outstanding voting securities (including if over 40%), rounded to the nearest whole number; provided that, for so long as the Class B Members, either alone or together with certain permitted transferees, are entitled to nominate at least four directors to our board of directors, at least one of the nominees shall be a Mauritius resident and (ii) request the removal of any Class B director at any time. In the event of any vacancy of a Class B director, the Class B Members shall have the exclusive right to designate a replacement to fill such vacancy, and except as required by law or our Constitution, neither our company nor its board of directors may remove any Class B director unless such removal is at the written direction of the Class B Members or for cause.

Accordingly, through the Amended and Restated Trip.com Investor Rights Agreement and its ownership of our Class B Shares, Trip.com and its affiliates are entitled to representation on our board of directors in proportion to their beneficial ownership in MakeMyTrip and to representation on all board committees, for so long as Trip.com and its affiliates beneficially own 10% or more of our issued and outstanding voting securities.

In the event the number of Class B directors at any given time is greater than the number of directors the holders of Class B Shares are entitled to nominate (in proportion to their percentage beneficial ownership as described above), the Class B Members shall cause the applicable number of Class B directors to tender their resignations from the board of directors promptly, including causing all Class B directors to tender resignations in the event the Permitted Holders no longer beneficially own at least 10% of our issued and outstanding voting securities. See "Item 10. Additional Information — B. Memorandum and Articles of Association — Class B Shares — Board-Related Rights."

**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 holding 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 holding company is required to become vacant at the conclusion of the annual meeting of our holding 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 holding company.

Executive officers are selected by and serve at the discretion of the board of directors. Terms of employment of executive officers are disclosed separately under "— Employment Agreements with Executive Officers."

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**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•convening shareholders' annual meetings and reporting its work to shareholders at such meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•authorizing dividends and distributions;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•approving the issuance and transfer of shares of our holding 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.

Under the Terms of Issue, at any time the Permitted Holders (as defined in the Terms of Issue) beneficially own 10% or more of our issued and outstanding voting securities, one Class B director shall serve on each committee of our board.

***Audit Committee*** 

The audit committee consists of two members, May Yihong Wu and Aditya Tim Guleri and one non-voting observer, Jane Jie Sun. The chairperson is May Yihong Wu. Each member of the audit committee satisfies the independence requirements of applicable Nasdaq Rules and the independence requirements of Rule 10A-3 under the Exchange Act. Our board of directors has determined that May Yihong Wu qualifies as an audit committee financial expert within the meaning of the SEC rules, and that each of May Yihong Wu and Aditya Tim Guleri is financially literate. 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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•annually reviewing the independence of our independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and approving all related party transactions on an ongoing basis;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•meeting separately and periodically with management and our independent auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reporting regularly to our full board of directors.

Under the Terms of Issue, at any time the Permitted Holders (as defined in the Terms of Issue) beneficially own 10% or more of our issued and outstanding voting securities and no Class B director serves on the audit committee, the Class B Members shall have the right to appoint a representative to attend audit committee meetings as an observer.

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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. We follow home country practice that permits its audit committee to consist of less than three members, in lieu of complying with Rule 5605(c)(2)(A) of the Nasdaq Rules that requires each company to have an audit committee of at least three members. Our audit committee currently consists of two members and a non-voting observer.

***Compensation Committee*** 

The compensation committee consists of four members, Aditya Tim Guleri, May Yihong Wu, James Jianzhang Liang and Jane Jie Sun. The chairman is Aditya Tim Guleri. Each member of the compensation committee satisfies the independence requirements of the Nasdaq Rules. Our compensation committee approves the compensation of our employee-directors and reviews the compensation of our executive officers. The compensation committee is responsible for, among other things:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and approving or making recommendations to the board regarding any compensation plans, equity-based plans and similar arrangements.

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 Rules. Our home country practice differs from Rule 5605(e) of the Nasdaq Rules regarding implementation of a nominations committee charter or board resolution, because our holding company, as a holder of a GBC1 issued by the Financial Services Commission of Mauritius, is not required under Mauritius law to establish a nominations committee.

**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/.

**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."

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**E. Share Ownership** 

The following table sets forth information with respect to the beneficial ownership of our equity shares as of March 31, 2025 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, RSUs, 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity shares beneficially owned** | **Equity shares beneficially owned** | **Equity shares beneficially owned** | **Equity shares beneficially owned** |  |
|  | **Ordinary Shares** | **Ordinary Shares** | **Class B Shares** | **Class B Shares** |  |
| **Name of Beneficial Owner** | **Number** | **Percent**<sup>(1)</sup> | **Number** | **Percent**<sup>(1)</sup> | **Percent of Total<br>Voting Power**<sup>(1)</sup> |
| **Directors:** |  |  |  |  |  |
| Deep Kalra<sup>(2)</sup> | 3685437 | 5.07 |  |  | 3.28 |
| Rajesh Magow<sup>(3)</sup> | 1495662 | 2.05 |  |  | 1.33 |
| Aditya Tim Guleri |  |  |  |  |  |
| Moshe Rafiah<sup>(4)</sup> |  |  |  |  |  |
| James Jianzhang Liang<sup>(4)</sup> | \* | \* |  |  | \* |
| Jane Jie Sun<sup>(4)</sup> |  |  |  |  |  |
| Paul Laurence Halpin<sup>(4)</sup> |  |  |  |  |  |
| May Yihong Wu |  |  |  |  |  |
| Xing Xiong<sup>(4)</sup> |  |  |  |  |  |
| Hashim Joomye<sup>(5)</sup> |  |  |  |  |  |
| **Executive Officers:** |  |  |  |  |  |
| Mohit Kabra<sup>(3)</sup> | \* | \* |  |  | \* |
| All our directors and executive<br> officers as a group | 5416135 | 7.45 |  |  | 4.82 |

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

Notes:

(1)Based on 71,594,512 ordinary shares outstanding and 39,667,911 Class B Shares outstanding as of March 31, 2025. Except as otherwise required by law, the Terms of Issue or our Constitution, our ordinary shares and Class B Shares vote together as a single class on all matters on which our shareholders are entitled to vote. See also "Item 10. Additional Information — B. Memorandum and Articles of Association — Class B Shares — Reserved Matters."

(2)Travogue Electronic Travel LLP, or Travogue, is a limited liability partnership controlled by Mr. Deep Kalra. Mr. Deep Kalra holds 100.0% of the partnership interests in Travogue. Accordingly, as of March 31, 2025, Mr. Kalra's beneficial ownership of our ordinary shares includes 1,332,537 ordinary shares held by him (or his immediate family members) directly (in the form of ordinary shares or ordinary shares underlying RSUs and ESOPs that have vested or will vest within 60 days) and, based on information provided by Travogue, 2,352,900 ordinary shares held indirectly through Travogue.

(3)In the form of ordinary shares, underlying vested RSUs and ESOPs.

(4)James Jianzhang Liang, Jane Jie Sun, Moshe Rafiah, Xing Xiong and Paul Laurence Halpin are nominee directors of Trip.com. Trip.com beneficially owns 10,773,694 ordinary shares and 39,667,911 Class B convertible ordinary shares, as further described in Item 7 of this Annual Report.

(5)Hashim Joomye was appointed as director on the Board of the Company in place of Savinilorna Payandi-Pillay Ramen, on May 14, 2025.

**F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation**

Not applicable.

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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 and Class B Shares held by each person who is known to us to control 5.0% or more of our outstanding ordinary shares or Class B Shares.

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 and RSUs 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity shares beneficially owned** | **Equity shares beneficially owned** | **Equity shares beneficially owned** | **Equity shares beneficially owned** |  |
|  | **Ordinary Shares** | **Ordinary Shares** | **Class B Shares** | **Class B Shares** | **Percent of Total** |
| **Name of Beneficial Owner** | **Number** | **Percent**<sup>(1)</sup> | **Number** | **Percent**<sup>(1)</sup> | **Voting Power**<sup>(1)</sup> |
| Trip.com<sup>(2)</sup> | 10773694 | 15.05 | 39667911 | 100.0 | 45.34 |
| Schroder Investment Management Group<sup>(3)</sup> | 4118898 | 5.75 |  |  | 3.70 |
| FMR LLC<sup>(4)</sup> | 4605061 | 6.43 |  |  | 4.14 |
| Bailey Gifford & Co.<sup>(5)</sup> | 5155202 | 7.20 |  |  | 4.63 |
| Deep Kalra<sup>(6)</sup> | 3685437 | 5.07 |  |  | 3.28 |

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Notes:

(1)Based on 71,594,512 ordinary shares outstanding and 39,667,911 Class B Shares outstanding as of March 31, 2025. Except as otherwise required by law, the Terms of Issue or our Constitution, our ordinary shares and Class B Shares vote together as a single class on all matters on which our shareholders are entitled to vote. See also "Item 10. Additional Information — B. Memorandum and Articles of Association — Class B Shares — Reserved Matters."

(2)Information based on Amendment No. 4 to a report on Schedule 13D filed with the SEC by Trip.com on September 3, 2019. As of March 31, 2025, Trip.com has deferred its pre-emptive rights to subscribe for and purchase 7,435,534 additional Class B Shares, representing 6.68% of the total number of our ordinary shares and Class B Shares, as a result of the issuance of ordinary shares pursuant to the exercise or settlement of equity awards under our Share Incentive Plan between August 19, 2020 to March 31, 2025. See "Item 10. Additional Information — B. Memorandum and Articles of Association — Class B Shares — Pre-Emptive Rights."

(3)Information based on a report on Schedule 13G filed with the SEC by Schroder Investment Management Group ("SIMG") on May 13, 2025.

(4)Information based on Amendment No. 1 to a report on Schedule 13G filed with the SEC by FMR LLC ("FMR") and Abigail P. Johnson, on May 12, 2025 ("FMR 13G"). According to the FMR 13G, Abigail P. Johnson is a Director, the Chairman and the Chief Executive Officer of FMR LLC. Members of the Johnson family, including Abigail P. Johnson, are the predominant owners, directly or through trusts, of Series B voting common shares of FMR LLC, representing 49% of the voting power of FMR LLC. The Johnson family group and all other Series B shareholders have entered into a shareholders' voting agreement under which all Series B voting common shares will be voted in accordance with the majority votes of Series B voting common shares. Accordingly, through their ownership of voting common shares and the execution of the shareholders' voting agreement, members of the Johnson family may be deemed, under the Investment Company Act of 1940, to form a controlling group with respect to FMR LLC.

(5)Information based on Amendment No. 4 to a report on Schedule 13G filed with the SEC by Baillie Gifford & Co ("BGC") on April 30, 2025 ("BGC 13G"). According to the BGC 13G, securities reported on this Schedule 13G as being beneficially owned by Baillie Gifford & Co. are held by Baillie Gifford & Co. and/or one or more of its investment advisor subsidiaries, which may include Baillie Gifford Overseas Limited , on behalf of investment advisory clients, which may include investment companies registered under the Investment Company Act, employee benefit plans, pension funds or other institutional clients.

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(6)Travogue Electronic Travel LLP ("Travogue") is a limited liability partnership controlled by Mr. Deep Kalra. Mr. Deep Kalra holds 100.0% of the partnership interests in Travogue. Accordingly, as of March 31, 2025, Mr. Kalra's beneficial ownership of our ordinary shares includes 1,332,537 ordinary shares held by him (or his immediate family members) directly (in the form of ordinary shares or ordinary shares underlying RSUs and ESOPs that have vested or will vest within 60 days) and, based on information provided by Travogue, 2,352,900 ordinary shares held indirectly through Travogue.

Each of our equity shares is entitled to one vote on all matters that require a vote of shareholders. Except as otherwise required by law, the Terms of Issue or our Constitution, our ordinary shares and Class B Shares vote together as a single class on all matters on which our shareholders are entitled to vote. None of our shareholders has any contractual or other special voting rights.

As of March 31, 2025, to our knowledge, there were approximately seven record holders of our ordinary shares, of which one has a registered address in the United States and which holds approximately 75.18% of our ordinary shares. Since certain of these ordinary shares were held by brokers or other nominees, the number of record holders may not be representative of the number of beneficial holders or where the beneficial holders are resident.

**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. Pursuant to the Terms of Issue, we cannot directly or indirectly, enter into, modify, amend or conduct, or agree to enter into, modify, amend or conduct, any Related Party Transaction (as defined in the Terms of Issue) involving an aggregate value or consideration exceeding $120,000, other than in the ordinary course of business consistent with past practice, unless such transaction or series of related transactions has been approved by, or is consistent with or pursuant to the terms of a policy, transaction or agreement (or form of agreement) approved by, the affirmative vote or written consent of a majority of the independent directors, in addition to any other approvals that may be required pursuant to applicable law, the Nasdaq Rules (or the rules of any other applicable securities exchange or stock exchange) or the Constitution.

The following is a summary of our related party transactions since April 1, 2022.

**Shareholders Agreements** 

See "Item 10. Additional Information — B. Memorandum and Articles of Association — Trip.com Amended and Restated Investor Rights Agreement", "— Trip.com's Pre-Emptive Rights in relation to our 2028 Notes", "— Pre-Emptive Rights" and "— Registration Rights".

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**Procurement and selling of air tickets and hotel room nights from/to Trip.com and its subsidiaries**

We procured air tickets and hotel room nights of $55.5 million, $113.6 million, and $109.8 million as an agent from subsidiaries of Trip.com that operate as travel product aggregators in fiscal years 2023, 2024 and 2025 respectively. We earned $0.1 million, $0.05 million and $0.3 million from subsidiaries of Trip.com as commission for procurement of such tickets and room nights in fiscal years 2023, 2024 and 2025, respectively. Further, we also sold air tickets and hotel room nights as an agent with a value of $6.0 million, $4.5 million and $19.7 million to subsidiaries of Trip.com in fiscal years 2023, 2024 and 2025, respectively, and paid commission expenses of $0.7 million, $0.4 million and $1.5 million in fiscal years 2023, 2024 and 2025, respectively.

We earned revenue from marketing alliances from subsidiaries of Trip.com amounting to $0.05 million, $0.2 million and $1.7 million in fiscal years 2023, 2024 and 2025, respectively.

We paid various operating expenses to subsidiaries of Trip.com amounting to $4.6 million, $5.3 million and $7.6 million in fiscal years 2023, 2024 and 2025, respectively.

We provided advances of nil, nil and $0.6 million to subsidiaries of Trip.com in fiscal years 2023, 2024 and 2025 and received back nil, nil and $0.6 million against advances given to subsidiaries of Trip.com in fiscal years 2023, 2024 and 2025, respectively.

As of March 31, 2023, 2024 and 2025, we had outstanding trade and other receivables from subsidiaries of Trip.com of $1.0 million, $0.3 million, and $2.8 million, respectively.

As of March 31, 2023, 2024 and 2025, we had outstanding trade payables to subsidiaries of Trip.com of $4.9 million, $6.6 million and $6.0 million, respectively.

As of March 31, 2023, 2024 and 2025, we provided advances for future bookings to subsidiaries of Trip.com of $0.1 million, $0.2 million and $0.2 million, respectively.

**Employment Agreements** 

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

**Share Incentive Plan**

See "Item 6. Directors, Senior Management and Employees — B. Compensation — Share Incentive Plan."

**Indemnification Agreements**

See "Item 6. Directors, Senior Management and Employees — C. Board Practices — Indemnification Agreements."

**C. Interest of Experts and Counsel** 

Not applicable.

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**ITEM 8. FINANCIAL INFORMATION** 

**A. Consolidated Statements and Other Financial Information** 

See "Item 18. Financial Statements" for 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 subsidiaries, MMT India and redBus are disclosed below.

*Income Tax Matters*

<u>Assessment Year 2005-06</u> 

In November 2008, MMT India received an assessment order from the Indian Income Tax authorities or tax authorities for the assessment year 2005-06 and a demand for an additional payment of Rs. 8.1 million ($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 technology-related development depreciation expenses incurred during the year. In January 2009, we filed our objections to both the assessment order and the demand for additional payment with the Commissioner of Income Tax (Appeals), or CIT(A). In February 2009, the demand for the additional payment was deleted as the additions made by the tax authorities were set-off against our carried forward losses. Our appeal against the assessment order 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 technology-related development depreciation expenses. In May 2011, we filed our objection to the partial disallowance of technology-related development depreciation expenses with the Income Tax Appellate Tribunal authorities, or ITAT. In April 2017, ITAT passed a favorable order to allow depreciation on technology-related development expenses. The tax authorities filed an appeal in the High Court challenging the relief provided by ITAT on transfer pricing. However, the High Court dismissed the appeal filed by the tax authorities in November 2017. In July 2018, the tax authorities filed a Special Leave Petition in Supreme Court challenging the order of the High Court. In January 2025, the tax authorities withdrew the Special Leave Petition and the matter stands concluded in favor of MMT India.

<u>Assessment Year 2007-08</u> 

In February 2015, re-assessment proceedings were conducted and MMT India received an order from tax authorities, advising us of an upward revision of our declared income in India for the assessment year 2007-08 as a result of the reimbursement of ticket costs to MMT USA. In March 2015, we filed our objections with the CIT(A). The appeal against the above assessment order in connection with these disallowances was decided in favor of MMT India on May 23, 2017. The tax authorities challenged the order of the CIT(A) in August 2017 before ITAT. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The next hearing has been scheduled on August 11, 2025.

<u>Assessment Year 2008-09</u> 

In February 2015, re-assessment proceedings were conducted and MMT India received an order from the tax authorities for the assessment year 2008-09, advising us of an upward revision of our declared income in India for the assessment year 2008-09 as a result of reimbursement of ticket costs to MMT USA. In March 2015, we filed our objections with the CIT(A). The appeal against the assessment order in connection with these disallowances was decided in favor of MMT India on June 16, 2017. The tax authorities have filed an appeal in August 2017 against the order before ITAT. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The next hearing has been scheduled on August 11, 2025.

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<u>Assessment Year 2009-10</u> 

In May 2013, MMT India received an assessment order from the tax authorities for the assessment year 2009-10, and a demand for additional tax payments of approximately Rs. 276 million ($3.2 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, (iii) increases for disallowance of excess depreciation expense on computer peripherals and software licenses, (iv) for the disallowance of technology-related development depreciation expenses incurred during the year, and (v) on account of amounts received from business associates, which were treated as deferred revenue. On May 30, 2013, we filed our objections with the CIT(A). Consequently, our appeal against the assessment order in connection with the intra-group international transactions transfer pricing matter, nonpayment of sufficient withholding tax on cost of air tickets incurred to MMT USA, disallowance of technology-related 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-deduction of withholding tax in connection with payment gateway charges. We filed an appeal before ITAT in August 2014 for the remaining relief. The ITAT passed a favorable order dated September 26, 2017 quashing a major demand pertaining to the issue of non-deduction of taxes on payment gateway charges. In May 2018, the tax authorities filed an appeal in the High Court against the order of the ITAT on the issue of non-deduction of withholding tax on payment gateway charges. In March 2019, the High Court passed a favorable order setting aside the appeal filed by tax authorities. The tax authorities have also filed an appeal before the ITAT against the order passed by the CIT(A) on the matters decided in our favor. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The appeal is pending before the ITAT and the next hearing has been scheduled on July 23, 2025.

<u>Assessment Year 2010-11</u> 

In March 2014, MMT India received an assessment order from the tax authorities for the assessment year 2010-11, and a demand for additional tax payments of approximately Rs. 736 million ($8.6 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 technology-related 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 reimbursement 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 CIT(A) along with a stay of demand. Our appeal against the assessment order was decided in our favor in July 2017. The tax authorities have appealed the order of the CIT(A) before ITAT. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The next hearing has been scheduled on August 11, 2025.

<u>Assessment Year 2011-12</u>

In March 2015, MMT India received an assessment order from the tax authorities for the assessment year 2011-12, and a demand for additional tax payments of approximately Rs. 953 million ($11.2 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 reimbursement of expenses to MMT USA, and (iii) an increase for advertising and publicity expenses being capital in nature. In April 2015, we filed our objections with the CIT(A) along with a stay of demand. In June 2015, we obtained an interim stay until December 31, 2015. We obtained a final order of stay of tax demand in March 2016 and the demand was temporarily set aside after adjustment of refunds for assessment years 2009-10 and 2010-11. Our appeal against the assessment order in connection with non-payment of sufficient withholding tax on cost of air tickets incurred to MMT USA and disallowance of technology-related development depreciation expenses was decided in our favor. We have also received partial relief in respect of addition of advertisement and publicity expenses. In February 2017, we filed an appeal with ITAT. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The next hearing has been scheduled on July 23, 2025.

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In March 2017, MMT India received a revision order from the tax authorities for the assessment year 2011-12 in which the order passed by the assessing officer was set aside for fresh examination of the issue of deduction of reimbursement of ESOP cost on exercise of shares by employees. In May 2018, we filed an appeal with the ITAT. The ITAT passed a favorable order on January 22, 2025.

In December 2017, MMT India received an assessment order from the tax authorities for the assessment year 2011-12 confirming the demand for additional tax payments of approximately Rs. 102 million ($1.2 million), advising us of an upward revision of our declared income in India for that assessment year as a result of an increase in expenses on account of ESOPs exercised during the year, being capital in nature. In January 2018, we filed our objections with the CIT(A) along with a stay of demand. The appeal against the assessment order in connection with ESOP disallowances was decided in favor of MMT India on June 24, 2019. The tax authorities filed an appeal before the ITAT challenging the order of the CIT(A). The ITAT passed a favorable order on January 22, 2025.

<u>Assessment Year 2012-13</u>

In March 2016, MMT India received an assessment order from the tax authorities for the assessment year 2012-13, and a demand for additional tax payments of approximately Rs. 905 million, ($10.6 million), advising us of an upward revision of our declared income in India for that assessment year as a result of (i) an increase due to insufficient payments on withholding taxes on reimbursement of expenses to MMT USA, (ii) an increase for advertising and publicity expenses, being capital in nature and (iii) an increase for expenses on account of ESOPs exercised during the year being capital in nature. In April 2016, we filed our objections with the CIT(A) and requested for a stay of demand. The stay of demand was granted to MMT India. The appeal against the assessment order in connection with these disallowances was decided in favor of MMT India on December 19, 2017. The tax authorities have appealed the order of the CIT(A) before ITAT. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The next hearing has been scheduled on July 23, 2025.

<u>Assessment Year 2013-14</u>

In December 2016, MMT India received an assessment order from the tax authorities for the assessment year 2013-14, and a demand for additional tax payments of approximately Rs. 912 million, ($10.7 million), advising MMT India of an upward revision of its declared income in India for that assessment year as a result of (i) an increase due to insufficient payments on withholding taxes on reimbursement of expenses to MMT USA, (ii) an increase for advertising and publicity expenses being capital in nature and (iii) an increase for expenses on account of ESOPs exercised during the year being capital in nature. In January 2017, MMT India filed its objections with the CIT(A) and requested for a stay of demand. The stay of demand was granted to MMT India. The appeal against the assessment order in connection with these disallowances was decided in favor of MMT India on December 19, 2017. We understand that the tax authorities have appealed the order of CIT(A) before ITAT. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The next hearing has been scheduled on July 23, 2025.

In March 2021, MMT India received an assessment order from the tax authorities for the assessment year 2013-14 confirming the demand of Rs. 8.5 million ($0.1 million) (including interest) as a result of non-deduction and/or short-deduction of tax deducted at source on advertisement charges, common area maintenance charges and annual maintenance charges. In December 2021, MMT India filed an appeal before the CIT(A) against such order. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the next hearing has not been scheduled.

In March 2022, MMT India received an assessment order from the tax authorities advising MMT India of an upward revision of its declared income in India due to non-deposit of service tax collected from customers, with the Government of India and raised a tax demand of Rs. 1,796 million, ($21.0 million). In June 2022, the demand for the additional payment was withdrawn as the additions made by the tax authorities were set-off against our carried forward losses. In April 2022, MMT India filed objections with the CIT(A). We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the next hearing has not been scheduled.

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In June 2022, redBus India received a notice for initiating re-assessment proceedings based on the allegation that the service tax amounting to Rs. 21.87 million ($0.3 million) was not deposited with the Government of India. In January 2023, redBus India challenged these proceedings by filing a writ petition before the Delhi High Court on the basis that the validity of the notice was issued outside the jurisdiction of the tax authorities. In September 2024, redBus India filed an objection with tax authorities on the basis that the tax return filed by redBus India was accepted by the tax authorities without making any additions. Consequently, the Delhi High Court, issued an order dated January 7, 2025 to dismiss the writ petition.

<u>Assessment Year 2014-15</u> 

In December 2017, MMT India received an assessment order from the tax authorities for the assessment year 2014-15, and a demand for tax payments of approximately Rs. 345 million ($4.0 million), advising MMT India of an upward revision of its declared income in India for that assessment year as a result of (i) insufficient payments on withholding taxes on reimbursement of expenses to MMT USA, (ii) advertising and publicity expenses being capital in nature and (iii) an increase in expenses on account of ESOPs exercised during the year being capital in nature. In January 2018, MMT India filed its objections with the CIT(A) and requested for a stay of demand. The stay of demand was granted to MMT India. The appeal against the assessment order in connection with these disallowances was decided in favor of MMT India on January 31, 2019. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The department has filed an appeal before ITAT. The next hearing before the ITAT has been scheduled on July 23, 2025.

In March 2021, MMT India received an assessment order from the tax authorities for the assessment year 2014-15 confirming the demand of Rs. 26 million ($0.3 million) (including interest) as a result of non-deduction and/or short-deduction of tax deducted at source on advertisement charges, common area maintenance charges and annual maintenance charges. In April 2021, MMT India filed an appeal before the CIT(A) against such order. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the next hearing has not been scheduled.

In March 2022, MMT India received an assessment order from the tax authorities advising MMT India of an upward revision of its declared income in India due to non-deposit of service tax collected from customers, with the Government of India and raised a tax demand of Rs. 664.3 million ($7.8 million). In June 2022, the demand for the additional payment was withdrawn as the additions made by the tax authorities were set-off against our carried forward losses. In April 2022, MMT India filed objections with the CIT(A). We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the next hearing has not been scheduled.

In May 2023, redBus India received an assessment order from the tax authorities advising redBus India of an upward revision of its declared income in India due to non-deposit of service tax collected amounting to Rs. 21.8 million ($0.3 million) from customers, with the Government of India. In October 2022, redBus India challenged the order before the Delhi High Court on the validity of the notice issued outside the jurisdiction of the tax authorities. The Delhi High Court, issued an order dated February 11, 2025 to dismiss the proceedings.

<u>Assessment Year 2015-16</u>

In December 2018, MMT India received an assessment order from the tax authorities for the assessment year 2015-16, and a demand for additional tax payments of approximately Rs. 1,214 million ($14.2 million), advising MMT India of an upward revision of its declared income in India for that assessment year as a result of, (i) insufficient payments on withholding taxes on reimbursement of expenses to MMT USA, (ii) advertising and publicity expenses being, capital in nature, and (iii) an increase in expenses on account of ESOPs exercised during the year being capital in nature. In January 2019, MMT India filed its objections with the CIT(A) and requested for stay of demand. The stay of demand was granted to MMT India. The appeal against the assessment order in connection with these disallowances was decided in favor of MMT India on June 24, 2019. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The department has filed an appeal before ITAT. The next hearing has been scheduled on July 23, 2025.

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In December 2018, redBus India received an assessment order from the tax authorities for the assessment year 2015-16 advising upward revision of approximately Rs. 1,224 million ($14.3 million) as a result of disallowance of depreciation on goodwill arising on account of its merger with Pilani. However, the tax authorities did not raise additional tax demand due to the availability of sufficient carry forward losses. On January 23, 2019, redBus India filed its objections to the assessment order before CIT(A). In January 2021, redBus India filed detailed submissions and CIT(A) has yet to pass the final order. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote.

In July 2022, redBus India received a notice for initiating re-assessment proceedings on the allegation that the service tax amounting to Rs. 21.8 million ($0.3 million) was not deposited with the Government of India. In December 2022, redBus India challenged the demand order before Delhi High Court. The Delhi High Court issued an order dated December 13, 2024 to dismiss the proceedings initiated by the tax authorities.

In May 2023, MMT India received an assessment order from the tax authorities advising MMT India of an upward revision of its declared income in India due to non-deposit of service tax collected amounting to Rs. 39.3 million ($0.5 million) from customers, with the Government of India. The tax authorities have erroneously raised a tax demand of Rs. 59.1 million ($0.7 million). In February 2023, MMT India challenged the demand order before Delhi High Court. The Delhi High Court issued an order dated March 24, 2025 to dismiss the proceedings initiated by the tax authorities.

<u>Assessment Year 2016-17</u>

In December 2019, MMT India received an assessment order from the tax authorities for the assessment year 2016-17, advising MMT India of an upward revision of its declared income in India for that assessment year as a result of, (i) insufficient payments on withholding taxes on reimbursement of expenses to MMT USA and MakeMyTrip FZ LLC (UAE), (ii) advertising and publicity expenses being, capital in nature, and (iii) an increase in expenses on account of ESOPs exercised during the year being capital in nature. In January 2020, MMT India filed its objections with the CIT(A). We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the hearing before the CIT(A) has not been scheduled.

In December 2019, redBus India received an assessment order from the tax authorities for the assessment year 2016-17 advising upward revision of approximately Rs. 918 million ($10.7 million) as a result of disallowance of depreciation on goodwill arising on merger with Pilani. However, the tax authorities did not raise additional tax demands due to the availability of sufficient carry forward losses. In January 2020, redBus India filed its objections to the assessment order with the CIT(A). In January 2021, redBus India filed detailed submissions; however the CIT(A) has yet to pass the final order. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote.

In May 2023, redBus India received an assessment order from the tax authorities for the assessment year 2016-17, advising redBus India of an upward revision of its declared income in India due to non-deposit of service tax collected amounting to Rs. 21.9 million ($0.3 million) from customers, with the Government of India. The tax authorities have erroneously raised tax demand of Rs. 2 million ($0.02 million). In December 2022, redBus India challenged the order before the Delhi High Court on the validity of the notice issued outside the jurisdiction of the tax authorities. The Delhi High Court issued an order dated July 12, 2024 to dismiss the proceedings initiated by the tax authorities.

<u>Assessment Year 2017-18</u>

In December 2019, MMT India received an assessment order from the tax authorities for the assessment year 2017-18, advising MMT India of an upward revision of its declared income in India for that assessment year as a result of, (i) advertising and publicity expenses being capital in nature, and (ii) an increase in expenses on account of ESOPs exercised during the year being capital in nature. In January 2020, MMT India filed its objections with the CIT(A). We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the next hearing before the CIT(A) has not been scheduled.

In December 2019, redBus India received an assessment order from the tax authorities for the assessment year 2017-18, and a demand for additional tax payments of approximately Rs. 3 million ($0.04 million), advising

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upward revision of approximately Rs. 688 million ($8.0 million) as a result of (i) disallowance of depreciation on goodwill on account of merger with redBus, and (ii) addition on account of cash deposited during the demonetization period. On January 27, 2020, redBus India filed its objections to the assessment order with the CIT(A). In January 2021, redBus India filed detailed submissions and the CIT(A) has yet to pass the final order. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote.

<u>Assessment Year 2018-19</u>

In May 2021, MMT India received an assessment order from the tax authorities for the assessment year 2018-19, advising MMT India of an upward revision of its declared income in India for that assessment year as a result of, (i) advertising and publicity expenses being, capital in nature, (ii) an increase in expenses on account of ESOPs exercised during the year being capital in nature, (iii) an increase in expenses on account of interest on Goods and Service Tax, or GST, and (iv) liabilities no longer required to be written back, among others. On October 21, 2021, MMT India filed its objections to the assessment order with the CIT(A). We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the next hearing has not been scheduled.

In September 2021, redBus India received an assessment order from the tax authorities for the assessment year 2018-19, advising upward revision of its declared income as a result of the disallowance of depreciation on goodwill arising on account of merger with Pilani. However, the tax authorities did not raise any additional demand due to the availability of sufficient carry forward losses. On October 26, 2021, redBus India filed its objections to the assessment order with the CIT(A). We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the next hearing has not been scheduled.

In February 2025, MMT India received an assessment order from the tax authorities for the assessment year 2018-19 with a demand of Rs. 99 million ($1.2 million) (including interest) on account of non-deduction and/or short-deduction of tax deducted at source on advertisement charges and common area maintenance charges. In March 2025, MMT India filed an appeal before the CIT(A) against such order. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the next hearing has not been scheduled.

<u>Assessment Year 2019-20</u>

In February 2025, MMT India received an assessment order from the tax authorities for the assessment year 2019-20 with a demand of Rs. 106.2 million ($1.2 million) (including interest) on account of non-deduction and/or short-deduction of tax deducted at source on advertisement charges and common area maintenance charges. In March 2025, MMT India filed an appeal before the CIT(A) against such order. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the next hearing has not been scheduled.

<u>Assessment Year 2021-22</u>

In February 2024, MMT India received an assessment order from the tax authorities for the assessment year 2021-22, advising MMT India of an upward revision of its 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) advertising and publicity expenses being capital in nature, (iii) an increase in expenses on account of interest on GST and (iv) an increase in interest payable to MMT US on outstanding balances. In March, 2024, MMT India filed its objections to the assessment order with the CIT(A). We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the hearing has not been scheduled.

In April 2024, MMT India received a penalty order from the tax authorities raising a demand of Rs. 4.7 million ($0.1 million) for non-furnishing of details during the course of assessment proceedings. As MMT India had furnished all the requested details during the assessment proceedings, MMT India filed an appeal before CIT(A) challenging the order passed by the tax authorities in May 2024. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the next hearing has not been scheduled.

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<u>Assessment Year 2022-23</u>

In March 2024, MMT India received an assessment order from the tax authorities for the assessment year 2022-23, advising MMT India of an upward revision of its declared income in India for that assessment year as a result of (i) advertising and publicity expenses being capital in nature, (ii) an increase in expenses on account of ESOPs exercised during the year being capital in nature; and (iii) an increase in expenses on account of interest on GST. In April, 2024, MMT India filed its objections to the assessment order with the CIT(A). We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the next hearing has not been scheduled.

<u>Assessment Year 2023-24</u>

In March 2025, redBus India received an assessment order from the tax authorities for the assessment year 2023-24, advising redBus India of an upward revision of its declared income in India for that assessment year as a result of (i) 20% of business support expenses as unjustified expenditure; (ii) 20% of expense from GST unregistered agents as unjustified expenditure; (iii) an increase on account of ESOP exercise expenses contending that the same was not debited to redBus India's profit and loss account; (iv) provision for security deposit & ESOP liability written back; (v) on account of current liabilities as unexplained cash credit and (vi) on account of Ind-AS adjustments. The tax authorities also raised a tax demand of Rs. 356.5 million ($4.2 million) on redBus India. In April 2025, redBus India filed its objections to the assessment order with the CIT(A). We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the next hearing has not been scheduled.

*Service Tax and Goods & Service Tax Matters*

<u>Demand Order — Fiscal Years 2006 to 2012</u> 

In March 2009, the Directorate General of Central Excise Intelligence, or DGCEI, initiated a general industry wide inquiry on compliance with service tax rules and regulations by various travel agencies in India. In October 2011, pursuant to an investigation conducted by the DGCEI, MMT India received a notice from the Indian service 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. MMT India received similar notices for fiscal years 2011 and 2012, in October 2011 and October 2012, respectively. In March 2011, MMT India filed replies with the Commissioner of Service Tax, or Commissioner for fiscal years 2006 to 2010, and, filed objections in January 2012, and February 2013, for fiscal years 2011 and 2012, respectively. In August 2013, the Commissioner rejected the objections and confirmed the demand on all the above matters with negligible relief. In November 2013, MMT India filed an appeal with the Customs, Excise and Service Tax Appellate Tribunal, or CESTAT. The aggregate value of the claims is approximately Rs. 1,700 million ($19.9 million) with additional interest and penalties, if finally determined to be payable. MMT India have deposited approximately Rs. 22 million ($0.3 million) toward service tax with the relevant authorities. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the hearing has been scheduled on September 9, 2025 by CESTAT.

<u>Demand Order — Fiscal Years 2008 to 2011</u> 

In September 2012, MMT India received a notice from the Indian 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, MMT India filed a reply with the Commissioner.

In March 2014, MMT India received an order wherein the demand of an aggregate value of approximately Rs.15.3 million ($0.2 million) was confirmed by the Commissioner. MMT India filed an appeal with CESTAT in June 2014. MMT India was not required to deposit any service tax with the relevant authorities in response to this demand. 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. The next date of the hearing is scheduled on July 21, 2025.

<u>Demand Order — Fiscal Year 2012</u> 

In November 2012, MMT India received a notice from the Indian 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

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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, MMT India filed a reply with the Commissioner.

In March 2014, MMT India received an order wherein the demand of approximately Rs.16.1 million ($0.2 million) was confirmed by the Commissioner. MMT India filed an appeal with CESTAT in June 2014. MMT India was not required to deposit any service tax with the relevant authorities in response to this demand. 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. The date of the next hearing has been scheduled on July 21, 2025 by CESTAT.

<u>Demand Order — Fiscal Year 2013</u> 

In May 2014, MMT India received two notices from the Indian service tax authorities for fiscal year 2013, demanding payment of service tax in respect of certain matters, which relates to the travel industry in India and involves a complex interpretation of Indian law. The aggregate value of claim is Rs. 1,075 million ($12.6 million). MMT India filed replies with the Commissioner in July 2014 and January 2015. In June 2015, MMT India received orders wherein the demand of approximately Rs. 135 million ($1.6 million) was confirmed by the Commissioner. MMT India filed an appeal with CESTAT in September 2015 after making a pre-deposit of approximately Rs. 10.1 million ($0.1 million) with the relevant authorities. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the next hearing has not been scheduled by CESTAT.

<u>Demand Order — Fiscal Year 2014 to 2016</u> 

In September 2015, MMT India received a notice from the Indian service tax authorities for fiscal year 2014, 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. MMT India received similar notices for fiscal year 2015 and 2016 in April 2016 and April 2018, respectively. The aggregate value of the claims is approximately Rs. 142 million ($1.7 million). MMT India filed replies with the Commissioner for fiscal years 2014, 2015 and 2016 in December 2015, June 2016 and December 2018, respectively. In February 2019, MMT India received a demand order wherein the demand of approximately Rs. 118 million ($1.4 million) was confirmed by the Commissioner. MMT India filed an appeal with CESTAT in May 2019 after making a pre-deposit of approximately Rs. 8.9 million ($0.1 million) with the relevant authorities. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the next hearing has been scheduled on November 25, 2025 by CESTAT.

<u>Demand cum Show Cause Notice — Fiscal Year 2014 to September 2015</u> 

In September 2016, MMT India received a notice from the Indian service tax authorities for the period April 2013 to September 2015 demanding payment of service tax in respect of certain matters, which relate to the travel industry in India and involve complex interpretations of Indian law. In November 2016, MMT India filed a reply with the Commissioner. The aggregate value of the claims is approximately Rs. 236 million ($2.8 million). We do not consider 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 has not yet been heard by the Commissioner.

<u>Demand cum Show Cause Notice — November 2013 to June 2017</u> 

In October 2016, redBus India received a notice from DGCEI for the period November 2013 to March 2016 demanding payment of service tax in respect of certain matters, which relate to the travel industry in India and involve complex interpretations of Indian law. redBus India filed preliminary replies with DGCEI in February 2017 and final replies in July 2019. The aggregate value of the claims is approximately Rs. 2,444 million ($28.6 million). In June 2019, we received a notice DGCEI for the period from April 2016 to June 2017 demanding payment of service tax in respect of certain matters, which relates to the travel industry in India and involve complex interpretations of Indian law. In July 2020, redBus India filed a reply with the Commissioner. The aggregate value of the claims is approximately Rs. 7,157 million ($83.7 million).

In September 2021, redBus India received a consolidated order from the Commissioner wherein a combined demand of approximately Rs. 5,105 million ($59.7 million) for the period November 2013 to June 2017 was confirmed. redBus India filed an appeal with CESTAT in January 2022 after making a pre-deposit of approximately Rs. 100 million ($1.2 million) against the said order. In June 2024, the appeal filed with CESTAT was decided in favor of redBus India and the amount of pre-deposit of Rs. 100 million ($1.2 million) was refunded back along with the interest. In April 2025, the tax authorities filed an appeal with the Supreme Court of India

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against the CESTAT order. The Supreme Court of India issued an order dated May 28, 2025 to dismiss the request for admission of appeal and the matter stands concluded in favor of redBus India.

These tax proceedings pertain to our Goibibo business which has been merged with MMT India with effect from February 1, 2023 pursuant to the scheme of arrangement approved by the NCLT. Any tax liability, levy, cess, interest, penalty or refund that may arise as a result of these tax proceedings will be paid for or received by MMT India, as applicable.

<u>Demand cum Show Cause Notice — Fiscal Year 2012 to June 2017</u> 

In October 2016, MMT India received a notice from DGCEI for the period from May 2011 to September 2015, demanding payment of service tax in respect of certain matters, which relates to the travel industry in India and involve complex interpretations of Indian law. MMT India filed preliminary replies with the DGCEI in February 2017 and final replies in September 2020. The aggregate value of the claims is approximately Rs. 2,286 million ($26.7 million).

In October 2018, MMT India received a notice from the DGCEI for the period October 2015 to March 2016 demanding payment of service tax in respect of certain matters, which relates to the travel industry in India and involve complex interpretations of Indian law. In September 2020, MMT India filed replies with the Commissioner. The aggregate value of the claims is approximately Rs. 1,480 million ($17.3 million).

In April 2019, MMT India received a notice from the DGCEI for the period April 2016 to June 2017 demanding payment of service tax in respect of certain matters, which relates to the travel industry in India and involve complex interpretations of Indian law. In September 2020, MMT India filed replies with the Commissioner. The aggregate value of the claims is approximately Rs. 6,362 million ($74.4 million).

In August 2021, MMT India received a consolidated demand order from the Commissioner pursuant to which the demand of approximately Rs. 7,981 million ($93.4 million) was confirmed. MMT India filed an appeal with CESTAT in November 2021 after making a pre-deposit of approximately Rs. 100 million ($1.2 million) against the order with the relevant authorities.

In January 2024, the appeal filed with CESTAT was decided in favor of MMT India and the amount of pre-deposit of Rs. 100 million ($1.2 million) was refunded to MMT India along with interest. In September 2024, the tax authorities filed an appeal with the Supreme Court of India against the CESTAT order. The Supreme Court of India issued an order dated March 17, 2025 to dismiss the request for admission of an appeal and the matter stands concluded in favor of MMT India.

<u>Demand Order — Fiscal Year 2010 to 2013</u>

In September 2017, redBus India received a demand order from the Commissioner for the period April 2010 to March 2013, demanding payment of service tax in respect of certain matters, which relates to the travel industry in India and involve complex interpretations of Indian law. In February 2018, redBus India filed objections with the Commissioner (Appeals). The aggregate value of the claims is approximately Rs. 3.1 million ($0.04 million). In November 2022, the Commissioner (Appeals) passed the order confirming the entire demand. In February 2023, redBus India filed an appeal with CESTAT. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The next hearing date has not yet been scheduled by CESTAT.

<u>Show Cause and Demand Notice — October 2015 to June 2017</u>

In September 2018, MMT India received a notice from the Indian service tax authorities for the period October 2015 to June 2017, demanding payment of service tax in respect of certain matters, which relate to the travel industry in India and involve complex interpretations of Indian law. In November 2018, MMT India filed replies with the Commissioner. The aggregate value of the claims is approximately Rs. 296 million ($3.5 million). We do not consider 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 has yet to be heard by the Commissioner.

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<u>Demand Order — Fiscal Year 2013 to December 2014</u>

In December 2018, redBus India received a demand order from the Indian service tax authorities for the period April 2013 to December 2014, demanding payment of service tax in respect of certain matters, which relate to the travel industry in India and involve complex interpretations of Indian law. In February 2019, redBus India filed objections with the Commissioner (Appeals), who rejected the objections and confirmed the demand on the matters with negligible relief. In March 2020, we received the demand order for an aggregate value of approximately Rs. 1.5 million ($0.02 million). redBus India filed an appeal with CESTAT in June 2020. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The next hearing date has not been scheduled by CESTAT.

<u>Demand cum Show Cause Notice — Fiscal Year 2014 to June 2017</u>

In June 2020, redBus India received a notice from the Indian service tax authorities for the period April 2014 to June 2017, demanding payment of service tax in respect of certain matters, which relates to the travel industry in India and involve complex interpretations of Indian law. The aggregate value of the claims is approximately Rs. 238.0 million ($2.8 million). redBus India has filed a reply with the Commissioner in July 2021. We do not consider 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 has yet to be heard by the Commissioner.

These tax proceedings pertain to our Goibibo business which has been merged with MMT India with effect from February 1, 2023 pursuant to the scheme of arrangement approved by the NCLT. Any tax liability, levy, cess, interest, penalty or refund that may arise as a result of these tax proceedings will be paid for or received by MMT India, as applicable.

<u>Demand cum Show Cause Notice — October 2013 to June 2017</u>

In April 2019, MMT India received a notice from the Indian service tax authorities for the period October 2013 to June 2017, demanding payment of Service Tax in respect of certain matters, which relates to the travel industry in India and involve complex interpretations of Indian law. The aggregate value of the claims is approximately Rs. 72.6 million ($0.8 million). MMT India filed a reply in December 2019. In April 2021, MMT India received a demand order of approximately Rs. 64 million ($0.7 million) from Commissioner. MMT India filed an appeal with CESTAT in July 2021 after making a pre-deposit of approximately Rs. 4.8 million ($0.1 million) with the relevant authorities. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The hearing date has not been scheduled by CESTAT.

<u>Demand cum Show Cause Notice – July 2017 to March 2019</u>

In November 2020, MMT India received a notice from the Goods and Services Tax Authorities, or GST Authorities, (Anti-Evasion Rajasthan) for the period from July 2017 to March 2019, demanding payment of Goods and Service Tax, or GST, in respect of certain matters, which relates to the travel industry in India and involve complex interpretations of Indian law. The aggregate value of the claims is approximately Rs. 316 million ($3.7 million). MMT India filed a reply to the notice in April 2021. We do not consider 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 yet to be heard by the Commissioner (Anti-Evasion Rajasthan).

<u>Demand cum Show Cause Notice — July 2017 to March 2020</u>

In February 2020, MMT India received a notice from the GST Authorities (Madhya Pradesh) for the period from July 2017 to March 2020, demanding payment of GST in respect of certain matters. The aggregate value of the claims is approximately Rs.1.12 million ($0.01 million). In August 2021, MMT India received a demand order from the Commissioner wherein the demand of approximately Rs. 1.12 million ($0.01 million) was confirmed. MMT India filed an appeal with the Commissioner (Appeals) in November 2021 after making a pre-deposit of approximately Rs. 0.11 million ($0.001 million) with the relevant authorities. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The hearings have been concluded with the Commissioner (Appeals) in July 2024 and a final order is awaited.

<u>Demand cum Show Cause — Notice Fiscal Year 2019</u>

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In December 2021, redBus India received a notice from the GST Authorities (Himachal Pradesh, India) for the period from April 2018 to March 2019, demanding payment of GST in respect of certain matters. The aggregate value of the claims is approximately Rs. 0.57 million ($0.01 million). In December 2021, redBus India filed replies with the Commissioner.

In February 2022, redBus India received an order from the Commissioner wherein the demand of Rs.0.57 million ($0.01 million) was confirmed. redBus India filed an appeal with the Commissioner (Appeals) in April 2022 after making a pre-deposit of Rs 0.06 million ($0.001 million). redBus India does not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of hearing has yet to be scheduled by the Commissioner (Appeals).

These tax proceedings pertain to our Goibibo business which has been merged with MMT India with effect from February 1, 2023, pursuant to the scheme of arrangement approved by the NCLT. Any tax liability, levy, cess, interest, penalty or refund that may arise as a result of these tax proceedings will be paid for or received by MMT India, as applicable.

<u>Demand cum Show Cause Notice — July 2017 to March 2022</u>

In May 2023, MMT India received a notice from the GST Authorities (Tamil Nadu, India) for the period from July 2017 to March 2022, demanding payment of GST in respect of certain matters. The aggregate value of the claims is approximately Rs. 22.06 million ($0.3 million). In June 2023, MMT India filed replies with the Commissioner. In July 2023, MMT India received an order from the Commissioner wherein the demand of Rs. 22.06 million ($0.3 million) was confirmed. In October 2023, we filed a writ petition in the High Court against the impugned order. Upon filing, the Tamil Nadu GST Authorities remanded the matter for re-adjudication.

In April 2024, the Commissioner passed a rectified order without following the directions of High Court and confirmed the demand. MMT India has filed an appeal to the Commissioner (Appeals) in December 2024 after making a pre-deposit of approximately Rs. 2.2 million ($0.03 million) with the relevant authorities.

We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the next hearing has not been scheduled by the Commissioner (Appeals).

<u>Demand cum Show Cause — Notice July 2017 to March 2018</u>

In September 2023, MMT India received a notice from the GST Authorities (Delhi) for the period from July 2017 to March 2018, demanding payment of GST in respect of certain matters. The aggregate value of the claims is approximately Rs.5.2 million ($0.1 million). In December 2023, MMT India received a demand order from the Commissioner wherein the demand of approximately Rs. 5.2 million ($0.1 million) was confirmed. MMT India filed an appeal to the Commissioner (Appeals) in February 2024 after making a pre-deposit of approximately Rs. 0.5 million ($0.01 million) with the relevant authorities. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the next hearing has not been scheduled by the Commissioner (Appeals).

<u>Demand cum Show Cause Notice — April 2018 to March 2019</u>

In December 2023, MMT India received a notice from the GST Authorities (Telangana, India) for the period from April 2018 to March 2019, demanding payment of GST in respect of certain matters. The aggregate value of the claims is approximately Rs.0.57 million ($0.01 million). In March 2024, MMT India received an order from the Commissioner wherein the demand of Rs. 0.57 ($0.01 million) was confirmed.

MMT India filed an appeal to the Commissioner (Appeals) in June 2024 after making a pre-deposit of approximately Rs. 0.057 million ($0.001 million) with the relevant authorities. The next hearing date has not yet been scheduled. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote.

<u>Demand cum Show Cause Notice — April 2019 to March 2020</u>

In May 2024, MMT India received a notice from the GST Authorities (Karnataka, India) for the period from April 2019 to March 2020, demanding payment of GST in respect of certain matters. The aggregate value of the claims is approximately Rs. 136.4 million ($1.6 million). In August 2024, MMT India received an order from the Commissioner wherein the demand of approximately Rs. 106.5 million ($1.2 million) was confirmed.

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MMT India filed an appeal to the Commissioner (Appeals) in November 2024 after making a pre-deposit of approximately Rs. 10.65 million ($0.12 million) with the relevant authorities. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the next hearing has not been scheduled.

<u>Demand cum Show Cause Notice — April 2020 to March 2021</u>

In November 2024, MMT India received a notice from the GST Authorities (Karnataka, India) for the period from April 2020 to March 2021, demanding payment of GST in respect of certain matters. The aggregate value of the claims is approximately Rs. 48.4 million ($0.57 million). In February 2025, MMT India received an order from the Commissioner wherein the demand of approximately Rs. 47.0 million ($0.6 million) was confirmed. MMT India is in the process of filing an appeal with the relevant authorities. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote.

<u>Demand cum Show Cause Notices — Multiple years</u>

During the financial year 2024–25, MMT India received multiple notices from GST authorities across different states pertaining to the financial years 2018-19, 2019-20, and 2020-21, demanding payment of GST in respect of certain matters. The aggregate value of the claims is approximately Rs. 0.9 million ($0.01 million).

MMT India filed appeals before the Commissioner (Appeals) with respect to two cases after making a pre-deposit of approximately Rs. 0.03 million ($0.0004 million). For the remaining two matters, MMT India is in the process of filing an appeal with the relevant authorities.

We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote.

<u>Demand cum Show Cause Notice — Fiscal Year 2018</u>

In December 2023, redBus India received a notice from the GST Authorities for a period from July 2017 to March 2018, demanding payment of GST in respect of certain matters. The aggregate value of the claims is approximately Rs. 959.5 million ($11.2 million). In December 2023, redBus India received a demand order from the Commissioner wherein the demand of approximately Rs. 14.1 million ($0.2 million) was confirmed. redBus India filed an appeal with the Commissioner (Appeals) in March 2024 after making a pre-deposit of approximately Rs. 1.4 million ($0.02 million) with the relevant authorities. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote. The date of the hearing has not yet been scheduled by the Commissioner (Appeals).

<u>Demand cum Show Cause Notice — Fiscal Year 2019</u>

In December 2023, redBus India received a notice from the GST Authorities for the period from April 2018 to March 2019, demanding payment of GST in respect of certain matters. The aggregate value of the claims is approximately Rs. 1,108.8 million ($13.3 million). In March 2024, we received a demand order from the Commissioner wherein the demand of approximately Rs. 39.3 million ($0.5 million) was confirmed. In June 2024, redBus India filed an appeal with the Commissioner (Appeals) after making a pre-deposit of approximately Rs. 3.9 million ($0.05 million) with the relevant authorities. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote.

<u>Demand cum Show Cause Notice — Fiscal Year 2019</u> 

In December 2023, redBus India received a notice from the GST Authorities (Assam) for the period from April 2018 to March 2019, demanding payment of GST in respect of certain matters. The aggregate value of the claims is approximately Rs. 0.09 million (0.001 million). In April 2024, redBus India received a demand order from the Assistant Commissioner wherein the demand of approximately Rs 0.09 million ($0.001 million) was confirmed. In July 2024, redBus India filed an appeal with the Joint Commissioner (Appeals) after making a pre-deposit of approximately Rs. 0.009 million ($0.0001 million) with the relevant authorities. In April 2025, the appeal filed was decided in favor of redBus India.

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These tax proceedings pertain to our Goibibo business which has been merged with MMT India with effect from February 1, 2023 pursuant to the scheme of arrangement approved by the NCLT. Any tax liability, levy, cess, interest, penalty or refund that may arise as a result of these tax proceedings will be paid for or received by MMT India, as applicable.

<u>Demand cum Show Cause Notice — Fiscal Year 2019</u>

In November 2021, redBus India received a notice from the GST Authorities (Telangana) for the period from April 2018 to March 2019, demanding payment of GST in respect of certain matters. The aggregate value of the claims is approximately Rs. 0.8 million ($0.01 million). In April 2024, redBus India received a demand order from the GST officer wherein the demand of approximately Rs. 0.04 million ($0.0005 million) was confirmed. In March 2025, redBus India made the payment of tax under amnesty scheme (Scheme for waiver of penalty and interest). We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote.

These tax proceedings pertain to our Goibibo business which has been merged with MMT India pursuant to the scheme of arrangement approved by the NCLT. Any tax liability, levy, cess, interest, penalty or refund that may arise as a result of these tax proceedings will be paid for or received by MMT India, as applicable.

<u>Demand cum Show Cause Notice Fiscal Year 2020</u>

In May 2024, redBus India received a notice from the GST Authorities (Tamilnadu) for the period from April 2019 to March 2020, demanding payment of GST in respect of certain matters. The aggregate value of the claims is approximately Rs. 2.3 million ($0.03 million). In August 2024, redBus India received a demand order from the GST officer. redBus India filed an appeal with the commissioner (Appeals) in November 2024 after making a pre-deposit of approximately Rs. 0.2 million ($0.002 million) with the relevant authorities. We do not consider these claims as a contingent liability as we believe the likelihood of the claims being upheld by the relevant authorities to be remote.

These tax proceedings pertain to our Goibibo business which has been merged with MMT India pursuant to the scheme of arrangement approved by the NCLT. Any tax liability, levy, cess, interest, penalty or refund that may arise as a result of these tax proceedings will be paid for or received by MMT India, as applicable.

<u>Demand cum Show Cause Notice — Multiple Years</u>

During the financial year 2024–25, redBus India received three orders from GST authorities (Tamil Nadu, India) pertaining to the financial years 2018-19 and 2020-21, demanding payment of GST in respect of certain matters. The aggregate value of the claims is approximately Rs. 0.33 million ($0.004 million).

redBus India has filed appeals before the Commissioner (Appeals) in all three cases after making a pre-deposit of approximately Rs. 0.03 million ($0.0004 million).

We do not consider 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*** 

<u>Writ petition filed in the Delhi High Court regarding applicability of the Motor Vehicles Act, 1988, as amended, or the MV Act, to the redBus business</u>

redBus India has filed a writ petition in the High Court of Delhi, India seeking a declaration that section 93 of MV Act does not apply to redBus India's business and for directions to quash notices received from the Transport Department, Government of the National Capital Territory of Delhi, or the Delhi Government, for the alleged violation of the MV Act.

redBus India received two notices dated June 23, 2017 and July 27, 2017, respectively, from the Delhi Government alleging that redBus India is operating its business without a license to operate as an agent or canvasser for the sale of tickets, as required under the MV Act. As a result, the Delhi Government levied a nominal penalty for the alleged violation. redBus India contested the above notices, stating that it is an online portal that only connects bus operators and customers, and redBus India is not an agent or canvasser under the MV Act.

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In response to the writ petition, the High Court of Delhi has issued an interim order that no adverse action against redBus India shall be taken pending the adjudication of the suit. The next date of hearing in relation to this matter is scheduled for July 9, 2025.

<u>Investigation under the Competition Act, 2002 against MMT India and redBus India</u>

In April 2019, the Federation of Hotel & Restaurant Associations of India, or FHRAI, filed an information against MMT India, redBus India and OYO, under sections 3 and 4 read with section 19 of the Competition Act before the CCI, alleging that MMT India and redBus India abused their dominant position in violation of section 4 of the Competition Act, and that MMT India had an anti-competitive agreement with OYO in violation of section 3(4) of the Competition Act. In October 2019, following a preliminary hearing, the CCI passed a prima facie order under section 26(1) of the Competition Act, directing its investigative arm, the Director General, or DG, to conduct an investigation into the conduct of MMT India, redBus India and OYO in relation to sections 3 and 4 of the Competition Act. Thereafter, Casa2Stays Private Limited, or FabHotels filed an application to be impleaded as a party in the aforesaid case, which the CCI allowed. Subsequently, Ruptub Solutions Private Limited, or Treebo filed a separate information before the CCI, raising similar allegations as FHRAI. The CCI decided to combine the cases and directed the DG to investigate them jointly.

On October 19, 2022, the CCI passed a final order against MMT India and redBus India (and OYO), holding that MMT India and redBus India (and OYO) had violated the Competition Act. The CCI imposed an aggregate penalty of Rs. 2,234.8 million ($26.1 million) on MMT India and redBus India, as well as certain behavioral sanctions in respect of their agreements with hotels, the platforms' listing terms and conditions, and disclosures in relation to properties which were not available on their platforms. On November 23, 2022, MMT India and redBus India filed an appeal before the National Company Law Appeal Tribunal, or NCLAT, against the order issued by the CCI. A deposit of Rs. 223.5 million ($2.6 million), being 10% of the aggregate penalty imposed on MMT India and redBus India by the CCI, was made with the NCLAT pursuant to the orders of the NCLAT and the High Court of Delhi. As a result, enforcement of the penalty amount has been stayed pending the outcome of the appeal. In addition, MMT India and redBus India have complied with the behavioral directions issued by the CCI pending the outcome of the appeal. The final hearing in respect of the appeal is scheduled on July 25, 2025.

<u>Petition filed against Booking.com and Google LLC & Google India</u>

In April 2022, MMT India filed a petition before the High Court of Delhi and initiated a trademark infringement action against Booking.com BV and Booking.com India Support and Marketing Services Private Limited, or Booking.com for use of 'Makemytrip' and 'Make My Trip' keywords on the Google Ads program. MMT India sought interim protection against the defendants' use of its brand keywords. The High Court of Delhi heard the interim injunction application and granted an ad-interim injunction restraining Booking.com, Google India Private Limited and Google LLC from using the 'Makemytrip' and 'Make My Trip' brand keywords on the Google Ads program.

In May 2022, Google challenged the ad-interim injunction order before the Division Bench, High Court of Delhi. Google's appeal was allowed by the Division Bench on December 14, 2023. MMT India subsequently filed a Special Leave Petition before the Supreme Court of India against this order, which was dismissed on March 7, 2024. The petition will proceed, without any interim protection, before the High Court of Delhi.

**B. Significant Changes** 

None.

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**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."

**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.

**ITEM 10. ADDITIONAL INFORMATION**

**A.** **Share Capital** 

Not applicable.

**B.** **Memorandum and Articles of Association** 

Our holding company (Company No. 24478/5832) is a public company incorporated under the laws of Mauritius with limited liability and we hold a Global Business License issued by the Financial Services Commission in Mauritius. Our affairs are governed by our Constitution, the Terms of Issue, 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. The Terms of Issue are deemed to form part of our Constitution.

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

We currently have two classes of shares outstanding, being ordinary shares and Class B Shares. Generally, Class B Shares have the same rights and preferences as the ordinary shares except as specifically set forth in the Terms of Issue. As of March 31, 2025, our stated capital was $2,041,204,288.07 comprising 71,594,512 ordinary shares and 39,667,911 Class B Shares with a par value of $0.0005 each.

The following are summaries of certain provisions of our Constitution, the Terms of Issue, and the Mauritius Companies Act insofar as they relate to the material terms of our ordinary shares and Class B Shares. The term "shareholders" as used in these summaries in relation to our holding company refers to persons whose names are entered into the share register of our holding company as the current holder of one or more shares of our holding 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, the Terms of Issue, the Mauritius Companies Act and the Mauritius Securities Act.

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**Ordinary Shares** 

***General*** 

All of our ordinary shares are fully paid. Our shareholders who are non-residents of Mauritius may freely hold and vote on 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 holding company is able to pay its debts as they become due in the normal course of business and (2) the value of our holding company's assets is greater than the sum of (a) the value of its liabilities and (b) our holding 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 holding company is divided into different classes, our board of directors may also pay any fixed dividend which is payable on any shares of our holding 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 holding 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.

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 cheque 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 as may be notified in writing to us. Every cheque 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 cheque 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 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.

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***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 or their 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 holding company has a lien. Our board of directors may also decline to register any transfer of any ordinary share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 holding company in respect thereof;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 ordinary shares, they shall within 28 days after the date on which the transfer was lodged with our holding 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 holding 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. Pursuant to the Mauritius Companies Act, advance notice of at least 21 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.

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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 address for service of our holding 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 holding company for inspection by any shareholder of our holding 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 or her or their 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:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 holding 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 holding 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 holding 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 holding company, the amount of the share capital of our holding company shall be reduced accordingly. In any other instance, our holding 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 holding 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 holding 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 holding 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 holding company shall, forthwith after becoming aware of the fact that he is interested in a transaction or a proposed transaction with our holding company, cause to be entered in the interests register of our holding 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 holding 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 holding 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.

***Remuneration of Directors***

Our Constitution provides that directors shall receive such remuneration as our board of directors may from time to time determine. An executive director appointed to an office of the Company shall receive such remuneration and such other benefits and allowances as the Compensation Committee may from time to time determine, and either in addition to or in lieu of his remuneration as a Director.

***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 holding company that, for so long as he remains a director of our holding 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 holding company shall, upon becoming a substantial shareholder of our holding company, give an undertaking to our holding company that, for so long as he remains as a substantial shareholder of our holding 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 holding 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 holding company, which entitles him to exercise not less than 5.0% of the aggregate voting power exercisable at a meeting of our shareholders.

***Disclosure Requirements of Reporting Issuers***

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.

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**Class B Shares** 

The rights and preferences of our Class B Shares are set forth in the Terms of Issue. Capitalized terms used in this section shall have the meanings given to them in the Terms of Issue.

***General*** 

All of our Class B Shares are fully paid. Certificates representing our Class B Shares are issued in physical form. Class B Members who are non-residents of Mauritius may freely hold and vote their Class B Shares, subject to certain transfer restrictions set forth in the Terms of Issue.

***Dividends*** 

Class B Shares have the same general rights to dividends and other distributions as our ordinary shares and no dividends or distributions may be declared on other classes of our shares without also being paid in the same manner to Class B Shares.

All dividends and distributions on Class B Shares that are payable in our voting securities will be payable in the form of Class B Shares and no dividends or distributions on our other securities shall be paid in the form of Class B Shares. Class B Shares may not be split, divided, consolidated or combined unless the other outstanding classes of our voting securities are proportionately split, divided, consolidated or combined.

In the event of a transaction as a result of which our ordinary shares are converted into or exchanged for cash or other securities or assets, then from and after such transaction, each holder of Class B Shares will be entitled to receive, upon the conversion of its Class B Shares, such cash or other securities or assets as such Class B Member would have received if the conversion of such Class B Shares had occurred immediately prior to such transaction.

***Voting Rights*** 

Except as otherwise required by law, the Terms of Issue or our Constitution, our ordinary shares and Class B Shares shall vote together as a single class on all matters on which our shareholders are entitled to vote.

At any shareholders' meeting, on a vote via a show of hands, each holder of Class B Shares present, in person or by proxy shall have one vote. Furthermore, holders of Class B Shares holding, in the aggregate, more than 10% of the total voting power on the business day prior to a shareholders' meeting, may on demand require that voting take place by way of poll. At any shareholders' meeting, on a vote by way of a poll, each holder of Class B Shares who is present in person or by proxy shall have one vote per Class B Share.

***Liquidation*** 

In the event of a voluntary or involuntary liquidation, dissolution or winding up of our holding company, Class B Shares will be treated equally on a per share basis to all our other voting securities with respect to the distribution of our assets.

***Variations of Rights of Shares*** 

The Class B Members may, by ordinary resolution, at any time and from time to time suspend (i) the voting rights of each Class B Share; and/or (ii) the distribution rights of each Class B Share, in each case for a period no longer than six months, provided that, unless such suspension is renewed by the Class B Members (by ordinary resolution), the original voting and distribution rights of the Class B Shares set out in the Terms of Issue shall be restored automatically upon the expiry of the specified period.

The Terms of Issue shall not be varied, modified or abrogated without the prior approval of the Class B Members, by ordinary resolution. For so long as the Permitted Holders beneficially own 10% or more of our issued and outstanding voting securities, our holding company may not amend its Constitution in any manner, enter into or amend any agreement, or take any similar actions that would adversely affect the Class B Members' rights under the Terms of Issue or our ability to comply with our obligations under the Terms of Issue.

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***Conversion Rights*** 

Following a conversion of Class B Shares into ordinary shares, the resulting ordinary shares will be duly authorized, validly issued, fully paid and non-assessable and free of any pre-emptive rights. Furthermore, in the event of the issuance of our securities as a dividend or in the case of a sub-division, split-up, combination or a change of our securities into a different number or class of securities, or any consolidation, merger or sale of our property substantially as an entirety or other similar transaction that could dilute our outstanding securities, the conversion rate for Class B Shares shall be appropriately adjusted so that the rights of the Class B Members shall not be diluted.

Each holder of Class B Shares may convert any or all of its Class B Shares into an equal number of our ordinary shares at any time.

A Class B Share shall automatically convert into one ordinary share upon the transfer of such Class B share to any person, except in the event of a transfer to (i) a Permitted Holder, (ii) a transferee in a Forty Percent Transfer, (iii) or a permitted pledgee of the Class B Share; provided that the conversion of any Class B Shares which are transferred in the circumstances described below in the section titled "Additional Shareholder Agreements" shall be subject to the entry into the relevant shareholders agreement described below. Class B Shares may be pledged as collateral security for any indebtedness for borrowed money due to the person to whom the pledge is made or its nominee; provided that such Class B Shares shall not be voted on or registered in the name of the pledgee and shall automatically convert into ordinary shares upon the pledgee foreclosing on such shares.

***Board-Related Rights*** 

So long as the Permitted Holders beneficially own 10% or more of our issued and outstanding voting securities, the Class B Members will be entitled to (i) nominate from time to time a number of directors to our board of directors in proportion to their percentage beneficial ownership of our issued and outstanding voting securities (including if over 40%), rounded to the nearest whole number; provided that, for so long as the Class B Members, either alone or together with certain permitted transferees, are entitled to nominate at least four directors to our board of directors, at least one of the nominees shall be a Mauritius resident and (ii) request the removal of any Class B director at any time. In the event of any vacancy of a Class B director, the Class B Members shall have the exclusive right to designate a replacement to fill such vacancy, and except as required by law or our Constitution, neither our company nor our board of directors may remove any Class B director unless such removal is at the written direction of the Class B Members or for cause.

In the event the number of Class B directors at any given time is greater than the number of directors the holders of Class B Shares are entitled to nominate (in proportion to their percentage beneficial ownership as described above), the Class B Members shall cause the applicable number of Class B directors to tender their resignations from our board of directors promptly, including causing all Class B directors to tender resignations in the event the Permitted Holders no longer beneficially own at least 10% of our issued and outstanding voting securities.

At any time the Permitted Holders beneficially own 15% or more of our issued and outstanding voting securities, then the quorum for meetings of the board of directors shall require a majority of the board of directors, including no fewer than two Class B directors and two Mauritius resident directors. If a quorum is not met due to the absence of Class B directors, the meeting of the board of directors will be postponed one week, and quorum may be achieved at such postponed meeting without the presence of the Class B directors; provided, however, any action taken at such postponed meeting with respect to a Reserved Matter shall continue to be subject to the requirements with respect to the Reserved Matters described below.

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At any time, the Permitted Holders beneficially own 10% or more of our issued and outstanding voting securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•one Class B director shall serve on each committee of our board of directors. In addition, for so long as Class B Members are entitled to nominate directors or Class B directors in fact serve on our board of directors, (i) the board of directors will not form an executive committee (or similar committee) unless the Class B directors are represented on such committee in proportion to the percentage beneficial ownership of our issued and outstanding voting securities held by Class B Members, rounded to the nearest whole number and (ii) all consideration of, and voting with respect to, any business combination, tender offer or exchange offer, sale or acquisition of material assets, liquidation or dissolution, in each case involving our holding company or any of our subsidiaries or our or their securities or a material amount of the assets or businesses of our holding company or any of our subsidiaries, and any material financing transactions and appointment and employment of executive officers, will take place only with the full board of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if no Class B director serves on the audit committee, the Class B Members shall have the right to appoint a representative to attend audit committee meetings as an observer.

***Pre-Emptive Rights*** 

If we propose to issue voting securities and all Permitted Holders beneficially own 10% or more of our issued and outstanding voting securities, the Class B Members shall have the right to subscribe for and purchase additional Class B Shares from us in such amount as will cause the percentage of voting power of the Permitted Holders after giving pro forma effect to such new issuance of voting securities and purchase of Class B Shares to be equal to the percentage of voting power of the Permitted Holders as calculated immediately prior to the consummation of such new issuance of voting securities and purchase of Class B Shares and otherwise preserve and maintain the relative voting and distribution rights of the Class B Members.

"Permitted Holders" refer to (i) Naspers or any of its affiliates, (ii) any person that directly or indirectly acquires all or a substantial portion of Naspers' e-commerce business or any affiliate of such person, (iii) any person that directly or indirectly acquires all or a substantial portion of Naspers' business-to-consumer business or any affiliate of such person or (iv) the transferee or its affiliates following a Forty Percent Transfer. A "Forty Percent Transfer" refers to a transfer or series of transfers of Class B Shares to a person other than a Permitted Holder by one or more Class B Members (or the transferee in a Forty Percent Transfer) involving (i) Class B Shares equal to or more than 40% of the total voting power of all our voting securities or (ii) all of the Class B Shares held by such transferring Class B Members or transferee, so long as such Class B Shares represent at least 30% of the total voting power of all our voting securities. On April 26, 2019, MIH Internet and MIH B2C Holdings B.V. entered into the Naspers-Trip.com Agreement in connection with the Naspers-Trip.com Transaction. On August 30, 2019, Trip.com completed the share exchange transaction with MIH Internet and increased its shareholding in our holding company to 49.0% of our total voting power based on our then-outstanding ordinary shares and Class B Shares voting as a single class. Trip.com's acquisition of the Class B Shares held by MIH Internet and MIH B2C Holdings B.V. was a Forty Percent Transfer.

The price payable in connection with the exercise of such pre-emptive rights by the Class B Members shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•in the case of voting securities issued pursuant to an employee benefit plan, the market price on the date of the issuance of such voting securities issued upon the exercise or settlement of any equity awards under such employee benefit plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•in the case of voting securities issued as consideration for the acquisition by us of any business, assets or other person, the implied price per share pursuant to the terms of such acquisition (taking into account any indebtedness assumed pursuant to such acquisition); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•in the case of any other issuance of voting securities, the same price offered to all other investors participating in such issuance.

Under the Terms of Issue of our Class B Shares, we are required to provide a written notice to Trip.com promptly following the end of each month in which voting securities have been issued pursuant to the relevant employee benefit plan, specifying the number of voting securities issued pursuant to such employee benefit plan during such month and the applicable market price in connection with each issuance during such month. In connection with any issuance of ordinary shares issued pursuant to an employee benefit plan, we have agreed with Trip.com that if the purchase by Trip.com of new Class B Shares in accordance with the Terms of Issue of our Class B Shares would in the good faith judgment of Trip.com be inconsistent with any applicable law, Trip.com shall be automatically entitled to defer its right to purchase such Class B Shares at a later date on which the

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purchase by Trip.com of the new Class B Shares would in the good faith judgment of Trip.com not be inconsistent with any applicable law. As of March 31, 2025, Trip.com has deferred its pre-emptive rights to subscribe for and purchase 7,435,534 additional Class B Shares, representing 6.68% of the total number of our ordinary shares and Class B Shares, as a result of the issuance of ordinary shares pursuant to the exercise or settlement of equity awards under our Share Incentive Plan between August 19, 2020 to March 31, 2025.

Any issuance of our Class B Shares will be subject to applicable restrictions under foreign investment laws in India. See "Item 3. Key Information — D. Risk Factors—Risks related to Operations in India—Restrictions on Foreign Investment in India May Prevent or Delay Future Acquisitions or Investments By Us in India, or Require Us to Make Changes to Our Business, Which May Adversely Affect Our Business and Financial Performance, and Require Prior Government Approval for Holders of Our Ordinary Shares, Including Upon Conversion of Our Class B Shares or Our 2028 Notes, and Our Class B Shares".

See "Trip.com's Pre-emptive Rights in relation to our 2028 Notes" below for further information regarding Trip.com's pre-emptive rights in respect of voting securities issued upon conversion of our 2028 Notes.

***Reserved Matters*** 

At any time that the Permitted Holders beneficially own 15% or more of our issued and outstanding voting securities, the following matters, or the Reserved Matters, shall require the approval of both a majority of our board of directors (including Class B directors) and a majority of the Class B directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•entering into any transaction that would impose limitations on the legal rights of Class B Members, or deny Class B Members material benefits or otherwise adversely discriminate against Class B Member as a shareholder of MakeMyTrip;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•amending, restating, waiving or otherwise modifying any provision of any investor rights agreement, investment agreement, shareholder agreement or other contract entered into with any of our shareholders in any manner that would be adverse to the rights of any Class B Member or more favorable to the rights of such other shareholders thereunder than to the rights of the Class B Members under the Terms of Issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•entering into any contract or transaction, or series of related transactions, that purports to or in fact limits (i) the activities that may be conducted by any Class B Member or its affiliates or (ii) in any material respect, other than in the ordinary course of business (including pursuant to customary covenants entered into as part of ordinary course financing arrangements), the scope of business that we may conduct (whether through restraint of trade or non-competition covenants or similar provisions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•entering into any contract or transaction, or series of related transactions, providing for or resulting in (i) any person, other than Class B Members or their affiliates, becoming the beneficial owner of more than 35% of our issued and outstanding voting securities or otherwise acquiring (directly or indirectly) effective control of our holding company or (ii) the sale, lease, transfer, conveyance or other disposition of all or substantially all of the assets of our company to any person other than Class B Members and their affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•approving, adopting or implementing any takeover defense measure (including any "poison pill," stockholder rights plan or similar anti-takeover agreement or plan), other than any such measure, plan or agreement that would not apply to Class B Members and their affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•selling, exchanging, transferring or otherwise disposing of any assets or subsidiary of MakeMyTrip, in one or a series of transactions, if (i) the annualized revenue generated by such assets or subsidiary, together with the annualized revenue of all assets or subsidiaries so disposed of within the twelve month period ending on the date of such disposal, exceeds 50% of our consolidated total revenue for the preceding fiscal year, (ii) such assets or subsidiary, together with all assets or subsidiaries so disposed of within the twelve month period ending on the date of such disposal, represents more than 50% of our consolidated total assets as of the end of the preceding fiscal year or (iii) such assets or subsidiary, together with all assets or subsidiaries so disposed of within the twelve month period ending on the date of such disposal, represents more than 50% of our total number of transactions for the preceding fiscal year;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•issuing any securities where such issuance would require the prior approval of our ordinary shareholders pursuant to Rule 5635 of the Nasdaq Rules as in effect on October 18, 2016, or if our ordinary shares are no longer listed on the Nasdaq, the rules of any other stock exchange or market on which the ordinary shares are then listed (in each case treating MakeMyTrip as if it were not a "foreign private issuer");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•causing us to enter into any line of business other than the online travel and travel services businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•incurring, assuming, issuing, guaranteeing or otherwise becoming liable for indebtedness which, when aggregated with the principal amount of all other indebtedness then- outstanding, would require approval of our shareholders under applicable law, or which would exceed 20% of our consolidated total assets as of the end of the preceding fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•terminating the employment of our group executive chairman and group chief executive officer, or appointing any new or additional executive chairman and group chief executive officer, co-founder and chief executive officer – India; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increasing or decreasing the size of our board of directors if such increase or decrease would result in a decrease in the percentage of the Class B directors represented on our board of directors.

***Additional Shareholder Agreements*** 

In connection with any transfer of Class B Shares to a person other than a Permitted Holder of a number Class B Shares equal to or more than 30% (but less than 40%) of the total voting power of our voting securities, the transferring holder of Class B Shares shall have the option to require us to enter into a separate shareholders' agreement with the relevant transferee, pursuant to which such transferee shall be provided with substantially the same rights (and be subject to the same restrictions on transfer set forth in the Terms of Issue) regarding pre-emptive rights, board-related rights (including rights with respect to Reserved Matters) and inspection rights as those provided to holders of Class B Shares in the Terms of Issue, as well as registration rights consistent with those provided to MIH Internet in the 2016 Registration Rights Agreement.

In connection with any transfer of Class B Shares to a person other than a Permitted Holder of a number Class B Shares equal to or more than 15% (but less than 30%) of the total voting power of our voting securities, the transferring holder of Class B Shares shall have the option to require us to enter into a separate shareholders' agreement with the relevant transferee, pursuant to which such transferee shall be provided with substantially the same rights (and be subject to the same restrictions on transfer set forth in the Terms of Issue) regarding pre-emptive rights, board-related rights (but excluding rights with respect to Reserved Matters) and inspection rights as those provided to holders of Class B Shares in the Terms of Issue, as well as registration rights consistent with those provided to MIH Internet in the 2016 Registration Rights Agreement.

***Inspection and Information Rights*** 

For so long as the Permitted Holders beneficially own 10% or more of our issued and outstanding voting securities, Class B Members shall be entitled to have reasonable access to our personnel, properties, systems, contracts, records and representatives, subject to certain exceptions.

**Differences in Corporate Law** 

We are incorporated under the laws of Mauritius. Set forth below is a summary of the significant differences between the provisions of the Mauritius laws applicable to us and the laws applicable to typical corporations incorporated in the state of Delaware and their shareholders. This discussion does not purport to be a complete or comprehensive statement of the rights of holders of our ordinary shares under applicable law in Mauritius and our Constitution or the rights of holders of the ordinary shares of a typical corporation under applicable Delaware law and a typical certificate of incorporation and bylaws.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 resolution.

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 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.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*** 

Generally, under the Delaware General Corporation Law, completion of a merger, consolidation, dissolution, or the sale, lease, or exchange of substantially all of a corporation's assets requires approval by the board of directors and by a majority (unless the certificate of incorporation requires a higher percentage) of outstanding stock of the corporation entitled to vote.

The Delaware General Corporation Law also requires a special vote of shareholders in connection with a business combination with an "interested shareholder" as defined in section 203 of the Delaware General Corporation Law.

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 dissenting 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.

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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*** 

Under Delaware law, a shareholder may bring a derivative action on a company's behalf to enforce the rights of a company. An individual also may commence a class action lawsuit on behalf of himself or herself and other similarly situated shareholders if the requirements for maintaining a class action lawsuit under Delaware law are met. An individual may institute and maintain a class action lawsuit only if such person was a shareholder at the time of the transaction that is the subject of the lawsuit or his or her shares thereafter devolved upon him or her by operation of law. In addition, the plaintiff must generally be a shareholder through the duration of the lawsuit.

Delaware law requires that a derivative plaintiff make a demand on the directors of the corporation to assert the corporate claim before the lawsuit may be prosecuted, unless such demand would be futile.

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.

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.

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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 Mauritius 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 75.0% of the votes entitled to be cast on that resolution, or such percentage above 75.0% as is required under the constitution.

***Shareholder Meetings*** 

Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

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.

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***Transactions with Interested Shareholders*** 

The Delaware General Corporation Law contains a business combination statute 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. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting stock within the past 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 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 holding 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. If a class vote on the amendment is required by the Delaware General Corporation Law a majority of the outstanding stock of such class is required, unless a greater proportion is specified in the certificate of incorporation or by other provisions of the Delaware General Corporation Law. Under the Delaware General Corporation Law, the board of directors may amend bylaws if so authorized in the charter. The shareholders of a Delaware corporation also have the power to amend bylaws.

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.

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***Issuance of Preferred Shares*** 

Our Constitution allows for our holding company to issue preferred shares. Our Constitution provides that the directors of our holding company may offer, issue, grant options over or otherwise dispose of shares of our holding company to such persons, at such times and for such consideration and upon such terms and conditions as the board of directors of our holding 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 holding 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 holding 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 holding 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.

***Anti-Takeover Provisions*** 

Under the Delaware General Corporation Law, the certificate of incorporation of a corporation may give the board the right to issue new classes of preferred stock with voting, conversion, dividend distribution, and other rights to be determined by the board at the time of issuance, which could prevent a takeover attempt and thereby preclude shareholders from realizing a potential premium over the market value of their shares. In addition, Delaware law does not prohibit a corporation from adopting a stockholder rights plan, or "poison pill," which could prevent a takeover attempt and preclude shareholders from realizing a potential premium over the market value of their shares.

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 holding company.

**Amended and Restated Trip.com Investor Rights Agreement** 

On January 7, 2016, we entered into a purchase agreement pursuant to which we issued and sold $180.0 million of 4.25% convertible notes due 2021, redeemable at par value, in two tranches to Trip.com. On October 28, 2016, we issued an aggregate of 9,857,028 ordinary shares (comprising 659,939 ordinary shares issued from treasury shares held by us and 9,197,089 new ordinary shares) to Trip.com upon conversion of all its convertible notes.

In connection with the issuance of convertible notes to Trip.com, we entered into an investor rights agreement, or the Original Trip.com Investor Rights Agreement, pursuant to which Trip.com was entitled to designate one director to our board of directors, which director was also entitled to be nominated or appointed to the compensation committee of our board of directors, subject to the approval of our board of directors (which approval shall not to be unreasonably withheld). Trip.com was entitled to this director nomination right so long as (i) the sum of the number of ordinary shares and the number of ordinary shares into which the then-outstanding convertible notes may be converted, in each case, beneficially owned by Trip.com (together with its subsidiaries) was at least 5,057,952 ordinary shares (subject to adjustment for any share split, share dividend, recapitalization, reclassification or similar transaction in respect of any such ordinary shares); and (ii) the director nomination right had not terminated as a result of any material breach by Trip.com of any provision of the Original Trip.com Investor Rights Agreement in accordance the terms thereof. On January 27, 2016, James Jianzhang Liang was appointed as a director of our holding company as a nominee of Trip.com.

On October 18, 2016, we entered into an amendment to the Original Trip.com Investor Rights Agreement pursuant to which the number of ordinary shares to be beneficially owned by Trip.com in order for it to exercise such board-nomination rights was increased to 9,857,028 ordinary shares (subject to any adjustments described

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in this section), effective from January 31, 2017. On October 28, 2016, we issued an aggregate of 9,857,028 ordinary shares (comprising 659,939 ordinary shares issued from treasury shares held by us and 9,197,089 new ordinary shares) to Trip.com upon conversion of all its convertible notes. On May 5, 2017, we completed a private placement of 5,500,000 of our ordinary shares to various investors (including 916,666 of our ordinary shares to Trip.com) at a price of $36.00 per ordinary share and 3,666,667 of our Class B Shares to MIH Internet at a price of $36.00 per Class B Share, which generated total gross proceeds of $330 million.

On April 26, 2019, pursuant to the Naspers-Trip.com Agreement, Trip.com agreed to acquire all of our ordinary shares and Class B Shares held by MIH Internet. On August 30, 2019, Trip.com completed the share exchange transaction with MIH Internet and increased its shareholding in our holding company to 49.0% of our total voting power based on our then-outstanding ordinary shares and Class B Shares voting as a single class. In connection with the Naspers-Trip.com Transaction, we entered into an amended and restated investor rights agreement with Trip.com, or the Amended and Restated Trip.com Investor Rights Agreement, which became effective upon closing of the Naspers-Trip.com Transaction. The Amended and Restated Trip.com Investor Rights Agreement provides for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the standstill provisions in the Original Trip.com Investor Rights Agreement were modified, to increase the percentage of our outstanding voting securities that Trip.com is restricted from beneficially owning from 26.6% to 74.9% (determined on an actual basis and not a fully diluted basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•on the closing of the Naspers-Trip.com Transaction, Trip.com is entitled to nominate five directors (one of whom shall be a resident of Mauritius, one of whom shall have a casting vote to our board of directors, subject to applicable law and the Nasdaq Rules);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•subject to applicable law and the Nasdaq Rules, one Independent Director must be appointed from a pool of candidates recommended by Trip.com and approved by Mr. Deep Kalra, Mr. Rajesh Magow, a majority of Independent Directors must be appointed from a pool of candidates approved by Mr. Deep Kalra, Mr. Rajesh Magow and a majority of the Trip.com directors and one of the investor directors designated by Trip.com shall be entitled to exercise the casting vote to which the chairman of the board of directors would otherwise have been entitled pursuant to Article 114 of our Constitution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Trip.com will not take any action to delist our ordinary shares from Nasdaq (except in connection with an acquisition of all our outstanding securities by any person) without prior approval of both of a majority of our directors and a majority of our independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•under the Original Investor Rights Agreement, Trip.com and its subsidiaries were prohibited from transferring, directly or indirectly, any ordinary shares to our competitors set out therein. The Amended and Restated Trip.com Investor Rights Agreement updated this list of competitors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•so long as Trip.com owns at least 10% of our outstanding voting shares, Trip.com will not invest in any other travel or travel-related business in India without the consent of our board of directors (including Deep Kalra and Rajesh Magow).

**Trip.com's Pre-Emptive Rights in relation to our 2028 Notes**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In connection with any issuance of ordinary shares following the exercise of conversion rights by holders of our 2028 Notes, Trip.com has the right to exercise its pre-emptive rights to subscribe for and purchase additional Class B Shares at the then-effective conversion price (being $1,000 *divided by* the then-effective conversion rate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In the event Trip.com elects to exercise its pre-emptive rights with respect to new Class B Shares, it is ordinarily required to provide us with written notice of such election within 10 business days of receipt of such notification from us and consummate the purchase of such Class B Shares on the business day following their written notice. In connection with any issuance of ordinary shares following the exercise of conversion rights by holders of the 2028 Notes, we have agreed with Trip.com that if the purchase by Trip.com of new Class B Shares in accordance with the Terms of Issue of our Class B Shares would in the good faith judgment of Trip.com be inconsistent with any applicable law, Trip.com shall be automatically entitled to defer its right to purchase such Class B Shares at a later date on which the purchase by Trip.com of the new Class B Shares would in the good faith judgment of Trip.com not be inconsistent with any applicable law**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The maximum number of Class B Shares that may be issued pursuant to the exercise of Trip.com's pre-emptive rights as of March 31, 2025 is 13,083,099 assuming (i) no adjustment to the conversion rate for any the 2028 Notes converted in connection with a make-whole fundamental change or any

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conversion rate adjustments (in each case, as described in the indenture relating to the 2028 Notes) (ii) all the 2028 Notes are converted simultaneously immediately prior to maturity and (iii) there are no changes to our share capital after March 31, 2025 until such pre-emptive rights are exercised, other than issuance of our ordinary shares upon conversion of the entire aggregate principal amount of the 2028 Notes. Such maximum number of Class B Shares includes Class B Shares issuable to Trip.com in connection with the exercise of its pre-emptive rights to subscribe for and purchase new Class B Shares (which Trip.com has deferred to a later date on which the purchase by Trip.com of the new Class B Shares would in the good faith judgment of Trip.com not be inconsistent with any applicable law) as a result of the issuance of ordinary shares pursuant to the assumed full conversion of the 2028 Notes as well as the exercise or settlement of equity awards under our Share Incentive Plan between August 19, 2020 to March 31, 2025.

Any issuance of our Class B Shares will be subject to applicable restrictions under foreign investment laws in India. See "Item 3. Key Information — D. Risk Factors—Risks related to Operations in India—Restrictions on Foreign Investment in India May Prevent or Delay Future Acquisitions or Investments By Us in India, or Require Us to Make Changes to Our Business, Which May Adversely Affect Our Business and Financial Performance, and Require Prior Government Approval for Holders of Our Ordinary Shares, Including Upon Conversion of Our Class B Shares or Our 2028 Notes, and Our Class B Shares".

**Registration Rights** 

***2016 Registration Rights Agreement*** 

Pursuant to a registration rights agreement dated October 18, 2016 that we entered into with MIH Internet, Travogue, Mr. Deep Kalra, Mr. Keyur Joshi, Trip.com and SAIF, effective as of January 31, 2017, or the 2016 Registration Rights Agreement, we granted certain registration rights to such shareholders and their permitted transferees. Registration rights granted pursuant to a shareholders agreement dated as of July 16, 2010, by and among our holding company, Mr. Deep Kalra, Mr. Keyur Joshi and Mr. Sachin Bhatia, SAIF, Travogue, 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 and the Original Trip.com Investor Rights Agreement were superseded by and replaced with the registration rights provisions in the 2016 Registration Rights Agreement. MIH Internet, Travogue, Mr. Kalra, Mr. Joshi, SAIF and Trip.com and their permitted transferees under the 2016 Registration Rights Agreement are referred to in this section individually as a "2016 Shareholder" and collectively as the "2016 Shareholders."

Under the 2016 Registration Rights Agreement, at any time after April 16, 2017, one or more 2016 Shareholders are entitled to demand registration of their ordinary shares having a proposed aggregate offering price (net of underwriting commissions) of at least $5 million (unless such 2016 Shareholder is proposing to sell all of its remaining shares), or the Registrable Amount. We will not be required to effect more than two demand registrations per Shareholder Group (as defined in the 2016 Registration Rights Agreement) in any twelve-month period. Furthermore, we will not be obligated to (a) maintain the effectiveness of a registration statement filed pursuant to a demand registration for a period longer than 180 days (or three years in the case of a shelf registration statement) or (b) effect any demand registration (i) within 90 days of a "firm commitment" underwritten registration in which all 2016 Shareholders holding a Registrable Amount are given "piggyback" rights pursuant to the 2016 Registration Rights Agreement and at least 85% of the number of shares requested by each of the 2016 Shareholders to be included in such registration statement are included or (ii) within 90 days of any other demand registration.

We are entitled to postpone the filing of a registration statement or the facilitation of a registered offering for up to 90 days in the event and during such time that our board of directors determines in good faith and in its reasonable judgment that a registration of securities would reasonably be expected to materially adversely affect or materially interfere with any *bona fide* material financing of our company or any material transaction under consideration by our company or would require disclosure of information that has not been and is not required to be disclosed to the public, the premature disclosure of which would materially adversely affect our company. We refer to each period of postponement as a "Blackout Period." A Blackout Period may not occur more than twice in any period of twelve consecutive months and the total length of all Blackout Periods in any period of twelve consecutive months shall not exceed 120 days in the aggregate.

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Whenever we propose to register any of our securities on a registration statement other than on Form F-4 or Form S-8 (or any successor forms thereof) or pursuant to a demand registration or shelf registration, we will give the 2016 Shareholders prompt written notice of the registration and allow the 2016 Shareholders to participate in such registration.

In connection with a demand registration and subject to the availability of a registration statement on Form F-3 (or any successor form) to us, any 2016 Shareholder requesting a demand registration or otherwise participating in such demand registration may by written notice require us to file as soon as practicable (but no later than 60 days after such notification) and use reasonable best efforts to be declared effective by the SEC (within 60 days after such filing date), a shelf registration statement on Form F-3.

We will use reasonable best efforts to keep shelf registration statements demanded by any 2016 Shareholder continuously effective until the earlier of (a) three years after the shelf registration statement has been declared effective and (b) the date on which all registrable securities covered by a shelf registration statement have been sold thereunder. We will not be required to file more than two shelf registration statements per 2016 Shareholder in any twelve-month period. We will also be entitled to require 2016 Shareholders to suspend the use of prospectuses for sale under the shelf registration statement for any Blackout Period.

In connection with any underwritten offering of securities, each 2016 Shareholder participating in such offering agrees to enter into customary lock-up agreements, restricting transfers of their shares in our holding company.

All fees and expenses incident to our performance under the 2016 Registration Rights Agreement will be borne by us. Each 2016 Shareholder participating in a registration will pay its *pro rata* portion (based on the number of securities registered in the offering) of all underwriting discounts and commissions and transfer taxes, if any, relating to the sale of such 2016 Shareholder's securities pursuant to any registration.

**C.** **Material Contracts** 

Described herein.

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**D.** **Exchange Controls** 

**Mauritius**

There are currently no governmental laws, decrees, regulations or other legislation in Mauritius that may affect the import or export of capital, including the availability of cash and cash equivalents for use by our Company, or that may affect the remittance of dividends, interest, or other payments by our Company to non-resident holders of its ordinary shares or Class B shares.

**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 rules and regulations thereunder, or the FEMA. These regulations and restrictions may apply to acquisitions by us or our affiliates, including MMT India, redBus 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 the Government of India's consolidated foreign direct investment policy, or the FDI policy, and the FEMA, additional requirements are applicable to 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 transactions between foreigners. These requirements include restrictions on pricing, valuation of shares and sources of funding for such investments and may in certain cases require prior notice to or approval from the Government of India. In addition, pursuant to amendments in April 2020 to the FDI policy and the FEMA rules, prior government approval will be required for any non-debt investment into India by non-resident entities from countries that share a land border with India or where the beneficial owner of such an investment is situated in or is a citizen of any such country, as well as for any transfer of any such proposed or existing non-debt investment, directly or indirectly, that would result in ownership by any such non-resident entity or beneficial owner. The list of land border countries includes Afghanistan, Bangladesh, Bhutan, the People's Republic of China, Myanmar, Nepal and Pakistan. This approval requirement applies to investments in all sectors, including those that previously did not require such approval, such as travel and tourism. The term "beneficial owner" has not yet been defined for purposes of the FDI Policy and the FEMA. If we are deemed to be a non-resident entity or an entity with a beneficial owner restricted by these amendments, we will require prior government approval for investments in non-debt instruments in our direct and indirect Indian subsidiaries and group entities, including MMT India and redBus India, as well as for any such proposed investments or acquisitions by us or our affiliates, including MMT India, redBus India and affiliates which are not resident in India. Investments in our ordinary shares, including upon conversion of our Class B shares or our 2028 Notes, and our Class B shares would be deemed to be non-debt investments into our Indian subsidiaries, including MMT India and redBus India. Accordingly, under the current FDI Policy and the FEMA rules, any proposed holder of our ordinary shares or our Class B shares that is a non-resident entity from a country that shares a land border with India or where the beneficial owner of such an investment is situated in or is a citizen of any such country would need to have obtained prior government approval in India, and any holder or beneficial owner of our 2028 Notes that is a non-resident entity from a country that shares a land border with India or where the beneficial owner of such an investment is situated in or is a citizen of any such country will not be able to convert such notes into ordinary shares without such approval. Further, under the FEMA, we are restricted from lending to or borrowing from our Indian subsidiaries and our Indian subsidiaries are restricted from lending or borrowing in foreign currencies. We are also required to complete FEMA filings with respect to past investments in order to make further investments in India. Under the FEMA, the Reserve Bank of India has the power to impose monetary penalties up to three times the value of a FEMA contravention where quantifiable, and confiscate the shares at issue. In addition, the Government of India has made and may continue to make revisions to the FDI policy on e-commerce in India, including in relation to business model, inventory, pricing and permitted services. India's Department of Promotion of Industry and Internal Trade, Ministry of Commerce and Industry invited comments on a draft National e-Commerce Policy in 2019, which addresses topics such as data and e-commerce regulation. The timing or impact of this policy, which remains in draft form, is not yet certain. Such changes may require us to make changes to our business in order to comply with Indian law.

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Our ability to pay dividends to our shareholders will depend on, among other things, the availability of dividends from MMT India and redBus India. As of the date of this Annual Report, MMT India and redBus India have not paid any cash dividends on its equity shares to us. 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 boards of directors of MMT India and redBus India and approved by the shareholders of each of MMT India and redBus India at their discretion and would depend on a number of factors, including the financial condition, results of operations, capital requirements and surplus, contractual obligations, applicable Indian legal restrictions, the provisions of the articles of association, the terms of the credit facilities and other financing arrangements of MMT India or redBus India at the time a dividend is considered and other factors considered relevant by the board of directors of MMT India or redBus India. MMT India and redBus India may also from time to time pay interim dividends. Each of MMT India and redBus India are required to withhold tax on any dividends paid by them at 20% (plus applicable surcharge and cess) under Indian domestic tax law or at beneficial rates available under the respective double taxation avoidance agreements, subject to the satisfaction of certain conditions.

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.

Each of MMT India and redBus India may, before the declaration of any dividend in any financial year, transfer such percentage of profits for that financial year as MMT India or redBus India may consider appropriate to the reserves of MMT India and redBus India, respectively.

Under Indian law, a company is permitted to declare or pay dividends for any fiscal year out of profits for that year or out of profits for any previous financial year (calculated to include any dividend distribution tax) after providing for depreciation in the manner prescribed. However, no company is permitted to declare dividends unless carried over previous losses and depreciation not provided for in the previous year or years are set off against profits of the company for the current year.

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 transferred to the free reserves 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 (except where no dividends have been declared in each of the preceding three years);

• 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 (based on the latest audited financial statements available), and the amount so drawn shall first be utilized to set off the losses incurred in the financial year in which dividend is declared before any dividend in respect of equity shares is declared; and

• the balance of the reserves after such withdrawal shall not fall below 15.0% of the company's paid-up share capital (based on the latest audited financial statements available).

**E.** **Taxation** 

**Mauritius Tax Consequences** 

Our holding company holds a valid Global Business License issued by the Financial Services Commission in Mauritius. Our holding company holds a specific Tax Residence Certificate issued under the Convention between Government of Mauritius and the Government of Republic of India for the avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on income and Capital Gains and for the Encouragement Mutual Trade and Investment, valid until May 4, 2026, and a general Tax Residence Certificate for all jurisdictions, valid until May 8, 2026, 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. These tax residence certificates are renewed annually.

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Our holding company is governed by the new regulatory regime applicable to Global Business Companies (GBC) from July 1, 2021. Generally, the income tax rate for GBCs is 15%. Subject to meeting certain prescribed conditions, a partial exemption of 80% may be allowed against certain types of income such as foreign source dividend and interest. Where the GBC derives income which is subject to foreign tax, and where such partial exemption has not been applied, the amount of foreign tax paid may be allowed as a credit against income tax payable in Mauritius in respect of that income.

In order to maintain their global business licenses, GBCs must adhere to substance requirements such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.carrying out their core income generating activities in or from Mauritius by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•employing either directly or indirectly a reasonable number of qualified persons to carry out the core activities, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•having a minimum level of expenditure, which is proportionate to its level of activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.be managed and controlled from Mauritius; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.be administered by a Management Company.

In a circular addressed to Management Companies dated October 12, 2018, the Financial Services Commission in Mauritius has advised that, in assessing the substance requirements to be met by a GBC, they shall consider the nature and level of core income generating activities conducted (including the use of technology) by the GBC and taking into account the circumstances of each GBC, based on certain indicative guidelines such as minimum expenditure and employment in Mauritius.

The Mauritius Financial Services Commission has clarified through a circular dated January 17, 2022, that core income generating activities requirements will only apply to those holders or applicants for a global business license wishing to benefit from the preferential tax regime. GBCs not claiming partial exemption are not required to meet the core income generating requirements. Accordingly, our holding company will need to meet these requirements in order to benefit from of the preferential tax regime.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•banks and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•traders that elect to use a mark-to-market method of accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•US expatriates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•tax-exempt entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons holding ordinary shares as part of a straddle, hedging, conversion or integrated transaction;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons that actually or constructively own 10.0% or more of our stock (by vote or value);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons subject to special tax accounting rules as a result of any item of gross income with respect to the shares being taken into account in an applicable financial statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons who acquired ordinary shares pursuant to the exercise of any employee share option or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•US Holders that own ordinary shares through a non-US intermediary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•partnerships or other pass-through entities, or persons holding ordinary shares through such entities.

The discussion also does not deal with the consequences of any alternative minimum tax or the 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an estate, the income of which is subject to US federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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, or a US Holder.

The tax treatment of an entity or other arrangement treated as a partnership for US federal income tax purposes that holds our ordinary shares and of a partner in such a partnership 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 regarding the U.S. federal income tax consequences of acquiring, owning, and disposing of our ordinary shares.

***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 will 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 may 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 and the preceding taxable year, (3) certain holding period requirements are met, and (4) certain other 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

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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 will generally constitute "passive category income." Foreign withholding tax (if any) paid on dividends on our ordinary shares at the rate applicable to a U.S. Holder (taking into account any applicable income tax treaty) will, subject to limitations and conditions, be treated as foreign income tax eligible for credit against such holder's U.S. federal income tax liability or, at such holder's election, eligible for deduction in computing such holder's U.S. federal taxable 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 US Holder, including an individual US Holder, that has held the ordinary share for more than one year, such capital gain 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 (and the application of recently-released related Treasury Regulations and temporary relief potentially available under applicable IRS Notices until further IRS guidance) 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 and market capitalization, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•at least 75.0% of its gross income for such year is passive income; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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, or the asset test.

For this purpose, we will be treated as owning our proportionate share of the assets and earning and 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.

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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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the excess distribution or recognized gain will be allocated ratably over your holding period for the ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

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 minimis* 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.

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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.

Each US shareholder of a PFIC is required to file an annual report containing certain information as required by the applicable US Treasury regulations. 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 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. Our ordinary shares are expected to constitute specified foreign financial assets subject to these requirements unless the ordinary shares are held in an account at certain financial institutions. US Holders 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.

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**H.** **Documents on Display** 

We are subject to certain of the informational filing requirements of the Exchange Act. Accordingly, we are required to file with the SEC an annual report on Form 20-F containing financial statements audited by an independent accounting firm, as well as reports on Form 6-K. The SEC maintains a website at http://www.sec.gov that contains reports and other information that we file with or furnish electronically to the SEC. Since we are a "foreign private issuer", we are exempt from the rules and regulations under the Exchange Act prescribing the furnishing and content of proxy statements, and our officers, directors and principal shareholders are exempt from the reporting and "short-swing" profit recovery provisions contained in Section 16 of the Exchange Act with respect to their purchase and sale of the holding company's ordinary shares. In addition, we are not required to file reports and financial statements with the SEC as frequently or as promptly as U.S. public companies whose securities are registered under the Exchange Act.

Our website is located at <u>www.makemytrip.com</u>, and our investor relations website is located at <u>https://investors.makemytrip.com/</u>. This Annual Report filed with the SEC can be found on our company's investor relations website. The information contained on, or that may be accessed through, our website is not part of, and is not incorporated into, this Annual Report.

**I.** **Subsidiary Information** 

Not applicable.

**J.** **Annual Report to Security Holders**

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 foreign currency risk and interest rate risk.

*Foreign Currency Risk.* We are exposed to movements in currency exchange rates to the extent that there is a mismatch between the currencies in which sales, purchase of services and borrowings are denominated (being our functional currency) and foreign currency. Our functional currencies are primarily Indian Rupees, US dollars and Emirati Dirhams.

Our exposure to foreign currency risk primarily arises in respect of our non-Indian Rupee-denominated trade and other receivables and trade and other payables, which were $44.4 million and $202.4 million, respectively, as of March 31, 2025.

Based on our operations in fiscal year 2025, a 10.0% appreciation of the US dollar against the Indian Rupee as of March 31, 2025, assuming all other variables remained constant, would have decreased our profit for fiscal year 2024 by $19.7 million. Similarly, a 10.0% depreciation of the US dollar against the Indian Rupee as of March 31, 2025, assuming all other variables remained constant, would have increased our profit for fiscal year 2025 by $19.7 million. A 10.0% appreciation of the Emirati Dirham against the Indian Rupee as of March 31, 2025, assuming all other variables remained constant, would have increased our profit for fiscal year 2025 by $3.9 million. Similarly, a 10.0% depreciation of the Emirati Dirham against the Indian Rupee as of March 31, 2025, assuming all other variables remained constant, would have decreased our profit for fiscal year 2025 by $3.9 million.

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. Fluctuations in the Indian Rupee-US dollar exchange rate and Indian Rupee-Emirati Dirham 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 "Item 3. Key Information — D. Risk Factors — Risks Related to Us and Our Industry — Our Results of Operations are Subject to Fluctuations in Currency Exchange Rates."

*Interest Rate Risk.* We currently do not have any variable rate interest bearing financial instruments, hence there is no interest rate risk.

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**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** 

None.

**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 disclosures.

As required by SEC Rule 13a-15(b), we have carried out an evaluation, under the supervision and with the participation of our management, including our group chief executive officer and our group chief financial officer, of the effectiveness of the design and operation of disclosure controls and procedures as of the end of the period covered by this Annual Report. Based on their evaluation as of March 31, 2025, our group chief executive officer and group chief financial officer have concluded that our disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed in filings and submissions under the Exchange Act, is recorded, processed, summarized, and reported within the time periods specified by the SEC's rules and forms, and that material information related to us and our consolidated subsidiaries is accumulated and communicated to management, including the group chief executive officer and group chief financial officer, as appropriate to allow timely decisions about required disclosures.

**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 designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of our financial statements for external reporting purposes in accordance with IFRS, as issued by IASB. Our internal control over financial reporting includes policies and procedures that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, as issued by IASB;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide reasonable assurance that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

Our management, including our group chief executive officer and our group chief financial officer, conducted an assessment of the effectiveness of internal control over financial reporting as of March 31, 2025 based on the framework established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations (COSO). Based on its evaluation, our management has concluded that our internal control over financial reporting was effective as of March 31, 2025.

Our independent registered public accounting firm, KPMG Assurance and Consulting Services LLP, 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, 2025.

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**C. Attestation Report of the Registered Public Accounting Firm** 

**Report of Independent Registered Public Accounting Firm**

To the Stockholders and the Board of Directors

MakeMyTrip Limited:

*Opinion on Internal Control Over Financial Reporting* 

We have audited MakeMyTrip Limited and subsidiaries' (the "Company") internal control over financial reporting as of March 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of March 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the COSO.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the consolidated statement of financial position of the Company as of March 31, 2025 and 2024, the related consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for each of the years in the three-year period ended March 31, 2025, and the related notes (collectively referred to as the consolidated financial statements), and our report dated June 16, 2025 expressed an unqualified opinion on those consolidated financial statements.

*Basis for Opinion*

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 are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. 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 of internal control over financial reporting 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.

*Definition and Limitations of Internal Control Over Financial Reporting* 

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.

/s/ KPMG Assurance and Consulting Services LLP

Bengaluru, Karnataka, India

June 16, 2025

------

**D. Changes in Internal Control over Financial Reporting**

During the period covered by this Annual Report on Form 20-F, there were no changes in our internal control over financial reporting that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

**ITEM 16. [RESERVED]**

**ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT** 

Our audit committee consists of May Yihong Wu and Aditya Tim Guleri and is chaired by Ms. Wu. Each of our audit committee members satisfies the independence requirements of Rule 5605(a)(2) of the Nasdaq Rules and the independence requirements of Rule 10A-3(b)(1) under the Exchange Act. Ms. Jane Jie Sun has been appointed as a non-voting observer of the Audit Committee with effect from May 15, 2024. See "Item 6. Directors, Senior Management and Employees — A. Directors and Senior Management" for the experience and qualifications of the members of the audit committee. Our board of directors has also determined that Ms. Wu 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/. The information contained on our website is not incorporated by reference in this Annual Report.

**ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES** 

Our financial statements prepared in accordance with IFRS as issued by IASB are audited by KPMG Assurance and Consulting Services LLP (PCAOBID No. 02115), a firm registered with the Public Company Accounting Oversight Board in the United States.

KPMG Assurance and Consulting Services LLP has served as our independent registered public accountant for each of the years ended March 31, 2023, March 31, 2024 and March 31, 2025 for which audited statements appear in this Annual Report.

The following table shows the aggregate fees for services rendered by KPMG Assurance and Consulting Services LLP and their associated entities to us, including our subsidiaries, in fiscal years 2024 and 2025.

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year** | **Fiscal Year** |
|  | **2024** | **2025** |
| Audit Fees<sup>(1)</sup> | $689966 | $681371 |
| Audit-Related Fees<sup>(2)</sup> |  |  |
| Tax Fees<sup>(3)</sup> | 181580 | 190768 |
| All Other Fees<sup>(4)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**871546** | $**872139** |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)"Audit Fees" means the aggregate fees billed for professional services rendered by our independent registered public accountant for the audit of our annual financial statements and other audit services provided by our independent registered public accountant in connection with statutory and regulatory filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)"Audit-Related Fees" means the aggregate fees listed for professional services rendered by our independent registered public accounting firm related to the audit of our financial statements that are not reported under "Audit Fees."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)"Tax Fees" means the aggregate fees billed for professional services rendered for tax compliance, tax advice and tax planning.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)"All Other Fees" means the aggregate fees billed for services provided by our independent registered public accountant, other than the services reported in (1), (2) and (3).

***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 principal accountants or their associated entities. All of the services related to our company provided by KPMG Assurance and Consulting Services LLP or their associated entities during the last two fiscal years have been approved by the audit committee.

**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 2025 of our outstanding ordinary shares:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Period** | **(a)<br>Total Number<br>of Shares<br>Purchased** | **(b)<br>Average Price<br>Paid per<br>Share**<sup>(1)</sup> | **(b)<br>Average Price<br>Paid per<br>Share**<sup>(1)</sup> | **(c)<br>Total Number of Shares<br>Purchased as Part of<br>Publicly Announced<br>Plans or Programs** | **(d)<br>Maximum Number (or<br>Approximate Dollar<br>Value) of Shares that<br>May Yet Be Purchased<br>Under the Plans or<br>Programs**<sup>(2)</sup> |
| Up to March 31, 2024 | 972730 | $— | 14.48 | 972730 | $135959658 |
| April 1, 2024 to April 30, 2024 | Nil | $Nil | Nil | Nil | $135959658 |
| May 1, 2024 to May 31, 2024 | Nil | $Nil | Nil | Nil | $135959658 |
| June 1, 2024 to June 30, 2024 | Nil | $Nil | Nil | Nil | $135959658 |
| July 1, 2024 to July 31, 2024 | Nil | $Nil | Nil | Nil | $135959658 |
| August 1, 2024 to August 31, 2024 | 2300 | $— | 78.83 | 2300 | $135778343 |
| September 1, 2024 to September 30, 2024 | Nil | $Nil | Nil | Nil | $135778343 |
| October 1, 2024 to October 31, 2024 | Nil | $Nil | Nil | Nil | $135778343 |
| November 1, 2024 to November 30, 2024 | Nil | $Nil | Nil | Nil | $135778343 |
| December 1, 2024 to December 31, 2024 | Nil | $Nil | Nil | Nil | $135778343 |
| January 1, 2025 to January 31, 2025 | 33712 | $— | 98.80 | 33712 | $132447724 |
| February 1, 2025 to February 28, 2025 | 100000 | $— | 95.96 | 100000 | $122851634 |
| March 1, 2025 to March 31, 2025 | 100000 | $— | 86.10 | 100000 | $114241259 |
| Total | 1208742 |  |  | 1208742 |  |

---

------

Notes:

(1)The average price paid per share excludes broker and transaction fees.

(2)Our share repurchase plan, pursuant to which we can repurchase our ordinary shares at any price determined by our board of directors from time to time, remains effective until March 31, 2026. Furthermore, our board of directors has authorized us to repurchase our 2028 Notes from time to time through open market purchases, privately negotiated transactions with individual holders or otherwise, in accordance with applicable securities laws (including Rule 14e-5 of the U.S. Securities Exchange Act of 1934). The aggregate amount of ordinary shares and aggregate amount of the 2028 Notes that may be repurchased by the Company pursuant to this existing program shall not exceed $136.0 million and the aggregate amount of ordinary shares that may be repurchased by the Company shall not exceed $60.0 million during each fiscal year. The price and timing of any such repurchases will depend on prevailing market conditions, liquidity requirements, contractual restrictions and other factors as determined by our board of directors from time to time. There can be no assurance that we will execute any such repurchase pursuant to this existing program. Pursuant to the share repurchase plan, we repurchased 236,012 ordinary shares for an aggregate amount of $21.7 million during fiscal 2025. There were no repurchases of the 2028 Notes during fiscal 2025. As at March 31, 2025, we had remaining authority to repurchase an aggregate of up to $114.2 million of our outstanding ordinary shares and the 2028 Notes.

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**ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT** 

None.

**ITEM 16G. CORPORATE GOVERNANCE** 

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We follow home country practice that permits our audit committee to consist of less than three members, in lieu of complying with Rule 5605(c)(2)(A) of the Nasdaq Rules that requires each company to have an audit committee of at least three members. Our audit committee currently consists of two members and a non-voting observer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We follow home country practice that permits us not to obtain shareholder approval for any material amendment to our share incentive plans, in lieu of complying with Rule 5635(c) of the Nasdaq Rules that requires us to obtain shareholder approval prior to the issuance of securities when a share incentive or purchase plan is materially amended.

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 <u>http://investors.makemytrip.com</u>. 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.

**ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.** 

Not applicable.

------

**ITEM 16J. INSIDER TRADING POLICIES** 

We have adopted an insider trading policy which governs the purchase, sale and other disposition of our securities by our directors, senior management and employees. We believe that our insider trading policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, and the Nasdaq Rules applicable to us. A copy of our insider trading policy is filed as Exhibit 11.1 to this Annual Report.

**ITEM 16K. CYBERSECURITY** 

We are committed to safeguarding data related to our customers, partners, and employees and have adopted processes and practices to assess, identify and manage cybersecurity risks.

**Risk Management and Strategy**

We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan.

Our cybersecurity risk management program is integrated into our overall risk management process and shares common methodologies, reporting channels and governance processes that apply across the risk management process to other legal, compliance, strategic, operational, and financial risk areas.

Our cybersecurity risk management program includes a cybersecurity defense system, a surveillance program on our corporate network and connections with any third-party service providers, ongoing evaluation of our security measures by internal and external resources, a cybersecurity incident response framework that includes procedures for responding to cybersecurity incidents and regular cybersecurity awareness training sessions for our employees.

Our cybersecurity team is responsible for monitoring our applications, platforms, and infrastructure, and identifying and responding to potential security issues, including emerging cybersecurity threats. We have implemented processes for assessing, identifying, and managing material risks from cybersecurity threats and monitoring the prevention, detection, mitigation, and remediation of material cybersecurity incidents. We also engage third parties, where appropriate, to assess, test or otherwise assist with aspects of our security controls, such as for penetration test services, on-site security maintenance services and cloud-based security services.

As of the date of this Annual Report, we have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.

**Governance**

Our board of directors is responsible for overseeing management's implementation of our cybersecurity risk management program, including the effectiveness of the process and measures adopted by our company to manage risks related to cybersecurity. Our cybersecurity disclosure committee, which comprises members of our information security, finance and legal departments, is responsible for updating our senior management, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. Our board of directors and our audit committee also receive periodic updates on our cybersecurity risk management program from our senior management and our cybersecurity team, including on material cybersecurity incidents, incident analyses and strategic recommendations.

Our management team is responsible for assessing and managing our material risks from cybersecurity threats, while our cybersecurity team is responsible for aligning our cybersecurity risk management program with our overall security strategy, monitoring potential cybersecurity risks and developing and implementing comprehensive risk prevention, detection, mitigation and remediation measures. Our cybersecurity team is led by our chief information security officer and overseen by our group chief technology officer. Our chief information security officer has over 21 years of experience in various technology roles. Our group chief technology officer holds a Master of Science in Computer Science from the University of Louisiana, specializing in secure software development and security by design, and has over 31 years of experience in technology and cybersecurity, having served in leadership positions at a number of large multinational companies. Our group chief technology officer and chief information security officer each have extensive experience in risk assessment, secure software

------

development and incident management. Other members of our cybersecurity team have diverse expertise in areas such as threat intelligence, incident response and secure software development.

Our cybersecurity measures include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Monitoring and reporting**: We monitor our IT environment using advanced security tools that generate real-time alerts and detailed reports. These security tools include intrusion detection systems, security information and event management systems, and endpoint protection solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Threat intelligence and external collaboration**: We leverage threat intelligence from governmental, public, and private sources, as well as insights from external consultants, to monitor emerging threats. Such information is integrated into our security processes to enhance our detection and response capabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Incident response and mitigation**: Our incident response team handles security incidents through well-defined response procedures that include identification, containment, eradication, recovery and post-incident analysis. We conduct regular drills and simulations to assess our ability to adapt to various types of cyber incidents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Layered defense and security initiatives**: We employ a defense-in-depth strategy that includes multiple layers of security controls across our IT environment, including firewalls, antivirus software, multi-factor authentication and secure network segmentation, to mitigate against potential security threats. We also regularly update our security policies, implement ongoing training for our employees and invest in advanced security technologies.

------

**PART III** 

**ITEM 17. FINANCIAL STATEMENTS** 

See "Item 18. Financial Statements" for the financial statements filed as part of this Annual Report.

**ITEM 18. FINANCIAL STATEMENTS** 

The following are attached to this Annual Report starting on page F-1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Report of Independent Registered Public Accounting Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Consolidated Statement of Financial Position as of March 31, 2024 and 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Consolidated Statement of Profit or Loss and Other Comprehensive Income for the years ended March 31, 2023, 2024 and 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Consolidated Statement of Changes in Equity for the years ended March 31, 2023, 2024 and 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Consolidated Statement of Cash Flows for the years ended March 31, 2023, 2024 and 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Notes to the Consolidated Financial Statements.

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**ITEM 19. EXHIBITS** 

The following are filed as exhibits hereto:

1.1 [<u>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 Securities and Exchange Commission on July 26, 2010).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000095012310068108/h04091exv3w1.htm)

1.2 [<u>Terms of Issue of Class B Shares (Incorporated by reference to Exhibit B to Exhibit 99.1 of the proxy statement on Form 6-K (File No. 001-34837) as filed with the Securities and Exchange Commission on November 22, 2016).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000119312516774640/d298675dex991.htm)

2.1 [<u>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 Securities and Exchange Commission on July 26, 2010).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000095012310068108/h04091exv4w1.htm)

2.2 [<u>Investor Rights Agreement dated January 7, 2016 by and between MakeMyTrip Limited and Ctrip.com International, Ltd. (Incorporated by reference to Exhibit 99.1 to Form 6-K (File No. 001-34837) as filed with the Securities and Exchange Commission on January 25, 2016).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000119312516436368/d113454dex991.htm)

2.3 [<u>Amendment to the Investor Rights Agreement dated October 18, 2016 by and between MakeMyTrip Limited and Ctrip.com International, Ltd. (Incorporated by reference to Exhibit 99.3 to Form 6-K (File No. 001-34837) as filed with the Securities and Exchange Commission on October 19, 2016).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000119312516741820/d239675dex993.htm)

2.4 [<u>Amended and Restated Investor Rights Agreement dated April 26, 2019 by and between MakeMyTrip Limited and Ctrip.com International, Ltd. (Incorporated by reference to Exhibit 99.1 to Form 6-K (File No. 001-34837) as filed with the Securities and Exchange Commission on April 26, 2019).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000119312519121154/d695365dex991.htm)

2.5 [<u>Registration Rights Agreement dated October 18, 2016 by and among MIH Internet SEA Pte. Ltd., Travogue Electronic Travel Private Limited, Deep Kalra, Keyur Joshi, Ctrip.com International, Ltd., SB Asia Investment Fund II L.P. and MakeMyTrip Limited (Incorporated by reference to Exhibit 99.4 to Form 6-K (File No. 001-34837) as filed with the Securities and Exchange Commission on October 19, 2016).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000119312516741820/d239675dex994.htm)

2.6 [<u>Registration Rights Agreement dated May 2, 2017 by and among MakeMyTrip Limited and the 2017 Shareholders (Incorporated by reference to Exhibit 99.3 to Form 6-K (File No. 001-34837) as filed with the Securities and Exchange Commission on May 2, 2017).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000119312517154093/d374958dex993.htm)

4.1 [<u>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 Securities and Exchange Commission on July 26, 2010).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000095012310068108/h04091exv10w1w2.htm)

4.2 [<u>First Amendment to MakeMyTrip 2010 Share Incentive Plan (Incorporated by reference to Exhibit 99.5 to the Form 6-K (File No. 001-34837) as filed with the Securities and Exchange Commission on October 19, 2016).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000119312516741820/d239675dex995.htm)

4.3 [<u>Second Amendment to MakeMyTrip 2010 Share Incentive Plan (Incorporated by reference to Exhibit 4.5 to the Form S-8 (File No. 333-215814) as filed with the Securities and Exchange Commission on January 30, 2017).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000119312517023736/d329253dex45.htm)

4.4 [<u>Third Amendment to MakeMyTrip 2010 Share Incentive Plan (Incorporated by reference to Exhibit 99.2 to the Form 6-K (File No. 001-34837) as filed with the Securities and Exchange Commission on May 19, 2017).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000119312517176023/d572339dex992.htm)

4.5 [<u>Fourth Amendment to MakeMyTrip 2010 Share Incentive Pl</u> <u>an</u> <u>(Incorporated by reference to Exhibit 4.6 to the Form 20-F (File No. 001-34837) as filed with the Securities and Exchange Commission on June 20, 2018).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000156459018015847/mmyt-ex46_253.htm)

4.6 [<u>Fifth Amendment to MakeMyTrip 2010 Share Incentive Plan (Incorporated by reference to Exhibit 99.2 to the Form 6-K (File No. 001-34837) as filed with the Securities and Exchange Commission on January 24, 2019).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000156459019001022/mmyt-ex992_9.htm)

4.7 [<u>Sixth Amendment to MakeMyTrip 2010 Share Incentive Plan. (Incorporated by reference to Exhibit 4.8 to the Form 20-F (File No. 001-34837) as filed with the Securities and Exchange Commission on August 17, 2020).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000156459020040383/mmyt-ex48_926.htm)

4.8 [<u>Seventh Amendment to MakeMyTrip 2010 Share Incentive Plan (Incorporated by reference to Exhibit 99.2 to the Form 6-K (File No. 001-34837) as filed with the Securities and Exchange Commission on May 25, 2021).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000156459021029604/mmyt-ex992_146.htm)

------

---

| | |
|:---|:---|
| 4.9 | [<u>Eighth Amendment to MakeMyTrip 2010 Share Incentive Plan (Incorporated by reference to Exhibit 99.2 to the Form 6-K (File No. 001-34837) as filed with the Securities and Exchange Commission on October 26, 2021).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000156459021051823/mmyt-ex992_177.htm) |
| 4.10 | [<u>Ninth Amendment to MakeMyTrip 2010 Share Incentive Plan (Incorporated by reference to Exhibit 99.1 to the Form 6-K (File No. 001-34837) as filed with the Securities and Exchange Commission on April 22, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000156459022015187/mmyt-ex991_6.htm) |
| 4.11 | [<u>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 Securities and Exchange Commission on July 26, 2010).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000095012310068108/h04091exv10w5.htm) |
| 4.12 | [<u>Revolving Loan Facility dated August 18, 2020 by and between MakeMyTrip FZ LLC and Ctrip.com (Hong Kong) Limited (Incorporated by reference to Exhibit 99.1 to the Form 6-K (File No. 001-34837) as filed with the Securities and Exchange Commission on September 30, 2020).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000156459020045257/mmyt-ex991_6.htm) |
| 4.13 | [<u>Form of director and executive officer indemnification agreement (Incorporated by reference to Exhibit 4.42 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the Securities and Exchange Commission on July 18, 2017).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000119312517230315/d378697dex442.htm) |
| 4.14 | [<u>Indenture dated February 9, 2021 by and between MakeMyTrip Limited and The Bank of New York Mellon, as trustee, for the 0.00% Convertible Senior Notes due 2028 (Incorporated by reference to Exhibit 99.1 to the Form 6-K (File No. 001-34837) as filed with the Securities and Exchange Commission on February 9, 2021).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000119312521034439/d108202dex991.htm) |
| 4.15 | [<u>Form of 0.00% Convertible Senior Notes due 2028 (included in indenture filed as Exhibit 4.14).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000119312521034439/d108202dex991.htm) |
| 4.16+ | [<u>Lease Deed dated August 20, 2022 by and between M S Ramaiah Developers and Builders Private Limited and MMT India (Incorporated by reference to Exhibit 4.31 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the Securities and Exchange Commission on July 25, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000095017023034278/mmyt-ex4_31.htm) |
| 4.17+ | [<u>Lease Deed dated December 10, 2022 by and between DLF Cyber City Developers Limited and MMT India (Incorporated by reference to Exhibit 4.32 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the Securities and Exchange Commission on July 25, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000095017023034278/mmyt-ex4_32.htm) |
| 4.18 | [<u>Addendum dated December 10, 2022 to the Lease Deed dated December 10, 2022 by and between DLF Cyber City Developers Limited and MMT India (Incorporated by reference to Exhibit 4.33 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the Securities and Exchange Commission on July 25, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000095017023034278/mmyt-ex4_33.htm) |
| 4.19+ | [<u>Lease Deed dated December 26, 2022 by and between DLF Cyber City Developers Limited and MMT India (Incorporated by reference to Exhibit 4.34 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the Securities and Exchange Commission on July 25, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000095017023034278/mmyt-ex4_34.htm) |
| 4.20<br>| [<u>Addendum dated December 26, 2022 to the Lease Deed dated December 26, 2022 by and between DLF Cyber City Developers Limited and MMT India (Incorporated by reference to Exhibit 4.35 to the Annual Report on Form 20-F (File No. 001-34837) as filed with the Securities and Exchange Commission on July 25, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000095017023034278/mmyt-ex4_35.htm) |
| 4.21\*+ | [<u>Lease Deed dated September 15, 2024 by and between DLF Cyber City Developers Limited and MMT India.</u>](mmyt-ex4_21.htm) |
| 4.22\* | [<u>Addendum dated September 15, 2024 to the Lease Deed dated September 15, 2024 by and between DLF Cyber City Developers Limited and MMT India.</u>](mmyt-ex4_22.htm) |
| 4.23#+ | [<u>Subscriber Agreement dated September 15, 2023 by and between MMT India and InterGlobe Technologies Quotient Private Limited. (Incorporated by reference to Exhibit 4.21 to Form 20-F (File No. 001-34837) as filed with the Securities and Exchange Commission on July 2, 2024).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000095017024080082/mmyt-ex4_21.htm) |
| 4.24\*# | [<u>Subscriber Agreement dated March 25, 2025 by and between MMT India and Amadeus Distribution India Enterprise Private Limited.</u>](mmyt-ex4_24.htm) |
| 8.1\* | [<u>List of significant subsidiaries of MakeMyTrip Limited.</u>](mmyt-ex8_1.htm) |
| 11.1 | [<u>Insider Trading Compliance Policy and Procedures (Incorporated by reference to Exhibit 11.1 to Form 20-F (File No. 001-34837) as filed with the Securities and Exchange Commission on July 2, 2024).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000095017024080082/mmyt-ex11_1.htm) |
| 12.1\* | [<u>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.</u>](mmyt-ex12_1.htm) |
| 12.2\* | [<u>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.</u>](mmyt-ex12_2.htm) |

---

------

---

| | |
|:---|:---|
| 13.1\* | [<u>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.</u>](mmyt-ex13_1.htm) |
| 13.2\* | [<u>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.</u>](mmyt-ex13_2.htm) |
| 15.1\* | [<u>Consent of Independent Registered Public Accounting Firm.</u>](mmyt-ex15_1.htm) |
| 97.1 | [<u>Policy for Recovery of Erroneously Awarded Compensation (Incorporated by reference to Exhibit 97.1 to Form 20-F (File No. 001-34837) as filed with the Securities and Exchange Commission on July 2, 2024).</u>](https://www.sec.gov/Archives/edgar/data/1495153/000095017024080082/mmyt-ex97_1.htm) |
| 101.INS\* | Inline XBRL Instance Document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |

---

Notes:

\* Filed herewith

+ Certain annexures and schedules to this exhibit have been omitted pursuant to Regulation S-K Item 601(a)(5).

# Certain confidential portions (indicated by brackets and asterisks) have been omitted from this Exhibit pursuant to Regulation S-K Item 601(b)(10)(iv).

------

**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 16, 2025

---

| | |
|:---|:---|
| **MAKEMYTRIP LIMITED** | **MAKEMYTRIP LIMITED** |
| By: | /s/ Rajesh Magow |
| Name: | Rajesh Magow |
| Title: | Group Chief Executive Officer |

---

------

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [<u>Report of Independent Registered Public Accounting Firm (KPMG Assurance and Consulting Services LLP, Bengaluru, Karnataka, India, PCAOB ID: 02115</u>](#report_independent_registered_public_acc)<u>)</u> | F-2 |
| [<u>Consolidated Statement of Financial Position as of March 31, 2024 and 2025</u>](#consolidated_statement_financial_positio) | F-4 |
| [<u>Consolidated Statement of Profit or Loss and Other Comprehensive Income for the years ended March 31, 2023, 2024 and 2025</u>](#consolidated_statement_prit_or_loss_or) | F-5 |
| [<u>Consolidated Statement of Changes in Equity for the years ended March 31, 2023, 2024 and 2025</u>](#consolidated_statement_changes_in_equity) | F-6 |
| [<u>Consolidated Statement of Cash Flows for the years ended March 31, 2023, 2024 and 2025</u>](#consolidated_statement_cash_flows) | F-9 |
| [<u>Notes to the Consolidated Financial Statements</u>](#notes_to_consolidated_financial_statemen) | F-10 |

---

------

**Report of Independent Registered Public Accounting Firm**

To the Stockholders and the Board of Directors

MakeMyTrip Limited

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated statement of financial position of MakeMyTrip Limited and subsidiaries (the "Company") as of March 31, 2025 and 2024, the related consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for each of the years in the three-year period ended March 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended March 31, 2025, 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) ("PCAOB"), the Company's internal control over financial reporting as of March 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated June 16, 2025 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.

*Basis for Opinion*

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 are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

*Critical Audit Matters*

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

*Evaluation of the sufficiency of audit evidence over revenue recognition*

As discussed in Notes 3(j) and 10 of the Company's financial statements, the Company provides travel products and services and its main revenue streams are air ticketing, hotel and packages, and bus ticketing. The revenue from rendering these services is recognized in the profit or loss upon transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services. Revenue consists of a significant volume of low-value transactions processed through multiple custom information technology (IT) systems.

------

We identified the evaluation of the sufficiency of audit evidence over revenue recognition related to air ticketing, hotels and packages, and bus ticketing as a critical audit matter. This matter required subjective auditor judgment because the Company's revenue recognition process is highly automated using custom IT systems and involves the interface of significant volumes of data across multiple IT systems. Auditor judgment was required in determining the nature and extent of audit evidence obtained over the IT systems that process revenue transactions. Involvement of professionals with specialized skills and knowledge was required to assist with the determination of IT applications subject to testing and the performance and evaluation of related procedures.

The following are the primary audit procedures we performed to address this critical audit matter. We applied auditor judgement to determine the nature and extent of procedures to be performed over each of these main revenue streams. We evaluated the design and tested the operating effectiveness of relevant internal controls related to the revenue recognition process. We involved IT professionals with specialized skills and knowledge, who assisted in testing controls related to the Company's general information technology and application controls related to systems utilized within the revenue recognition process. For a sample of revenue transactions, we evaluated the amounts recognized for consistency with underlying documentation, including contracts with customers. We evaluated the sufficiency of audit evidence obtained by assessing the results of procedures performed, including the nature and extent of such evidence.

*Recoverability of deferred tax assets*

As discussed in Note 20 to the consolidated financial statements, the Company has recognized deferred tax assets of USD 106,431 thousands as at March 31, 2025. Further, as discussed in Note 3(n) to the consolidated financial statements, the Company recognizes deferred tax assets 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.

We have identified the evaluation of the recoverability of deferred tax assets as a critical audit matter. Subjective auditor judgement was required to assess the adjusted margin growth rate and earnings before interest, tax, depreciation and amortization (EBITDA) margin assumptions used to forecast the future taxable profits due to the inherent uncertainty associated with the future outcome of operations underlying these assumptions.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of internal controls over the Company's process for assessing the recoverability of deferred tax assets. This included controls related to the determination of the adjusted margin growth rate and EBITDA margin assumptions used to forecast future taxable profits. We performed a sensitivity analysis over the adjusted margin growth rate and EBITDA margin assumptions to evaluate the impact of changes on the recoverability of deferred tax assets. We compared the Company's historical forecasted adjusted margin growth rate and the EBITDA margin with the actual results to assess the Company's ability to accurately forecast. We assessed the reasonableness of the inputs into the EBITDA margin assumption by comparing to historical experience. We involved valuation professionals with specialized skills and knowledge, who assisted in evaluating the reasonableness of management's adjusted margin growth rate and EBITDA margin by comparing them with the industry trends.

We have served as the Company's auditor since 2010.

/s/ KPMG Assurance and Consulting Services LLP

Bengaluru, Karnataka, India

June 16, 2025

------

# **MAKEMYTRIP LIMITED** 

# **CONSOLIDATED STATEMENT OF FINANCIAL POSITION** 

# (Amounts in USD thousands)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **As at March 31** | **As at March 31** |
|  | **Note** | **2024** | **2025** |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment | 18 | 25895 | 26457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets and goodwill | 19 | 613386 | 597791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | 21 | 7696 | 8879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in equity-accounted investees | 8 | 2022 | 1914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments | 9 | 1361 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term deposits | 23 | 966 | 2130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current tax assets, net |  | 22071 | 18044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets, net | 20 | 129317 | 106431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 25 | 85 | 402 |
| **Total non-current assets** |  | **802799** | **763020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories |  | 218 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract assets | 10 | 253 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax assets, net |  | 4947 | 9140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | 21 | 91950 | 141143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term deposits | 23 | 279722 | 252286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 24 | 153123 | 152931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 22 | 327065 | 508898 |
| **Total current assets** |  | **857278** | **1065268** |
| **Total assets** |  | **1660077** | **1828288** |
| **Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share capital | 26 | 55 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share premium | 26 | 2161217 | 2203445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other components of equity | 26 | (29899) | (71003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit |  | (1020518) | (929868) |
| **Total equity attributable to owners of the Company** |  | **1110855** | **1202630** |
| Non-controlling interests |  | 5563 | 5347 |
| **Total equity** |  | **1116418** | **1207977** |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans and borrowings | 28 | 216818 | 13895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee benefits | 32 | 11662 | 14705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 10 | 408 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities, net | 20 | 4754 | 2526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | 30 | 12443 | 12396 |
| **Total non-current liabilities** |  | **246085** | **43697** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank overdraft | 22 | **—** | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans and borrowings | 28 | 4806 | 222142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables | 31 | 118548 | 146999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 10 | 92958 | 120098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 29 | 81262 | 86839 |
| **Total current liabilities** |  | **297574** | **576614** |
| **Total liabilities** |  | **543659** | **620311** |
| **Total equity and liabilities** |  | **1660077** | **1828288** |

---

See accompanying notes to consolidated financial statements

------

**MAKEMYTRIP LIMITED**

**CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME**

(Amounts in USD thousands, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
|  | **Note** | **2023** | **2024** | **2025** |
| **Revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air ticketing |  | 147793 | 201246 | 241529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotels and packages |  | 337686 | 435542 | 520411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bus ticketing |  | 74873 | 92693 | 119361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 11 | 32684 | 53043 | 97035 |
| **Total revenue** |  | **593036** | **782524** | **978336** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 12 | 2798 | 770 | 317 |
| Service cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procurement cost of hotels and packages services |  | 168387 | 210357 | 246550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other cost of providing services |  | 9180 | 4732 | 27798 |
| Personnel expenses | 13 | 131968 | 147587 | 160065 |
| Marketing and sales promotion expenses |  | 101601 | 123304 | 165324 |
| Other operating expenses | 14 | 133698 | 204833 | 231905 |
| Depreciation, amortization and impairment | 15 | 27396 | 27267 | 27122 |
| **Results from operating activities** |  | **23604** | **65214** | **119889** |
| Finance income | 16 | 10974 | 24365 | 28256 |
| Finance costs | 16 | 46732 | (3307) | 32191 |
| **Net finance income (costs)** |  | **(35758)** | **27672** | **(3935)** |
| Share of profit (loss) of equity-accounted investees | 8 | 10 | 52 | (64) |
| **Profit (loss) before tax** |  | **(12144)** | **92938** | **115890** |
| Income tax benefit (expense) | 17 | 976 | 123805 | (20616) |
| **Profit (loss) for the year** |  | **(11168)** | **216743** | **95274** |
| **Other comprehensive income (loss), net of tax** |  |  |  |  |
| **Items that will not be reclassified to profit or loss:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurements of defined benefit liability |  | 468 | (964) | (642) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity instruments at fair value through other comprehensive<br>income (FVOCI) - net change in fair value |  |  |  | (452) |
|  |  | **468** | **(964)** | **(1094)** |
| **Items that are or may be reclassified subsequently to profit or loss:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation differences on foreign operations |  | (48879) | (9862) | (20898) |
|  |  | **(48879)** | **(9862)** | **(20898)** |
| **Other comprehensive loss for the year, net of tax** |  | **(48411)** | **(10826)** | **(21992)** |
| **Total comprehensive income (loss) for the year** |  | **(59579)** | **205917** | **73282** |
| **Profit (loss) attributable to:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owners of the Company |  | (11321) | 216801 | 95101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests |  | 153 | (58) | 173 |
| **Profit (loss) for the year** |  | **(11168)** | **216743** | **95274** |
| **Total comprehensive income (loss) attributable to:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owners of the Company |  | (59176) | 206059 | 73255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests |  | (403) | (142) | 27 |
| **Total comprehensive income (loss) for the year** |  | **(59579)** | **205917** | **73282** |
| **Earnings (loss) per share (in USD)** |  |  |  |  |
| Basic | 27 | (0.10) | 1.95 | 0.84 |
| Diluted | 27 | (0.10) | 1.74 | 0.83 |

---

See accompanying notes to consolidated financial statements

------

**MAKEMYTRIP LIMITED**

**CONSOLIDATED STATEMENT OF CHANGES IN EQUITY**

(Amounts in USD thousands)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** |  |  |
|  |  |  | **Other components of equity** | **Other components of equity** | **Other components of equity** | **Other components of equity** |  |  |  |  |
|  | **Share Capital

#** | **Share Premium

#** | **Equity<br>Component of<br>Convertible<br>Notes #** | **Fair Value<br>Reserves #** | **Share Based<br>Payment Reserve #** | **Foreign<br>Currency<br>Translation<br>Reserve #** | **Accumulated<br>Deficit** | **Total** | **Non-<br>Controlling<br>Interests** | **Total Equity** |
| **Balance as at April 1, 2022** | **53** | **2034663** | **31122** | **368** | **161768** | **(119684)** | **(1214156)** | **894134** | **2341** | **896475** |
| **Total comprehensive income (loss) for the year** |  |  |  |  |  |  |  |  |  |  |
| Profit (loss) for the year |  |  |  |  |  |  | (11321) | (11321) | 153 | (11168) |
| **Other comprehensive income (loss)** |  |  |  |  |  |  |  |  |  |  |
| Foreign currency translation differences |  |  |  |  |  | (48322) |  | (48322) | (557) | (48879) |
| Remeasurements of defined benefit liability |  |  |  |  |  |  | 467 | 467 | 1 | 468 |
| **Total other comprehensive income (loss)** | **—** | **—** | **—** | **—** | **—** | **(48322)** | **467** | **(47855)** | **(556)** | **(48411)** |
| **Total comprehensive income (loss) for the year** | **—** | **—** | **—** | **—** | **—** | **(48322)** | **(10854)** | **(59176)** | **(403)** | **(59579)** |
| **Transactions with owners of the Company** |  |  |  |  |  |  |  |  |  |  |
| **Contributions by owners** |  |  |  |  |  |  |  |  |  |  |
| Share based payment |  |  |  |  | 35617 |  |  | 35617 | 26 | 35643 |
| Issue of ordinary shares on exercise of<br> share based awards | ^ | 22699 |  |  | (20499) |  |  | 2200 |  | 2200 |
| Transfer to accumulated deficit on expiry of<br> share based awards |  |  |  |  | (50) |  | 50 |  |  |  |
| **Total contributions by owners** | **^** | **22699** | **—** | **—** | **15068** | **—** | **50** | **37817** | **26** | **37843** |
| **Changes in ownership interests** |  |  |  |  |  |  |  |  |  |  |
| Acquisition of non-controlling interest without a change in control (refer note 7 (a)) |  |  |  |  |  | (218) | 1522 | 1304 | (1304) |  |
| Acquisition of subsidiaries with non-controlling interest (refer note 7 (b) and 7 (c)) |  |  |  |  |  |  |  |  | 5830 | 5830 |
| Recognition of financial liability for acquisition of non-controlling interest (refer note 7 (c)) |  |  |  |  |  |  | (4411) | (4411) |  | (4411) |
| Change in fair value of financial liability for acquisition of non-controlling interest (refer note 7 (c) and 34) |  |  |  |  |  | 35 | (137) | (102) |  | (102) |
| **Total changes in ownership interests** | **—** | **—** | **—** | **—** | **—** | **(183)** | **(3026)** | **(3209)** | **4526** | **1317** |
| **Total transactions with owners of the Company** | **^** | **22699** | **—** | **—** | **15068** | **(183)** | **(2976)** | **34608** | **4552** | **39160** |
| **Balance as at March 31, 2023** | **53** | **2057362** | **31122** | **368** | **176836** | **(168189)** | **(1227986)** | **869566** | **6490** | **876056** |
| *^less than 1* |  |  |  |  |  |  |  |  |  |  |
| *# refer note 26* |  |  |  |  |  |  |  |  |  |  |

---

See accompanying notes to consolidated financial statements

------

**MAKEMYTRIP LIMITED**

**CONSOLIDATED STATEMENT OF CHANGES IN EQUITY- (Continued)**

(Amounts in USD thousands)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** |  |  |
|  |  |  | **Other components of equity** | **Other components of equity** | **Other components of equity** | **Other components of equity** |  |  |  |  |
|  | **Share Capital

#** | **Share Premium

#** | **Equity<br>Component of<br>Convertible<br>Notes #** | **Fair Value<br>Reserves #** | **Share Based<br>Payment Reserve #** | **Foreign<br>Currency<br>Translation<br>Reserve #** | **Accumulated<br>Deficit** | **Total** | **Non-<br>Controlling<br>Interests** | **Total Equity** |
| **Balance as at April 1, 2023** | **53** | **2057362** | **31122** | **368** | **176836** | **(168189)** | **(1227986)** | **869566** | **6490** | **876056** |
| **Total comprehensive income (loss) for the year** |  |  |  |  |  |  |  |  |  |  |
| Profit (loss) for the year |  |  |  |  |  |  | 216801 | 216801 | (58) | 216743 |
| **Other comprehensive income (loss)** |  |  |  |  |  |  |  |  |  |  |
| Foreign currency translation differences |  |  |  |  |  | (9777) |  | (9777) | (85) | (9862) |
| Remeasurements of defined benefit liability |  |  |  |  |  |  | (965) | (965) | 1 | (964) |
| **Total other comprehensive income (loss)** | **—** | **—** | **—** | **—** | **—** | **(9777)** | **(965)** | **(10742)** | **(84)** | **(10826)** |
| **Total comprehensive income (loss) for the year** |  |  |  |  |  | **(9777)** | **215836** | **206059** | **(142)** | **205917** |
| **Transactions with owners of the Company** |  |  |  |  |  |  |  |  |  |  |
| **Contributions by owners** |  |  |  |  |  |  |  |  |  |  |
| Share based payment |  |  |  |  | 37962 |  |  | 37962 | 27 | 37989 |
| Issue of ordinary shares on exercise of<br>share based awards | 2 | 103855 |  |  | (97862) |  |  | 5995 |  | 5995 |
| Transfer to accumulated deficit on expiry of<br> share based awards |  |  |  |  | (52) |  | 52 |  |  |  |
| **Total contributions by owners** | **2** | **103855** | **—** | **—** | **(59952)** | **—** | **52** | **43957** | **27** | **43984** |
| **Changes in ownership interests** |  |  |  |  |  |  |  |  |  |  |
| Acquisition of non-controlling interest without a change in control (refer note 7 (a)) | **—** | **—** | **—** | **—** | **—** | (229) | (418) | (647) | (1762) | (2409) |
| Acquisition of subsidiary with non-controlling interest (refer note 7 (d)) | **—** | **—** | **—** | **—** | **—** |  |  |  | 950 | 950 |
| Recognition of financial liability for acquisition of non-controlling interest (refer note 7 (d)) | **—** | **—** | **—** | **—** | **—** |  | (7311) | (7311) |  | (7311) |
| Change in fair value of financial liability for acquisition of non-controlling interests (refer note 7 (c), 7 (d) and 34) | **—** | **—** | **—** | **—** | **—** | (78) | (691) | (769) |  | (769) |
| **Total changes in ownership interests** | **—** | **—** | **—** | **—** | **—** | **(307)** | **(8420)** | **(8727)** | **(812)** | **(9539)** |
| **Total transactions with owners of the Company** | **2** | **103855** | **—** | **—** | **(59952)** | **(307)** | **(8368)** | **35230** | **(785)** | **34445** |
| **Balance as at March 31, 2024** | **55** | **2161217** | **31122** | **368** | **116884** | **(178273)** | **(1020518)** | **1110855** | **5563** | **1116418** |
| *# refer note 26* |  |  |  |  |  |  |  |  |  |  |

---

See accompanying notes to consolidated financial statements

------

**MAKEMYTRIP LIMITED**

**CONSOLIDATED STATEMENT OF CHANGES IN EQUITY- (Continued)**

(Amounts in USD thousands)

.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** |  |  |
|  |  |  | **Other components of equity** | **Other components of equity** | **Other components of equity** | **Other components of equity** | **Other components of equity** |  |  |  |  |
|  | **Share Capital

#** | **Share Premium

#** | **Equity<br>Component of<br>Convertible<br>Notes #** | **Treasury Shares Reserve #** | **Fair Value<br>Reserves #** | **Share Based<br>Payment Reserve #** | **Foreign<br>Currency<br>Translation<br>Reserve #** | **Accumulated<br>Deficit** | **Total** | **Non-<br>Controlling<br>Interests** | **Total Equity** |
| **Balance as at April 1, 2024** | **55** | **2161217** | **31122** | **—** | **368** | **116884** | **(178273)** | **(1020518)** | **1110855** | **5563** | **1116418** |
| **Total comprehensive income (loss) for the year** |  |  |  |  |  |  |  |  |  |  |  |
| Profit (loss) for the year |  |  |  | **—** |  |  |  | 95101 | 95101 | 173 | 95274 |
| **Other comprehensive income (loss)** |  |  |  |  |  |  |  |  |  |  |  |
| Foreign currency translation differences |  |  |  | **—** |  |  | (20767) |  | (20767) | (131) | (20898) |
| Equity instruments at FVOCI - net change in<br> fair value |  |  |  | **—** | (452) |  |  |  | (452) |  | (452) |
| Remeasurements of defined benefit liability |  |  |  | **—** |  |  |  | (627) | (627) | (15) | (642) |
| **Total other comprehensive income (loss)** | **—** | **—** | **—** | **—** | **(452)** | **—** | **(20767)** | **(627)** | **(21846)** | **(146)** | **(21992)** |
| **Total comprehensive income (loss) for the year** |  |  |  |  | **(452)** |  | **(20767)** | **94474** | **73255** | **27** | **73282** |
| **Transactions with owners of the Company** |  |  |  |  |  |  |  |  |  |  |  |
| **Contributions by owners** |  |  |  |  |  |  |  |  |  |  |  |
| Share based payment |  |  |  |  |  | 36783 |  |  | 36783 | 92 | 36875 |
| Issue of ordinary shares on exercise of<br>share based awards | 1 | 42228 |  |  |  | (35220) |  |  | 7009 |  | 7009 |
| Transfer to accumulated deficit on expiry of<br> share based awards |  |  |  |  |  | (35) |  | 248 | 213 | (213) |  |
| Settlement of share based arrangement (refer note 33 (d) (i)) |  |  |  |  |  |  |  |  |  | (122) | (122) |
| Treasury shares acquired # |  |  |  | (21722) |  |  |  |  | (21722) |  | (21722) |
| **Total contributions by owners** | **1** | **42228** | **—** | **(21722)** | **—** | **1528** | **—** | **248** | **22283** | **(243)** | **22040** |
| **Changes in ownership interests** |  |  |  |  |  |  |  |  |  |  |  |
| Change in fair value of financial liability for acquisition of non-controlling interests (refer note 7 (c), 7 (d) and 34) | **—** | **—** | **—** | **—** | **—** | **—** | 309 | (4072) | (3763) |  | (3763) |
| **Total changes in ownership interests** | **—** | **—** | **—** | **—** | **—** | **—** | **309** | **(4072)** | **(3763)** | **—** | **(3763)** |
| **Total transactions with owners of the Company** | **1** | **42228** | **—** | **(21722)** | **—** | **1528** | **309** | **(3824)** | **18520** | **(243)** | **18277** |
| **Balance as at March 31, 2025** | **56** | **2203445** | **31122** | **(21722)** | **(84)** | **118412** | **(198731)** | **(929868)** | **1202630** | **5347** | **1207977** |
| *# refer note 26* |  |  |  |  |  |  |  |  |  |  |  |

---

See accompanying notes to consolidated financial statements

------

**MAKEMYTRIP LIMITED**

**CONSOLIDATED STATEMENT OF CASH FLOWS**

(Amounts in USD thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
|  | **2023** | **2024** | **2025** |
| **Cash flows from operating activities** |  |  |  |
| Profit (loss) for the year | (11168) | 216743 | 95274 |
| **Adjustments for:** |  |  |  |
| Depreciation | 6096 | 7436 | 9110 |
| Amortization | 21150 | 19809 | 18012 |
| Impairment of intangible assets | 150 | 22 |  |
| Impairment provision for non-financial assets |  | 10047 |  |
| Intangible assets written off |  | 982 | 1481 |
| Gain on discontinuation of equity accounted investments | (2017) |  |  |
| Net gain on de-recognition of property, plant and equipment | (177) | (132) | (61) |
| Gain on lease modification | (100) | (12) | (20) |
| Net finance costs (income) | 35758 | (27672) | 3935 |
| Share of (profit) loss of equity-accounted investees | (10) | (52) | 64 |
| Share based payment | 35643 | 36963 | 36018 |
| Income tax (benefit) expense | (976) | (123805) | 20616 |
| **Operating cash flows before changes in following assets and liabilities** | **84349** | **140329** | **184429** |
| **Changes in:** |  |  |  |
| Inventories | (6) | (195) | (145) |
| Trade and other receivables and contract assets | (37675) | (25112) | (52424) |
| Other assets | (51035) | (42455) | 427 |
| Trade and other payables and contract liabilities | 42675 | 42524 | 51183 |
| Employee benefits | 879 | 1705 | 2272 |
| Other liabilities | (2767) | 18608 | 5092 |
| **Cash generated from operating activities** | **36420** | **135404** | **190834** |
| Income tax paid, net | (4207) | (9664) | (5548) |
| **Net cash generated from operating activities** | **32213** | **125740** | **185286** |
| **Cash flows from investing activities** |  |  |  |
| Interest received | 8184 | 21935 | 24747 |
| Acquisition of property, plant and equipment (refer note (a) below) | (7489) | (5904) | (4473) |
| Acquisition of intangible assets | (9412) | (6920) | (7289) |
| Proceeds from sale of property, plant and equipment | 410 | 389 | 437 |
| Redemption of term deposits | 308308 | 345903 | 403195 |
| Investment in term deposits | (251681) | (423612) | (379211) |
| Acquisition of subsidiary / business, net of cash acquired (refer note 7 (b) - 7 (e)) (refer note (b) below) | (1457) | (6476) | (10394) |
| Loan given to equity-accounted investee received back (refer note 37) |  | 24 | 24 |
| Acquisition of other securities measured at FVTPL | (87) | (11) | (73) |
| Income tax paid on term deposits | (148) | (918) | (519) |
| **Net cash generated from (used in) investing activities** | **46628** | **(75590)** | **26444** |
| **Cash flows from financing activities** |  |  |  |
| Repurchase of treasury shares (refer note 26) |  |  | (21722) |
| Acquisition of non-controlling interest (refer note 7(a)) | (5035) | (7427) |  |
| Settlement of share based arrangement (refer note 33 (d) (i)) |  |  | (122) |
| Proceeds from issuance of shares on exercise of share based awards | 2200 | 5995 | 7009 |
| Proceeds from bank loans (refer note 28) | 2168 | 2114 |  |
| Repayment of bank loans (refer note 28) | (749) | (1009) | (1455) |
| Payment of principal portion of lease liabilities (refer note 28) | (2415) | (3105) | (3763) |
| Interest paid, including finance and other charges (refer note 16 and 28) | (2376) | (2804) | (2838) |
| **Net cash used in financing activities** | **(6207)** | **(6236)** | **(22891)** |
| **Net increase in cash and cash equivalents** | **72634** | **43914** | **188839** |
| Cash and cash equivalents at beginning of the year | 213283 | 284018 | 327065 |
| Effect of exchange rate fluctuations on cash held | (1899) | (867) | (7542) |
| **Cash and cash equivalents at end of the year (refer note 22)** | **284018** | **327065** | **508362** |
| **Supplementary information: non-cash transactions** |  |  |  |
| (a) Property, plant and equipment acquired through secured bank loans (refer note 28) |  |  | 2435 |
| (b) Transfer of right to receive collection from trade receivables used to settle purchase consideration (refer note 7 (e)) |  |  | 803 |

---

See accompanying notes to consolidated financial statements

------

**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 through its subsidiaries in India, the United States of America, Singapore, Malaysia, Thailand, the United Arab Emirates, Peru, Colombia, Vietnam, Cambodia and Indonesia. The Group offers its customers the entire range of travel services including ticketing, tours and packages, hotels and other travel related services.

The Company is a public limited company incorporated and domiciled in Republic of Mauritius and has its registered office at IQ EQ Corporate Services (Mauritius) Limited, 33, Edith Cavell Street, Port Louis, Republic of Mauritius. The Company's ordinary shares representing equity shares are listed on the Nasdaq.

**2)** **BASIS OF ACCOUNTING**

**(a)** **Statement of Compliance**

These 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 otherwise.

The consolidated financial statements were authorized for issue by the Company's Board of Directors on June 16, 2025.

**(b)** **Basis of Measurement**

The consolidated financial statements have been prepared on the historical cost and on an accrual basis, except for the following material items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•equity securities at Fair Value through Other Comprehensive Income (FVOCI), equity securities and other securities at Fair Value Through Profit or Loss (FVTPL) and financial liabilities at Fair Value Through Profit or Loss (FVTPL).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•net defined benefit liability measured at the present value of the defined benefit obligation less fair value of plan assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•contingent consideration assumed in a business combination at FVTPL.

**(c)** **Functional and Presentation Currency**

These consolidated financial statements are presented in U.S. Dollar (USD), which is the Parent Company's functional currency. All amounts have been rounded to the nearest thousands, unless otherwise indicated.

The functional currency of subsidiaries is the currency of the primary economic environment in which each subsidiary operates and is normally the currency in which each subsidiary primarily generates and expends cash.

**(d)** **Use of Judgements and Estimates**

The preparation of these consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***i)*** ***<u>Judgements</u>***

Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements is included in the following notes:

**Note 8 – Equity-accounted investees: whether the Group has significant influence over an investee**: The Group has a significant influence over another entity if it holds 20% or more of the voting power of the investee. In case the Group holds less than 20% of the voting power of the investees, then the Group applies judgement to determine its significant influence over the investee.

**Note 10 – Revenue recognition: expected usage of loyalty program benefits:** Under its customer loyalty programs, the Group allocates a portion of the consideration received to loyalty points that are redeemable against any future purchases of the Group's services. This allocation is based on the relative standalone selling prices and considering breakages. Judgement is required to determine the standalone selling price for each distinct performance obligation.

**Note 10 - Recognition of revenue on gross/net basis:** Recognition of revenue from customers on gross/net basis requires judgement based on the underlying travel services provided.

**Note 17 and 20 – Income taxes:** Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. Further, the Group takes into account the impact of uncertain tax positions in determining the amount of current and deferred tax. This assessment involves a series of judgements about future events.

**Note 19 – Determination of Cash Generating Unit (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. Judgement is involved in determining the CGU/grouping of CGUs for allocation of the goodwill and other assets.

**Note 19 – Technology related development cost:** The Group capitalizes technology related development costs. Initial capitalization of costs is based on management's judgement that technological and economic feasibility is confirmed.

**Note 28 – Convertible Notes:** The Group has applied its judgement in determining the expected future life of the instrument.

**Note 36 – Lease term:** The Group has an option to extend the term of lease at the end of lock-in period in most of its leases. The Group makes a judgement, by considering future economic incentives for exercising the extension option in order to ensure reasonable certainty.

***ii)*** ***<u>Assumptions and estimation uncertainties</u>***

Information about assumptions and estimation uncertainties as at March 31, 2025 that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year is included in the following notes:

**Note 10 – Revenue recognition: estimate regarding incentive payment from travel suppliers:** Contracts with travel suppliers can include incentive payments which are estimated at inception and are adjusted at the end of each reporting period as additional information becomes available only to the extent that it is probable that a significant reversal of any incremental revenue will not occur.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**Note 14 – Recognition and measurement of provisions and contingencies:** 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. The Group is involved in various legal and tax matters, the outcome of which may not be favorable to the Group. Management in consultation with the legal, tax and other advisers assess the likelihood that a pending claim will succeed. The Group has recognised liabilities based on whether additional amounts will be payable and has included contingent liabilities where economic outflows are considered possible but not probable.

**Note 17 and 20 – Deferred taxes:** In assessing the realizability of deferred tax assets, management considers availability of future taxable profits against which deductible temporary differences and tax losses carried forward 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.

**Note 19 - Useful life of intangible assets:** The useful lives of Group's intangible assets are determined by management at the time the asset is acquired based on historical experience, after considering market conditions, industry practice, technological developments, obsolescence and other factors. However, changes in economic conditions of the markets, competition and technology, among others, are unpredictable and they may significantly impact the useful lives.

**Note 19 – Impairment test of intangible assets and goodwill: key assumptions underlying recoverable amounts, including the recoverability of development costs**: In calculating the value in use for the purpose of impairment, the Group is required to make significant judgements, estimates and assumptions inter-alia concerning the growth in earnings before interest, taxes, depreciation and amortization ('EBITDA') margins, long-term growth rates, terminal growth, adjusted margin growth rate and discount rates to reflect the risks involved.

**Note 24 – Impairment and recoverability of advances to suppliers:** In calculating the recoverability of the advances to suppliers, the Group is required to make significant judgements, estimates and assumptions inter-alia concerning the continuous operations of our suppliers, security of the advances and utilization in the future period to reflect the risks involved.

**Note 32 – Measurement of defined benefit obligations: key actuarial assumptions:** The cost of the defined benefit plans and compensated absences along with the present value of the defined benefit obligations are based on actuarial valuation. These include the determination of the discount rate, future salary increases, withdrawal rates and mortality rates. The actuarial assumptions used by the Company may differ materially from actual results in future periods due to changing market and economic conditions, regulatory events, judicial rulings, higher or lower withdrawal rates, or longer or shorter participant life spans.

**Note 33 - Share based payments:** The share-based compensation expense is determined based on the Company's estimate of equity instruments that will eventually vest.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**(e)** **Current/non-current classification**

All assets and liabilities are classified into current and non-current.

Assets

An asset is classified as current when it satisfies any of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)it is expected to be realised in, or is intended for sale or consumption in, the company's normal operating cycle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)it is held primarily for the purpose of being traded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)it is expected to be realised within 12 months after the reporting date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting date.

Current assets include the current portion of non-current assets.

All other assets are classified as non-current.

Liabilities

A liability is classified as current when it satisfies any of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)it is expected to be settled in the company's normal operating cycle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)it is held primarily for the purpose of being traded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)it is due to be settled within 12 months after the reporting date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)the company does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

Current liabilities include current portion of non-current liabilities.

All other liabilities are classified as non-current.

***Operating cycle***

Operating cycle is the time between the acquisition of assets for processing/servicing, and their realisation in cash or cash equivalents.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**3)** **MATERIAL ACCOUNTING POLICIES**

The accounting policies have been applied consistently to all periods presented in these consolidated financial statements, except as mentioned otherwise.

**(a)** **Basis of Consolidation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i) Subsidiaries*

The Group consolidates entities which Parent Company 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 on which control commences until the date on which control ceases.

*ii) Investment in Equity- Accounted Investees*

Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligation of its liabilities.

Interests in associates and joint venture are accounted for using the equity method. Under the equity method of accounting, the investments are initially recognised at cost which includes transaction costs and adjusted thereafter to recognise the Group's share of the post-acquisition profits or losses of the investee in profit or loss, and the Group's share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates are recognised as a reduction in the carrying amount of the investment. Where the Group's share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group's interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

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 on which significant influence or joint control commences until the date on which significant influence or joint control ceases.

*iii) Non-controlling Interests*

Non-controlling interests are measured initially 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. When the Group loses control over a subsidiary, it derecognizes assets and liabilities of the subsidiary, and any related non-controlling interests and other components of equity. Any resulting gain or loss is recognized in the profit or loss. Any retained interest in the former subsidiary is remeasured at fair value when control is lost.

Subsequent to acquisition, the carrying amount of non-controlling interest is the amount of those interests at initial recognition plus the non-controlling interest's share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if it results in the non-controlling interest having a deficit balance.

Acquisition of some or all of the non-controlling interests is accounted for as a transaction with equity holders in their capacity as equity holders. Consequently, the difference arising between the fair value of the purchase consideration paid and the carrying value of the non-controlling interests is recorded as an adjustment to retained earnings that is attributable to the Parent Company. The associated cash flows are classified as financing activities. No goodwill is recognized as a result of such transactions.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

*iv) Transactions Eliminated on Consolidation*

Intra-group balances and transactions, and any unrealized income and expenses (except foreign currency transaction gains or losses) arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

**(b)** **Business Combinations**

The Group accounts for business combinations using the acquisition method as at the acquisition date when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a 'concentration test' that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.

The cost of an acquisition is measured at the fair value of the assets acquired, equity instruments issued and liabilities incurred or assumed at the date of acquisition. The cost of acquisition also includes the fair value of contingent consideration and deferred consideration, if any. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at fair value at the date of acquisition.

Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.

Transaction costs incurred in connection with a business combination are expensed as incurred, except if related to the issue of debt or equity securities.

If share based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree's employees (acquiree's awards), then all or a portion of the amount of the acquirer's replacement awards is included in measuring the consideration transferred in the business combination. This determination is based on the market-based measure of the replacement awards compared with the market-based measure of the acquiree's awards and the extent to which the replacement awards relate to pre-combination service.

**(c)** **Foreign Currency**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i) Foreign Currency Transactions*

Transactions in foreign currencies are translated into the respective functional currencies of the 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 into the functional currency at the exchange rate at the reporting date. 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 presented with finance costs in profit or loss, except for the differences on investment in equity securities designated at FVOCI wherein any exchange component of gain or loss is recognized in Other Comprehensive Income (OCI) (except on impairment, in which case foreign currency differences that have been recognised in OCI are reclassified to profit or loss). Non-monetary items that are measured based on historical cost in a foreign currency are not translated.

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**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 adjustments arising on acquisition, are translated to USD at the exchange rates at the reporting date. The income and expenses of foreign operations are translated to USD at an average exchange rates 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i) Recognition and initial measurement*

Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument.

A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.

*ii) Classification and subsequent measurement*

<u>Financial assets</u>

On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI – debt investment; FVOCI – equity investment; or FVTPL.

Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•it is held within a business model whose objective is to hold assets to collect contractual cash flows; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

On initial recognition of an equity investment, which meets the definition of equity under IAS 32 Financial Instruments: Presentation and not held for trading, the Group may irrevocably elect to present subsequent changes in the investment's fair value in Other Comprehensive Income (OCI). This election is made on an investment-by-investment basis.

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**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

<u>Financial assets – Assessment whether contractual cash flows are solely payments of principal and interest</u>

For the purposes of this assessment, 'principal' is defined as the fair value of the financial asset on initial recognition. 'Interest' is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•contingent events that would change the amount or timing of cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•terms that may adjust the contractual coupon rate, including variable-rate features;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•prepayment and extension features; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•terms that limit the Group's claim to cash flows from specified assets (e.g. non-recourse features).

<u>Financial assets – Subsequent measurement and gains and losses</u>

*Financial assets at amortised cost*

These assets are subsequently measured at amortised cost using the effective interest method. The gross carrying amount is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.

*Debt investments at FVOCI*

These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.

*Financial assets at FVTPL*

These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss.

*Equity investments at FVOCI*

These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss.

<u>Financial liabilities – Classification, subsequent measurement and gains and losses</u>

Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.

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**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

Where the Group has written put option over non-controlling interest, a put option liability is recorded as financial liability. The Group considers whether the ownership risks and rewards of the shares relating to the put option remains with non-controlling interest or is transferred to the Group. At the time of initial recognition, equity is debited in case ownership risks and rewards of the shares relating to put option remains with the non-controlling interest. However, where the ownership risks and rewards of the shares relating to put option have been transferred to the Group, non-controlling interest is adjusted up to the balance of financial liability and differential is debited to equity. The Group has opted to carry the put option liability at fair value. Subsequent to initial recognition, the Group has chosen an accounting policy to recognise changes in the carrying amount of the put option liability within equity.

*iii) Derecognition*

<u>Financial assets</u>

The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

<u>Financial liabilities</u>

The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value.

On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.

<u>Derivative financial instruments</u>

The Company has written a put option to promoter of associate for acquisition of additional shares at a future date. On initial recognition, a liability is created in respect of acquisition of these additional shares and is measured at fair value with corresponding debit to investment in associate. Subsequent to initial recognition, derivatives are remeasured at fair value, and changes therein are recognised in profit and loss.

*iv) Offsetting*

Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*v) Share Capital*

*Ordinary shares*

Ordinary shares are classified as equity with par value of $0.0005 per share. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity net of any tax effects.

Income tax relating to transaction costs of an equity transaction is accounted for in accordance with IAS 12.

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**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

*Class B Convertible Ordinary Shares*

Class B Convertible Ordinary shares ("Class B shares") are classified as equity with par value of $0.0005 per share. The terms of issue generally provide that the Class B shares issued to any shareholder will have the same powers and relative participation rights as ordinary shares of the Company and shall vote together with ordinary shares as a single class on all matters on which the Company shareholders are entitled to vote, except as required by applicable law. Class B shares will be convertible into an equal number of ordinary shares, which shall be fully paid, non-assessable and free of any preemptive rights, of the Company on demand at the election of the holder, and will be automatically converted into an equal number of ordinary shares upon the transfer of Class B shares to another party.

Incremental costs directly attributable to the issue of Class B shares are recognized as a deduction from equity.

*Repurchase of share capital (treasury shares)*

When share capital 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 treasury shares reserve.

*vi) Compound financial instruments*

Compound financial instruments issued by the Group comprise convertible notes denominated in USD that can be converted to ordinary shares at the option of the holder at any point of time till the date of mandatory conversion. The number of shares to be issued is fixed and is subject to certain adjustments in connection with a make-whole fundamental change or any conversion rate adjustments (in each case, as described in the indenture relating to the convertible notes) and does not vary with changes in fair value. The liability component of compound financial instruments is initially recognised at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognised at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts.

Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to the financial liability is recognised in profit or loss. In case of any change in estimate related to expectations or timing of the repayment, new carrying amount of liability component is recalculated based on re-estimated cash flows discounted at the original effective rate and any difference in the carrying amounts is recognised in profit or loss.

**(e)** **Property, Plant and Equipment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i) Recognition and Measurement*

Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. The cost includes expenditure that is directly attributable to the acquisition of the asset. 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 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 as capital work in progress 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.

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**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

*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 entity 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. Land is not depreciated.

The estimated useful lives of assets for the current and comparable period are as follows:

• &nbsp;&nbsp;&nbsp;&nbsp; Computers 3 - 6 years

• &nbsp;&nbsp;&nbsp;&nbsp; Furniture and fixtures 5 - 6 years

• &nbsp;&nbsp;&nbsp;&nbsp; Office equipment 1 - 7 years

• &nbsp;&nbsp;&nbsp;&nbsp; Motor vehicles 3 - 7 years

• &nbsp;&nbsp;&nbsp;&nbsp; Building 20 years

Leasehold improvements are depreciated over the lease term or useful lives of the leasehold improvements, whichever is shorter.

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted as appropriate.

**(f)** **Intangible Assets and Goodwill**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*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 profit or loss. Subsequent to initial recognition, goodwill is measured at cost less accumulated impairment losses.

*ii) Technology related Development Cost*

Technology related development costs incurred by the Group are measured at cost less accumulated amortization and accumulated impairment losses. Cost includes expenses incurred during the 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 employee costs and overhead costs that are directly attributable to preparing the asset for its intended use, and capitalized borrowing cost.

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**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

*iii) Other Intangible Assets*

Other intangible assets mainly comprise intangible assets including customer relationship, brand/trade mark and non-compete acquired in a business combination and software that are acquired by the Group.

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.

Intangible assets acquired in a business combination are measured at fair value as at the date of acquisition. Following initial recognition, these 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*v) Amortization*

Amortization of intangible assets, other than goodwill, is calculated over the cost of the intangible 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 for the current and comparative period are as follows:

• &nbsp;&nbsp;&nbsp;&nbsp; Technology related development costs 2 - 5 years

• &nbsp;&nbsp;&nbsp;&nbsp; Software 3 - 5 years

• &nbsp;&nbsp;&nbsp;&nbsp; Customer – related intangible assets (Customer Relationship) 7 - 10 years

• &nbsp;&nbsp;&nbsp;&nbsp; Contract – related intangible assets (Non-Compete) 5 - 6 years

• &nbsp;&nbsp;&nbsp;&nbsp; Marketing – related intangible assets (Brand / Trade Mark) 7 - 10 years

• &nbsp;&nbsp;&nbsp;&nbsp; Others 5 years

Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted as appropriate.

**(g)** **Impairment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)Non-derivative financial assets

*Financial instruments and contract assets*

The Group recognises loss allowances for ECLs on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•financial assets measured at amortised cost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•debt investments measured at FVOCI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•contract assets.

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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 Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured as 12-month ECLs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•debt securities that are determined to have low credit risk at the reporting date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition.

The Group has elected to measure loss allowances for trade receivables and contract assets at an amount equal to lifetime ECLs.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment and including forward-looking information.

The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due.

The Group considers a financial asset to be in default when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the financial asset is more than 90 days past due.

The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

*Measurement of ECLs*

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive).

ECLs are discounted at the effective interest rate of the financial asset.

*Credit-impaired financial assets*

At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is 'credit-impaired' when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

*Presentation of allowance for ECL in the statement of financial position*

Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.

For debt securities at FVOCI, the loss allowance is recognised in other comprehensive income.

*Write-off*

The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group's procedures for recovery of amounts due.

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**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

ii)Non-financial assets

The carrying amounts of the Group's non-financial assets, primarily property, plant and equipment, technology related development costs, advances to suppliers 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.

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.

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.

An impairment loss is recognized if the carrying amount of an asset or cash generating unit (CGU) exceeds its recoverable amount.

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 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.

**(h)** **Employee Benefits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i) Defined contribution plans*

Obligations for contributions to defined contribution plans are recognized as personnel expense 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 net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets.

The calculation of defined benefit obligations is performed half yearly by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements.

Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised immediately in other comprehensive income. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the year to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in profit or loss.

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**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs.

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.

*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 and that are denominated in the same currency in which benefits are expected to be paid. 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*v) Share based payment*

The grant date fair value of share-based payment awards granted to employees is recognized as personnel expense, with a corresponding increase in equity, over the period that the employees unconditionally become 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 performance 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 a separate component in equity.

**(i)** **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.

A provision for onerous contracts is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract, which is determined based on incremental costs of fulfilling the obligation under the contract and an allocation of other costs directly related to fulfilling the contract.

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.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**(j)** **Revenue from contracts with customers**

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 profit or loss upon transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services. This is generally the case: 1) on the date of departure for tours and packages, 2) date of check-in for hotel booking business, 3) on the issuance of the ticket in the case of sale of airline tickets, 4) date of issuance of bus tickets, and 5) date of completion of trip in case of car bookings. The Group considers both the traveler and travel supplier to be its customers.

Income from the sale of tickets (airline, bus and rail) including convenience fees, commission and fees earned is recognized as an agent on a net basis when the traveler books the ticket as the performance obligation is satisfied by the Group on issuance of ticket to the traveler. During the quarter ended March 31, 2025, the Group began recognizing bus ticketing revenue at the time of issuance of bus tickets due to changes in underlying arrangements with our suppliers. Previously, the Group recognized bus ticketing revenue on the date of the bus journey.

Income from hotel reservations including commission earned and convenience fees is recognized on a net basis as an agent on the date of check-in as the performance obligation is satisfied by the Group on the date of check-in by the traveler.

Income from tours and packages, including income on airline tickets sold to the travelers as a part of tours and packages is accounted on gross basis as the Group controls the services before such services are transferred to the traveler.

Income from sale of airline tickets, hotel reservations, bus ticketing and rail ticketing is recorded on net basis (i.e., the amount billed to a traveler less amount paid to a supplier), as the supplier is primarily responsible for providing the underlying travel services and the Group does not control the service provided by the supplier to the traveler.

Income from hotels and packages also includes amounts received from hotel suppliers against online promotions of hotel brands on the Company's platforms.

Revenue relating to contracts with travel suppliers which include incentive payments are accounted for as variable consideration when the amount of revenue to be recognized can be estimated to the extent that it is probable that a significant reversal of any incremental revenue will not occur.

Income from other sources of the Group, primarily comprising advertising revenue, fees for facilitating access to its internet based platforms to travel insurance companies and brand alliance fees is recognized as the services are performed as per the terms of the contracts with respective supplier.

The Group provides loyalty programs under which participating customers earn loyalty points on current transactions that can be redeemed for future qualifying transactions. Under its customer loyalty programs, the Group allocates a portion of the consideration received to loyalty points that are redeemable against any future purchases of the Group's services. This allocation is based on the relative stand-alone selling prices and considering breakages. The amount allocated to the loyalty program is deferred, and is recognised as revenue when loyalty points are redeemed or expire.

Revenue is recognized net of cancellations, refunds, discounts, incentives and taxes. However, when the discount and other incentives offered to the traveler are higher than the income earned from the customers, the excess (i.e., the discount/incentive given to a traveler less income earned from the customers) on an individual transaction basis is classified under marketing and sales promotion expenses.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

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 netted off from the revenue earned during the fiscal period at the time the cancellation is made by the customers. The revenue from the sale of tours and packages and hotel reservations is recognized on the customer's departure and check-in date respectively. Cancellations, if any, do not impact revenue recognition since revenue is recognized upon the availment of services by the customer in these services.

**(k)** **Marketing and Sales Promotion Costs**

Marketing and sales promotion costs comprise of internet, television, radio and print media advertisement costs as well as event driven promotion cost for Group's products and services. These costs include online video and display advertising on websites, television, print formats, search engine marketing, referrals from meta search and travel research websites and any other media cost such as public relations and sponsorships. Additionally, the Group also incurs customer inducement costs for acquiring customers and promoting transactions across various booking platforms such as upfront cash incentives and select loyalty programs cost. Such customer inducement/acquisition costs for acquiring customers and promoting transactions across various booking platforms are recorded as a reduction/deferral of revenue. In addition, when the discount and other incentives offered to the traveler are higher than the income earned from the customers, the excess (i.e., the discount/incentive given to a traveler less income earned from the customers) on an individual transaction basis is classified under marketing and sales promotion expenses.

**(l)** **Leases**

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: (1) the contract involves the use of an identified asset (2) the Group has substantially all of the economic benefits from use of the asset through the period of the lease and (3) the Group has the right to direct the use of the asset.

***As a lessee*** 

At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, for the leases of property, the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component.

The Company recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the lease commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.

The Company determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

Lease payments included in the measurement of the lease liability comprise the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fixed payments, including in-substance fixed payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•amounts expected to be payable under a residual value guarantee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.

The lease liability is subsequently measured at amortised cost using the effective interest method.

Lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group's estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

Further, where a lease contract is modified and the lease modification is not accounted for as a separate lease, the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. Where the scope of the lease is decreased, corresponding impact is made on the carrying amount of the related right-of-use asset to reflect the partial or full termination of the lease for lease modifications and gain or loss relating to the partial or full termination of the lease recognised in statement of profit or loss. Where the scope of the lease is not decreased, corresponding adjustment is made to the related right-of-use asset with no impact on statement of profit or loss.

The Group presents right-of-use assets that do not meet the definition of investment property in 'property, plant and equipment' and 'lease liabilities' in loans and borrowings in the statement of financial position.

**(m)** **Finance Income and Costs**

Finance income comprises interest income on funds invested, foreign currency gains (net) and change in financial asset.

Finance costs comprise interest expense on borrowings, foreign currency losses (net), change in financial asset/liability, impairment losses recognized on financial assets, including trade and other receivables and cost related to public offerings. Foreign currency gains and losses are reported on a net basis.

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.

Interest income and cost is recognized as it accrues in profit or loss, using the effective interest method.

The 'effective interest rate' is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i)*the gross carrying amount of the financial asset; or

*ii)*the amortised cost of the financial liability.

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**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**(n)** **Income Taxes**

Income tax expense comprises current and deferred tax. Current and deferred tax 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.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the initial recognition of assets or liabilities in a transaction that is not a business combination and at the time of transaction affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•arising on the initial recognition of the goodwill and differences relating to investments in subsidiaries, associates to the extent that the Group is able to control the timing of the reversal of the temporary differences and 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.

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. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be used.

The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.

Current tax and 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.

**(o)** **Earnings (Loss) Per Share**

The Group presents basic and diluted earnings (loss) per share (EPS) data for its ordinary shares (including Class B shares). Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders (including Class B shareholders) of the Company by the weighted average number of ordinary shares (including Class B shares) outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders (including Class B shareholders) and the weighted average number of ordinary shares (including Class B shares) outstanding after adjusting for the effects of all potential dilutive items.

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**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**(p)** **Operating Segments**

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 Group's executive officers comprising of Group Chief Executive Officer and Group Chief Financial Officer, 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 three reportable segments, i.e. air ticketing, hotels and packages and bus ticketing. In addition, the Group has made relevant entity-wide disclosures (refer 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 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. Segment revenue of bus ticketing segment is measured on a net basis as an agent on the date of booking (also refer note 3 (j)). For the purposes of the CODM review, Adjusted Margin, the segment profitability measure, represents IFRS revenue after adding back certain customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs, which are reported as a reduction of revenue and reducing service cost is a key operating metric, which is sufficient to assess performance and make resource allocation decisions.

Service cost includes cost of airline tickets, amounts paid to hotels and other service providers and other cost of providing services. Operating expenses other than service cost have not been allocated to the operating segments and are treated as unallocated/common expenses.

Assets and liabilities are used interchangeably between segments and these have not been allocated to the reportable segments, as these are not reviewed by the CODM.

**(q)** **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, and funds in transit.

**(r)** **Cash Flow Statement** 

Cash flows are reported using the indirect method, whereby profit for the year is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Group are segregated.

**(s)** **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 costs necessary to make the sale.

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**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**(t)** **New Accounting Standards Issued But Not Yet Adopted**

***Amendment to IAS 21*** 

On August 15, 2023, IASB has issued amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates, Lack of Exchangeability that will require companies to provide more useful information in their financial statements when a currency cannot be exchanged into another currency. This amendment specify when a currency is exchangeable into another currency and when it is not and specify how an entity determines the exchange rate to apply when a currency is not exchangeable. The effective date for adoption of this amendment is annual periods beginning on or after January 1, 2025, although early adoption is permitted. This amendment is applicable to the Group for annual reporting periods beginning on April 1, 2025. The Group has evaluated this amendment and there will be no impact on its financial statements.

***IFRS 18 – Presentation and Disclosures in Financial Statements*** 

In April 2024, the IASB issued its new standard IFRS 18 – Presentation and Disclosures in Financial Statements that will replace IAS 1 – Presentation of Financial Statements. The new standard aims at improving how entities communicate in their financial statements. The effective date for adoption of this standard is annual periods beginning on or after January 1, 2027, although early adoption is permitted. This standard is applicable to the Group for annual reporting periods beginning on April 1, 2027. The Group is currently evaluating the impact of IFRS 18 on its financial statements.

***Amendments to IFRS 9 and IFRS 7*** 

On May 30, 2024, IASB has issued below amendments to the classification and measurement requirements in IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. These amendments provide clarification on derecognition of a financial liability settled through electronic transfer, classification of financial assets and disclosure requirements w.r.t. investments in equity instruments designated at fair value through other comprehensive income. The effective date for adoption of these amendments are annual periods beginning on or after January 1, 2026, although early adoption is permitted. These amendments are applicable to the Group for annual reporting periods beginning on April 1, 2026. The Group is currently evaluating the impact of amendments to IFRS 9 and IFRS 7 on its 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)

**4)** **DETERMINATION OF FAIR VALUES**

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Group has access at that date.

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 finance team that has overall responsibility for overseeing all significant fair value measurements with the help of external independent valuers, including Level 3 fair values, and reports directly to the Group Chief Financial Officer.

The finance team regularly reviews significant unobservable inputs and valuation adjustments.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 falls into 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 measurement.

The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

The assumptions made in measuring fair values are given below. When applicable, further information about the assumptions made in measuring fair values is disclosed in the notes specific to that asset or liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Property, Plant and Equipment**

The fair value of items of property, plant and equipment acquired in business combination is based on the cost approaches using the quoted market prices for similar items when available or depreciated replacement cost when appropriate. Depreciated replacement cost reflects adjustments for physical deterioration as well as functional and economic obsolescence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Intangible Assets**

The fair value of trade mark and brand acquired in business combinations is based on the discounted estimated royalty payments that are expected to be avoided as a result of the trade mark/brand 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 business combinations is determined using the replacement cost method and/or relief from royalty method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Non Derivative Financial Liabilities**

Fair values are calculated based on the present value of the expected future payments, discounted using a risk-adjusted discount rate and Monte Carlo simulation valuation model.

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**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d)** **Share Based Payment Transactions**

The fair value of restricted stock units (RSUs) given under MakeMyTrip 2010 Share Incentive Plan ("Share Incentive Plan") is calculated by multiplying the number of units given with the Company's share price on the date of grant. The fair value of Employee Stock Options (ESOPs) given under Share Incentive Plan and awards given under Simplotel, BMF and Savaari ESOP plans are measured using Black Scholes Model. Service and non-market performance conditions attached to the arrangements were not taken into account in measuring fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f)** **Investment in Equity Securities**

The fair value of investment in equity securities is determined using valuation techniques. 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), arising from financial instruments.

***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 managing 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. The objective of Group is to ensure liquidity which is sufficient to meet Group operational requirements in short-term and long-term.

To ensure smooth operations, the Group has invested surplus funds in term deposits with banks and has taken bank guarantees, bank overdraft facility, and other facilities against them.

***Credit Risk***

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligation. 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, commission receivable from bus operators, incentives due from the airlines and its Global Distribution System (GDS) providers. Trade receivables are usually due within 30-90 days from the date of invoicing. The Group has not experienced any significant default in recovery from such customers and counterparties. Trade receivables have been valued after making provision for allowances based on factors like ageing, historical pattern of credit loss, expected realizability and nature of customers. The objective behind credit risk management is to reduce the Group's losses which could follow from customers' insolvency.

Additionally, the Group places its cash and cash equivalents (except cash in hand) and term deposits with banks with high investment grade ratings, limits the amount of credit exposure with any one bank and conducts ongoing 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.

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**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

***Market Risk***

Market risk is the risk that changes in market prices such as foreign exchange rate and interest rate will affect the Group's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return on risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***a)*** ***Foreign Currency Risk***

The Group is exposed to currency risk to the extent that there is a mismatch between the currencies in which sales, purchase of services and borrowings are denominated and the respective functional currencies of Group companies. The functional currencies of Group companies are primarily Indian Rupees (INR), USD and Emirati Dirham (AED). The currencies in which these transactions are primarily denominated are INR, USD and AED.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***b)*** ***Interest Rate Risk***

The Group does not have any variable rate interest bearing financial instruments, hence there is no interest rate risk.

**6)** **OPERATING SEGMENTS**

The Group has three 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 products and services, and methods used to distribute the services are different. For each of these LoBs, the Group's executive officers comprising of Group Chief Executive Officer and Group Chief Financial Officer review internal management reports and are 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. Adjusted Margin from each LoB is reported and reviewed by the CODM on a monthly basis.

The following summary describes the operations in each of the Group's reportable segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Air ticketing: Primarily through internet based platforms, provides the facility to book domestic and international air tickets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Hotels and packages: Through internet based platforms, call-centers and franchise stores, provides holiday packages and hotel reservations. The revenue related to airline tickets and other services issued as a component of Company developed tours and packages has been assigned to the hotels and packages segment and is recorded on a gross basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Bus ticketing: Primarily through internet based platforms, provides the facility to book domestic and international bus tickets.

Other operations of the Group primarily include income from facilitating access to its internet based platforms to travel insurance companies and other agents, advertisement income from hosting advertisements on its internet websites, fees for technical services from vendors, brand alliance fees, income from sale of rail tickets, car bookings, arranging foreign currency and other travel related ancillary services. These aforesaid 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:**

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Reportable segments** | **Reportable segments** | **Reportable segments** | **Reportable segments** | **Reportable segments** | **Reportable segments** | **Reportable segments** | **Reportable segments** | **Reportable segments** |  |  |  |  |  |  |
|  | **Air ticketing** | **Air ticketing** | **Air ticketing** | **Hotels and packages** | **Hotels and packages** | **Hotels and packages** | **Bus ticketing** | **Bus ticketing** | **Bus ticketing** | **All other segments** | **All other segments** | **All other segments** | **Total** | **Total** | **Total** |
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Particulars** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** |
| Consolidated revenue | 147793 | 201246 | 241529 | 337686 | 435542 | 520411 | 74873 | 92693 | 119361 | 32684 | 53043 | 97035 | 593036 | 782524 | 978336 |
| Add: Customer inducement costs<br> recorded as a reduction of revenue\* | 135338 | 116423 | 131563 | 90487 | 123695 | 155616 | 8025 | 9432 | 11606 | 1902 | 440 | 2789 | 235752 | 249990 | 301574 |
| Less: Service cost | 3078 |  |  | 168387 | 210357 | 246550 | 5596 |  |  | 506 | 4732 | 27798 | 177567 | 215089 | 274348 |
| **Adjusted Margin** | **280053** | **317669** | **373092** | **259786** | **348880** | **429477** | **77302** | **102125** | **130967** | **34080** | **48751** | **72026** | **651221** | **817425** | **1005562** |
| Other income |  |  |  |  |  |  |  |  |  |  |  |  | 2798 | 770 | 317 |
| Personnel expenses |  |  |  |  |  |  |  |  |  |  |  |  | (131968) | (147587) | (160065) |
| Marketing and sales promotion expenses |  |  |  |  |  |  |  |  |  |  |  |  | (101601) | (123304) | (165324) |
| Customer inducement costs<br> recorded as a reduction of revenue\* |  |  |  |  |  |  |  |  |  |  |  |  | (235752) | (249990) | (301574) |
| Other operating expenses |  |  |  |  |  |  |  |  |  |  |  |  | (133698) | (204833) | (231905) |
| Depreciation, amortization and impairment |  |  |  |  |  |  |  |  |  |  |  |  | (27396) | (27267) | (27122) |
| Finance income |  |  |  |  |  |  |  |  |  |  |  |  | 10974 | 24365 | 28256 |
| Finance costs |  |  |  |  |  |  |  |  |  |  |  |  | (46732) | 3307 | (32191) |
| Share of profit (loss) of equity-accounted investees |  |  |  |  |  |  |  |  |  |  |  |  | 10 | 52 | (64) |
| **Profit (loss) before tax** |  |  |  |  |  |  |  |  |  |  |  |  | **(12144)** | **92938** | **115890** |

---

\* For purposes of reporting to the CODM, the segment profitability measure i.e. Adjusted Margin represents IFRS revenue after adding back certain customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs, which are reported as a reduction of revenue and reducing service cost.

Assets and liabilities are used interchangeably between segments and these have not been allocated to the reportable segments.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

***Geographical Information:***

In presenting the geographical information, revenue is based on the geographical location of customers and assets are based on the geographical location of the assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Revenue** | **Revenue** | **Revenue** | **Non-Current Assets\*** | **Non-Current Assets\*** |
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **As at March 31** | **As at March 31** |
| **Particulars** | **2023** | **2024** | **2025** | **2024** | **2025** |
| India | 564284 | 739652 | 922616 | 656154 | 636989 |
| United States | 195 | 324 | 444 | 221 | 143 |
| South East Asia | 11201 | 14210 | 16753 | 4325 | 4683 |
| Europe | 1337 | 3374 | 3359 |  |  |
| Others | 16019 | 24964 | 35164 | 737 | 879 |
| **Total** | **593036** | **782524** | **978336** | **661437** | **642694** |

---

------

\* Non-current assets presented above represent property, plant and equipment, intangible assets and goodwill, non-current tax assets and other non-current assets (excluding financial assets).

***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.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**7)** **BUSINESS COMBINATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Acquisition of Quest 2 Travel.com India Private Limited**

On April 30, 2019, the Group through one of its Indian subsidiary, acquired Quest 2 Travel.com India Private Limited ('Q2T') by acquiring 51% of the controlling stake. As part of share purchase agreement, the Group had agreed to acquire the remaining 49% share of Q2T from the then existing shareholders in cash for an estimated additional consideration of USD 14,550, which represented its fair value as at the acquisition date, in three equal tranches, over a three year earn-out period. The financial liability in respect of acquisition of these remaining shares had been originally recognized with corresponding debit to accumulated deficit on the date of acquisition of controlling stake in Q2T. Pursuant to this, the Group had acquired remaining non-controlling interest in Q2T over the three year earn-out period and Q2T has become a wholly owned subsidiary of the Group with effect from September 8, 2023.

During the year ended March 31, 2024, the Group acquired 16.34% interest from holders of non-controlling interest in Q2T, for a total consideration of USD 7,427 (including additional consideration of USD 2,409) and recognised a decrease in non-controlling interest of USD 1,762 with a corresponding decrease in accumulated deficit by USD 1,991 and increase in foreign exchange translation reserve by USD 229. Similarly, during the year ended March 31, 2023, the Group acquired 16.33% interest from holders of non-controlling interest in Q2T, for a total consideration of USD 5,035 and recognised a decrease in non-controlling interest of USD 1,304 with a corresponding decrease in accumulated deficit by USD 1,522 and increase in foreign exchange translation reserve by USD 218.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Acquisition of Book My Forex Private Limited**

On April 5, 2022, the Group through one of its Indian subsidiaries, acquired 51% voting equity stake in Book My Forex Private Limited ('BMF'), a company providing online foreign currency exchange services in India. This business acquisition was executed by entering into a Share Purchase Agreement ('SPA') for a cash consideration of USD 7,711.

This acquisition would help the Group in enhancing the foreign exchange options provided particularly to its outbound travelling customers.

The operations of BMF had been consolidated in the financial statements of the Group from April 5, 2022. During the year ended March 31, 2023, BMF contributed revenue of USD 835 and loss of USD 1,243 to the Group's results.

The purchase price of the acquisition, net of USD 7,000 cash and cash equivalents acquired was USD 711.

**Identifiable assets acquired and liabilities assumed**

The acquisition was accounted for under the acquisition method of accounting in accordance with IFRS 3 "Business Combinations". The assets and liabilities of BMF were recorded at their fair value at the date of acquisition.

The purchase price was allocated based on management's estimates and an independent appraisal of fair values as follows:

---

| | |
|:---|:---|
| Property, plant and equipment | 207 |
| Intangible assets\* | 561 |
| Other non-current assets | 745 |
| Current assets and liabilities, net (including cash and cash equivalents of USD 7,000) | 7160 |
| Other non-current liabilities | (229) |
| Deferred tax liabilities | (140) |
| **Total identifiable net assets acquired** | **8304** |
| Non-controlling interest (49%) | (4069) |
| Goodwill | 3476 |
| **Total purchase price** | **7711** |

---

\* Intangible assets primarily include brand/trade mark and technology related development cost.

------

**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 receivables with a fair value of USD 185, equivalent to gross contractual amount receivable.

The goodwill was attributable mainly to the skills and technical talent of BMF's work force. Goodwill is not expected to be deductible for income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Acquisition of Simplotel Technologies Private Limited**

On September 28, 2022, in addition to its existing equity interest, the Group, through one of its Indian subsidiaries acquired additional voting equity interest in Simplotel Technologies Private Limited ("Simplotel") resulting in 69.6% voting equity stake in Simplotel, a company engaged in building websites and booking technology for hotels. This business acquisition was conducted by entering into the Share Subscription and Purchase Agreement ('SSPA') for a cash consideration of USD 3,905 for acquisition of the additional equity interest.

Through this acquisition, the Group aims at providing an extensive offering of technology products and solutions for hotel suppliers ecosystem.

The operations of Simplotel had been consolidated in the financial statements of the Group from September 28, 2022. In the year ended March 31, 2023, Simplotel contributed revenue of USD 717 and profit of USD 117 to the Group's results.

If the acquisition had occurred on April 1, 2022, management estimates that consolidated revenue would have been USD 593,720 and consolidated loss for the year ended March 31, 2023 would have been USD 11,007. In determining these amounts, management has assumed that the fair value adjustments that arose on the date of acquisition would have been the same if the acquisition had occurred on April 1, 2022.

The purchase price of the acquisition, net of USD 3,159 cash and cash equivalents acquired was USD 4,280, including fair value of existing equity interest valued at USD 3,534.

**Identifiable assets acquired and liabilities assumed**

The acquisition was accounted for under the acquisition method of accounting in accordance with IFRS 3 "Business Combinations". The assets and liabilities of Simplotel were recorded at their fair value at the date of acquisition.

The purchase price was allocated based on management's estimates and an independent appraisal of fair values as follows:

---

| | |
|:---|:---|
| Property, plant and equipment | 26 |
| Intangible assets\* | 801 |
| Other non-current assets | 219 |
| Current assets and liabilities, net (including cash and cash equivalents of USD 3,159) | 3139 |
| Other non- current liabilities | (67) |
| **Total identifiable net assets acquired** | **4118** |
| Non-controlling interest (30.4%) # | (1761) |
| Goodwill | 5082 |
| **Total purchase price** | **7439** |

---

\* Intangible assets primarily include brand/trade mark and technology related development cost.

# Includes USD 509 towards liability for ESOPs as per Simplotel Plan 2015.

The fair value of the current assets acquired includes trade receivables with a fair value of USD 119, equivalent to gross contractual amount receivable.

The goodwill was attributable mainly to the skills and technical talent of Simplotel's work force. Goodwill is not expected to be deductible for income tax purposes.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

As per the Shareholders' Agreement (SHA), on completion of three years from the date of acquisition, the promoter (as defined in aforesaid SSPA) of Simplotel shall have the right but not the obligation to sell all the shares held by the promoter in Simplotel, in cash for an estimated consideration of USD 4,411, which represents its fair value as at the acquisition date. The consideration will be based on valuation linked to future revenue and profitability of Simplotel. The financial liability in respect of acquisition of these additional shares has been recognized with corresponding debit to accumulated deficit in the consolidated statement of changes in equity as the promoter still has access to the returns associated with the underlying ownership interest. The fair value of this financial liability is USD 3,805 as at March 31, 2025 (March 31, 2024: USD 4,711).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Acquisition of Savaari Car Rentals Private Limited**

On December 1, 2023 the Group through one of its Indian subsidiaries acquired 66% equity voting stake in Savaari Car Rentals Private Limited ("Savaari"), a company engaged in the business of providing chauffer driven intercity, local rental and airport transfers car hire services. This acquisition was conducted by entering into the Share Purchase Agreement ('SPA') for a cash consideration of USD 6,845.

This investment was accounted for under IAS 28 "Investments in Associates and Joint Ventures" using the equity method of accounting, as the Company had joint control over Savaari.

On January 17, 2024, the Group signed an addendum ('the Addendum') with one of the founders of Savaari to amend the shareholders' agreement entered on December 1, 2023. As a result, the Group, from the date of such addendum, gained control over Savaari and it become a subsidiary of the Group. Through this acquisition, the Group aims to scale up its supply chain for outstation and local car hire services.

The operations of Savaari had been consolidated in the financial statements of the Group and for the year ended March 31, 2024, Savaari contributed revenue of USD 5,404 and profit of USD 68 to the Group's results.

If the acquisition had occurred on April 1, 2023, management estimates that for the year ended March 31, 2024, consolidated revenue would had been USD 795,130 and consolidated profit would had been USD 216,935. In determining these amounts, management had assumed that the fair value adjustments that arose on the date of acquisition would have been the same if the acquisition had occurred on April 1, 2023.

The purchase price of the acquisition, net of USD 369 cash and cash equivalents acquired was USD 6,476.

**Identifiable assets acquired and liabilities assumed**

The acquisition was accounted for under the acquisition method of accounting in accordance with IFRS 3 "Business Combinations". The assets and liabilities of Savaari were recorded at their fair value at the date of acquisition.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

The purchase price was allocated based on management's estimates and an independent appraisal of fair values as follows:

---

| | |
|:---|:---|
| Property, plant and equipment | 142 |
| Intangible assets\* | 759 |
| Other non-current assets | 176 |
| Current assets and liabilities, net (including cash and cash equivalents of USD 369) | 697 |
| Other non-current liabilities | (155) |
| Deferred tax liabilities, net | (152) |
| **Total identifiable net assets acquired** | **1467** |
| Non-controlling interest (34%) # | (950) |
| Goodwill | 6328 |
| **Total purchase price** | **6845** |

---

\* Intangible assets primarily include identifiable brand/trade mark and technology related development cost.

# Includes USD 451 towards liability for ESOPs as per Savaari Plan 2013.

The fair value of the current assets acquired includes trade receivables with a fair value of USD 101, equivalent to gross contractual amount receivable.

The goodwill was attributable mainly to the skills and technical talent of Savaari's work force. Goodwill is not expected to be deductible for income tax purposes.

As per the Shareholders' Agreement (SHA), the founders (as defined in aforesaid SHA) of Savaari shall have the right but not the obligation to sell their shares held in Savaari to the Company as follows - one third of the shares on completion of three years from the date the acquisition and all the shares on completion of five years from the date of acquisition. The consideration will be based on valuation linked to future revenue and profitability of Savaari. Further, the Company shall have the right, but not the obligation, to call each of the Founders to transfer 100% of their holding in Savaari at the agreed floor valuation in case certain performance parameters are not met by Savaari for two consecutive quarters. Till the date of the Addendum, a derivative liability of USD 5,199 in respect of acquisition of these additional shares was recorded. Subsequent to the Addendum, since the Group had obtained control over Savaari, it had derecognised the derivative liability, discontinued equity method of accounting and a financial liability of USD 7,311 in respect of acquisition of these aforesaid mentioned shares had been recognized with corresponding debit to accumulated deficit as the selling shareholders still have access to the returns associated with the underlying ownership interest. The fair value of this financial liability was USD 12,396 as at March 31, 2025 (March 31, 2024: USD 7,727).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Acquisition of Happay**

On November 18, 2024, the Group through one of its Indian subsidiaries entered into a Business Transfer Agreement ('BTA') with VA Tech Ventures Private Limited ('VA Tech'). As per the BTA, VA Tech has agreed to transfer its business related to travel and expense management solutions ('Happay') for a purchase consideration of USD 11,773. Pursuant to fulfilment of conditions as set out in the BTA, on February 1, 2025 ('Transfer Date/Acquisition Date'), the Group has settled the consideration of USD 11,197 and acquired Happay brand on a going concern basis along with its travel and expense management business and Happay's dedicated team has become employees of the Group.

Further, the Group will transfer additional consideration of USD 231 on May 31, 2025 if VA Tech completes novation/ assignment/ renewal of customer contracts representing more than 70% of the revenue of Happay in favor of the Company by May 31, 2025 and USD 345 within 30 days from the first anniversary date of Transfer Date, subject to deduction of any claim or some other amount which was outstanding and payable by the Company as per the terms of the BTA or any other account. As the remaining consideration of USD 576 is subject to fulfilment of additional conditions, hence it is classified as contingent consideration and recognised at fair value on Transfer Date as a financial liability. As at March 31, 2025, the outstanding amount against financial liability remains unchanged.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

Through this acquisition, the Group aims at providing an enhanced offering of travel and expense management services to corporate customers.

It is impracticable to determine the post-acquisition revenue and profit or loss of Happay, as the required financial information of Happay's business is not identifiable and maintained separately hence the Group cannot disclose the information regarding Happay's revenue and profit or loss included in the Group's statement of profit or loss, since the acquisition date. For the same reason, the consolidated revenue and profit of the Group including Happay for the year ending March 31, 2025, as if the acquisition of Happay had occurred on April 1, 2024, have also not been disclosed.

The purchase consideration comprises of the following:

---

| | |
|:---|:---|
| Cash | 10394 |
| Transfer of right to receive collection from Trade receivables outstanding on transfer date | 803 |
| Contingent consideration | 576 |
| **Total consideration** | **11773** |

---

**Identifiable assets acquired and liabilities assumed**

The acquisition has been accounted for under the acquisition method of accounting in accordance with IFRS 3 "Business Combinations". The assets and liabilities of Happay were recorded at their 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 | 63 |
| Intangible assets\* | 5702 |
| Current assets and liabilities, net | 239 |
| **Total identifiable net assets acquired** | **6004** |
| Goodwill | 5769 |
| **Total purchase price** | **11773** |

---

\* Intangible assets primarily include identifiable brand/trade mark, customer relationship and technology related development costs.

The fair value of the current assets acquired includes trade receivables with a fair value of USD 803, equivalent to gross contractual amount receivable.

The goodwill is attributable mainly to the skills and technical talent of Happay's work force and the synergies expected to be achieved from integrating Happay into the Group's existing corporate business. Goodwill is not expected to be deductible for income tax purposes.

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**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**8)** **INVESTMENT IN EQUITY-ACCOUNTED INVESTEES**

The Group has interests in a number of individually immaterial equity-accounted investees. The following table analyses, in aggregate, the carrying amount of interests and share of profit (loss) and other comprehensive income in these associates and joint venture.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2024** | **2025** | **2025** |
| Carrying amount of interests in associates |  | 2,022 |  | 1,914 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Particulars** | **2023** | **2024** | **2025** |
| Company's share of profit (loss) in associates | 10 | (23) | (64) |
| Company's share of profit in joint venture |  | 75 |  |
| Company's share of other comprehensive income in associates |  |  |  |
| Company's share of other comprehensive income in joint venture |  |  |  |
| **Company's share of total comprehensive income (loss)** | **10** | **52** | **(64)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) Simplotel Technologies Private Limited**

As at September 28, 2022 the Company had equity interest in Simplotel of 41.94% with a carrying amount of USD 1,517. On that date, the Group through one of its Indian subsidiaries acquired additional equity interest in Simplotel, resulting in controlling equity stake (refer note 7 (c)). As a result, Simplotel ceased to be an associate of the Company and accordingly, the equity method accounting has been discontinued. The Company has recognised a gain of USD 2,017 in the statement of profit or loss and other comprehensive income (refer note 12), on account of discontinuation of equity method of accounting in the year ended March 31, 2023.

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**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**9)** **OTHER INVESTMENTS**

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** |
| ***Financial assets measured at FVOCI*** |  |  |
| - Equity securities (unlisted) | 452 |  |
| ***Financial assets measured at FVTPL*** |  |  |
| - Equity securities (unlisted) | 591 | 591 |
| - Other securities | 242 | 305 |
| ***Financial assets measured at amortised cost*** |  |  |
| - Other securities | 76 | 76 |
| **Total** | **1361** | **972** |

---

The Group's exposure to risks and fair value measurement is disclosed in note 4, 5 and 34.

**10)** **REVENUE**

The Group's main revenue streams are air ticketing, hotel and packages and bus ticketing. Other revenue includes other travel services related to car and rail bookings, ancillary revenue and marketing alliances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Disaggregation of revenue**

The Group has three reportable segments, air ticketing, hotels and packages, and bus ticketing. The Group believes that the disaggregation based on the reportable segments best depicts how the nature, amount, timing and uncertainty of the Group's revenues and cash flows are affected by industry, market and other factors. (refer note 6)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Contract balances**

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
|  | **2024** | **2025** |
| Receivables, which are included in 'Trade and other receivables' | 83116 | 129201 |
| Contract assets | 253 | 507 |
| Contract liabilities | 93366 | 120273 |
| Non-current | 408 | 175 |
| Current | 92958 | 120098 |
| **Total contract liabilities** | **93366** | **120273** |

---

The contract assets primarily relate to the Company's rights to consideration from travel suppliers in exchange for services that the Company has transferred to the traveler when that right is conditional on the Company's future performance. The contract assets are transferred to receivables when the rights to consideration become unconditional. This usually occurs when the Group issues an invoice to the travel suppliers as per the contractual terms.

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**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

*Changes in contract assets are as follows:*

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
|  | **2024** | **2025** |
| Balance at the beginning of the year |  | 253 |
| Revenue recognised during the year | 28628 | 56989 |
| Invoices raised during the year | (28373) | (56731) |
| Translation exchange difference | (2) | (4) |
| **Balance at the end of the year** | **253** | **507** |

---

Contract liabilities primarily relate to advances received from customers for travel bookings prior to the fulfilment of performance obligations.

As at March 31, 2024, USD 90,931 (March 31, 2023: USD 73,850) of advance consideration received from customers for travel bookings was reported within contract liabilities, of which USD 80,613 (March 31, 2024: USD 63,686) was applied to revenue and settled with travel service providers and USD 5,885 (March 31, 2024: USD 7,509) was refunded to customers during the year ended March 31, 2025. As at March 31, 2025, the related balance was USD 117,011, which is expected to be utilized within a period of one year.

Contract liabilities also consists of consideration allocated to customer loyalty programs and advances received from Global Distribution System ("GDS") providers for bookings of airline tickets in future, which is deferred.

As at March 31, 2024, USD 2,435 (March 31, 2023: USD 1,519) of consideration allocated to customer loyalty programs, franchisee fees and advance received from GDS provider for booking of airline tickets in future which is deferred was reported within contract liabilities, of which USD 2,134 (March 31, 2024: USD 920) was applied to revenue and USD Nil (March 31, 2024: Nil) was refunded during the year ended March 31, 2025. As at March 31, 2025, the related balance was USD 3,262, which is expected to be utilized within a period of one year.

**11)** **OTHER REVENUE**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Particulars** | **2023** | **2024** | **2025** |
| Other travel services - car and rail booking | 7503 | 18608 | 49877 |
| Marketing alliances - advertising and brand alliance | 18007 | 18595 | 25405 |
| Ancillary services | 5925 | 14258 | 19143 |
| Miscellaneous revenue | 1249 | 1582 | 2610 |
| **Total** | **32684** | **53043** | **97035** |

---

**12)** **OTHER INCOME**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Particulars** | **2023** | **2024** | **2025** |
| Government grant received | 117 | 356 | 56 |
| Gain on discontinuation of equity accounted investment (refer note 8 (a)) | 2017 |  |  |
| Gain on lease modification | 100 | 12 | 20 |
| Excess provision written back | 344 | 125 | 127 |
| Net gain on de-recognition of property, plant and equipment | 177 | 132 | 61 |
| Others | 43 | 145 | 53 |
| **Total** | **2798** | **770** | **317** |

---

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**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**13)** **PERSONNEL EXPENSES**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Particulars** | **2023** | **2024** | **2025** |
| Wages, salaries and other employees benefits | 86868 | 100222 | 111011 |
| Contributions to defined contribution plans | 4145 | 4931 | 5665 |
| Expenses related to defined benefit plans (refer note 32) | 1516 | 1354 | 2314 |
| Equity-settled share based payment (refer note 33) | 35643 | 36963 | 36018 |
| Employee welfare expenses | 3796 | 4117 | 5057 |
| **Total** | **131968** | **147587** | **160065** |

---

**14)** **OTHER OPERATING EXPENSES**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Particulars** | **2023** | **2024** | **2025** |
| Payment gateway and other charges | 57847 | 69415 | 82509 |
| Outsourcing expenses | 23338 | 27268 | 32812 |
| Website hosting charges | 20558 | 24215 | 26646 |
| Travelling and conveyance | 2894 | 3776 | 4536 |
| Communication | 5459 | 6599 | 4801 |
| Technology and maintenance | 5605 | 7411 | 8252 |
| Distribution costs# |  | 40045 | 51927 |
| Legal and professional | 6086 | 5120 | 5988 |
| Impairment provision for non-financial assets (refer note 24) |  | 10047 |  |
| Intangible assets written off |  | 982 | 1481 |
| Miscellaneous expenses | 11911 | 9955 | 12953 |
| **Total** | **133698** | **204833** | **231905** |

---

# With effect from April 1, 2023, the Group has classified distribution costs as a component of "other operating expenses" from a component of "service cost", which is in line with the manner in which the Company reviews its business performance and manage its operations. Corresponding previous years amounts have not been reclassified as the impact is considered to be immaterial.

**15)** **DEPRECIATION, AMORTIZATION AND IMPAIRMENT**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Particulars** | **2023** | **2024** | **2025** |
| Depreciation | 6096 | 7436 | 9110 |
| Amortization | 21150 | 19809 | 18012 |
| Impairment of intangible assets | 150 | 22 |  |
| **Total** | **27396** | **27267** | **27122** |

---

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**16)** **FINANCE INCOME AND COSTS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Particulars** | **2023** | **2024** | **2025** |
| Interest income on term deposits measured at amortised cost | 9703 | 23594 | 26837 |
| Change in fair value of financial asset measured at FVTPL |  | 57 |  |
| Other interest income | 1271 | 714 | 1419 |
| **Finance income** | **10974** | **24365** | **28256** |
| Interest expense on financial liabilities measured at amortised cost | 15067 | 15966 | 15240 |
| Change in carrying value of financial liabilities measured at amortised cost |  | (30578) |  |
| Change in fair value of financial liability measured at FVTPL | 673 | 215 |  |
| Change in fair value of financial asset measured at FVTPL | 2820 |  | 2 |
| Net foreign exchange loss | 25636 | 7600 | 13348 |
| Impairment loss on trade and other receivables | 349 | 837 | 1168 |
| Interest expense on lease liabilities | 1554 | 1783 | 1697 |
| Finance and other charges | 633 | 870 | 736 |
| **Finance costs** | **46732** | **(3307)** | **32191** |
| **Net finance income (costs) recognized in profit or loss** | **(35758)** | **27672** | **(3935)** |

---

**17)** **INCOME TAX BENEFIT (EXPENSE)**

***Income tax recognised in profit or loss***

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Particulars** | **2023** | **2024** | **2025** |
| *Current tax expense* |  |  |  |
| Current period | (873) | (2344) | (2569) |
| Adjustment for prior period |  |  | (187) |
| **Current tax expense** | **(873)** | **(2344)** | **(2756)** |
| *Deferred tax benefit (expense)* |  |  |  |
| Origination and (reversal) of temporary differences | (3880) | 9148 | 7139 |
| Change in tax rate |  |  | (575) |
| Change in unrecognised temporary differences | (7131) | 4 | (325) |
| Utilization of previously unrecognised tax losses | 12860 | 533 |  |
| Recognition of previously unrecognized tax losses |  | 118253 | 10224 |
| Reversal of previously recognized tax losses |  | (1789) | (34323) |
| **Deferred tax benefit (expense) (refer note 20)** | **1849** | **126149** | **(17860)** |
| **Total** | **976** | **123805** | **(20616)** |

---

------

**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** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
|  | **2023** | **2023** | **2023** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** |
| **Particulars** | **Before tax** | **Tax<br>(expense)<br>benefit** | **Net of tax** | **Before tax** | **Tax<br>(expense)<br>benefit** | **Net of tax** | **Before tax** | **Tax<br>(expense)<br>benefit** | **Net of tax** |
| Foreign currency translation differences on foreign operations | (48879) |  | (48879) | (9862) |  | (9862) | (20898) |  | (20898) |
| Equity instruments at FVOCI - net change in fair value |  |  |  |  |  |  | (452) |  | (452) |
| Remeasurement of defined benefit liability | 468 |  | 468 | (1212) | 248 | (964) | (839) | 197 | (642) |
| **Total** | **(48411)** |  | **(48411)** | **(11074)** | **248** | **(10826)** | **(22189)** | **197** | **(21992)** |

---

***Reconciliation of effective tax***

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Particulars** | **2023** | **2024** | **2025** |
| Profit (loss) for the year | (11168) | 216743 | 95274 |
| Less: Income tax benefit (expense) | 976 | 123805 | (20616) |
| Profit (loss) before tax | (12144) | 92938 | 115890 |
| Income tax benefit (expense) using the Company's domestic tax rate | 1822 | (13981) | (19701) |
| Effect of tax rates in foreign jurisdictions | (3191) | (9608) | (11954) |
| Non-deductible expenses | (2662) | (420) | (412) |
| Tax exempt income | 402 | 62 | 78 |
| Change in estimates related to previous years |  | (482) | (678) |
| Utilization of previously unrecognised tax losses | 12860 | 533 | 6540 |
| Impact of change in tax laws |  |  | (575) |
| Change in unrecognised temporary differences | (7131) | 4 | (325) |
| Utilization of previously recognized tax losses |  | (1789) | (679) |
| Current year losses for which no deferred tax asset was recognized | (1656) | (1389) | (2834) |
| Recognition of previously unrecognised tax losses |  | 118253 | 10224 |
| Recognition of previously unrecognised temporary differences |  | 33057 |  |
| Others | 532 | (435) | (300) |
| **Income tax benefit (expense)** | **976** | **123805** | **(20616)** |

---

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**18)** **PROPERTY, PLANT AND EQUIPMENT**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land** | **Building<br>(Owned)** | **Buildings <br>(Right-of-use)** | **Computers** | **Furniture and<br>Fixtures** | **Office<br>Equipment** | **Motor<br>Vehicles** | **Leasehold<br>Improvements** | **Capital Work-<br>in-Progress** | **Total** |
| **Cost** |  |  |  |  |  |  |  |  |  |  |
| **Balance as at April 1, 2023** | **818** | **486** | **27398** | **13151** | **939** | **1686** | **4163** | **5386** | **19** | **54046** |
| Acquisitions through business combination (refer note 7 (d)) |  |  | 109 | 23 | 4 | 6 |  |  |  | 142 |
| Additions/adjustments |  |  | 3792 | 1784 | 21 | 214 | 2605 | 121 | (19) | 8518 |
| Disposals/adjustments |  |  | (10407) | (2772) | (32) | (169) | (575) | (3) |  | (13958) |
| Effect of movements in foreign exchange rates | (50) | (24) | (353) | (180) | (21) | (33) | (75) | (79) |  | (815) |
| **Balance as at March 31, 2024** | **768** | **462** | **20539** | **12006** | **911** | **1704** | **6118** | **5425** |  | **47933** |
| Balance as at April 1, 2024 | 768 | 462 | 20539 | 12006 | 911 | 1704 | 6118 | 5425 |  | 47933 |
| Acquisitions through business combination (refer note 7 (e)) |  |  |  | 54 | 5 | 4 |  |  |  | 63 |
| Additions/adjustments |  |  | 3112 | 2628 | 222 | 190 | 3156 | 1336 |  | 10644 |
| Disposals/adjustments |  |  | (958) | (1386) | (2) | (73) | (798) | (146) |  | (3363) |
| Effect of movements in foreign exchange rates | 55 | 33 | (490) | (307) | (25) | (17) | (170) | (137) |  | (1058) |
| **Balance as at March 31, 2025** | **823** | **495** | **22203** | **12995** | **1111** | **1808** | **8306** | **6478** | **—** | **54219** |
| **Accumulated depreciation** |  |  |  |  |  |  |  |  |  |  |
| **Balance as at April 1, 2023** |  | 486 | 13467 | 9492 | 581 | 1465 | 1102 | 2073 |  | 28666 |
| Depreciation for the year |  |  | 3767 | 1432 | 93 | 142 | 1218 | 784 |  | 7436 |
| Disposals/adjustments |  |  | (10385) | (2661) | (32) | (169) | (408) | (2) |  | (13657) |
| Effect of movements in foreign exchange rates |  | (24) | (155) | (127) | (15) | (27) | (23) | (36) |  | (407) |
| **Balance as at March 31, 2024** | **—** | **462** | **6694** | **8136** | **627** | **1411** | **1889** | **2819** | **—** | **22038** |
| Balance as at April 1, 2024 |  | 462 | 6694 | 8136 | 627 | 1411 | 1889 | 2819 |  | 22038 |
| Depreciation for the year |  |  | 4383 | 1953 | 109 | 136 | 1703 | 826 |  | 9110 |
| Disposals/adjustments |  |  | (845) | (1285) | (2) | (71) | (571) | (100) |  | (2874) |
| Effect of movements in foreign exchange rates |  | 33 | (183) | (208) | (17) | (13) | (53) | (71) |  | (512) |
| **Balance as at March 31, 2025** | **—** | **495** | **10049** | **8596** | **717** | **1463** | **2968** | **3474** | **—** | **27762** |
| **Carrying amounts** |  |  |  |  |  |  |  |  |  |  |
| As at April 1, 2023 | 818 |  | 13931 | 3659 | 358 | 221 | 3061 | 3313 | 19 | 25380 |
| **As at March 31, 2024** | **768** | **—** | **13845** | **3870** | **284** | **293** | **4229** | **2606** | **—** | **25895** |
| As at April 1, 2024 | 768 |  | 13845 | 3870 | 284 | 293 | 4229 | 2606 |  | 25895 |
| **As at March 31, 2025** | **823** | **—** | **12154** | **4399** | **394** | **345** | **5338** | **3004** | **—** | **26457** |

---

Note: The Company has pledged certain items of property, plant and equipment against bank loans and various credit facilities (refer note 28).

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**19)** **INTANGIBLE ASSETS AND GOODWILL**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Other intangible assets** | **Other intangible assets** | **Other intangible assets** | **Other intangible assets** | **Other intangible assets** |  |  |
| **Particulars** | **Goodwill** | **Technology<br>Related<br>Development<br>Costs** | **Customer<br>Relationship** | **Non-<br>Compete** | **Brand /<br>Trade Mark** | **Software** | **Others** | **Intangible assets under development\*** | **Total** |
| **Cost** |  |  |  |  |  |  |  |  |  |
| Balance as at April 1, 2023 | 833663 | 72027 | 9843 | 869 | 123030 | 4336 | 1799 | 4250 | 1049817 |
| Acquisitions through business combination (refer note 7 (d)) | 6328 | 499 |  |  | 248 | 12 |  |  | 7087 |
| Additions/adjustments\* |  | 6769 |  |  |  | 369 | 1087 | (1305) | 6920 |
| Disposals |  | (4177) |  |  |  | (1) |  |  | (4178) |
| Effect of movements in foreign exchange rates | (7946) | (928) | (122) | (8) | (1589) | (51) | (45) | (178) | (10867) |
| **Balance as at March 31, 2024** | **832045** | **74190** | **9721** | **861** | **121689** | **4665** | **2841** | **2767** | **1048779** |
| Balance as at April 1, 2024 | 832045 | 74190 | 9721 | 861 | 121689 | 4665 | 2841 | 2767 | 1048779 |
| Acquisitions through business combination (refer note 7 (e)) | 5769 | 3241 | 2046 |  | 415 |  |  |  | 11471 |
| Additions/adjustments\* |  | 5237 |  |  |  | 521 |  | 1531 | 7289 |
| Disposals |  | (4149) |  |  |  | (159) | (1596) | (14) | (5918) |
| Effect of movements in foreign exchange rates | (13749) | (1598) | (178) | (9) | (2751) | (63) | (85) | (77) | (18510) |
| **Balance as at March 31, 2025** | **824065** | **76921** | **11589** | **852** | **119353** | **4964** | **1160** | **4207** | **1043111** |
| **Accumulated amortization and impairment losses** |  |  |  |  |  |  |  |  |  |
| Balance as at April 1, 2023 | 272160 | 53547 | 7042 | 710 | 79893 | 3843 | 1278 | 2370 | 420843 |
| Amortization for the year |  | 6660 | 771 | 58 | 11159 | 188 | 973 |  | 19809 |
| Impairment for the year |  |  |  |  |  |  |  | 22 | 22 |
| Disposals |  | (3195) |  |  |  | (1) |  |  | (3196) |
| Effect of movements in foreign exchange rates |  | (672) | (88) | (7) | (1054) | (57) | (25) | (182) | (2085) |
| **Balance as at March 31, 2024** | **272160** | **56340** | **7725** | **761** | **89998** | **3973** | **2226** | **2210** | **435393** |
| Balance as at April 1, 2024 | 272160 | 56340 | 7725 | 761 | 89998 | 3973 | 2226 | 2210 | 435393 |
| Amortization for the year |  | 6012 | 421 | 56 | 10938 | 212 | 373 |  | 18012 |
| Disposals |  | (2765) |  |  |  | (76) | (1596) |  | (4437) |
| Effect of movements in foreign exchange rates |  | (1221) | (163) | (7) | (2082) | (85) | (42) | (48) | (3648) |
| **Balance as at March 31, 2025** | **272160** | **58366** | **7983** | **810** | **98854** | **4024** | **961** | **2162** | **445320** |
| **Carrying amounts** |  |  |  |  |  |  |  |  |  |
| As at April 1, 2023 | 561503 | 18480 | 2801 | 159 | 43137 | 493 | 521 | 1880 | 628974 |
| **As at March 31, 2024** | **559885** | **17850** | **1996** | **100** | **31691** | **692** | **615** | **557** | **613386** |
| As at April 1, 2024 | 559885 | 17850 | 1996 | 100 | 31691 | 692 | 615 | 557 | 613386 |
| **As at March 31, 2025** | **551905** | **18555** | **3606** | **42** | **20499** | **940** | **199** | **2045** | **597791** |

---

\* Represents addition of USD 6,768 (March 31, 2024: USD 6,455) to intangible assets under development, adjusted for amounts capitalized out of intangible assets under development amounting to USD 5,237 (March 31, 2024: USD 7,760).

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

***Impairment testing for CGUs containing goodwill***

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.

The allocation of goodwill to the CGUs is as follows:

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** |
| Air ticketing | 224184 | 220112 |
| Hotels and packages | 206863 | 205490 |
| Bus ticketing | 125494 | 122375 |
| Other units without significant goodwill | 3344 | 3928 |
| **Total** | **559885** | **551905** |

---

The recoverable amount of these CGUs 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 CGUs. 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 in the estimation of value are set out as below. The values assigned to the key assumptions represent management's assessment of future trends in the relevant industries and have been based on the historical data from both external and internal sources.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Air ticketing** | **Air ticketing** | **Hotels and packages** | **Hotels and packages** | **Bus ticketing** | **Bus ticketing** |
|  | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** |
| Discount rate (pre-tax) | 18.4% | 19.1% | 19.0% | 20.1% | 19.5% | 20.6% |
| Discount rate (post-tax) | 16.2% | 16.5% | 16.2% | 16.5% | 16.2% | 16.5% |
| Terminal value growth rate | 4.5% | 4.5% | 4.5% | 4.5% | 4.0% | 4.0% |
| Adjusted margin growth rate | 8.1% - 15.5% | 10.1% - 15.6% | 13.3% - 16.8% | 13.0% - 20.7% | 11.0% - 18.6% | 10.0% - 20.0% |
| EBITDA margin\* (5 years) | 7.3% - 8.7% | 6.5% -7.0% | 13.3% - 19.1% | 17.5% - 21.9% | 22.3% - 24.4% | 19.9% - 26.1% |

---

\* EBITDA margin is defined as Earnings before interest, tax, depreciation and amortization (EBITDA) as a percentage of Adjusted margin.

The above pre-tax discount rate is based on the Weighted Average Cost of Capital (WACC) of comparable market participant, which is adjusted for specific risks.

These estimates are likely to differ from future actual results of operations and cash flows.

The cash flow projections included specific estimates for five years and a terminal growth rate thereafter. The terminal growth rate, Adjusted margin growth rate and EBITDA margins were determined based on management's estimate. Budgeted EBITDA margin was based on expectations of future outcomes taking into account past experience, adjusted for anticipated Adjusted margin growth. Adjusted margin growth was projected taking into account the average growth levels experienced in past and the estimated adjusted margin growth for future. The estimation of value in use reflects various assumptions that are subject to various risks and uncertainties, including key assumptions regarding expected growth rates and EBITDA margin, as well as other key assumptions with respect to matters outside of the Group's control. It requires significant judgments and estimates, and actual results could be materially different than the judgments and estimates used to estimate value in use.

Based on the above, no impairment was identified as at March 31, 2024 and March 31, 2025 as the recoverable value of the CGUs exceeded the carrying value. No reasonably possible change in any of the above key assumptions would cause the carrying amount of these CGUs to exceed their recoverable amount.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**20)** **TAX ASSETS AND LIABILITIES**

***Unrecognized Deferred Tax Assets and Liabilities***

Deferred tax assets have not been recognized in respect of the following items:

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** |
| Deductible temporary differences | 461 | 771 |
| Tax losses carry forwards | 30493 | 10905 |
| **Total** | **30954** | **11676** |

---

During the years ended March 31, 2023, 2024 and 2025, the Company did not recognize deferred tax assets on tax losses carried forward and other temporary differences mainly related to share based payments and employee benefits related to some entities of the Group, because it is not probable that future taxable profits will be available against which these items can be utilized. However, deferred tax assets have been recognised only to the extent of deferred tax liabilities in such cases. The above tax losses (including unabsorbed depreciation) as at March 31, 2025 in the subsidiaries will expire at various dates ranging from 2026 to 2043 except for the tax losses and unabsorbed depreciation amounting to USD 4,233 (March 31, 2024: USD 4,299), which can be carried forward for an indefinite period.

As at March 31, 2025, no deferred tax liability was recognised on temporary difference of USD 2,909 (March 31, 2024: USD 4,956) related to investment in subsidiaries, as the Company controls the dividend policy of its subsidiary i.e. the Company controls the timing of reversal of the related taxable temporary differences and management is satisfied that they will not reverse in the foreseeable future.

***Recognized Deferred Tax Assets and Liabilities***

During the year ended March 31, 2024 the management revised its estimates of future taxable profits, since business operations of the Company along with revenue, result from operating activities and profitability had consistently improved significantly during the years ended March 31, 2023 and March 31, 2024 post COVID-19 pandemic, coupled with Company's continued focus on optimizing costs by leveraging highly variable and more efficient fixed cost structure. As a result, the Company recognised the tax effect of USD 601,200 of previously unrecognised tax losses and deductible temporary differences (tax impact: USD 151,310) because management considered it probable that future taxable profits would be available against which such losses can be used.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

Deferred tax assets and liabilities are attributable to the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** |
|  | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** |
| **Particulars** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Net** | **Net** |
| Property, plant and equipment | 1249 | 1406 | (3062) | (2701) | (1813) | (1295) |
| Intangible assets, excluding goodwill |  |  | (7239) | (4406) | (7239) | (4406) |
| Trade and other receivables | 870 | 974 |  |  | 870 | 974 |
| Other current assets | 3037 | 2965 |  |  | 3037 | 2965 |
| Convertible notes |  |  | (4314) | (2367) | (4314) | (2367) |
| Employee benefits | 2704 | 3428 |  |  | 2704 | 3428 |
| Other current liabilities | 1949 | 1666 |  |  | 1949 | 1666 |
| Lease liabilities | 3767 | 3465 |  |  | 3767 | 3465 |
| Trade and other payables | 1825 | 859 |  |  | 1825 | 859 |
| Contract liabilities | 240 | 513 |  |  | 240 | 513 |
| Share based payments | 23627 | 24534 |  |  | 23627 | 24534 |
| Tax loss carry forwards | 99953 | 73626 |  |  | 99953 | 73626 |
| Others |  |  | (43) | (57) | (43) | (57) |
| **Deferred tax assets/<br> (liabilities) before set off** | **139221** | **113436** | **(14658)** | **(9531)** | **124563** | **103905** |
| Set off | (9904) | (7005) | 9904 | 7005 |  |  |
| **Net deferred tax<br> assets/(liabilities)** | **129317** | **106431** | **(4754)** | **(2526)** | **124563** | **103905** |

---

***Movement in recognised deferred tax assets/(liabilities) during the year***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Balance<br>as at<br>April 1,<br>2023** | **Acquired in business combinations** | **Recognised<br>in profit or<br>loss** | **Recognised in<br>other<br>comprehensive<br>income** | **Effects of<br>movement<br>in foreign<br>exchange<br>rates** | **Balance<br>as at<br>March 31,<br>2024** |
| Property, plant and equipment | (3381) |  | 1556 |  | 12 | (1813) |
| Intangible assets, excluding goodwill | (11315) | (189) | 4307 |  | (42) | (7239) |
| Trade and other receivables | 43 |  | 876 |  | (49) | 870 |
| Other current assets |  |  | 3015 |  | 22 | 3037 |
| Convertible notes | (2082) |  | (2232) |  |  | (4314) |
| Employee benefits | 86 |  | 2399 | 248 | (29) | 2704 |
| Other non-current liabilities | 10 |  | (10) |  |  |  |
| Other current liabilities |  |  | 1924 |  | 25 | 1949 |
| Lease liabilities | 3467 |  | 325 |  | (25) | 3767 |
| Trade and other payables |  |  | 1831 |  | (6) | 1825 |
| Contract liabilities |  |  | 241 |  | (1) | 240 |
| Share based payments |  |  | 23786 |  | (159) | 23627 |
| Tax losses carry forwards | 12350 |  | 88179 |  | (576) | 99953 |
| Others |  |  | (48) |  | 5 | (43) |
| **Total** | **(822)** | **(189)** | **126149** | **248** | **(823)** | **124563** |

---

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

***Movement in recognised deferred tax assets/(liabilities) during the year***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Balance as at April 1, 2024** | **Acquired in business combinations** | **Recognised in profit or loss** | **Recognised in other comprehensive income** | **Effects of movement in foreign exchange rates** | **Balance as at March 31, 2025** |
| Property, plant and equipment | (1813) |  | 479 |  | 39 | (1295) |
| Intangible assets, excluding goodwill | (7239) |  | 2681 |  | 152 | (4406) |
| Trade and other receivables | 870 |  | 127 |  | (23) | 974 |
| Other current assets | 3037 |  | 4 |  | (76) | 2965 |
| Convertible notes | (4314) |  | 1947 |  |  | (2367) |
| Employee benefits | 2704 |  | 603 | 197 | (76) | 3428 |
| Other current liabilities | 1949 |  | (237) |  | (46) | 1666 |
| Lease liabilities | 3767 |  | (211) |  | (91) | 3465 |
| Trade and other payables | 1825 |  | (930) |  | (36) | 859 |
| Contract liabilities | 240 |  | 282 |  | (9) | 513 |
| Share based payments | 23627 |  | 1510 |  | (603) | 24534 |
| Tax losses carry forwards | 99953 |  | (24099) |  | (2228) | 73626 |
| Others | (43) |  | (16) |  | 2 | (57) |
| **Total** | **124563** |  | **(17860)** | **197** | **(2995)** | **103905** |

---

In March 2024, the Company filed a composite scheme of amalgamation and arrangement between subsidiaries of the Group, MakeMyTrip (India) Private Limited ("MMT India") and Redbus India Private Limited ("RB India") whereby RB India as an entity is proposed to be amalgamated with MMT India with the appointed date of April 1, 2024, subject to necessary approval from the National Company Law Tribunal and other relevant regulatory authorities. As these approvals are substantive in nature, the related financial statement impact will be taken in the year in which such approvals will be obtained. If this scheme gets approved, the Company estimates that it will not be able to take the benefits of the recognised deferred tax assets to the extent of USD 9,829 on the carry forward losses (including unabsorbed depreciation) as these losses will no longer be available for utilization.

**21)** **TRADE AND OTHER RECEIVABLES**

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** |
| Trade and other receivables, net of provision | 83116 | 129201 |
| Security deposits, net of provision | 9804 | 12148 |
| Interest accrued | 6453 | 8458 |
| Due from employees | 273 | 215 |
| **Total** | **99646** | **150022** |
| Non-current | 7696 | 8879 |
| Current | 91950 | 141143 |
| **Total** | **99646** | **150022** |

---

The trade receivables primarily consists of dues from airline, corporate and retail customers.

Security deposits include amounts paid in advance to suppliers of hotel and other services in order to guarantee the provision of those services.

The Group's exposure to credit and currency risk is disclosed in note 5 and 34.

The information related to impairment losses related to trade and other receivables is disclosed in note 16 and 34.

Trade and other receivables from related parties are disclosed in note 37.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**22)** **CASH AND CASH EQUIVALENTS**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **As at March 31** | **As at March 31** |
| **Particulars** |  | **2024** | **2025** |
| Cash in hand |  | 158 | 271 |
| Funds in transit |  | 58874 | 85727 |
| Bank balances |  | 148762 | 177507 |
| Term deposits |  | 119271 | 245393 |
| **Cash and cash equivalents in the Statement of Financial Position** | **(a)** | **327065** | **508898** |
| Bank overdrafts used for cash management purposes | (b) |  | (536) |
| **Cash and cash equivalents in the statement of Cash Flows** | **(a+b)** | **327065** | **508362** |

---

As of March 31, 2025, bank balances include USD 1,605 (March 31, 2024: USD 774) pledged against letters of credit and bank guarantees issued to various airlines and suppliers of hotel and other services.

Funds in transit represents the amount collected from customers through credit cards/net banking 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 currency risk, credit risk and interest rate risk along with sensitivity analysis for financial assets is disclosed in note 5 and 34.

**23)** **TERM DEPOSITS**

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** |
| Term deposits | 280688 | 254416 |
| **Total** | **280688** | **254416** |
| Non-current | 966 | 2130 |
| Current | 279722 | 252286 |
| **Total** | **280688** | **254416** |

---

As at March 31, 2025, term deposits amounting to USD 2,974 (March 31, 2024: USD 2,859) marked as lien with National Company Law Appellate Tribunal and USD 4,989 (March 31, 2024: USD 3,169) pledged mainly with banks against bank guarantees, bank overdraft facility and other facilities.

The Group's exposure to credit risk and interest rate risk along with sensitivity analysis for financial assets is disclosed in note 5 and 34.

**24)** **OTHER CURRENT ASSETS**

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** |
| Advance to suppliers^ | 145423 | 144324 |
| Prepaid expenses | 4607 | 5512 |
| Receivable from related party# | 24 |  |
| Other assets | 3069 | 3095 |
| **Total** | **153123** | **152931** |

---

# Loan given to Saaranya Hospitality Technologies Private Limited (equity-accounted investee) (refer note 37).

^ The Company pays advances to airlines for the procurement of airline tickets. These advances are utilized against the subsequent purchase of airline tickets. The outstanding airline balances as at March 31, 2025 includes amounts recoverable from Go Airlines (India) Limited ("Go First") amounting to USD 20,949 (March 31, 2024: USD 20,949), which includes refund due to customers of USD 10,902 (March 31, 2024: USD 10,902).

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

In May 2023, Go First filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal ("NCLT") in India. The NCLT admitted the application and granted protection to Go First by imposing a moratorium against recovery by lessors, lenders, and other creditors of Go First. In addition, the NCLT had appointed a resolution professional ('RP') to operate Go First and to maintain Go First as a going concern.

The RP had prepared a revival plan and is making progress in getting interim funding sanctioned from the Committee of Creditors of Go First for funding the airline's operations. Since the filing was for voluntary insolvency, there had been developments in favor of Go First's possible resumption of operations including relief via moratorium from lease payments, interim approvals for the proposed revival plan and in-principle approval for funding among others including receipt of regulatory approval subject to certain conditions from Director General of Civil Aviation ("DGCA") which is the aviation regulator in India. The regulatory approval, though subject to conditions such as arrangement of interim funding, ensuring continuing airworthiness of the aircrafts, outcome of the ongoing insolvency resolution proceedings at NCLT and the High Court of Delhi, was critical to the revival process.

Considering cessation of operations of Go First and with no visibility on the resumption of operations along with adverse developments, the Company believes that there is significant uncertainty with respect to amounts recoverable from Go First and therefore, during the year ended March 31, 2024, the Company recorded an impairment provision of USD 10,047.

Further, the High Court of Delhi, directed DGCA to deregister the aircrafts leased by Go First. Consequently, DGCA had deregistered all 54 aircrafts and the lessors had reclaimed their aircrafts. On January 20, 2025, the NCLT ordered the liquidation of Go First following a request from Committee of Creditors.

**25)** **OTHER NON-CURRENT ASSETS**

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** |
| Prepaid expenses | 85 | 402 |
| **Total** | **85** | **402** |

---

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**26)** **CAPITAL AND RESERVES**

***A. Share Capital and Share Premium***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares** | **Ordinary Shares** | **Ordinary Shares** | **Class B Shares** | **Class B Shares** | **Class B Shares** |
| **Particulars** | **Number** | **Share<br>capital** | **Share<br>premium** | **Number** | **Share<br>capital** | **Share<br>premium** |
| Balance as at April 1, 2023 | 66462562 | 33 | 839442 | 39667911 | 20 | 1217920 |
| Shares issued during the year on exercise of share based awards | 3652013 | 2 | 103855 |  |  |  |
| **Balance as at March 31, 2024** | **70114575** | **35** | **943297** | **39667911** | **20** | **1217920** |
| Balance as at April 1, 2024 | 70114575 | 35 | 943297 | 39667911 | 20 | 1217920 |
| Shares issued during the year on exercise of share based awards | 1479937 | 1 | 42228 |  |  |  |
| Treasury shares acquired | (236012) |  |  |  |  |  |
| **Balance as at March 31, 2025** | **71358500** | **36** | **985525** | **39667911** | **20** | **1217920** |

---

The Company presently has ordinary shares and Class B Convertible Ordinary Shares ("Class B Shares") with par value of $0.0005 per share. The terms of issue generally provide that the Class B Shares issued to any shareholder will have the same powers and relative participation rights as ordinary shares of the Company and shall vote together with ordinary shares as a single class on all matters on which the Company shareholders are entitled to vote, except as required by applicable law. The Class B Shares will be convertible into an equal number of ordinary shares, which shall be fully paid, non-assessable and free of any preemptive rights, of the Company on demand at the election of the holder, and will be automatically converted into an equal number of ordinary shares upon the transfer of Class B Shares to another party.

During the year ended March 31, 2025, the Company purchased 236,012 ordinary shares pursuant to share repurchase plan from the open market at the prevailing market price amounting to USD 21,722, including directly attributable cost. This share repurchase plan was approved by the board of directors on October 31, 2023.

Mauritian 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 and Class B shares in proportion to the number of shares held to the total ordinary shares and Class B 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 Class B shares at par with ordinary shares in proportion to the number of shares held to the total ordinary shares (including Class B shares) outstanding as on that date.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B. Nature and purpose of reserves***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i. Foreign currency translation reserve** 

The translation reserve comprises foreign currency differences arising from the translation of the financial statements of the India, Singapore, Malaysia, Hong Kong, Thailand, the United Arab Emirates, Peru, Colombia, Vietnam, Cambodia, the Kingdom of Saudi Arabia and Indonesia subsidiaries, from their respective functional currencies to the Company's presentation currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii. Fair value reserve**

The fair value reserve comprises the cumulative net change in the fair value of equity investments at FVOCI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii. Share-based payment reserve**

Share based payment reserve comprises the value of equity-settled share based awards provided to employees including key management personnel, as part of their remuneration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv. Equity component of convertible notes**

It represents equity component of convertible notes issued in the year ended March 31, 2021. (refer note 28)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v. Treasury shares reserve**

The treasury shares reserve comprises of the amount paid for repurchase of Parent Company's ordinary shares. As at March 31, 2025 the Group held 236,012 shares of the Parent Company's ordinary shares as treasury shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***C. Capital management***

Equity share capital and other equity are considered for the purpose of Group's capital management. The Group's objective for capital management is to manage its capital so as to safeguard its ability to continue as a going concern and to support the growth of the Group. The capital structure of the Group is based on management's judgement of its strategic and day-to-day needs with a focus on total equity so as to maintain investors, creditors and market confidence. The funding requirements are met through equity, convertible notes and operating cash. The Group's focus is to keep strong total equity base to ensure independence, security, as well as a high financial flexibility for potential future borrowings, if required without impacting the risk profile of the Group. The Group is not subject to any externally imposed capital requirements.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**27)** **EARNINGS (LOSS) PER SHARE**

The following is the reconciliation of the earnings or loss attributable to ordinary shareholders (including Class B shareholders) and weighted average number of ordinary shares (including Class B shares) used in the computation of basic and diluted earnings (loss) per share for the year ended March 31, 2023, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Particulars** | **2023** | **2024** | **2025** |
| Earnings (loss) attributable to ordinary shareholders (including Class B shareholders) used in computing basic earnings (loss) per share (A) | (11321) | 216801 | 95101 |
| Interest expense and changes in carrying amount of convertible notes, net of tax |  | (10857) |  |
| Earnings (loss) attributable to ordinary shareholders (including Class B shareholders) used in computing diluted earnings (loss) per share (B) | (11321) | 205944 | 95101 |
| Weighted average number of ordinary shares (including Class B shares) outstanding used in computing basic earnings (loss) per share (C) | 109656200 | 111094561 | 112592774 |
| Dilutive effect of conversion of convertible notes |  | 5934810 |  |
| Dilutive effect of share based awards |  | 1206485 | 1945409 |
| Weighted average number of ordinary shares (including Class B shares) outstanding used in computing dilutive earnings (loss) per share (D) | 109656200 | 118235856 | 114538183 |
| Earnings (loss) per share (in USD) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic (A/C) | (0.10) | 1.95 | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted (B/D) | (0.10) | 1.74 | 0.83 |

---

For the year ended March 31, 2025, Nil (March 31, 2024: Nil and March 31, 2023: 1,336,069) employees share based awards, were excluded from the calculation of diluted weighted average number of ordinary shares as their effect would have been anti-dilutive.

For the year ended March 31, 2025, 5,934,810 (March 31, 2024: Nil and March 31, 2023: 5,934,810) ordinary shares issuable on conversion of convertible notes, were excluded from the calculation of diluted weighted average number of ordinary shares as their effect would have been anti-dilutive.

**28)** **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, refer note 5 and 34.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2024** | **2025** | **2025** |
| **Non-current liabilities** |  |  |  |  |
| Secured bank loans |  | 2,609 |  | 3,118 |
| Lease liabilities |  | 12,969 |  | 10,777 |
| Convertible notes |  | 201,240 |  |  |
| **Non-current portion of loans and borrowings** |  | **216,818** |  | **13,895** |

---

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** |
| **Current liabilities** |  |  |
| Current portion of secured bank loans | 1117 | 1485 |
| Current portion of lease liabilities | 3689 | 4582 |
| Current portion of convertible notes |  | 216075 |
| **Current portion of loans and borrowings** | **4806** | **222142** |

---

On February 9, 2021, the Company had issued USD 230,000 principal amount 0.00% convertible senior notes (the "Notes") including USD 30,000 in aggregate principal amount of the Notes issued pursuant to the full exercise of the initial purchasers' option to purchase additional Notes.

The Notes are convertible based upon an initial conversion rate of 25.8035 of the Company's ordinary shares, par value USD 0.0005 per share (the "ordinary shares") per USD 1,000 principal amount of Notes (equivalent to a conversion price of approximately USD 38.75 per ordinary share). The Notes will mature on February 15, 2028, unless earlier repurchased, redeemed or converted. The Notes will be convertible into ordinary shares, at the option of the holders, in integral multiples of USD 1,000 principal amount, at any time prior to the close of business on the second business day preceding February 15, 2028. Holders of the Notes have the right to require the Company to repurchase for cash all or part of their Notes on February 15, 2024 and February 15, 2026 (each, a "repurchase date") at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the relevant repurchase date ("Repurchase Right").

The conversion rate will be subject to adjustment upon the occurrence of certain specified events, but will not be adjusted for accrued and unpaid special interest, if any. In addition, in connection with a make-whole fundamental change or following the Company's delivery of a notice of tax redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Notes "in connection with" such make-whole fundamental change or a notice of tax redemption, as the case may be. Further, the Company may, at its option, redeem the Notes, in whole but not in part, following the occurrence certain tax law changes at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date (unless the redemption date falls after a special interest record date but on or prior to the special interest payment date to which such special interest record date relates, in which case the Company will instead pay the full amount of accrued and unpaid special interest, if any, to the holder of record as of the close of business on such special interest record date, and the redemption price will be equal to 100% of the principal amount of the Notes to be redeemed).

Upon the occurrence of a fundamental change, holders may require the Company to repurchase for cash all or any portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date.

The Notes are general unsecured obligations of the Company. The Notes rank senior in right of payment to any of the Company's indebtedness that is expressly subordinated in right of payment to the Notes, rank equal in right of payment to any of the Company's unsecured indebtedness that is not so subordinated, are effectively subordinated in right of payment to any of the Company's secured indebtedness to the extent of the value of the assets securing such indebtedness and are structurally junior to all indebtedness and other liabilities of the Company's subsidiaries.

The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated conversion feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the initial proceeds and recorded as equity component of convertible notes in equity. The resulting discount, together with the allocated issuance costs, were accreted at an effective interest rate of 7.39% over the period from the issuance date to February 15, 2024, the earliest put date of the Notes representing the first date on which the amount could be required to be paid to the Notes holders.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

On January 17, 2024, the Company had notified holders of the Notes, of the right, at the option such holder, to require the Company to repurchase at par all of such holder's Notes or any portion thereof that is an integral multiple of USD 1,000 principal amount for cash on February 15, 2024, or the Repurchase Right, if properly tendered by the holders subject to the terms and conditions set forth. However, no notes were tendered for repurchase. The next repurchase date will be February 15, 2026 as per the agreement.

Consequent to aforementioned event, the Company had adjusted the gross carrying amount of the Notes at the present value of the estimated future contractual cash flows that are discounted up to next repurchase date at the original effective interest rate to reflect actual and revised estimated contractual cash flows. The difference of USD 30,578 between the gross carrying amount as at February 15, 2024 and revised gross carrying amount was recognised in statement of profit or loss as reversal of finance cost (refer note 16), being change in carrying value of financial liabilities measured at amortised cost during the year ended March 31, 2024. The revised carrying amount of the Notes will be accreted up to the principal amount over a remaining period of 0.88 years (March 31, 2024: 1.88 years) representing the next date on which the amount could be required to be paid to the Notes holders.

***Terms and repayment schedule of secured bank loans, lease liabilities and convertible notes:***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **As at March 31, <br>2024** | **As at March 31, <br>2024** | **As at March 31, <br>2025** | **As at March 31, <br>2025** |
| **Particulars** | **Currency** | **Interest rate** | **Year of<br>maturity** | **Original<br>value** | **Carrying<br>amount** | **Original <br>value** | **Carrying<br>amount** |
| Secured bank loans | INR | 7%-10% | 2024 - 2030 | 4961 | 3726 | 6595 | 4603 |
| Lease liabilities | Multiple | 2%-12% | 2024 - 2029 | 42536 | 16658 | 45091 | 15359 |
| Convertible notes | USD | 7.39% | 2026 | 230000 | 201240 | 230000 | 216075 |

---

The bank loans are secured over motor vehicles with a carrying amount of USD 5,264 as at March 31, 2025 (March 31, 2024: USD 4,184).

The information related to contractual maturities of lease liabilities is disclosed in note 34.

***Credit facilities***

The Group has fund based limits with various banks amounting to USD 32,901 as at March 31, 2025 (March 31, 2024: USD 25,897). Additionally, in order to increase Statement of Financial Position flexibility and provide a back-up source of liquidity for any contingencies or investment opportunities, the Group has secured credit and guarantee facilities of USD 70,000 from an affiliate of Group's largest shareholder. As at March 31, 2025, the Group has drawn Nil (March 31, 2024: Nil) against these limits.

As at March 31, 2025, the Group has non-fund based limits of USD 57,775 (March 31, 2024: USD 58,281) for bank guarantees, primarily in favor of International Air Transport Association ('IATA') and other suppliers from various banks, against any payment default by the Company. Against these limits, the Group has pledged certain bank balances, term deposits, property, plant and equipment [excluding land, building, motor vehicles and buildings (right of use)] and trade receivables ('security') of USD 167,228 (March 31, 2024: USD 129,353) of various subsidiaries. However, in case of default, enforcement of security is limited to the extent of amount due against withdrawn limits. As at March 31, 2025 and March 31, 2024, the Parent Company has issued guarantees to banks in respect of credit facilities granted to MakeMyTrip (India) Private Limited.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

***Reconciliation of movements of liabilities to cash flows arising from financing activities:***

***Changes in cash flows from financing activities***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
|  | **Secured bank loans** | **Lease liabilities** | **Convertible notes** | **Total** |
| **Balance as at April 1, 2022** | **1392** | **13952** | **201240** | **216584** |
| Proceeds from bank loans | 2168 |  |  | 2168 |
| Repayment of bank loans | (749) |  |  | (749) |
| Acquired through business combination |  | 199 |  | 199 |
| Additions to lease liabilities |  | 7255 |  | 7255 |
| Adjustment due to modifications |  | (1435) |  | (1435) |
| Payment of lease liabilities |  | (2415) |  | (2415) |
| Interest accrued | 189 | 1554 | 14878 | 16621 |
| Interest paid | (189) | (1554) |  | (1743) |
| Effect of change in foreign exchange rates | (144) | (1177) |  | (1321) |
| **Balance as at March 31, 2023** | **2667** | **16379** | **216118** | **235164** |
| Proceeds from bank loans | 2114 |  |  | 2114 |
| Repayment of bank loans | (1009) |  |  | (1009) |
| Acquired through business combination |  | 115 |  | 115 |
| Additions to lease liabilities |  | 3540 |  | 3540 |
| Adjustment due to modification/change in estimate |  | (26) | (30578) | (30604) |
| Payment of lease liabilities |  | (3105) |  | (3105) |
| Interest accrued | 266 | 1783 | 15700 | 17749 |
| Interest paid | (266) | (1783) |  | (2049) |
| Effect of change in foreign exchange rates | (46) | (245) |  | (291) |
| **Balance as at March 31, 2024** | **3726** | **16658** | **201240** | **221624** |
| Proceeds from bank loans | 2435 |  |  | 2435 |
| Repayment of bank loans | (1455) |  |  | (1455) |
| Acquired through business combination |  | 22 |  | 22 |
| Additions to lease liabilities |  | 2958 |  | 2958 |
| Adjustment due to modification |  | (123) |  | (123) |
| Payment of lease liabilities |  | (3763) |  | (3763) |
| Interest accrued | 405 | 1697 | 14835 | 16937 |
| Interest paid | (405) | (1697) |  | (2102) |
| Effect of change in foreign exchange rates | (103) | (393) |  | (496) |
| **Balance as at March 31, 2025** | **4603** | **15359** | **216075** | **236037** |

---

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**29)** **OTHER CURRENT LIABILITIES**

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** |
| Statutory liabilities | 26820 | 23188 |
| Employee related payables | 8467 | 8250 |
| Refund due to customers | 45870 | 51011 |
| Deferred income | 105 |  |
| Other liabilities (related to business combination) (refer note 7 (c) and 7 (e)) |  | 4390 |
| **Total** | **81262** | **86839** |

---

**30)** **OTHER NON-CURRENT LIABILITIES**

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** |
| Deferred income | 5 |  |
| Other liabilities (related to business combinations) (refer note 7 (c) and (d)) | 12438 | 12396 |
| **Total** | **12443** | **12396** |

---

**31)** **TRADE AND OTHER PAYABLES**

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** |
| Trade payables | 67054 | 91237 |
| Accrued expenses | 51494 | 55762 |
| **Total** | **118548** | **146999** |

---

The Group's exposure to currency and liquidity risk related to trade and other payables is disclosed in note 5 and 34.

**32)** **EMPLOYEE BENEFITS**

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** |
| Net defined benefit liability | 9316 | 12033 |
| Other long term employee benefit (liability for compensated absences) | 2346 | 2672 |
| **Total employee benefit liabilities** | **11662** | **14705** |

---

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** |
| Present value of unfunded obligation | 9316 | 12033 |
| **Total** | **9316** | **12033** |

---

***Defined Benefit Plan***

The Group's gratuity scheme for the employees of its Indian subsidiaries is a defined benefit plan. The plan in Q2T and Simplotel is funded, whereas plan for the rest of Indian subsidiaries are unfunded. 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.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***A. Movement in the net defined benefit liability***

The following table shows a reconciliation from the opening balances to the closing balances for the net defined liability and its components:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Defined benefit<br>obligation** | **Defined benefit<br>obligation** | **Fair value of plan<br>assets** | **Fair value of plan<br>assets** | **Net defined benefit<br>liability** | **Net defined benefit<br>liability** |
|  | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** |
|  | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** |
| Opening balance | 7245 | 9467 | (155) | (151) | 7090 | 9316 |
| Acquired through business combination (refer note 7 (d) and 7 (e)) | 95 | 271 |  |  | 95 | 271 |
| **Included in profit or loss** |  |  |  |  |  |  |
| Current service cost | 1180 | 1687 |  |  | 1180 | 1687 |
| Past service cost (credit) | (307) |  |  |  | (307) |  |
| Interest cost (income) | 492 | 636 | (11) | (9) | 481 | 627 |
|  | **1365** | **2323** | **(11)** | **(9)** | **1354** | **2314** |
| **Included in other comprehensive income** |  |  |  |  |  |  |
| Remeasurement loss (gain) : |  |  |  |  |  |  |
| -Actuarial loss (gain) arising from : |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;-demographic assumptions | 854 | (20) |  |  | 854 | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;-financial assumptions | 17 | 417 |  |  | 17 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;-experience adjustment | 340 | 441 |  |  | 340 | 441 |
| -Return on plan assets excluding interest income |  |  | 1 | 1 | 1 | 1 |
|  | **1211** | **838** | **1** | **1** | **1212** | **839** |
| Effects of movement in foreign exchange rates | (118) | (259) | 3 | 3 | (115) | (256) |
| **Other** |  |  |  |  |  |  |
| Contribution by employer |  |  | (2) | (11) | (2) | (11) |
| Benefits paid | (331) | (481) | 13 | 41 | (318) | (440) |
| **Closing balance** | **9467** | **12159** | **(151)** | **(126)** | **9316** | **12033** |

---

***Represented by:***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2024** | **2025** | **2025** |
| Net defined benefit liability |  | 9,316 |  | 12,033 |
| Net defined benefit assets |  |  |  |  |
|  |  | **9,316** |  | **12,033** |

---

During the year ended March 31, 2024, the gratuity plan for the employees was amended for revision in the underlying ceiling limits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B. Actuarial assumptions***

Principal actuarial assumptions are given below:

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** |
| Discount rate (per annum) | 6.90%-7.00% | 6.40%-6.50% |
| Future salary growth (per annum) | 7.00%-11.00% | 7.00%-12.00% |
| Withdrawal rate | 5.00%-25.00% | 6.00%-25.00% |

---

Assumptions regarding future mortality rates are based on Indian Assured Lives Mortality (2006-08) Ultimate as published by Insurance Regulatory and Development Authority (IRDA).

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

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 future salary growth rate takes into account inflation, seniority, promotion and other relevant factors on long-term basis.

The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***C. 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Particulars** | **2024** | **2024** | **2025** | **2025** |
|  | **Increase** | **Decrease** | **Increase** | **Decrease** |
| Discount rate (1% movement) | (560) | 630 | (730) | 822 |
| Future salary growth (1% movement) | 594 | (542) | 771 | (703) |
| Withdrawal rate (5%-10% movement) | (884) | 1853 | (1274) | 2788 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***D. Plan assets***

Plan assets comprise the following:

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** |
| Funds managed by the insurer | 100% | 100% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***E. Description of plan characteristics***

The Gratuity scheme is a final salary defined benefit plan that provides for a lump sum payment made on exit either by way of retirement, death, disability or voluntary withdrawal. The benefits are defined on the basis of final salary and the period of service and paid as lump sum at exit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***F. Description of plan associated risks***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1. Interest rate risk :*** The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2. Salary inflation risk :*** Higher than expected increases in salary will increase the defined benefit obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3. Demographic risk :*** This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G. Expected benefit payments for the year ending:***

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Amount** |
| March 31, 2026 |  | 1,464 |
| March 31, 2027 |  | 1,508 |
| March 31, 2028 |  | 2,300 |
| March 31, 2029 |  | 1,964 |
| March 31, 2030 |  | 2,432 |
| Thereafter |  | 11,792 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** The Group expects to pay USD 39 in contributions to its defined benefit plans in the next annual reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** The weighted average duration of the defined benefit obligation is 3-8 years (March 31, 2024: 3-8 years).

**33)** **SHARE BASED PAYMENT**

***Description of the share based payment arrangements***

As at March 31, 2024 and 2025, the Group had the following equity-settled share based payment arrangement programs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***a)*** ***Share Incentive Plan***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***i)*** ***Restricted Share Units (RSUs)***

In 2010, the Group approved a share incentive plan in Mauritius, named the MakeMyTrip 2010 Share Incentive Plan ("Share Incentive Plan"). During the years ended March 31, 2023, 2024 and 2025, the Group granted restricted share units, or RSUs, under the plan to eligible employees. Each restricted share unit represents the right to receive one common share. The fair value of each restricted share unit is the market price of one common share of the Group on the date of grant.

***Terms and Conditions of the RSUs***

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

---

| | | | |
|:---|:---|:---|:---|
| **Grant details** | **Number of<br>instruments** | **Vesting<br>conditions** | **Contractual<br>life of RSUs** |
| RSUs granted during the year ended March 31, 2023 | 1455554 | Refer notes | 4 – 8 years |
| RSUs granted during the year ended March 31, 2024 | 829578 | Refer notes | 4 – 8 years |
| RSUs granted during the year ended March 31, 2025 | 578796 | Refer notes | 4 – 8 years |

---

<u>Notes:</u>

Of the RSUs granted during the year ended March 31, 2025:

- 301,167 (March 31, 2024: 571,784 and March 31, 2023: 1,120,117) RSUs have graded vesting over 4 years: 25% on the expiry of 12 months from the grant date, 25% on the expiry of 24 months from the grant date, 25% on the expiry of 36 months from the grant date, 25% on the expiry of 48 months from the grant date.

- Nil (March 31, 2024: Nil and March 31, 2023: 335,274) RSUs have 100% vesting on September 30, 2025 and Nil (March 31, 2024: 209,731 and March 31, 2023: Nil) RSUs have 100% vesting on September 30, 2026 and 121,232 (March 31, 2024: Nil and March 31, 2023: Nil) RSUs have 100% vesting during the quarter ended September 30, 2027. Further, the Group's estimate of the number of shares to be issued is adjusted upward or downward based upon the probability of achievement of the factors like Group performance (revenue, profit and gross merchandise value) of next three financial years and service condition. Maximum shares the employees are eligible to receive under this scheme are 150% of the total RSUs granted. For the grants given in financial year ended March 31, 2022, there has been a upward adjustment of 138,615 number of RSUs based on the Group's performance for the financial year ended March 31, 2022, 2023 and 2024.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

- 13,379 (March 31, 2024: Nil and March 31, 2023: Nil) RSUs were fully vested on expiry of six months from the grant date.

- 4,403 (March 31, 2024: 48,063 and March 31, 2023: 163) RSUs were fully vested on the grant date.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Weighted<br>Average<br>Exercise<br>Price per<br>share (USD)** | **Number<br>of<br>Awards** | **Weighted<br>Average<br>Exercise<br>Price per<br>share (USD)** | **Number<br>of<br>Awards** | **Weighted<br>Average<br>Exercise<br>Price per<br>share (USD)** | **Number<br>of<br>Awards** |
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Particulars** | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** |
| Outstanding at the beginning of the year | 0.0005 | 7445641 | 0.0005 | 7773744 | 0.0005 | 5041216 |
| Granted during the year | 0.0005 | 1455554 | 0.0005 | 829578 | 0.0005 | 578796 |
| Forfeited and expired during the year | 0.0005 | (369630) | 0.0005 | (178993) | 0.0005 | (89567) |
| Exercised during the year | 0.0005 | (757821) | 0.0005 | (3383113) | 0.0005 | (1165497) |
| Outstanding at the end of the year | 0.0005 | 7773744 | 0.0005 | 5041216 | 0.0005 | 4364948 |
| Exercisable at the end of the year | 0.0005 | 4327478 | 0.0005 | 2234132 | 0.0005 | 2416977 |

---

The grant date fair value of RSUs granted during the year is in the range of USD 55.00 to USD 105.29 (March 31, 2024: USD 24.00 to USD 55.42 and March 31, 2023: USD 24.25 to USD 32.62).

The RSUs outstanding at March 31, 2025 have an exercise price per share of USD 0.0005 (March 31, 2024: USD 0.0005 and March 31, 2023: USD 0.0005) and a weighted average remaining contractual life of 4.0 years (March 31, 2024: 4.3 years and March 31, 2023: 3.9 years).

During the year ended March 31, 2025, share based payment expense recognized under personnel expenses (refer note 13) amounted to USD 35,927 (March 31, 2024: USD 36,936 and March 31, 2023: USD 34,651) for the RSUs granted under the Share Incentive Plan.

***ii) Employee Stock Options (ESOPs)***

In 2010, the Group approved a share incentive plan in Mauritius, named the MakeMyTrip 2010 Share Incentive Plan ("Share Incentive Plan"). Each ESOP represents the right to receive one hundred common equity shares of the Group. No options were granted during the years ended March 31, 2023, 2024 and 2025, respectively.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Weighted<br>Average<br>Exercise<br>Price per<br>ESOP (USD)** | **Number<br>of<br>Awards** | **Weighted<br>Average<br>Exercise<br>Price per<br>ESOP (USD)** | **Number<br>of<br>Awards** | **Weighted<br>Average<br>Exercise<br>Price per<br>ESOP (USD)** | **Number<br>of<br>Awards** |
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Particulars** | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** |
| Outstanding at the beginning of the year | 2229 | 19489 | 2229 | 18502 | 2229 | 15813 |
| Exercised during the year | 2229 | (987) | 2229 | (2689) | 2229 | (3144.4) |
| Outstanding at the end of the year | 2229 | 18502 | 2229 | 15813 | 2229 | 12668.6 |
| Exercisable at the end of the year | 2229 | 18502 | 2229 | 15813 | 2229 | 12668.6 |

---

The ESOPs outstanding at March 31, 2025 have an exercise price per option of USD 2,229 (March 31, 2024: USD 2,229 and March 31, 2023: USD 2,229) and a weighted average remaining contractual life of 4.7 years (March 31, 2024: 1.4 years and March 31, 2023: 2.4 years), after the extension of the expiry date of outstanding ESOPs during the year ended March 31, 2025.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

During the year ended March 31, 2025, share based payment expense recognized under personnel expenses (refer note 13) amounted to USD Nil (March 31, 2024: Nil and March 31, 2023: USD 966) for the ESOPs granted under the Share Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***b) Employee Stock Option Plan 2015 ("Simplotel Plan 2015")***

In 2015, Simplotel, one of the Group's subsidiary (refer note 7 (c)), approved a share option plan in India, named the Employees Stock Option Plan 2015, hereinafter referred as "Simplotel Plan 2015". During the year ended March 31, 2025, Nil Simplotel Employee Stock Options ("Simplotel ESOP") (March 31, 2024: 192, March 31, 2023: Nil) were granted to employees. Each Simplotel ESOP represents the right to receive one equity share of Simplotel.

**The number and weighted average exercise price of Simplotel ESOP under the Simplotel Plan 2015 are as follows:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Weighted Average Exercise Price per Simplotel ESOP (USD)** | **Number<br>of<br>Awards** | **Weighted Average Exercise Price per Simplotel ESOP (USD)** | **Number<br>of<br>Awards** | **Weighted Average Exercise Price per Simplotel ESOP (USD)** | **Number<br>of<br>Awards** |
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Particulars** | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** |
| Outstanding at beginning of the year | 0.12 | 1073 | 0.12 | 1065 | 0.12 | 1202 |
| Granted during the year |  |  | 0.12 | 192 |  |  |
| Forfeited and expired during the year | 0.12 | (8) | 0.12 | (55) | 0.12 | (49) |
| Outstanding at the end of the year | 0.12 | 1065 | 0.12 | 1202 | 0.12 | 1153 |
| Exercisable at the end of the year | 0.12 | 947 | 0.12 | 949 | 0.12 | 992 |

---

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

---

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

---

During the year ended March 31, 2024, 192 Simplotel ESOPs have graded vesting over 4 years: 10% will vest on completion of one year from the grant date, remaining Simplotel ESOPs will equally vest quarterly thereafter in the remaining 3 years in the ratio of 20% in second year, 30% in third year and 40% in fourth year from the date of grant.

The Simplotel ESOPs outstanding at March 31, 2025 have an exercise price per Simplotel ESOP of USD 0.12 (March 31, 2024: USD 0.12, March 31, 2023: 0.12). The weighted average remaining contractual life of the Simplotel ESOPs granted under this plan is 9.5 years (March 31, 2024: 10 years).

During the year ended March 31, 2025, share based payment expense recognized under personnel expenses (refer note 13) amounted to USD 22 (March 31, 2024: USD 1, March 31, 2023: USD 26), for the Simplotel ESOPs granted under Simplotel Plan 2015.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***c) Book My Forex Employees Stock Option Plan, 2022 ("BMF Plan 2022")***

In 2022, BMF, one of the Group's subsidiary (refer note 7 (b)), approved a plan in India, named it Book My Forex Employees Stock Option Plan, 2022, hereinafter referred as "BMF Plan 2022". During the year ended March 31 2025, 476 BMF Employee Stock Options ("BMF ESOPs") (March 31, 2024: 2,490, March 31, 2023: Nil) were granted to employees. Each BMF ESOP represents the right to receive one equity share of BMF.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Weighted<br>Average<br>Exercise<br>Price per<br>BMF ESOP (USD)** | **Number<br>of<br>Awards** | **Weighted<br>Average<br>Exercise<br>Price per<br>BMF ESOP (USD)** | **Number<br>of<br>Awards** |
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Particulars** | **2024** | **2024** | **2025** | **2025** |
| Outstanding at beginning of the year |  |  | 0.12 | 2490 |
| Granted during the year | 0.12 | 2490 | 0.12 | 476 |
| Forfeited and expired during the year |  |  | 0.12 | (249) |
| Outstanding at the end of the year | 0.12 | 2490 | 0.12 | 2717 |
| Exercisable at the end of the year |  |  | 0.12 | 1162 |

---

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

---

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

---

<u>Notes:</u>

Of the BMF ESOPs granted during the year ended March 31, 2025:

-Nil (March 31, 2024: 1,992) BMF ESOPs have graded vesting over 2 years: 50% will vest on completion of one year from the grant date and remaining 50% will vest on completion of two years from the grant date.

-476 (March 31, 2024: 498) BMF ESOPs have graded vesting over 3 years: one third will vest on completion of one, two and three years from the grant date respectively.

The BMF ESOPs outstanding at March 31, 2025 have an exercise price per BMF ESOP of USD 0.12 (March 31, 2024: USD 0.12). The weighted average remaining contractual life of the BMF ESOPs granted under this plan is 11.7 years (March 31, 2024: 10.6 years).

During the year ended March 31, 2025, share based payment expense recognized under personnel expenses (refer note 13) amounted to USD 7 (March 31, 2024: USD 26), for the BMF ESOPs granted under BMF Plan 2022.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***d) Savaari Car Rentals Private Limited Employee Stock Option Plan***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***i. 2013 Employee Stock Option Plan ("Savaari Plan 2013")***

In 2013, Savaari, one of the Group's subsidiary (refer note 7 (d)), approved a share option plan in India, named it 2013 Employee Stock Option Plan, hereinafter referred as "Savaari Plan 2013". Each Savaari ESOP represents the right to receive one equity share of Savaari. No Savaari ESOPs were granted during the year ended March 31, 2024 and 2025 under this plan.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Weighted<br>Average<br>Exercise<br>Price per<br>Savaari ESOP (USD)** | **Number<br>of<br>Awards** | **Weighted<br>Average<br>Exercise<br>Price per<br>Savaari ESOP (USD)** | **Number<br>of<br>Awards** |
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Particulars** | **2024** | **2024** | **2025** | **2025** |
| Outstanding at the date of acquisition / Outstanding at beginning of the year | 0.01 | 30710 | 0.01 | 30685 |
| Forfeited and expired during the year | 0.01 | (25) | 0.01 | (8689) |
| Exercised during the year\* |  |  | 0.01 | (14101) |
| Outstanding at the end of the year | 0.01 | 30685 | 0.01 | 7895 |
| Exercisable at the end of the year | 0.01 | 30637 | 0.01 | 7895 |

---

The Savaari ESOPs outstanding at March 31, 2025 have an exercise price per Savaari ESOP of USD 0.01 (March 31, 2024: USD 0.01). The weighted average remaining contractual life of the Savaari ESOPs granted under this plan is 5 years (March 31, 2024: 6.1 years).

During the year ended March 31, 2025, share based payment expense recognized under personnel expenses (refer note 13) amounted to Nil (March 31, 2024: USD ^), for the Savaari ESOPs granted under Savaari Plan 2013.

\* During the year ended March 31, 2025, Savaari has settled 16,992 Savaari ESOPs by paying a cash consideration of USD 122.

*^ less than 1*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***ii. Employee Stock Option Plan-2024 ("Savaari Plan 2024")***

During the year ended March 31, 2025 , Savaari, one of the Group's subsidiary, approved a share option plan in India, named it Employee Stock Option Plan-2024, hereinafter referred as "Savaari Plan 2024". Each Savaari 2024 ESOP represents the right to receive one equity share of Savaari. 23,308 Savaari 2024 ESOPs were granted during the year ended March 31, 2025 under this plan.

**The number and weighted average exercise price of Savaari 2024 ESOPs under the Savaari Plan 2024 are as follows:**

---

| | | |
|:---|:---|:---|
|  | **Weighted<br>Average<br>Exercise<br>Price per<br>share (USD)** | **Number<br>of<br>Awards** |
|  | **For the Year ended March 31** | **For the Year ended March 31** |
| **Particulars** | **2025** | **2025** |
| Outstanding at beginning of the year |  |  |
| Granted during the year | 0.01 | 23308 |
| Forfeited and expired during the year | 0.01 | (5158) |
| Outstanding at the end of the year | 0.01 | 18150 |

---

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**Inputs for Measurement of Grant Date Fair Values of Savaari Plan 2024**

---

| | |
|:---|:---|
|  | **For the year ended March 31** |
| **Fair value of Savaari 2024 ESOP and assumptions** |  |
| Share price at grant date (USD) | 16.48 |
| Fair value at grant date (USD) | 16.48 |
| Exercise price (USD) | 0.01 |
| Expected volatility | 37.32% |
| Expected term | 5 years |
| Expected dividends |  |
| Risk-free interest rate | 6.47% |

---

<u>Notes:</u>

Of the Savaari 2024 ESOPs granted during the year ended March 31, 2025:

-1,650 Savaari 2024 ESOPs have 100% vesting on completion of one year from the grant date.

-21,658 Savaari 2024 ESOPs have graded vesting over 5 years: 20% on the expiry of 12 months from the grant date, 20% on the expiry of 24 months from the grant date, 20% on the expiry of 36 months from the grant date, 20% on the expiry of 48 months from the grant date, 20% on the expiry of 60 months from the grant date.

The Savaari 2024 ESOPs outstanding at March 31, 2025 have an exercise price per Savaari 2024 ESOP of USD 0.01. The weighted average remaining contractual life of the Savaari 2024 ESOPs granted under this plan is 7.5 years.

During the year ended March 31, 2025, share based payment expense recognized under personnel expenses (refer note 13) amounted to USD 62 for the Savaari 2024 ESOPs granted under Savaari Plan 2024.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**34)** **FINANCIAL INSTRUMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***a) Credit Risk***

*Exposure to Credit Risk*

The carrying amount of financial assets and contract assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was as follows:

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** |
| Contract assets | 253 | 507 |
| Trade and other receivables | 99646 | 150022 |
| Receivable from related party | 24 |  |
| Term deposits | 280688 | 254416 |
| Cash and cash equivalents (except cash in hand) | 326907 | 508627 |
| **Total** | **707518** | **913572** |

---

The cash and cash equivalents and term deposits are mainly held with banks, which are rated A+, A, AA-, A-, BBB, BB+, BB-, Ba1, based on (rating agency Fitch) ratings. The Group considers that its cash and cash equivalents and term deposits have low credit risk based on the external credit ratings of the counterparties.

The maximum exposure to credit risk for trade and other receivables and contract assets at the reporting date, categorised by type of counterparty was as follows:

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** |
| Airlines | 28549 | 35212 |
| Retail customers | 1856 | 2304 |
| Corporate customers | 48465 | 81818 |
| Deposits with hotels and others | 9804 | 12148 |
| Others | 11225 | 19047 |
| **Total** | **99899** | **150529** |

---

*Impairment Losses*

The Group uses a provision matrix to compute the expected credit loss allowance for contract assets and trade and other receivables. The provision matrix takes into account available external and internal credit risk factors such as credit default and the Group's historical experience with customers.

The age of trade and other receivables and contract assets at the reporting date was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** |
|  | **2024** | **2024** | **2025** | **2025** |
| **Particulars** | **Gross** | **Impairment** | **Gross** | **Impairment** |
| Not past due | 55815 |  | 84968 |  |
| Past due 0-30 days | 25361 |  | 28649 |  |
| Past due 30-120 days | 14606 |  | 26499 |  |
| More than 120 days | 7316 | 3199 | 14265 | 3852 |
| **Total** | **103098** | **3199** | **154381** | **3852** |

---

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

The movement in the allowance for impairment in respect of trade and other receivables and contract assets during the year was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the year ended <br>March 31** | **For the year ended <br>March 31** |
| **Particulars** | **2024** | **2025** |
| Balance at the beginning of the year | 2614 | 3199 |
| Allowance for impairment | 837 | 1168 |
| Amounts written off against the allowance | (201) | (464) |
| Effects of movement in exchange rate | (51) | (51) |
| **Balance at the end of the year** | **3199** | **3852** |

---

Allowance for impairment mainly represents amounts due from airlines and corporate customers. Based on historical experience, the Group believes that no impairment allowance is necessary, apart from above, in respect of trade and other receivables and contract assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***b) Liquidity risk***

The following are the remaining contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements:

***<u>As at March 31, 2024</u>***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Non-derivative financial liabilities** | **Carrying<br>amount** | **Contractual<br>cash flows\*** | **6 months<br>or less** | **6 -12<br>months** | **1 -2<br>years** | **2 -5<br>years** | **More than<br>5 years** |
| Convertible notes | 201240 | 230000 |  |  | 230000 |  |  |
| Lease liabilities | 16658 | 20689 | 2790 | 2601 | 5345 | 9953 |  |
| Secured bank loans | 3726 | 4325 | 710 | 682 | 1230 | 1703 | ^ |
| Trade and other payables | 118548 | 118548 | 118548 |  |  |  |  |
| Other liabilities (related to business combinations) | 12438 | 12438 |  |  |  | 12438 |  |
| Refund due to customers | 45870 | 45870 | 45870 |  |  |  |  |
| **Total** | **398480** | **431870** | **167918** | **3283** | **236575** | **24094** | **^** |

---

------

Notes: ^ less than 1

\* Represents undiscounted cash flows of interest and principal

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

***<u>As at March 31, 2025</u>***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Non-derivative financial liabilities** | **Carrying<br>amount** | **Contractual<br>cash flows\*** | **6 months<br>or less** | **6 -12<br>months** | **1 -2<br>years** | **2 -5<br>years** | **More than<br>5 years** |
| Convertible notes | 216075 | 230000 |  | 230000 |  |  |  |
| Lease liabilities | 15359 | 18291 | 3123 | 2963 | 5368 | 6837 |  |
| Secured bank loans | 4603 | 5332 | 942 | 895 | 1440 | 2055 | ^ |
| Trade and other payables | 146999 | 146999 | 146999 |  |  |  |  |
| Other liabilities (related to business combinations) | 16786 | 16786 |  | 4390 |  | 12396 |  |
| Refund due to customers | 51011 | 51011 | 51011 |  |  |  |  |
| **Total** | **450833** | **468419** | **202075** | **238248** | **6808** | **21288** | **^** |

---

------

Notes: ^ less than 1

\* Represents undiscounted cash flows of interest and principal

The balanced view of liquidity and financial indebtedness (excluding lease liabilities) is stated in the table below:

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** |
| Cash and cash equivalents, net of bank overdraft | 327065 | 508362 |
| Term deposits | 280688 | 254416 |
| Loans and borrowings | (204966) | (220678) |
| **Net cash position** | **402787** | **542100** |

---

In order to achieve Group's objective to maintain sufficient liquidity to meet its liabilities when they are due, the Group has availed various credit facilities (refer note 28).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***c) Market Risk***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Currency Risk***

*Exposure to Currency Risk*

The Group is exposed to currency risk to the extent that there is a mismatch between the currencies in which sales, purchase of services and borrowings are denominated and the respective functional currencies of Group companies. The functional currencies of Group companies are primarily the INR, USD and AED. The currencies in which these transactions are primarily denominated are INR, USD and AED.

The Group's exposure to foreign currency risk was based on the following amounts as at the reporting dates (in equivalent USD) was as follows:

**<u>Between USD and INR</u>**

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** |
| Trade and other receivables | 2629 | 4105 |
| Trade and other payables | (218083) | (201045) |
| Cash and cash equivalents | 5 | 76 |
| **Net exposure** | **(215449)** | **(196864)** |

---

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**<u>Between AED and INR</u>**

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2025** |
| Trade and other receivables | 41381 | 40281 |
| Trade and other payables | (1923) | (1341) |
| Cash and cash equivalents | 38 | 20 |
| **Net exposure** | **39496** | **38960** |

---

**<u>Between INR and AED</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2024** | **2025** | **2025** |
| Trade and other receivables |  | 82,449 |  | 80,388 |
| **Net exposure** |  | **82,449** |  | **80,388** |

---

The following significant exchange rates have been applied during the year and as at year end:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Average exchange rate per unit** | **Average exchange rate per unit** | **Average exchange rate per unit** | **Average exchange rate per unit** | **Reporting date rate per unit** | **Reporting date rate per unit** | **Reporting date rate per unit** | **Reporting date rate per unit** |
|  | **For the year ended <br>March 31** | **For the year ended <br>March 31** | **For the year ended <br>March 31** | **For the year ended <br>March 31** | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** |
| **Particulars** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** |
| INR 1 to USD 1 |  | 0.0121 |  | 0.0118 |  | 0.0120 |  | 0.0117 |
| INR 1 to AED 1 |  | 0.0444 |  | 0.0434 |  | 0.0441 |  | 0.0430 |
| AED 1 to INR 1 |  | 22.5401 |  | 23.0235 |  | 22.6913 |  | 23.2684 |

---

***Sensitivity Analysis***

Any change in the exchange rate of USD or AED against currencies other than INR is not expected to have significant impact on the Group's profit or loss. Accordingly, a 10% appreciation of the USD or AED against the INR and INR against AED would have impact on profit or loss 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 <br>March 31** | **For the year ended <br>March 31** |
| **Particulars** | **2024** | **2025** |
|  | **Profit or loss** | **Profit or loss** |
| 10% strengthening of USD against INR | (21545) | (19686) |
| 10% strengthening of AED against INR | 3950 | 3896 |
| 10% strengthening of INR against AED | 8245 | 8039 |

---

A 10% depreciation of the USD or AED against INR and INR against AED, 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.

***Interest Rate Risk***

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.

The Group does not have any variable rate interest bearing financial instruments, hence there is no risk relating to change in interest rates.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**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, 2024** | **As at March 31, 2024** | **As at March 31, 2025** | **As at March 31, 2025** |
| **Particulars** | **Note** | **Carrying amount** | **Fair value** | **Carrying amount** | **Fair value** |
| **Financial assets measured at fair value** |  |  |  |  |  |
| Other investments - equity securities (FVOCI) | 9 | 452 | 452 |  |  |
| Other investments - equity securities (FVTPL) | 9 | 591 | 591 | 591 | 591 |
| Other investments - other securities (FVTPL) | 9 | 242 | 242 | 305 | 305 |
|  |  | **1285** | **1285** | **896** | **896** |
| **Financial assets not measured at fair value<br>(amortised cost)** |  |  |  |  |  |
| Trade and other receivables | 21 | 99646 | 99646 | 150022 | 150022 |
| Term deposits | 23 | 280688 | 280688 | 254416 | 254416 |
| Cash and cash equivalents | 22 | 327065 | 327065 | 508898 | 508898 |
| Receivable from related party | 24 | 24 | 24 |  |  |
| Other investments - other securities | 9 | 76 | 76 | 76 | 76 |
|  |  | **707499** | **707499** | **913412** | **913412** |
| **Financial liabilities measured at fair value** |  |  |  |  |  |
| Other liabilities (related to business combinations) | 2930 | 12438 | 12438 | 16786 | 16786 |
|  |  | **12438** | **12438** | **16786** | **16786** |
| **Financial liabilities not measured at fair value (amortised cost)** |  |  |  |  |  |
| Secured bank loans | 28 | 3726 | 3726 | 4603 | 4603 |
| Bank overdraft | 22 |  |  | 536 | 536 |
| Trade and other payables | 31 | 118548 | 118548 | 146999 | 146999 |
| Refund due to customers | 29 | 45870 | 45870 | 51011 | 51011 |
| Convertible notes | 28 | 201240 | 197698 | 216075 | 214262 |
|  |  | **369384** | **365842** | **419224** | **417411** |

---

The fair value measurements of financial assets and liabilities reported above have been categorized as Level 1 and Level 3 fair values based on the inputs to the valuation techniques used.

Fair value of trade and other receivables, term deposits, cash and cash equivalents, receivable from related party, trade and other payables, bank overdraft and refund due to customers reasonably approximates to its carrying amount.

The fair value of convertible notes is determined using discounted cash flows. The valuation model considers the present value of expected payments, discounted using a risk-adjusted discount rate.

------

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at March 31, 2024** | **As at March 31, 2024** | **As at March 31, 2024** | **As at March 31, 2024** |
| **Particulars** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Other investments - equity securities (FVOCI) |  |  | 452 | 452 |
| Other investments - equity securities (FVTPL) |  |  | 591 | 591 |
| Other investments - other securities (FVTPL) | 242 |  |  | 242 |
| **Total** | **242** |  | **1043** | **1285** |
| Other liabilities (related to business combinations) | **—** |  | 12438 | 12438 |
| **Total** | **—** |  | **12438** | **12438** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at March 31, 2025** | **As at March 31, 2025** | **As at March 31, 2025** | **As at March 31, 2025** |
| **Particulars** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Other investments - equity securities (FVTPL) |  |  | 591 | 591 |
| Other investments - other securities (FVTPL) | 305 |  |  | 305 |
| **Total** | **305** |  | **591** | **896** |
| Other liabilities (related to business combinations) | **—** |  | 16786 | 16786 |
| **Total** | **—** |  | **16786** | **16786** |

---

There were no transfers between Level 1, Level 2 and Level 3 during the year.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**Reconciliation of Level 3 fair values**

The following tables shows a reconciliation from the opening balances to the closing balances for Level 3 fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at March 31, 2024** | **As at March 31, 2024** | **As at March 31, 2024** | **As at March 31, 2024** |
| **Particulars** | **Derivative** | **Other<br>liabilities<br>(related to<br>business<br>combinations)** | **Other<br>investments (equity securities-FVOCI)** | **Other investments (equity securities - FVTPL)** |
| Opening balances |  | 9368 | 452 | 591 |
| Acquired in investment in equity accounted investee (refer note 7(d)) | 5084 |  |  |  |
| Acquired in business combinations (refer note 7 (d)) |  | 7311 |  |  |
| Total gains and losses recognized in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;—profit or loss | 115 | 215 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;—effect of movements in foreign exchange rates |  | (207) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;—equity |  | 3178 |  |  |
| Payment during the year (refer note 7 (a)) |  | (7427) |  |  |
| Derecognition on discontinuation of equity accounted investment (refer note 7 (d)) | (5199) |  |  |  |
| **Closing balances** | **—** | **12438** | **452** | **591** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As at March 31, 2025** | **As at March 31, 2025** | **As at March 31, 2025** |
| **Particulars** | **Other<br>liabilities<br>(related to<br>business<br>combinations)** | **Other<br>investments (equity securities-FVOCI)** | **Other investments (equity securities - FVTPL)** |
| Opening balances | 12438 | 452 | 591 |
| Acquired in business combinations (refer note 7 (e)) | 576 |  |  |
| Total gains and losses recognized in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;—other comprehensive income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —change in fair value |  | (452) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;—effect of movements in foreign exchange rates | (300) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;—equity | 4072 |  |  |
| **Closing balances** | **16786** | **—** | **591** |

---

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**Valuation Techniques and significant unobservable inputs**

The following table shows the valuation techniques used in measuring Level 3 fair values as at March 31, 2024 and March 31, 2025, as well as the significant unobservable inputs used.

*Financial Instruments measured at fair value:*

---

| | | | |
|:---|:---|:---|:---|
| **Type** | **Valuation technique** | **Significant<br>unobservable inputs** | **Inter- relationship<br>between significant<br>unobservable inputs and<br>fair value measurement** |
| **Other investments - equity securities (FVTPL)** | Market comparison technique: The valuation model is based on market multiple derived from quoted prices of companies comparable to the investee. | Net revenue multiple: 3.7 - 4.8 (March 31, 2024: 3.7 - 4.8) | The estimated fair value would increase (decrease) if: <br>– the net revenue multiple was higher (lower) |
| **Other liabilities (related to business combinations) - Simplotel** | Monte Carlo Simulation (MCS): The valuation model incorporates assumptions as to volatility, risk free interest rate, discount rate, revenue and earnings before interest, tax, depreciation and amortisation (EBITDA). | Volatility: 23.2% - 48.0% (March 31, 2024: 23.8% - 53.5%)<br>Risk free interest rate: 6.60% (March 31, 2024: 7.13%)<br>Discount rate: 13.3% - 19% (March 31, 2024: 22.0%)<br>Revenue for 12 months ended September 30, 2025 - USD 3,054 (March 31, 2024: USD 4,907)<br>EBITDA (loss) for 12 months ended September 30, 2025 - USD 385 (March 31, 2024: USD (265)) | The estimated fair value would increase (decrease) if: <br>– the volatility was higher (lower)<br>– the risk free interest rate was lower (higher)<br>– the discount rate was lower (higher)<br>– the revenue was higher (lower)<br>– the EBITDA was higher (lower) |
| **Other liabilities (related to business combinations) - Savaari** | Monte Carlo Simulation (MCS): The valuation model incorporates assumptions as to volatility, risk free interest rate, discount rate, net revenue, servicing margin, profit before tax and certain financial parameters. | Volatility: 22.3% - 40.5% (March 31, 2024: 31.2% - 45.0%)<br>Risk free interest rate: 6.55% (March 31, 2024: 7.17%)<br>Discount rate: 17.4%-25.0% (March 31, 2024: 17.0%-20.8%)<br>Net revenue - USD 9,217 - USD 14,575 (March 31, 2024: USD 6,361 - USD 9,674)<br>Servicing margin - USD 1,424 - USD 2,199 (March 31, 2024: USD 1,790 - USD 2,648)<br>Profit before tax - USD 2,124 - USD 4,345 (March 31, 2024: USD 1,037 - USD 2,434)<br>Financial parameters - USD 4,549 - USD 6,656 (March 31, 2024: USD 4,883 - USD 7,064) | The estimated fair value would increase (decrease) if: <br>– the volatility was lower (higher)<br>– the risk free interest rate was lower (higher)<br>– the discount rate was lower (higher)<br>– the net revenue was higher (lower)<br>– the servicing margin was higher (lower)<br>– the profit before tax was higher (lower)<br>– the financial parameters were higher (lower) |

---

*Financial Instruments not measured at fair value:*

---

| | | |
|:---|:---|:---|
| **Type** | **Valuation technique** | **Significant unobservable inputs** |
| **Other financial assets and liabilities\*** | Discounted cash flows | Not applicable |

---

Notes: \* Other financial assets include trade and other receivables, term deposits, cash and cash equivalents, receivable from related party and other investments-other securities. Other financial liabilities include secured bank loans, bank overdraft, trade and other payables, refund due to customers, convertible notes, other liabilities (related to business combinations) and lease liabilities.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**Sensitivity Analysis**

***Other investments – equity securities (FVTPL)***

For the fair values of other investments - equity securities (FVTPL), reasonably possible changes of 100 basis points at the reporting date to the significant unobservable input, holding other inputs constant, would have the following effects:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended <br>March 31, 2024** | **For the year ended <br>March 31, 2024** | **For the year ended <br>March 31, 2025** | **For the year ended <br>March 31, 2025** |
|  | **Profit or loss** | **Profit or loss** | **Profit or loss** | **Profit or loss** |
|  | **Increase** | **Decrease** | **Increase** | **Decrease** |
| Net revenue multiple | (4) | 4 | (4) | 4 |

---

***Other liabilities (related to business combination) - Simplotel***

For the fair values of other liabilities (related to business combinations) - Simplotel, reasonably possible changes in significant unobservable inputs at the reporting date, holding other inputs constant, would have the following effects:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended <br>March 31, 2024** | **For the year ended <br>March 31, 2024** | **For the year ended <br>March 31, 2025** | **For the year ended <br>March 31, 2025** |
|  | **Equity** | **Equity** | **Equity** | **Equity** |
|  | **Increase** | **Decrease** | **Increase** | **Decrease** |
| Volatility (1% Movement) | (10) | 10 | (10) | 10 |
| Risk free interest rate (1% Movement) | 8 | (8) | 7 | (8) |
| Discount rate (0.5% Movement) | 26 | (26) | 3 | (3) |
| Revenue for 12 months ended September 30, 2025 (1% Movement) | (42) | 42 | (15) | 14 |
| EBITDA for 12 months ended September 30, 2025 (1% Movement) |  |  | (1) | 1 |

---

***Other liabilities (related to business combination) - Savaari***

For the fair values of other liabilities (related to business combinations) - Savaari, reasonably possible changes in significant unobservable inputs at the reporting date, holding other inputs constant, would have the following effects:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended <br>March 31, 2024** | **For the year ended <br>March 31, 2024** | **For the year ended <br>March 31, 2025** | **For the year ended <br>March 31, 2025** |
|  | **Equity** | **Equity** | **Equity** | **Equity** |
|  | **Increase** | **Decrease** | **Increase** | **Decrease** |
| Volatility (1% Movement) | 17 | (16) | 81 | (86) |
| Risk free interest rate (1% Movement) | 120 | (123) | 143 | (163) |
| Discount rate (0.5% Movement) | 12 | (43) | 377 | (352) |
| Net revenue (1% Movement) | (26) | 26 | (57) | 69 |
| Servicing margin (1% Movement) | (15) | 15 | (17) | 17 |
| Profit before tax (1% Movement) | (10) | 10 | (22) | 22 |
| Financial parameters (0.25% Movement) | (197) | 124 | (834) | 1781 |

---

**35)** **CAPITAL COMMITMENTS**

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) aggregate to USD 90 as at March 31, 2025 (March 31, 2024: USD 455).

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**36)** **LEASES**

**Leases as lessee**

The Group leases properties mainly for office. The lease typically runs for a period of 1-12 years. Some leases also include common area maintenance charges along with monthly rentals.

Information about leases for which the Group is a lessee is presented below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***i) Right-of-use assets***

The Group presents right-of-use assets that do not meet the definition of investment property as 'property, plant and equipment' with the same line item as it presents underlying assets of the same nature that it owns (refer note 18).

---

| | | |
|:---|:---|:---|
|  | **As at March 31** | **As at March 31** |
|  | **2024** | **2025** |
| Opening balance | 13931 | 13845 |
| Additions to right-of-use assets | 3792 | 3112 |
| Acquired through business combination (refer note 7 (d)) | 109 |  |
| Derecognition of right-of-use assets | (22) | (113) |
| Depreciation charged during the year | (3767) | (4383) |
| Effect of movements in foreign exchange rates | (198) | (307) |
| **Closing Balance** | **13845** | **12154** |

---

***ii) Amounts recognised in statement of profit or loss***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
|  | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** |
| Interest on lease liabilities (refer note 16) |  | 1,554 |  | 1,783 |  | 1,697 |
| Depreciation on right-of-use assets (refer note 18) |  | 3,220 |  | 3,767 |  | 4,383 |

---

***iii) Amounts recognised in statement of cash flows***

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
|  | **2023** | **2024** | **2025** |
| Total cash outflows for leases (principal + interest) | 3969 | 4888 | 5460 |

---

***iv) Extension option***

Some property leases contain extension options exercisable by the Group for 3-5 years after the end of the non-cancellable contract period. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Group and not by the lessors. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant changes in circumstances within its control.

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

**37)** **RELATED PARTIES**

**Related parties and nature of related party relationships:**

---

| | |
|:---|:---|
| **Nature of relationship** | **Name of related parties** |
| Key management personnel | Deep Kalra |
| Key management personnel | Rajesh Magow |
| Key management personnel | Mohit Kabra |
| Key management personnel | Aditya Tim Guleri |
| Key management personnel | James Jianzhang Liang# |
| Key management personnel | Paul Laurence Halpin# |
| Key management personnel | Jane Jie Sun# |
| Key management personnel | Xing Xiong# |
| Key management personnel | May Yihong Wu (from May 15, 2024) |
| Key management personnel | Moshe Rafiah# (from May 15, 2024) |
| Key management personnel | Hashim Joomye (from May 14, 2025) |
| Key management personnel | Cindy Xiaofan Wang# (up to May 15, 2024) |
| Key management personnel | Xiangrong Li (up to May 15, 2024) |
| Entity providing key management personnel services | IQ EQ Corporate Services (Mauritius) Limited (up to May 14, 2025) |
| Entity having significant influence over the Company <br>and its subsidiaries | Trip.com Group Limited and its subsidiaries |
| Equity-accounted investee | Saaranya Hospitality Technologies Private Limited |
| Equity-accounted investee | PasajeBus SpA |
| Equity-accounted investee | Savaari Car Rentals Private Limited (from December 1, 2023 to January 17, 2024) (refer note 7 (d)) |
| Equity-accounted investee | Simplotel Technologies Private Limited (up to September 28, 2022) (refer note 8 (a)) |

---

------

*# nominees of Trip.com Group, Limited (Trip.com)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(A)*** ***Key management personnel:***

Key management personnel compensation comprised:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Transactions** | **2023** | **2024** | **2025** |
| Short-term employee benefits | 1997 | 1937 | 1878 |
| Post-employment benefits | 88 | 129 | 80 |
| Other long-term benefits | 14 | 10 | 6 |
| Share based payment | 12015 | 11425 | 8130 |
| Legal and professional | 84 | 84 | 152 |
| **Total** | **14198** | **13585** | **10246** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** |
| **Balance Outstanding** | **2024** | **2024** | **2025** | **2025** |
| Employee related payables |  | 589 |  | 608 |
| Accrued expenses |  | 75 |  | 107 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(B)*** ***Entity providing key management personnel services:***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Transactions** | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** |
| Key management personnel services |  | 7 |  | 7 |  | 8 |
| Consultancy services |  | 20 |  | 25 |  | 59 |

---

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(C)*** ***Entity having significant influence over the Company and its subsidiaries:***

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Transactions** | **2023** | **2024** | **2025** |
| Sale of air ticketing^ | 768 | 1538 | 4899 |
| Purchase of air ticketing^ | 40954 | 96996 | 78372 |
| Sale of hotels and packages^ | 5192 | 3005 | 14758 |
| Purchase of hotels and packages^ | 14575 | 16595 | 31401 |
| Commission received | 100 | 51 | 287 |
| Commission paid | 673 | 402 | 1530 |
| Marketing alliances | 50 | 180 | 1736 |
| Other operating expenses | 4572 | 5268 | 7560 |
| Advance given |  |  | 596 |
| Advance given received back |  |  | 596 |

---

^ *represents gross amount booked/charged for the air ticketing and hotels and packages transactions.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** |
| **Balance Outstanding** | **2024** | **2024** | **2025** | **2025** |
| Trade and other receivables |  | 344 |  | 2,762 |
| Trade payables |  | 6,611 |  | 5,965 |
| Advance to suppliers |  | 179 |  | 171 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(D)*** ***Equity-accounted investees:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Saaranya Hospitality Technologies Private Limited**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Transactions** | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** |
| Repayment of loan given |  |  |  | 24 |  | 24 |
| Interest income |  | 4 |  | 2 |  | 2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** |
| **Balance Outstanding** | **2024** | **2024** | **2025** | **2025** |
| Receivable from related party |  | 24 |  |  |
| Interest accrued | \* | \* |  |  |

---

*\* less than 1*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **PasajeBus SpA**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Transactions** | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** |
| Ancillary services |  | 168 |  | 150 |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** |
| **Balance Outstanding** | **2024** | **2024** | **2025** | **2025** |
| Trade and other receivables |  | 20 |  | 19 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Savaari Car Rentals Private Limited**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** |
| **Transactions** | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** |
| Other travel services - purchase for car bookings^ |  |  |  | 493 |  |  |
| Commission received |  |  |  | 43 |  |  |

---

*^represents gross amount booked/charged for the car bookings*

------

**MAKEMYTRIP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS– (Continued)**

(Amounts in USD thousands, except per share data and share count)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(E)*** ***Terms and conditions***

All outstanding balances with these related parties are to be settled in cash. None of the balances are secured. No expense has been recognised in the current year or prior year for bad or doubtful debts in respect of amounts owed by related parties.

**38)** **LIST OF MATERIAL SUBSIDIARIES**

---

| | | | |
|:---|:---|:---|:---|
| **Name of entity** | **Place of Incorporation** | **Ownership<br>interest as at<br>March 31,<br>2024** | **Ownership<br>interest as at<br>March 31,<br>2025** |
| MakeMyTrip Inc. | Delaware, USA | 100% | 100% |
| MakeMyTrip (India) Private Limited | India | 100% | 100% |
| Ibibo Group Holdings (Singapore) Pte. Ltd. | Singapore | 100% | 100% |

---

**39)** **CODE ON SOCIAL SECURITY, 2020**

The Parliament of India has approved the Code on Social Security, 2020 which would impact the contributions by the Group towards defined benefit liability. The effective date from which the changes are applicable is yet to be notified and the rules are yet to be framed. The Group will carry out an evaluation of the impact and record the same in the financial statements in the period in which the Code becomes effective and the related rules are published.

------

## Exhibit 4.21

**Exhibit 4.21**

**LEASE DEED**

**THIS LEASE DEED** is made at <u>Gurugram</u> on this <u>15</u><sup>th</sup> day of <u>September, 2025</u>.

**BETWEEN**

**DLF Cyber City Developers Limited**, a company incorporated under the Companies Act, 1956 (including any statutory modification or re-enactment thereof) and having its registered office at 10th Floor, DLF Gateway Tower, DLF City Phase–III, Gurgaon-122002, (hereinafter referred to as **'THE LESSOR'** which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors, transferees, nominees and assigns) acting through its authorized signatory/ies, <u>Mr. Raghav Sawhney</u> and

<u>Mr. Nitish Raj Srivastava</u> duly authorized vide board resolution dated <u>19.07.2023</u> of the **First Part**.

**AND**

\*\* M/s , a partnership firm duly registered under the Indian Partnership Act, 1932 / a limited liability partnership firm duly registered under the Limited Liability Partnership Act, 2008 and having its office at through its partner(s) namely Shri / Smt. (hereinafter referred to as **'THE LESSEE'** which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors) having Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) , acting through its signatory, Mr. duly authorized vide resolution / power of attorney / letter of authority dated of the **Second Part**.

\*\* M/s <u>MakeMyTrip (India) Private Limited</u> , a company incorporated under the Companies Act, 1956 / Companies Act, 2013 (including any statutory modification or re- enactment thereof) and having its registered office at <u>19th Floor, Tower A/B/C Epitome Building No. 5, DLF Cyber City</u><u>,</u> <u>DLF Phase III, Gurgaon, Haryana, India, 122002</u> and head office / corporate office at (hereinafter referred to as **'THE LESSEE'** which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors) having Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) , acting through its authorized signatory, Mr. duly authorized vide board resolution / power of attorney dated of the **Second Part**.

\*\*Ms./Mr. s/o d/o w/o , r/o sole proprietor of M/s__________________________________, having its office at (hereinafter referred to as **'THE LESSEE'**), having Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) **of the Second Part.**

(\*\*Delete whichever is not applicable)

(Both THE LESSOR and THE LESSEE, wherever the context permits, are collectively referred to as the "**Parties**" and individually as the "**Party**")

------

**WHEREAS:**

A.THE LESSOR has constructed / is constructing / will be constructing Said Building in Said Complex on Said Plot and is competent to lease whole or any part of Said Building.

B.THE LESSEE has approached THE LESSOR to take Demised Premises on Lease and THE LESSOR has agreed to grant Demised Premises on Lease to THE LESSEE.

C.After due inspection and verification of Said Plot, Said Complex, Said Building and Demised Premises and also all approvals and sanctions including approved building plans, documents relating to title, competency and all other relevant details, THE LESSEE is satisfied in all respects with regard to right, title, authority and competency of THE LESSOR to enter into this Lease Deed.

D.THE LESSEE has represented to THE LESSOR that it shall carry out, implement and execute all interior fit-out works in Demised Premises in accordance with Laws; guideline(s) issued by THE LESSOR and / or nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies)/ third party service provider(s); and approval(s) granted by Governmental Authority from time to time for carrying out such interior fit-out works.

E.THE LESSEE has further represented to THE LESSOR that it shall obtain / has obtained Governmental Approval which may be necessary for commencement of / carrying on of its business operations in Demised Premises and that THE LESSEE shall be solely responsible and liable for all consequences including claims, damages, penalties, levies, fines, impositions etc. arising out of non-compliance thereof or for any action by Governmental Authority.

F.THE LESSEE has further represented to THE LESSOR that it shall be responsible for compliance of Laws and shall perform all of its obligations under this Lease Deed including obtaining and abiding by Governmental Approval required to be observed / performed by THE LESSEE under Laws and that THE LESSOR shall not be liable in any manner towards any claims, damages, penalties, levies, fines, impositions etc. or for any action by Governmental Authority or any other liability arising due to any non-compliance of Laws and non- fulfillment of any obligations by THE LESSEE and that THE LESSEE shall keep THE LESSOR indemnified on these accounts at all times.

G.THE LESSEE has further represented to THE LESSOR that it shall always comply with Laws relating to fire and safety in Demised Premises and in Said Building / Said Complex to the extent applicable to THE LESSEE and that THE LESSEE shall be wholly responsible for any / all losses or damages to THE LESSOR and / or to other occupants of Said Building / Said Complex, to the extent applicable to THE LESSEE, due to violation of any fire and safety compliances by THE LESSEE and / or its employees, agents, vendors, visitors, service providers etc. THE LESSOR shall not be liable in any manner for any consequences including claims, damages, penalties, levies, fines, impositions etc. or for any action by Governmental Authority or any other liability arising due to any non-compliance of Laws and / or non- fulfillment of any obligations relating to fire and safety by THE LESSEE and that THE LESSEE shall keep THE LESSOR indemnified on this account at all times.

H.Upon assurances and representations of THE LESSEE that it shall strictly abide by the covenants contained in this Lease Deed and has Governmental Approval for occupation, commencement and continuation of business operations from Demised Premises, THE LESSOR in good faith believing all representations of THE LESSEE to be true has agreed to give Demised Premises on Lease to THE LESSEE, on the terms and conditions contained herein.

I.THE LESSEE confirms that it is executing this Lease Deed with full knowledge of Laws in respect of Said Plot / Said Complex / Said Building / Demised Premises.

J.In consideration of THE LESSEE having agreed to comply with the terms and conditions contained in this Lease Deed including to pay to THE LESSOR Monthly Rent and all other charges under this Lease Deed, THE LESSOR has agreed to enter into this Lease Deed with THE LESSEE.

------

**NOW THEREFORE IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:**

**1.** **DEFINITIONS AND INTERPRETATION:**

**1.** **(A) DEFINITIONS:**

In this Lease Deed, unless the context otherwise requires, the following terms shall have the following meanings:

"Car Parking Charges" shall mean the charges collectively payable for car parking spaces and additional car parking spaces (if any), as provided in Annexure C-I.

"Demised Premises" shall mean premises in Said Building as more fully described and detailed as per Annexures T-I and T-II having Gross Leasable Area, as provided in Annexure C-I.

"DPI Rate" shall mean the rate of interest provided in Annexure C-I payable by THE LESSEE on all delayed payments / reimbursements.

"Due Date" shall mean 1<sup>st</sup> day of each calendar month or such other date as is mentioned in the invoice / demand notice.

"Extra Hour Charges" shall mean the charges for extra hours beyond the normal business hours, as provided in Annexure C-I.

"Façade Signage" shall mean such signage, as provided in Annexure C-I, indicating the name or logo of THE LESSEE.

"Façade Signage Charges" shall mean the annual charges payable by THE LESSEE for putting up Façade Signage, as provided in Annexure C-I.

"Governmental Approval" shall mean any and all requisite authorizations, approvals, consents, licenses, sanctions, permissions, permits etc. from Governmental Authority.

"Governmental Authority" means any government, any state or political subdivision thereof, any statutory authority, any entity exercising executive, legislative, judicial, quasi-judicial, regulatory or administrative functions of or pertaining to governance or any government department, any government authority, agency, department, commission, board, municipal authority or instrumentality or any political subdivision thereof; any court, tribunal or arbitrator(s) of competent jurisdiction or any other law / rule / regulation making entity, having jurisdiction over the Parties or the arrangement under this Lease Deed.

"Gross Leasable Area" shall have the meaning ascribed to the term in Annexure T-I.

"IFRMSD" shall mean the interest free refundable maintenance security deposit, as provided in Annexure C-I.

"IFRSD" shall mean the interest free refundable security deposit, as provided in Annexure C-I.

"IFRUSD" shall have the meaning ascribed to the term in clause 5.3 and as provided in Annexure C-I.

"IPR" shall mean intellectual property rights collectively including all trade names, trademarks, service marks, brand names, logos, symbols, proprietary marks, etc.

"Laws" shall mean any and all applicable laws, central laws, state laws or local laws, including any amendment or re-enactment thereof; by-laws including building by-laws and rules; central, state & local fire prevention and fire safety laws; rules; regulations; orders; ordinances; protocols; codes including National Building Code; specifications including Bureau of Indian Standards Specifications, standards, guidelines, policies, notices, directions; judgments, decrees, orders; directives of Governmental Authority or person acting under the authority of Governmental Authority, whether in effect at the time of entering into the arrangement under this Lease Deed or thereafter.

"Lease" shall mean the lease in respect of Demised Premises for Lease Term in accordance with the terms and conditions contained herein.

"Lease Commencement Date" shall mean the date of commencement of Lease Term, as provided in Annexure C-I.

------

"Lease Deed" shall mean this lease deed executed between THE LESSOR and THE LESSEE and shall include all the annexures thereto and any and all amendments / modifications made to this lease deed from time to time.

"Lease Renewal Term" shall mean such further term(s) from the expiry of Lease Term as provided in Annexure C-I.

"Lease Term" shall mean such period from Lease Commencement Date as provided in Annexure C-I.

"Lock-in period" shall mean such period from Lease Commencement Date as provided in Annexure C-I.

"LOI" shall mean the letter of intent executed in respect of leasing of Demised Premises, as provided in Annexure C-I.

"Maintenance Charges" shall mean the monthly charges towards the maintenance services, as provided in Annexure C-I.

"Monthly Rent" shall mean the monthly rent payable in respect of Demised Premises, as provided in Annexure C-I.

"Notice Period" shall mean notice period as provided in Annexure C-I.

"Other Miscellaneous Charges" shall mean the charges as applicable and as provided in Annexure C-I.

"Power Load" shall mean the power load as provided in Annexure C-I.

"Property" shall collectively mean Said Plot, Said Complex and Said Building.

"Rent Commencement Date" shall mean the date for commencement of payment of Monthly Rent, as provided in Annexure C-I.

"Said Building" shall mean such block(s) / tower(s) of Said Complex as provided in Annexure C-I.

"Said Complex" shall mean the complex constructed on a part of Said Plot, as provided in Annexure C-I.

"Said Plot" shall mean the parcels of land in sectors 24, 25 & 25A, Gurgaon for which license(s) for development of Cyber City have been granted by Governmental Authority.

"Security Deposits" shall collectively mean IFRSD, IFRMSD and IFRUSD.

"Taxes for Demised Premises" shall mean collectively any and all taxes, duties, charges, cesses, levies etc. on Property as may be levied prospectively and / or retrospectively by Governmental Authority calculated prorata of Gross Leasable Area of Demised Premises to the gross leasable area of Property as well as payable / reimbursable in respect of the car parking spaces.

"TDS" shall mean the tax deducted at source at the applicable rates as per the Income Tax Act, 1961 and the rules framed thereunder or any other tax of similar nature, including withholding tax, under any other statute, as may be applicable to the sums payable by THE LESSEE to THE LESSOR from time to time in terms of this Lease Deed.

"Use and Occupation Charges" shall mean the amount payable on a daily basis for each day of occupation beyond termination / expiry of this Lease Deed, as provided in Annexure C-I.

1.(B) **INTERPRETATION:**

1.1In the interpretation of this Lease Deed including the recitals and annexures, unless the context or subject matter otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the singular includes the plural and vice versa and in particular (but without limiting the generality of the foregoing) any word or expression defined in the singular shall have a corresponding meaning if used in the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a reference to any gender includes the other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a reference to any agreement, deed or other instrument (including, without limitation, references to this Lease Deed) includes the same as varied, amended, supplemented, restated, novated, renewed, extended or replaced from time to time;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)a reference to any statutory provision or to any statute or Laws includes any modification, amendment or re-enactment of any statutory provision, statute or Laws and / or all statutory instruments or notifications issued under such statutory provision, statute or Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)where a word or phrase has a defined meaning, any other part of speech or grammatical form in respect of the word or phrase has a corresponding meaning; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)a reference to a clause or annexure is a reference to the relevant clause of or annexure to this Lease Deed.

1.2In this Lease Deed, headings are for the convenience of reference only and shall not affect the interpretation of clauses in this Lease Deed or its annexures.

2.**DEMISED PREMISES:**

THE LESSOR hereby agrees to grant Demised Premises on Lease to THE LESSEE and THE LESSEE agrees to take Demised Premises on Lease from THE LESSOR for Lease Term.

During Lease Term, THE LESSEE shall have the right to use car parking spaces, as provided in Annexure T-III, in terms of this Lease Deed. Further, THE LESSEE shall also have the right to use the common areas, facilities and amenities including areas in the basement / stilt reserved for ingress / egress and common circulation in Said Building / Said Complex / Said Plot along with other lessees / occupants in Said Building / Said Complex, as per terms and conditions of this Lease Deed.

THE LESSEE agrees and undertakes that it shall only conduct the business from Demised Premises which is in accordance with Laws and the license(s) by Governmental Authority in respect of Said Plot.

3.**LEASE TERM:**

Unless earlier terminated in accordance with the terms of this Lease Deed, Lease shall be valid for Lease Term.

4.**MONTHLY RENT:**

4.1From Rent Commencement Date, THE LESSEE shall pay Monthly Rent to THE LESSOR or its nominee(s) / assign(s) by cheque / bank draft / wire transfer [in accordance with the electronic clearance system (ECS) form annexed as Annexure C-III of this Lease Deed].

4.2Monthly Rent shall be payable in advance for each calendar month and shall be paid by Due Date.

4.3All taxes / duties / charges / cesses / levies etc. as applicable from time to time, on Monthly Rent including but not limited to goods and services tax (GST) shall be payable by THE LESSEE in addition to Monthly Rent.

4.4Payment of Monthly Rent is subject to deduction of TDS, provided that THE LESSEE shall provide the relevant certificate of TDS to THE LESSOR in accordance with the provisions of the Income Tax Act, 1961 and the rules framed thereunder. If THE LESSEE does not deposit TDS to Governmental Authority on time or fails to provide TDS certificate on time and THE LESSOR has to pay such amount to Governmental Authority, then THE LESSOR shall be entitled to collect / adjust the amount deducted as TDS, from THE LESSEE along with the interest and penalties etc. payable to Governmental Authority. In addition THE LESSEE shall also be liable to pay the interest at DPI Rate on such payments made by THE LESSOR to Governmental Authority from such date of payment till its realization from THE LESSEE. In such an event, THE LESSEE shall alone be liable for all actions and liabilities under the Income Tax Act, 1961 and the rules framed thereunder. THE LESSEE shall keep THE LESSOR indemnified in all respects against all consequences including claims, damages, penalties, levies, fines, impositions etc. or for any action by Governmental Authority.

4.5Notwithstanding other rights of THE LESSOR, all delayed payments under this Lease Deed shall carry an interest, at DPI Rate, from Due Date till the date the payments are realized by THE LESSOR.

5.**SECURITY DEPOSITS:**

5.1Interest Free Refundable Security Deposit (IFRSD):

5.1.1During Lease Term and Lease Renewal Term, if any, THE LESSEE shall pay and always maintain with THE LESSOR, IFRSD as per details given in Annexure C-I.

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5.1.2The aforesaid IFRSD shall automatically stand proportionately increased and payable upon escalation in Monthly Rent, as provided in Annexure C-I and shall be paid by THE LESSEE to THE LESSOR on or before such escalation.

5.2Interest Free Refundable Maintenance Security Deposit (IFRMSD):

During Lease Term and Lease Renewal Term, if any, THE LESSEE shall pay and always maintain with THE LESSOR or its nominee(s) / assign(s), IFRMSD as per details given in Annexure C-I.

5.3Interest Free Refundable Utilities Security Deposit (IFRUSD):

During Lease Term and Lease Renewal Term, if any, THE LESSEE shall pay and always maintain with THE LESSOR or its nominee(s) / assign(s), the interest free refundable utilities security deposit including the amount towards power / additional power load and towards meters installed for recording the consumption of power, power back up and air handling unit ("AHU") electrical usage as per details given in Annexure C-I ("IFRUSD").

5.4Refund of Security Deposits:

Security Deposits shall be the amounts kept with THE LESSOR or its nominee(s) / assign(s) to secure the due performance of obligations including payments of all dues by THE LESSEE under this Lease Deed. THE LESSOR shall be entitled, at any time, to utilize and make deduction(s) from Security Deposits of amount(s), which in the opinion of THE LESSOR, is / are equivalent to the outstanding dues of THE LESSEE in accordance with the terms of this Lease Deed or for making good any loss or damage caused or permitted to be caused to THE LESSOR or Demised Premises by THE LESSEE. THE LESSEE shall be required to forthwith replenish Security Deposits to the full amount upon any deduction(s) made by THE LESSOR under any provision of this Lease Deed.

THE LESSOR shall provide to THE LESSEE the statement of the outstanding dues payable by THE LESSEE, if any, and other estimated charges payable under this Lease Deed, supported with relevant documents, five (05) days prior to the expiry of Lease Term / Lease Renewal Term, if any, and THE LESSEE undertakes to pay the aforesaid amounts not later than the date of expiry / earlier termination of this Lease Deed and provide TDS certificates within the requisite time period as provided under the Income Tax Act, 1961 and the rules framed thereunder.

Upon expiry / earlier termination of this Lease Deed and upon THE LESSEE surrendering peaceful, vacant and physical possession of Demised Premises in as good condition as it was in at the time when THE LESSEE was handed over Demised Premises for interior fit- out works (reasonable wear and tear excepted), subject to THE LESSEE making payment of any and all outstanding dues, penalties, claims for damages (if any) under this Lease Deed or Lease Renewal Term, if any, separately to THE LESSOR, THE LESSOR or its nominee(s) / assign(s) shall refund Security Deposits as mentioned above to THE LESSEE, without any interest thereon.

However, such refund shall be subject to adjustment or deduction of dues with respect to TDS (if any) and outstanding dues, penalties, claims for damages (if any) under this Lease Deed if the same are not paid by THE LESSEE.

6.**TAXES FOR DEMISED PREMISES:**

6.1In addition to the payments mentioned elsewhere in this Lease Deed, Taxes for Demised Premises are payable / reimbursable by THE LESSEE on demand by THE LESSOR.

6.2Taxes for Demised Premises as presently levied and all increases and / or fresh impositions thereof as levied both prospectively and retrospectively shall be payable / reimbursable by THE LESSEE from Lease Commencement Date till Demised Premises are occupied by THE LESSEE or Notice Period or Lock-in period, whichever is later, as applicable.

6.3Taxes for Demised Premises shall be paid / reimbursed by THE LESSEE to THE LESSOR, within seven (7) days of the date of invoice / demand raised/ made by THE LESSOR, giving details thereof.

6.4Any penalties / interest arising due to delayed payments by THE LESSEE shall be solely to THE LESSEE's account. Similarly, any penalties arising due to delayed payments by THE LESSOR shall be solely to THE LESSOR's account.

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7.**MAINTENANCE SERVICES/MAINTENANCE CHARGES:**

7.1THE LESSEE acknowledges and agrees that the maintenance service(s) for Said Plot / Said Complex / Said Building, as set out in Annexure T–IV to this Lease Deed, are specialized services and the nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies)/ third party service provider(s) engaged by THE LESSOR for providing such specialized service(s) is having the requisite infrastructure and expertise for the same. THE LESSEE further understands that such nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies)/ third party service provider(s), engaged by THE LESSOR, shall be responsible and accountable for provision of the maintenance service(s). Maintenance Charges for the maintenance services shall be calculated prorata of Gross Leasable Area of Demised Premises to the gross leasable area of Property.

7.2Maintenance Charges shall be payable from Lease Commencement Date for each calendar month as per the terms and conditions of this Lease Deed and shall be paid by Due Date. The estimated Maintenance Charges shall be intimated to THE LESSEE in the beginning of each financial year and paid to THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s), in advance for each month, as per the bill(s) / invoice(s) raised by THE LESSOR or nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s).

7.3Payment of Maintenance Charges is subject to deduction of TDS, provided that THE LESSEE shall provide the relevant certificate of TDS to THE LESSOR, in accordance with the provisions of the Income Tax Act, 1961 and the rules framed thereunder. If THE LESSEE does not deposit TDS to Governmental Authority on time or fails to provide TDS certificate on time and THE LESSOR has to pay such amount to Governmental Authority, then THE LESSOR shall be entitled to collect / adjust the amount deducted as TDS, from THE LESSEE along with the interest and penalties etc. payable to Governmental Authority. In addition THE LESSEE shall also be liable to pay the interest at DPI Rate on such payments made by THE LESSOR to Governmental Authority from such date of payment till its realization from THE LESSEE. In such an event, THE LESSEE shall alone be liable for all action and liabilities under the Income Tax Act, 1961 and the rules framed thereunder. THE LESSEE shall keep THE LESSOR indemnified in all respects against all consequences including claims, damages, penalties, levies, fines, impositions etc. or for any action by Governmental Authority.

7.4All taxes / duties / charges / cesses / levies etc. as applicable from time to time on Maintenance Charges including but not limited to goods and service tax (GST) shall be payable by THE LESSEE in addition to Maintenance Charges.

7.5Maintenance Charges as specified in this Lease Deed are subject to increase / decrease of prices of diesel, gas, petroleum products and other consumables, electricity rates, taxes, wages and salaries, cost of annual maintenance contracts of lifts, DGs, HVAC supplies, transformers, panels etc. during Lease Term and Lease Renewal Term, if any, and any increase / decrease in estimated Maintenance Charges shall be intimated to THE LESSEE by THE LESSOR, as and when applicable.

7.6After completion of a financial year (i.e. from 1<sup>st</sup> April of a calendar year to 31<sup>st</sup> March of the next calendar year), THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies)/ third party service provider(s) will provide THE LESSEE, within a reasonable time period, a certificate of charges / expenses / expenditure towards Maintenance Charges incurred during such financial year from a third party auditor appointed by THE LESSOR.

Any under-recovery by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) shall become payable by THE LESSEE to THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) and any over- recovery by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) shall become refundable by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) to THE LESSEE. Any under-recovery by THE LESSOR shall be recovered by raising the invoice / demand in this regard. Any refund to THE LESSEE on account of over-recovery shall be refunded / adjusted within thirty (30) days of providing such third party auditor certificate and issuance of credit / debit note (as applicable).

8.**CAR PARKING SPACES:**

8.1Car parking spaces may be provided in basement(s) / stilt and / or on surface in Said Building / Said Complex / Said Plot, the charges for which are detailed in Annexure C-I of this Lease Deed. Any additional car parking spaces shall be provided, subject to availability, on terms, conditions and charges as applicable from time to time.

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8.2Car Parking Charges shall be payable in advance for each calendar month from such date as provided in Annexure C-I as per the terms and conditions of this Lease Deed and shall be paid by Due Date.

8.3The car parking spaces shall only be used for parking vehicles other than heavy motor vehicles and in accordance with Laws. THE LESSEE agrees and undertakes that it shall not use car parking spaces for storage or any purpose other than as mentioned hereinbefore.

8.4All taxes / duties / charges / cesses / levies etc. as applicable from time to time on Car Parking Charges including but not limited to goods and services tax (GST) shall be payable by THE LESSEE in addition to Car Parking Charges.

8.5THE LESSEE shall ensure that its employees, agents, representatives, etc. shall not (a) make any obstruction on any car parking space; (b) keep any combustible / inflammable or / and explosive material in any vehicle or otherwise in car parking spaces; (c) use the area for any illegal or immoral activity; and / or (d) without prior written consent of THE LESSOR keep or leave any vehicle in the car parking spaces beyond normal business hours as provided in Annexure C-I.

8.6THE LESSEE shall use the spaces earmarked for parking the vehicles transporting goods to or from Said Building for the said purpose only and the same shall be in accordance with the guidelines prescribed by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies)/ third party service provider(s) from time to time including the guidelines for use of designated areas in which such vehicles may be parked for the limited purpose of loading and unloading as well as route and timing that such vehicles must follow. THE LESSEE agrees to abide by such guidelines and shall furnish to THE LESSOR the registration numbers and other details of the vehicles being used for the purpose as mentioned hereinbefore.

9.**ELECTRICITY / WATER / POWER AND POWER BACK-UP CHARGES / OTHER MISCELLANEOUS CHARGES:**

9.1THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) shall, subject to the payment of the applicable charges as specified and non-occurrence of any force majeure event, supply and maintain regular supply of electricity, water, power and power back-up to Demised Premises.

9.2The electricity, power and power back-up for Said Plot / Said Complex / Said Building / Demised Premises will be provided by grid / utility companies / other power providers / other power sources, including but not limited to generator sets, the charges of which will be as per Annexure C-I.

9.3The charges for consumption of water in the Demised Premises shall be payable by THE LESSEE as per Annexure C-I.

9.4Separate meters, wherever applicable, may be installed by THE LESSOR for recording the consumption of power, power back up and air handling unit ("AHU") electrical usage, in Demised Premises. The cost for such meters, as provided in Annexure C-I, if applicable, shall be payable by THE LESSEE as a onetime non-refundable cost. Alternatively, the monthly meter hire charges, wherever applicable, as provided in Annexure C-I shall be payable by THE LESSEE additionally.

9.5The bills for such charges shall be raised by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) as per the meter reading and shall be payable by THE LESSEE by Due Date.

9.6Any additional power load required by THE LESSEE shall be provided subject to availability and on payment as detailed in Annexure C-I. Any cost towards additional infrastructure required for supply of additional power load shall be borne by THE LESSEE at cost + 20% basis.

9.7The Other Miscellaneous Charges, as applicable, shall be payable by THE LESSEE to THE LESSOR by Due Date as and when demanded by THE LESSOR.

9.8THE LESSEE shall make the payment of such charges / deposit as may be demanded by the grid / utility companies / other power providers / other power suppliers from time to time and these shall be additionally payable by THE LESSEE on the basis of proportionate electricity load provided to Demised Premises.

10.**ELECTRICITY** / **POWER LOAD:**

10.1THE LESSEE shall plan and distribute its electricity / power load in Demised Premises in conformity with the electrical systems / power systems installed by THE LESSOR, as per comments given by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) on drawings / documents of THE LESSEE's interior fit -out works.

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10.2Any modifications, additions, alterations in electrical systems / power systems / other systems already installed in Demised Premises / Said Building, if required and feasible as assessed by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) in line with the base building design, will be done by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) and payable by THE LESSEE calculated at 1.2 times of actual costs / expenses incurred by THE LESSOR. Such costs / expenses shall be payable / reimbursable by THE LESSEE to THE LESSOR by Due Date as and when demanded by THE LESSOR.

11.**SIGNAGES:**

11.1Façade Signage:

11.1.1Subject to availability and subject to THE LESSEE seeking prior written permission, THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) may allow THE LESSEE to put Façade Signage at such location / space which may be earmarked for the purpose. The size, specification, location, aesthetics etc. of Façade Signage shall be approved by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) before its installation.

11.1.2Façade Signage Charges shall be payable by THE LESSEE to THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) in advance from Lease Commencement Date or from the date Façade Signage is taken by THE LESSEE, whichever is later.

11.1.3There shall be no refund / adjustment of such Façade Signage Charges on expiry of Lease and / or any earlier termination thereof and / or surrender of Façade Signage during Lease Term and / or Lease Renewal Term, if any.

11.1.4Façade Signage Charges shall escalate together with and as per escalation in Monthly Rent as provided in Annexure C-I.

11.2Other signage(s):

Subject to availability and subject to THE LESSEE seeking prior written permission, THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) may allow THE LESSEE to put directional signage / name / logo at such location / space which may be earmarked for the purpose. The size, specification, location, aesthetics etc. of the directional signage / name / logo shall be approved by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) before its installation.

11.3THE LESSEE agrees and authorizes THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) to display the trademark / tradename / design / logo / signage of THE LESSEE at any place for promotional activities, promotional material, building directory / occupant's directory / complex directory etc. through electronic / non-electronic media.

0.005 11.4Display of multimedia / visual format:

THE LESSEE acknowledges and agrees that THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) have the right to install posters, banners, contra-visions and other displays of any multimedia / visual format in the common areas and basements including but not limited to lift lobbies, atrium(s), lifts, outer glass façade, curtain walls, external walls, terraces etc. of Said Building / Said Complex and that THE LESSEE has no right to object to any such installation by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s).

11.5All taxes including but not limited to goods & services tax, municipal taxes, duties, rates, cesses, costs, penalties and charges relating to Façade Signage and other signage(s), payable to Governmental Authority from time to time, shall be borne by THE LESSEE alone and paid directly to Governmental Authority and shall be in addition to Façade Signage Charges payable by THE LESSEE to THE LESSOR.

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11.6Display of Façade Signage(s) / other signage(s) by THE LESSEE shall be subject to Laws and THE LESSEE shall before installing Façade Signage(s) / other signage(s), obtain Governmental Approval, and provide a copy of the same to THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s). Such permission shall always be kept valid and subsisting till the time such Façade Signage(s) / other signage(s) is displayed by THE LESSEE.

11.7The permission of THE LESSOR shall in no event be construed to be waiver of the obligation of THE LESSEE to obtain Governmental Approval for installation and display of Façade Signage(s) / other signage(s).

11.8THE LESSEE shall take all requisite steps and precautions during the installation, maintenance and display of Façade Signage(s) / other signage(s) and shall be solely responsible for all compliances under Laws. THE LESSEE shall keep THE LESSOR indemnified in all respects against any losses, damages, costs, claims, etc in this regard.

12.**NAMING RIGHTS:**

12.1THE LESSOR reserves the naming rights of Said Building / Said Complex.

12.2THE LESSEE shall use such name of Said Building / Said Complex in the business addresses for all purposes as is determined by THE LESSOR.

12.3THE LESSEE shall not raise any objection if THE LESSOR changes the name of Said Building / Said Complex at any time as THE LESSOR may deem fit.

13.**TERRACE AREA:**

THE LESSOR may provide, on the request of THE LESSEE, such space on the terrace of Said Building on non-exclusive basis, as provided in Annexure C-I, for putting up their VSAT antenna or other communication equipments only, on payment of charges as provided in Annexure C-I of this Lease Deed. Such equipments shall be installed at the aforesaid space by THE LESSEE in consultation with THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s). The cost of such installation, maintenance, approvals, permissions and removal shall be borne by THE LESSEE. THE LESSEE acknowledges and agrees that provision of any space to THE LESSEE on the terrace shall not amount to any right in terrace. The terrace of Said Building remains the exclusive property of THE LESSOR.

14.**COMMON AREAS AND FACILITIES**:

14.1THE LESSEE is entitled to use the common areas and facilities within Said Building / Said Complex / Said Plot, as available, subject to timely payment of Maintenance Charges payable under this Lease Deed.

14.2In the event of failure of timely payment of Monthly Rent, Maintenance Charges, Car Parking Charges and other charges as mentioned in this Lease Deed, THE LESSEE shall not have the right to use or demand use of aforesaid facilities.

14.3THE LESSEE shall use the common areas and facilities including fire exits, basements etc. of Said Building / Said Complex / Said Plot in accordance with Laws and shall not use the same for any other purpose including storage or create any obstructions / hindrance in the same.

14.4THE LESSEE acknowledges that it does not have the ownership rights, title, interest or claim whatsoever in common areas and facilities within Said Building / Said Complex and shall have the right to use the aforesaid only as provided in this Lease Deed.

15.**ELECTRICAL SERVICES:**

15.1THE LESSOR has provided electrical wiring only up to the tap-off box on the floor on which Demised Premises are located and shall not provide any electrical wiring, fixtures, fans etc. inside Demised Premises.

15.2The electrical wiring and internal distribution system, from the tap-off box on the floor on which Demised Premises are located, including all fixtures, installations etc. in Demised Premises shall be the sole responsibility of THE LESSEE at its own cost and THE LESSEE shall be responsible for such works to be in conformity with Laws and THE LESSOR shall not be liable for the same.

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16.**AIR CONDITIONING FACILITIES:**

16.1THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) shall, at its own cost, design and install a continuous air conditioning system and shall use its best efforts to maintain and run the same in good order and condition (except due to reason of mechanical defect or electrical failure or maintenance purposes or safety issues or force majeure) to ensure air conditioning facilities to Demised Premises. The installation of ducts for air conditioning inside Demised Premises shall be the sole responsibility of THE LESSEE at its own cost and THE LESSEE shall be responsible for such works to be in conformity with Laws and THE LESSOR shall not be liable for the same.

16.2Any modifications, additions, alterations in the system required by THE LESSEE for interior fit-out works, if possible and feasible as assessed by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) will be done by THE LESSOR or its nominee(s)/ assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) and payable by THE LESSEE calculated at 1.2 times of actual costs / expenses incurred by THE LESSOR. Such costs / expenses shall be payable / reimbursable by THE LESSEE to THE LESSOR by Due Date as and when demanded by THE LESSOR.

16.3In the event THE LESSEE requires air conditioning beyond the normal business hours THE LESSEE may be permitted to use the same with prior written approval of THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) in respect thereof and upon payment of Extra Hour Charges provided in Annexure C-I of this Lease Deed. The aforesaid shall be subject to Building Guidelines and such restrictions as may be imposed by Governmental Authority and / or as per Laws.

17.**LIFT SERVICES:**

17.1The lift services (except due to reason of mechanical defect or electrical failure or maintenance purposes or safety issues or force majeure) shall be available in Said Building during normal business hours.

17.2In the event THE LESSEE requires lift services beyond the normal business hours, THE LESSEE may be permitted to use the same with prior written approval of THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) in respect thereof and upon payment of Extra Hour Charges provided in Annexure C-I of this Lease Deed. The aforesaid shall be subject to Building Guidelines and such restrictions as may be imposed by Governmental Authority and / or as per Laws.

17.3Except due to reason of mechanical defect or electrical failure or maintenance purposes or safety issues or force majeure, one of the lifts in Said Building shall operate even after normal business hours.

18.**HANDING OVER OF DEMISED PREMISES:**

18.1At the time of handover of Demised Premises for the interior fit-out works, THE LESSEE is satisfied that the construction work as also various installations as per Annexure T-V are in good working condition and issues, if any, with respect thereto have been resolved and rectified before its taking possession of Demised Premises.

18.2THE LESSEE confirms that further to its taking possession of Demised Premises, it shall not require THE LESSOR to undertake any repairs, renovations, improvisations, installations, etc. whatsoever (except structural repairs , if any) concerning Demised Premises, Said Building, Said Complex and Said Plot.

19.**INTERIOR FIT-OUT WORKS:**

19.1THE LESSOR shall allow THE LESSEE to carry out interior fit-out works, as may be necessary for the business of THE LESSEE. THE LESSEE shall submit all the drawing(s) / document(s) of THE LESSEE's interior fit-out works as per Annexure T-IX in accordance with Laws and after prior written approval of THE LESSOR's architect / consultant, THE LESSEE shall commence the interior fit-out works. Such approval by THE LESSOR to THE LESSEE shall not transfer any liability and / or responsibility on THE LESSOR or its nominee(s) / assign(s) for such liability and / or responsibility of THE LESSEE. THE LESSOR does not certify that THE LESSEE has complied with Laws.

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The permission to THE LESSEE shall be restricted only to interior fit-out works in Demised Premises and THE LESSEE shall not be permitted to carry out any structural additions / alterations of permanent nature. If the interior fit-out works in Demised Premises require any Governmental Approval, THE LESSEE shall not commence or carry out such additions or alterations or erections without obtaining such Governmental Approval.

19.2THE LESSEE hereby confirms and undertakes that it shall carry out, implement and execute all interior fit-out works in Demised Premises in accordance with Laws; guideline(s) issued by THE LESSOR; and approval(s) granted by Governmental Authority from time to time for carrying out such interior fit-out works. A certificate from a reputed consultant to that effect shall be provided by THE LESSEE to THE LESSOR before starting the interior fit-out works. After completion of the interior fit-out works, THE LESSEE shall provide to THE LESSOR certificate from a reputed consultant certifying that the interior fit-out works have been done in accordance with Laws; that all safety measures have been taken care of including connection / integration of fire panel with THE LESSOR's fire panel; and that there is no fire and safety risk to Demised Premises / Said Building.

19.3During the interior fit-out works, THE LESSEE shall take all precautions and cover all risks and in the event of any accident or mishap in Demised Premises / Said Building due to any reason attributable to THE LESSEE, THE LESSEE shall keep THE LESSOR indemnified in all respects against any loss, damage, costs, claims, etc. THE LESSEE shall carry out the interior fit-out works at its own risk and cost.

19.4For any interior fit-out works including any additions / modifications / alterations in Demised Premises, THE LESSEE shall carry out such works in accordance with Laws and without altering / tampering with the fire fighting and fire detection systems as installed therein. Further any additions / modifications / alterations to the existing fire fighting and fire detection system shall be done by THE LESSEE as per Laws and only after obtaining prior written approval from THE LESSOR. THE LESSEE shall provide alternate and stand-by fire fighting systems during all such works in Demised Premises.

19.5THE LESSEE shall not carry out any work involving structural alterations / cutting / chopping / digging / hacking / dismantling in any manner or form / destroying the floors or walls of Demised Premises or Said Building.

19.6THE LESSEE shall allow third party experts being appointed by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) for audit of the interior fit-out works at THE LESSOR's cost. However, THE LESSOR shall not be liable for any consequences arising therefrom and such audit shall not transfer any liability upon THE LESSOR because of contravention of Laws by THE LESSEE.

19.7THE LESSEE shall be directly liable for any legal or financial consequences arising out of such interior fit-out works including liability towards any third party and all damages to Demised Premises / Said Building or loss of life arising out of such interior fit-out works including any additions / modifications / alterations shall be the sole responsibility of THE LESSEE.

19.8THE LESSEE's responsibilities during interior fit-out works as stated above are more detailed in Annexure T-VII to this Lease Deed.

19.9THE LESSEE shall at the time of vacating and handing over Demised Premises to THE LESSOR remove such fixtures, fittings, additions and partitions and restore Demised Premises in as good condition as it was in at the time when THE LESSEE was handed over Demised Premises for interior fit-out works, reasonable wear and tear excepted. In the event of failure of THE LESSEE to do the above, THE LESSOR shall remove the same at the cost and risk of THE LESSEE.

20.**PERMISSION TO CARRY OUT PARTITIONS / ADDITIONS / MODIFICATIONS/ ALTERATIONS:**

20.1During Lease Term or Lease Renewal Term, if any, THE LESSOR shall allow THE LESSEE to carry out erection of partitions / additions / modifications / alterations in Demised Premises, which are not visible from outside, as may be necessary for the business of THE LESSEE and which are as per Laws. THE LESSEE agrees and acknowledges that no structural additions / modifications / alterations of any nature whatsoever shall be carried out in Demised Premises and erection of internal partitions / internal alterations/ additions in Demised Premises shall be in accordance with Laws and Governmental Approval.

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20.2THE LESSEE shall with prior written permission of THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) and with prior written intimation of seven (07) days, commence such erection of partitions / alterations / modifications / additions in Demised Premises. Such permission by THE LESSOR to THE LESSEE shall neither certify that THE LESSEE has complied with Laws nor transfer any liability and / or responsibility of THE LESSEE to THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s). Any permission of THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s), in this regard shall in no event be construed to be waiver of the obligation of THE LESSEE to obtain Governmental Approval.

20.3THE LESSEE shall not commence or carry out such erection of partitions / alterations / modifications / additions without obtaining prior Governmental Approval or complying with Laws as applicable.

20.4THE LESSEE hereby confirms and undertakes that it shall carry out, implement and execute all interior fit-out works in Demised Premises in accordance with Laws; guideline(s) issued by THE LESSOR; and approval(s) granted by Governmental Authority from time to time for carrying out such interior fit-out works. A certificate from a reputed consultant to that effect shall be provided by THE LESSEE to THE LESSOR before starting the interior fit-out works. After completion of the interior fit-out works, THE LESSEE shall provide to THE LESSOR a certificate from a reputed consultant certifying that the interior fit-out works have been done in accordance with Laws; that all safety measures have been taken care of including connection / integration of fire panel with THE LESSOR's fire panel; and that there is no fire and safety risk to Demised Premises / Said Building.

20.5THE LESSEE shall upon vacating and handing over Demised Premises to THE LESSOR remove such fixtures, fittings, additions and partitions and restore Demised Premises in as good condition as it was in at the time when THE LESSEE was handed over Demised Premises for interior fit–out works, reasonable wear and tear excepted. In the event of failure of THE LESSEE to do the above, THE LESSOR shall remove the same at the cost and risk of THE LESSEE.

21.**MAINTENANCE & MINOR REPAIRS:**

THE LESSEE shall carry out regular maintenance and properly attend to minor repairs in Demised Premises at its own cost.

22.**STRUCTURAL REPAIRS:**

22.1THE LESSOR shall carry out all major and structural repairs to Demised Premises / Said Building and THE LESSEE shall not be entitled to carry out any structural changes / additions / alterations etc. in Demised Premises.

22.2THE LESSEE agrees and confirms that THE LESSOR shall have the sole and absolute right to make modifications, alterations, additions, raise storeys or put up additional structures, as may be permitted by Governmental Authority and such additional structures and storeys shall be the sole property of THE LESSOR in respect of which it will be entitled to deal with in any manner it chooses without any interference or objection on the part of THE LESSEE by itself or with one or more of the occupants of Said Building / Said Complex.

THE LESSEE is aware and has specifically agreed and understood that the construction / development of additional structures or other additions / alterations by THE LESSOR may cause inconvenience in a de minimis way and it has no objection to the same.

23.**SAFETY:**

THE LESSEE understands, acknowledges and agrees that safety / security / fire safety of all occupants of Said Building / Said Complex and Said Building / Said Complex itself are of paramount importance and THE LESSEE will perform all acts and deeds necessary for complying with all safety requirements including the following:

23.1Fire fighting and fire detection system(s):

23.1.1The fire fighting and fire detection system(s), which is provided by THE LESSOR in accordance and compliance with Laws / Governmental Approval, is limited to installation of sprinklers and fire detection system(s) in the basement(s), common areas of Said Building / Said Complex such as lobbies, staircases, corridors, service shaft etc.; fire fighting and sprinkler services on each floor; and one layer of upright sprinkler and smoke detector in Demised Premises. THE LESSEE shall not obstruct any of these sprinklers, fire fighting and fire detection system(s). In addition THE LESSEE shall provide additional layer of sprinklers and smoke detectors in Demised Premises in all cases where false ceilings are provided by THE LESSEE within Demised Premises which shall be shown in the drawing(s) / document(s) of THE LESSEE's interior fit-out works.

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23.1.2Any kind of hazard including fire, electrical or otherwise from Demised Premises due to inadequate fire fighting system installed by THE LESSEE or faulty installation of air- conditioning, electrical systems and other equipment shall be the sole responsibility of THE LESSEE. THE LESSOR shall not be liable for any legal or financial consequences arising therefrom and THE LESSEE agrees to keep THE LESSOR indemnified and harmless in this regard at all times.

23.1.3THE LESSEE shall allow third party fire / safety experts being appointed by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) for fire / safety audit to conduct the fire / safety audit at all times at THE LESSOR's cost. However, THE LESSOR shall not be liable for any consequences arising therefrom and such audit shall not transfer any liability upon THE LESSOR because of contravention of safety norms / Laws by THE LESSEE.

23.1.4THE LESSEE shall take all steps including nominating a person / official of THE LESSEE to work as a safety co-ordinator to ensure that all safety related activities within Demised Premises are performed. THE LESSEE shall have the audit of their entire electrical systems, fire fighting systems and HVAC systems done on a half-yearly basis by a reputed consultant and submit a certificate to THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) certifying that all THE LESSEE's installations are in good and safe working condition and do not have any possibility of short circuit and / or becoming a fire source.

23.1.5If Demised Premises is closed / shut by THE LESSEE during business hours and there is apprehension or threat to the safety and security of Demised Premises, Said Building / Said Complex or other occupants of Said Building / Said Complex, then THE LESSEE authorizes THE LESSOR to enter Demised Premises and take possession thereof. In such an event Lease shall stand terminated forthwith and THE LESSEE shall not have any right, interest or claim over Demised Premises. Any such action by THE LESSOR shall be without any prejudice to THE LESSOR's right to claim its dues or avail other remedies available to THE LESSOR. However, during the period Demised Premises remains closed / shut, THE LESSEE shall not be absolved of its responsibilities to ensure that there is no risk to the safety and security of Demised Premises, Said Building / Said Complex or other occupants / visitors of Said Building / Said Complex.

23.2Additional fire fighting system(s):

23.2.1For any additional fire safety measures required due to Laws, THE LESSOR shall undertake the same and THE LESSEE shall reimburse to THE LESSOR the cost thereof, calculated at actual cost plus 20% basis, proportionate of Gross Leasable Area of Demised Premises to the gross leasable area of Property.

23.2.2For any additional fire safety measures required by THE LESSEE in Demised Premises, the same may be undertaken by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) and payable by THE LESSEE calculated at 1.2 times of actual costs / expenses incurred by THE LESSOR. Such costs / expenses shall be payable / reimbursable by THE LESSEE to THE LESSOR by Due Date as and when demanded by THE LESSOR. Alternatively, THE LESSEE may undertake the same at its own cost, however, subject to THE LESSOR's prior written approval on the same.

23.2.3In case THE LESSOR suggests any additional fire fighting or fire detection system(s) to THE LESSEE which may or may not be required by Laws, for installation by THE LESSEE within Demised Premises and THE LESSEE fails to implement THE LESSOR's suggestion either fully or in part, then THE LESSEE alone shall be liable and responsible for all consequences arising from such inaction / decision on its part.

23.2.4All cost for such installation(s) of any additional fire fighting system(s) are non- refundable and shall be borne by THE LESSEE alone.

23.3THE LESSEE shall always comply with Laws relating to fire and safety in Demised Premises and in Said Building / Said Complex to the extent applicable to THE LESSEE. THE LESSEE shall be wholly responsible for any / all losses or damages to THE LESSOR and / or to the other occupants of Said Building / Said Complex, to the extent applicable to THE LESSEE, due to violation of any fire and safety compliances by THE LESSEE or its employees, agents, vendors, visitors, service providers etc. THE LESSOR shall not be liable in any manner for any consequences including claims, damages, penalties, levies, fines, impositions etc or for any action by Governmental Authority or any other liability arising due to any non-compliance of Laws and / or non- fulfillment of any obligations relating to fire and safety by THE LESSEE and that THE LESSEE shall keep THE LESSOR indemnified on this account at all times.

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23.4THE LESSEE shall be responsible for safety / security of its employees, agents, vendors, visitors, service providers etc. in Demised Premises and shall be responsible for taking steps in this regard including providing medical attention, if required.

24.**USAGE OF DEMISED PREMISES BY THE LESSEE:**

24.1THE LESSEE is entitled to conduct only the business from Demised Premises which is in accordance with Laws and the license(s) in respect of Said Plot. THE LESSEE agrees and undertakes that it shall not use Demised Premises for purposes other than as mentioned hereinbefore.

24.2THE LESSEE shall not carry out or permit to be carried out in Demised Premises or any part thereof any activities which shall be or are likely to be unlawful, obnoxious or creating nuisance, annoyance or disturbance to other lessees / tenants / occupants of Said Building / Said Complex. THE LESSEE shall not bring in or store in Demised Premises or part or portion thereof any goods, hazardous or combustible or heavy in nature, that may imperil the safety of Demised Premises and Said Building / Said Complex and / or any part thereof or affect the construction or the structure or common use of Said Building / Said Complex or any part thereof.

24.3The Demised Premises shall be used by THE LESSEE only and THE LESSEE shall not assign, transfer, mortgage, sublease or grant leave & license or transfer or part with or share possession in any manner whatsoever, of whole or any portion of Demised Premises.

24.4In the event, THE LESSEE merges / amalgamates / consolidates / transfers its assets and liabilities with / to any entity on account of any merger / amalgamation / consolidation or there is a change in control of THE LESSEE then Lease Deed shall stand terminated and THE LESSOR may enter into a fresh lease deed and such other document(s) with new entity / transferee as may be required.

For the purposes of this clause, a change in control of THE LESSEE shall mean the existing shareholders of THE LESSEE as on the date of execution of this Lease Deed and their affiliates ceasing to collectively hold at least fifty one percent (51%) of the issued and paid-up share capital of THE LESSEE.

24.5All costs, charges, expenses including but not limited to penalties, payable on or in respect of execution and registration of such document(s) including fresh lease deed, if any, shall be borne and paid solely by new entity / transferee who shall be responsible for compliance of Laws including the provisions of Indian Stamp Act, 1899, Registration Act, 1908 etc.

24.6However, such documents including fresh lease deed will be executed only after payment of all outstanding dues by THE LESSEE and submission of relevant documents to THE LESSOR.

24.7THE LESSEE shall not hold THE LESSOR responsible or liable for any loss or damage suffered by THE LESSEE on account of any theft, fire or other destruction caused to or in Demised Premises or to any property, articles or things kept by THE LESSEE in Demised Premises and also to any kind of injury or loss of life caused due to any reason whatsoever to its employees, staff, servants, agents, customers and / or visitors visiting Demised Premises, unless such loss or damage suffered is caused by any reason attributable to THE LESSOR.

24.8THE LESSEE agrees and undertakes not to carry out any business / activities of any nature in common area and outside Demised Premises and also not to cause any inconvenience, obstruction or closure of any common area or easements, including without limitation, any roof, corridor, fire exit, entrance, passage, verandah, lounge, lobby, balcony, window, staircase, basement, hall, parking area of Said Building / Said Complex. THE LESSEE further agrees not to store any goods and / or install any equipment / device and / or erect any works / structure(s) of any kind including pre- fabricated cabins etc. in any part of the common area or terrace(s) of Said Building / Said Complex.

25.**COMPLIANCE:**

25.1The Parties agree to comply at their own cost, throughout Lease Term, with Laws (to the extent applicable to them), including but not limited to the following:

oEnvironment (Protection) Act, 1986,

oWater (Prevention and Control of Pollution) Act, 1974,

oAir (Prevention and Control of Pollution) Act, 1981,

oFood Safety and Standard Act, 2006***,***

oMunicipal Solid Wastes (Management and Handling) Rules, 2000,

oHazardous Wastes (Management and Handling) Rules, 1989,

oBatteries (Management and Handling) Rules, 2001 and regulations,

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oCentral/ State Laws, rules concerning safe handling, storage, treatment and disposal of the wastes etc.,

oGoods & Services Tax and other statutorily applicable taxes,

oNBC, building bye-laws etc.,

oCentral/state Laws pertaining to fire and safety,

oHaryana Apartment Ownership Act, 1983,

oState and Central SEZ Act and the rules framed thereunder, if applicable.

25.2The Parties shall always remain responsible for the consequences of their respective non-compliance of Laws.

25.3The Parties shall perform their respective obligations towards installation, operation and keeping at all times in operational condition, various equipments, machinery etc. in Said Plot / Said Complex / Said Building / Demised Premises at their own cost and expenses and in conformity with Laws.

25.4The Parties shall always remain responsible for their respective obligations to obtain and always keep valid and make available necessary certificates from Governmental Authority in this regard.

25.5THE LESSEE shall be responsible for compliance of Laws and shall perform all of its obligations under this Lease Deed including obtaining and abiding by Governmental Approval required to be observed / performed by THE LESSEE under Laws and that THE LESSOR shall not be liable in any manner towards any for claims, damages, penalties, levies, impositions etc. or for any action by Governmental Authority or any other liability arising due to any non-compliance of Laws and / or non- fulfillment of any obligations by THE LESSEE and that THE LESSEE shall keep THE LESSOR indemnified on these accounts at all times.

25.6THE LESSEE hereby agrees to provide to THE LESSOR, during Lease Term, a compliance certificate on an annual basis in the format attached as Annexure T-XI.

25.7THE LESSEE further confirms that it shall obtain / has obtained Governmental Approval which may be necessary for commencement of / carrying on of its interior fit-out works / business operations in Demised Premises. THE LESSEE shall be solely responsible and liable for all consequences including claims, damages, penalties, levies, fines, impositions etc. arising out of non-compliance thereof or for any action by any Governmental Authority in this regard.

26.**BUILDING GUIDELINES / FIT OUT GUIDELINES / SAFETY MANUAL / SAFETY GUIDELINES ETC.:**

26.1THE LESSEE shall abide by all the building guidelines in respect of Said Building / Said Complex which may be laid down from time to time by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) ("Building Guidelines"). The present Building Guidelines are annexed as Annexure T-X.

26.2THE LESSEE shall also abide by the fit out guidelines / safety manual / safety guidelines / policies / guidelines / directions which may be laid down from time to time by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s).

27.**PEACEFUL ENJOYMENT OF DEMISED PREMISES:**

THE LESSOR shall allow during the term of this Lease Deed, peaceful enjoyment of Demised Premises to THE LESSEE, subject to THE LESSEE performing all its obligations under this Lease Deed.

28.**INSPECTION OF DEMISED PREMISES:**

28.1THE LESSEE shall allow THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies)/third party service provider(s) to enter Demised Premises after prior intimation, except in case of emergency(ies) including any fire etc.,for inspection or any maintenance related issues at the frequency it may deem fit including any emergency and/ or unforeseen circumstances or any inspection by Governmental Authority or under its directions. In case of fire, accidents etc. third party inspection of Demised Premises shall be done after repair works are complete.

28.2However, for periodic inspections, two (02) days' advance intimation will be given in writing to THE LESSEE, except in case of emergency(ies) and / or unforeseen circumstances.

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29.**INSURANCE:**

29.1During Lease Term and Lease Renewal Term, if any, THE LESSOR shall obtain fire and earth quake insurance coverage for Said Building, insurance cover against third-party liability and shall make timely payment of all insurance premiums.

29.2During Lease Term and Lease Renewal Term, if any, THE LESSEE shall obtain comprehensive insurance coverage, including third-party liability coverage, of all interior fit out works, furniture, equipment, stock inventory and / or other items in Demised Premises and shall make timely payments of all insurance premiums. THE LESSOR shall in no way be responsible for any loss suffered by THE LESSEE on account of not obtaining comprehensive insurance coverage as stated above.

29.3However, it is made clear between the Parties that in the event of an accident or fire or damages or for any other reason resulting in any loss, financial or otherwise to either Party or to third parties, both the Parties agree to take up the matter with their respective insurance companies through the insurance cover including third party liability.

29.4Either Party shall not do or permit to be done or shall not omit to be done any act or thing which may render void or voidable any insurance relating to or in respect of a part or the whole of Said Plot, Said Complex, Said Building and Demised Premises, or cause any increase in premium payable by other Party in respect thereof.

30.**DEFAULT IN PAYMENT BY THE LESSEE:**

In case THE LESSEE defaults in making payments under this Lease Deed, the following shall be applicable:

30.1**Beyond Seven (07) days from Due Date:** An interest at DPI Rate shall be applicable on the unpaid amounts, from Due Date till the date of realization of such payment by THE LESSOR.

30.2**Beyond Thirty (30) days from Due Date:** THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) shall at its option and with prior intimation of three (03) days, stop supplying to THE LESSEE electricity / air conditioning / water and / or all other services and resume the services only after receiving full payment of any and all dues, payable including interest payable thereon as stated above.

30.3The aforesaid shall not amount to any acquiescence or waiver by THE LESSOR of the defaults of THE LESSEE and is in addition to any other remedies / actions THE LESSOR may take including termination of Lease. THE LESSOR shall have no responsibility or

liability for any costs, losses and damages, if any, suffered by THE LESSEE on account of same. THE LESSEE hereby specifically waives its right to lodge any claim whatsoever against THE LESSOR as a result of such action.

31.**EVENTS OF DEFAULT / TERMINATION OF LEASE / CONSEQUENCES THEREOF:**

31.1THE LESSEE acknowledges and agrees that each and every default, breach and / or non- compliance of any of the terms and conditions of this Lease Deed shall be an event of default liable for consequences stipulated herein. Some of the events of defaults are mentioned below, which are merely indicative / illustrative and are not exhaustive and may include other instances of defaults in terms of this Lease Deed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)Failure by THE LESSEE to comply with Laws and / or guidelines of THE LESSOR with respect to safety / security / fire safety. Safety of all occupants of Said Building / Said Complex and that of Said Building / Said Complex itself are of paramount importance and THE LESSEE will perform all acts and deeds necessary for complying with all safety requirements.

Upon any such failure of THE LESSEE to comply with the aforesaid requirements, this Lease Deed shall stand terminated forthwith and THE LESSOR will be entitled to re-enter and take possession of Demised Premises without any prejudice to THE LESSOR's right to claim its dues and / or avail other remedies available to THE LESSOR;

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ii)If Demised Premises is closed / shut by THE LESSEE during business hours and there is apprehension or threat to the safety and security of Demised Premises, Said Building / Said Complex or other occupants of Said Building / Said Complex then THE LESSEE authorizes THE LESSOR to re-enter Demised Premises and take possession thereof. In such an event Lease shall stand terminated forthwith and THE LESSEE shall not have any right, interest or claim over Demised Premises. Any such action by THE LESSOR shall be without any prejudice to THE LESSOR's right to claim its dues or avail other remedies available to THE LESSOR. However, during the period Demised Premises remain closed / shut during business hours, THE LESSEE shall not be absolved of its responsibilities to ensure that there is no risk to the safety and security of Demised Premises / Said Building / Said Complex or other occupants / visitors of Said Building / Said Complex;

iii)Failure by THE LESSEE to make any payments within the time stipulated in this Lease Deed and all other defaults of similar nature including dishonour of any cheque(s) given by THE LESSEE to THE LESSOR for any reason whatsoever;

iv)Failure by THE LESSEE to use Demised Premises for the purpose for which it has been leased as stipulated in this Lease Deed and annexures thereto and breach of Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v)Alteration, sub-division or amalgamation of Demised Premises in contravention of the conditions of the zoning plans, building plans etc. by THE LESSEE or any other person acting in its behalf;

vi)Sub-lease or parting with possession of Demised Premises or any part thereof by THE LESSEE;

vii)If THE LESSEE vacates or shuts down the Demised Premises for a period of fifteen (15) consecutive days without prior written approval of THE LESSOR, on expiry of said fifteen (15) days, Lease shall stand terminated forthwith and THE LESSEE shall not have any right, interest or claim over the Demised Premises. THE LESSEE acknowledges and agrees that in such an event THE LESSOR will be entitled to re-enter and take possession of the Demised Premises without any prejudice to THE LESSOR's right to claim its dues or avail other remedies available to THE LESSOR;

viii)THE LESSEE represents and agrees that it shall maintain its corporate / juridical existence during Lease Term or Lease Renewal Term, if any. In the event, THE

LESSEE files a petition for being declared as insolvent and / or fails to maintain its corporate / juridical existence and / or is adjudicated as insolvent, then Lease shall stand terminated forthwith. THE LESSEE acknowledges and agrees that in such an event THE LESSOR will be entitled to re-enter and take possession of Demised Premises without any prejudice to THE LESSOR's right to claim its dues or avail other remedies available to THE LESSOR;

ix)In the event THE LESSEE carries on and / or conducts any business from Demised Premises other than the business which is in accordance with Laws and the license(s) in respect of Said Plot;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x)In the event there is a breach in any of the representations, warranties or covenants of THE LESSEE as provided in this Lease Deed;

xi)In the event Lease and / or Demised Premises gets affected directly or indirectly due to any act of omission or commission of THE LESSEE, including any litigation with a third party, then the Lease Deed shall stand terminated forthwith immediately upon THE LESSOR being notified.

xii)Any other acts, deeds or things which THE LESSEE may commit in violation / breach of or fails to perform in terms of this Lease Deed, other document if any or as demanded by THE LESSOR which in the opinion of THE LESSOR amounts to an event of default and THE LESSEE agrees and confirms that the decision of THE LESSOR in this regard shall be final and binding on THE LESSEE.

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31.2Except for the events of default wherein termination has been specifically provided in this Lease Deed, upon occurrence of any one or more of other event(s) of default under this Lease Deed including but not limited to those provided in clause 31.1 above, THE LESSOR shall by written notice to THE LESSEE give 30 days to THE LESSEE to rectify the default. On failure of THE LESSEE to rectify the default within 30 days so provided, this Lease Deed shall stand determined on expiry of said 30 days and THE LESSOR will be entitled to re-enter and take possession of Demised Premises without any prejudice to THE LESSOR's right to claim its dues or avail other remedies available to THE LESSOR.

THE LESSEE agrees that upon such termination of Lease, THE LESSOR will be released and discharged of all its liabilities and obligations under this Lease Deed and THE LESSEE shall be left with no right or interest over Demised Premises.

31.3THE LESSEE acknowledges and agrees that in the event of termination of Lease for any reason as provided in this Lease Deed, if any amount is due from THE LESSEE then the same shall be recovered with interest at DPI rate from THE LESSEE and THE LESSEE shall not be allowed to remove its equipments, furniture and fixtures, other movable assets and properties etc. from Demised Premises/Said Building/Said Complex till all the due amounts are paid.

31.4It is further agreed by THE LESSEE that THE LESSOR shall be entitled to adjust Security Deposits deposited by THE LESSEE under this Lease Deed against any / all sums due to THE LESSOR including Monthly Rent and Maintenance Charges for the un-expired period of Lease Term, Taxes for Demised Premises, interests, damages etc. In the event the aggregate of arrears of Monthly Rent, any other sum due and payable and the above mentioned costs / expenses exceed the amount deposited as Security Deposits under this Lease Deed, then THE LESSEE shall pay to THE LESSOR to the extent of such amounts due to THE LESSOR over and above the amount deposited as Security Deposits.

31.5Subsequent to the termination and after the lapse of time if so permitted by THE LESSOR to THE LESSEE for removal of equipments furniture and fixtures, other movable assets and properties etc. from Demised Premises / Said Building / Said Complex, THE LESSEE hereby agrees and authorizes THE LESSOR to remove all equipments, furniture and fixtures, other movable assets and properties etc. to any other place in Said Building / Said Complex. These acts of THE LESSOR are, however, without prejudice to all its other rights as mentioned in this Lease Deed.

31.6THE LESSEE shall make the payments as stipulated in clause 32.1 and 32.2 (as the case may be) to THE LESSOR in case Lease is terminated under this clause 31 of this Lease Deed.

32.**TERMINATION BY THE LESSEE BEFORE/AFTER EXPIRY OF LOCK-IN PERIOD:**

32.1Termination by THE LESSEE before the expiry of Lock-in period:

THE LESSEE shall not have the right to terminate Lease until expiry of Lock-in period. In case THE LESSEE terminates Lease prior to the expiry of Lock-in period, THE LESSEE shall be liable to give a prior written notice. In such an event, THE LESSEE shall be liable to pay the amount equivalent to Monthly Rent, Car Parking Charges, Taxes for Demised Premises, Façade Signage Charges (if any), Maintenance Charges, taxes and any other charges for the entire unexpired Lock-in period or for Notice Period, whichever is higher.

Upon such termination, THE LESSEE shall handover the peaceful, vacant and physical possession of Demised Premises to THE LESSOR in as good condition as it was in at the time when THE LESSEE was handed over Demised Premises for interior fit–out works, reasonable wear and tear excepted. In the event THE LESSEE fails to handover Demised Premises to THE LESSOR upon termination as aforesaid, then THE LESSEE shall be treated as an unauthorized occupant and shall also be liable to pay Use and Occupation Charges as provided in clause 34.1 of this Lease Deed and shall also be liable for all actions under Laws.

32.2Termination by THE LESSEE after the expiry of Lock-in period:

THE LESSEE may terminate Lease, by giving a prior written notice for Notice Period anytime after the expiry of Lock-in period, or by making payment of Monthly Rent, Car Parking Charges, Taxes for Demised Premises, Facade Signage Charges (if any), Maintenance Charges, taxes and any other charges in lieu of Notice Period.

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Upon such termination, THE LESSEE shall handover the peaceful, vacant and physical possession of Demised Premises to THE LESSOR in as good condition as it was in at the time when THE LESSEE was handed over Demised Premises for interior fit-out works, reasonable wear and tear excepted. In the event THE LESSEE fails to handover Demised Premises to THE LESSOR upon termination as aforesaid, then THE LESSEE shall be treated as an unauthorized occupant and shall also be liable to pay Use and Occupation Charges as provided in clause 34.1 of this Lease Deed and shall also be liable for all actions under Laws.

32.3THE LESSEE shall pay Monthly Rent, Car Parking Charges, Taxes for Demised Premises, Facade Signage Charges (if any), Maintenance Charges, taxes and any other charges as stipulated in clause 32.1 and 32.2 above (as the case may be) in case Lease is terminated under clause 31 of this Lease Deed.

32.4THE LESSEE acknowledges that it does not have any right to object to any amount claimed / demanded by THE LESSOR as stated above and further specifically and voluntarily agrees not to raise any dispute against such claim / demand made by THE LESSOR.

33.**REINSTATEMENT OF DEMISED PREMISES:**

THE LESSEE shall hand over the peaceful, vacant and physical possession of Demised Premises in as good condition as it was in at the time when THE LESSEE was handed over Demised Premises for interior fit–out works, together with THE LESSOR's fixtures and fittings installed therein, if any, (reasonable wear and tear excepted) on the expiry / earlier termination of this Lease Deed, whichever is earlier.

34.**USE AND OCCUPATION CHARGES AFTER THE TERMINATION OF LEASE:**

34.1If Lease is terminated by either Party or expires by efflux of time and Demised Premises is not vacated and / or handed over by THE LESSEE in accordance with the terms of this Lease Deed, THE LESSEE shall be liable to pay Use and Occupation Charges as detailed in Annexure C-I, along with amount equivalent to Monthly Rent, Car Parking Charges, Taxes for Demised Premises, Facade Signage Charges (if any), Maintenance Charges, taxes and any other charges as provided in Annexure C-I till handover of the vacant possession of Demised Premises by THE LESSEE to THE LESSOR.

34.2THE LESSEE acknowledges that it does not have any right to object to any amount claimed / demanded by THE LESSOR as stated above and further specifically and voluntarily agrees not to raise any dispute(s) against such claim / demand made by THE LESSOR. THE LESSEE also acknowledges and agrees that the right of THE LESSOR to demand Use and Occupation Charges shall be without prejudice to the rights and remedies of THE LESSOR under this Lease Deed and under Laws.

35.**LEASE RENEWAL AND ESCALATION:**

35.1THE LESSEE shall have the option to renew this Lease Deed for Lease Renewal Term(s) and such renewal shall be permitted by THE LESSOR, provided that:

(a)THE LESSEE has communicated to THE LESSOR by a written notice at least six (6) months prior to the expiry of Lease Term its intention to renew Lease for Lease Renewal Term; and

(b)THE LESSEE has been performing all its obligations under this Lease Deed to the satisfaction of THE LESSOR including but not limited to payment of all dues.

35.2THE LESSEE acknowledges and agrees that the renewal shall not be permitted if any amount under this Lease Deed is due and payable by THE LESSEE.

35.3It is clearly agreed and understood that a fresh lease deed shall be executed for Lease Renewal Term. The Lease Renewal Term shall only be effective if a fresh lease deed is executed between the Parties stamped and registered before the expiry of Lease Term.

35.4THE LESSEE shall be liable to pay the escalations in payments under this Lease Deed including Monthly Rent, Car Parking Charges, Taxes for Demised Premises, Façade Signage Charges (if any), Maintenance Charges, Security Deposits etc. as provided in Annexure C-I during Lease Term or Lease Renewal Term, if any.

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36.**INTELLECTUAL PROPERTY RIGHTS (IPR):**

THE LESSEE represents, undertakes and assures to THE LESSOR that:

36.1It is the owner / licensee of IPR being used in Demised Premises and has full right, title and interest in the use of such IPR. It shall operate from Demised Premises only with valid and subsisting ownership/ license of IPR in its favour.

36.2Any IPR if used by THE LESSEE in Demised Premises / Said Building / Said Complex does not and shall not infringe IPR of any third party.

36.3THE LESSEE has not received any notice of claim against it involving any conflict or claim of conflicts with respect to any IPR.

36.4THE LESSEE undertakes to hold THE LESSOR harmless from any action brought about by any third party for any IPR infringement by THE LESSEE.

36.5THE LESSEE undertakes to defend any and all such acts, suits, proceedings, claims, judgments etc. against THE LESSOR in connection with IPR and any fees, costs, expenses of any kind related or incidental to any such action with respect to IPR incurred by THE LESSOR in defending itself shall be borne by THE LESSEE, which THE LESSEE agrees to pay within seven (07) days of demand by THE LESSOR.

37.**FORCE MAJEURE / NON PERFORMANCE OF OBLIGATIONS:**

37.1Either Party shall not be held responsible for any consequences or liabilities under this Lease Deed if it is prevented in performing its obligations by reason of Laws, action by Governmental Authority or due to reasons of force majeure which may include but not limited to riots, insurrection, war, terrorist action, act(s) of God and any other unforeseen circumstances beyond its control. Upon happening of any such force majeure event, either Party would inform the other Party of such event. Upon abatement of such event, either Party would inform the other Party about cessation of the same.

37.2In the event Demised Premises or any part thereof be destroyed or damaged due to the following circumstances (including but not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)Fire (not caused by any willful act or negligence of THE LESSEE or its employees, agents, vendors, visitors, service providers etc.);

ii)Act(s) of God like earthquake, tempest, flood or lightning etc.;

iii)By reasons of Laws, action by Governmental Authority;

iv)Violence of any army or mob or enemies of the country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v)Act of any terrorist, insurgent or any group acting against the Government or the people of the country;

vi)Any other irresistible force rendering Demised Premises unfit for the business operations;

then, THE LESSEE shall, temporarily vacate the whole or such portion of Demised Premises, as may be required, to enable THE LESSOR to carry out repairs and to restore Demised Premises in as good condition as it was in at the time of handover of Demised Premises for interior fit-out works.

37.3In any of the events mentioned in clause 37.1 and 37.2, all payments specified under this Lease Deed for the affected portion of Demised Premises shall abate till the time Demised Premises or the affected portion of Demised Premises is repaired and restored to as good condition as it was in at the time of handover of Demised Premises for interior fit-out works.

37.4All payments specified under this Lease Deed during such period shall continue to be made by THE LESSEE for the unaffected portion of Demised Premises.

37.5If the above situation continues for a period of more than ninety (90) calendar days, then notwithstanding Lock-in period, either Party may terminate this Lease Deed by giving a prior written notice of thirty (30) days and THE LESSOR shall refund the Security Deposits paid by THE LESSEE, subject to recovery / adjustment of the outstanding dues, if any, under this Lease Deed. In such an event, THE LESSEE shall not be under any obligation to make the payments as stipulated in clause 32.1 for the unexpired Lock-in period, if any.

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37.6THE LESSOR shall not be responsible for paying any expenses or for any financial or legal consequences arising out of such force majeure situation.

37.7The performance of THE LESSOR's obligations shall be subject to performance of obligations including regular payment(s) as stipulated under this Lease Deed, by THE LESSEE.

38.**SALE / MORTGAGE / TRANSFER:**

38.1In the event THE LESSOR transfers either by way of sale or mortgage or creates a third party charge / right in any manner whatsoever, on Demised Premises / Said Building / Said Complex, THE LESSEE acknowledges that it does not have any right to raise any objection to the same.

38.2Such creation of mortgage / charge shall not affect the rights of THE LESSEE to use Demised Premises during Lease Term.

38.3In case of sale, upon intimation by THE LESSOR, THE LESSEE shall attorn as a tenant to the new transferee on the same terms and conditions as stated in this Lease Deed.

39.**TIME IS THE ESSENCE OF LEASE:**

Time is the essence of Lease and THE LESSEE shall perform all its obligations under this Lease Deed in a timely manner.

40.**WAIVER:**

Failure of either Party to enforce at any time or for any period of time the provisions hereof shall not be construed to be waiver of any provisions or of the right thereafter to enforce each and every provision hereof.

41.**SEVERABILITY:**

If any provision is determined to be void or unenforceable under Laws, such provisions of this Lease Deed shall be deemed amended or deleted to the extent necessary to conform to Laws and the remaining provisions of this Lease Deed shall remain valid and enforceable.

42.**PLURALITY OF THE LESSEE:**

If two or more persons are included in the term "THE LESSEE" all covenants, terms, conditions and restrictions shall be binding on them jointly and each of them severally.

43.**GOVERNMENTAL / STATUTORY PROCEDURAL REQUIREMENTS:**

All compliances including procedural requirements required by Governmental Authority and / or Laws, as applicable from time to time with respect to the obligations of the Parties under or arising out of this Lease Deed shall be done by the respective Party.

44.**CONFIDENTIALITY:**

44.1Subject to clause 11.3, no announcements, disclosures, publicity of any nature, regarding either Party and other negotiations vis-à-vis Lease will be made by either Party unless the form, content and timing of the release is approved in writing by the Parties hereto.

44.2Either Party may disclose the existence of Lease to its legal counsels, accountants, lenders, merchant bankers, engineers, architects, interior designers, vendors, suppliers and other persons who need to be aware of the existence of Lease, and to the extent that such disclosure is required by Laws or by any Governmental Authority.

45.**INDEMNIFICATION:**

THE LESSEE agrees to defend, indemnify and hold harmless THE LESSOR from and against any and all damages, liabilities, costs, expenses (including reasonable attorneys' fees, expert fees and other legal expenses) and settlement amounts incurred in connection with (i) gross negligence, misrepresentation, error or omission on the part of THE LESSEE or its representatives relating to or concerning the performance of the obligations by THE LESSEE as specified herein; (ii) breach by THE LESSEE of the provisions of Laws; (iii) infringement of patent, copyright, trade secret or other intellectual property right of a third party; and / or (iv) any suit, claim, or action by any third party against THE LESSOR as a result of any act and / or omission to act by THE LESSEE.

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46.**ASSIGNMENT:**

THE LESSEE shall not assign or otherwise transfer this Lease Deed or any right, benefit or obligation hereunder (whether by operation of Laws or otherwise) to any other person without prior written consent of THE LESSOR.

It is agreed that THE LESSOR shall have the right to transfer or assign all (or any part) of its rights or obligations under this Lease Deed to any person, provided that any such assignment will result in the subsequent performance by the assignee of all of THE LESSOR's obligations under this Lease Deed. The assignee shall expressly assume and agree to perform such obligations and shall become solely responsible for all obligations of THE LESSOR under this Lease Deed from the date of assignment. In addition, and without limitation to the foregoing, THE LESSEE expressly affirms and agrees that THE LESSOR may, provided it does not in any manner affect Lease and performance of obligations under this Lease Deed, sell its assets; its securities in a public offering or in a private placement; may merge, acquire other companies, or be acquired by / merged / amalgamated into another company; and may undertake a refinancing, recapitalization, leveraged buy-out, or other economic or financial restructuring.

47.**ONLY LESSOR LESSEE RELATIONSHIP:**

Nothing contained herein shall be deemed or construed by the Parties hereto, or by any third party, as creating the relationship of principal and agent or of partnership or of joint venture between the Parties hereto or any other relationship, other than the relationship of THE LESSOR and THE LESSEE.

48.**GOVERNING LAW:**

This Lease Deed and the rights and obligations of the Parties under or arising out of this Lease Deed shall be construed and enforced in accordance with Laws of India.

49.**DISPUTE RESOLUTION:**

All or any disputes arising out of, touching upon, connected with, concerning or in relation to the terms of this Lease Deed including the interpretation and validity of the terms thereof and the respective rights and obligations of the Parties shall be settled amicably by mutual discussion failing which the same shall be settled through arbitration. The arbitration shall be governed by the Arbitration & Conciliation Act, 1996 or any statutory amendments / modifications thereof for the time being in force. The arbitration proceedings shall be held at New Delhi by the sole arbitrator who shall be appointed by THE LESSOR and whose decision shall be final and binding upon the Parties. THE LESSEE hereby confirms that he / she / it shall have no objection to this appointment of the arbitrator by THE LESSOR. The arbitration proceedings shall be in English language only.

The District courts at Gurgaon and the Punjab and Haryana High Court at Chandigarh alone shall have the jurisdiction concerning all matters in this Lease Deed.

50.**EXECUTION AND REGISTRATION OF LEASE DEED:**

50.1All costs, charges, stamp duty etc. including any penalties / imposition thereof, on execution and registration of this Lease Deed or on all other instruments and deeds to be executed pursuant to this Lease Deed, as applicable, shall be borne and paid solely by THE LESSEE. It is hereby clarified that it shall be the obligation of THE LESSEE to pay all such charges as and when demanded by Governmental Authority in this regard and THE LESSEE does hereby undertake to keep THE LESSOR indemnified against any such charge / liability. However each Party shall bear its own legal fees and expenses.

50.2The stamp duty and registration charges shall be paid by THE LESSEE on or before signing of this Lease Deed.

50.3THE LESSEE shall be responsible for the compliance of The Indian Stamp Act, 1899, local stamp act and rules made thereunder, The Registration Act 1908 and rules made thereunder and the respective state enactments, as applicable.

50.4The original executed and registered Lease Deed shall be retained by THE LESSOR and a certified copy of the same shall be provided to THE LESSEE.

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50.5The original Lease Deed shall be produced by THE LESSOR as and when required by THE LESSEE upon receipt of prior notice of two (2) days from THE LESSEE, except in case of emergency(ies).

50.6This Lease Deed along with the annexure(s) constitutes the entire agreement between the Parties and revokes and supersedes all previous discussions, written or oral, correspondence, LOI and / or any / all agreements understanding deeds etc. between the Parties.

51.**MODIFICATION / AMENDMENT / VARIATION:**

This Lease Deed shall not be changed or modified except by written amendment by way of an addendum duly agreed and signed by the Parties. However, for matters pertaining to car parking spaces, Façade Signage, normal business hours, modification / amendment / variation may be made by way of any instrument including letter agreement signed by the Parties.

52.**NOTICES:**

Any notice, letter or communication to be made, served or communicated unto either Party under these presents shall be in writing and shall be deemed to be duly made, served or communicated only if the notice, letter or communication is addressed to other Party, at the address given in Annexure C-I or such other addresses as may be intimated in writing, and sent by registered post / fax / email (given hereunder) / speed post or delivered personally with acknowledgement.

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THE LESSOR, DLF Cyber City Developers Limited through its authorized signatories Mr.

<u>Raghav Sawhney --</u> and Mr. <u>Nitish Raj Srivastava</u> authorized to execute lease deeds vide board resolution dated <u>19.07.2023</u> have executed this Lease Deed. This Lease Deed is presented for registration before the registering authority by Mr. S/o

Mr. R/o <u>,</u> who has been authorized vide board resolution dated <u>19.07.2023</u> of THE LESSOR to appear before the registering authority and present for registration, acknowledge and get registered this Lease Deed executed by Mr. <u>Raghav Sawhney --------</u> and Mr. <u>Nitish Raj Srivastava</u> ----- on behalf of THE LESSOR.

**IN WITNESS WHEREOF** the Parties hereto have set their hands to these presents on the day, month and year first and above mentioned.

**<u>THE LESSOR:</u>**

**SIGNED AND DELIVERED** on behalf of the above named DLF Cyber City Developers Limited acting through Mr. <u>Raghav Sawhney</u> and Mr. <u>Nitish Raj Srivastava</u>, its authorized signatories:

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| | | | |
|:---|:---|:---|:---|
| In the presence of: |  |  |  |
|  | **For and on behalf of** | **For and on behalf of** | **For and on behalf of** |
| **WITNESSES:** | DLF Cyber City Developers Limited | DLF Cyber City Developers Limited | DLF Cyber City Developers Limited |
| **1.** |  |  |  |
| <u>/s/ Raghav Sawhney</u> | <u>/s/ Raghav Sawhney</u> |  | <u>/s/ Nitish Raj Srivastava</u> |
| (<u>Raghav Sawhney</u>)  | (<u>Raghav Sawhney</u>)  | &  | (<u>Nitish Raj Srivastava</u>) |
|  | **AUTHORIZED SIGNATORIES** | **AUTHORIZED SIGNATORIES** | **AUTHORIZED SIGNATORIES** |
| **2.** |  |  |  |

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**<u>THE LESSEE:</u>**

**SIGNED AND DELIVERED** on behalf of the above named <u>M/s MakeMyTrip (India) Private Limited</u> acting through <u>Mr. Vikash Kumar Tiwari</u>, its authorized signatory:

In the presence of:

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| | |
|:---|:---|
| **WITNESSES:** |  |
|  | **For and on behalf of** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>M/s MakeMyTrip (India) Private Limited</u>  |
| **1.** |  |
|  | **19.50** |
|  | <u>/s/ Vikash Kumar Tiwari</u> |
|  | (<u>Mr. Vikash Kumar Tiwari</u>) |
|  | **AUTHORIZED SIGNATORY** |
| **2.** |  |

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[ALL OMITTED EXCEPT C-I]

**<u>ANNEXURES</u>**

**A. COMMERCIAL**

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| | | |
|:---|:---|:---|
| **C-I** | - | Commercial terms & conditions forming integral part of Lease |
| **C-II** | - | Description of the Said Plot |
| **C-III** | - | Electronic clearing system activation form |

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**B. TECHNICAL**

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| | | |
|:---|:---|:---|
| **T-I** | - | Tentative Gross Leasable Area calculations |
| **T-II** | - | Description of the floor plan(s) of Demised Premises |
| **T-III** | - | Car parking spaces for use by THE LESSEE |
| **T-IV** | - | Maintenance Charges (indicative) |
| **T-V** | - | Tentative building specifications |
| **T-VI** | - | Sharing of services/ division of floor |
| **T-VII** | - | Guiding principles for the interior fit-out works of Demised Premises |
| **T-VIII** | - | Handover for the interior fit-out works of Demised Premises |
| **T-IX** | - | List of drawings required for submission by THE LESSEE |
| **T-X** | -<br>| Building Guidelines/ THE LESSEE's responsibility during interior fit-out works, additions/modifications/alterations of interior fit-out works and during Lease Term/ Lease Renewal Term and operations during Lease Term/ Lease Renewal Term |
| **T-XI** | **-** | Compliance Certificate |

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**ANNEXURE C-I**

**COMMERCIAL TERMS & CONDITIONS FORMING INTEGRAL PART OF LEASE**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>S.NO.</u>** | &nbsp;&nbsp;**<u>ITEM</u>** | &nbsp;&nbsp;**<u>DESCRIPTION</u>** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Demised Premises | &nbsp;&nbsp;<u>23,370 sq.ft (2,171.03 sq.mtr.) ---------------------------------- on</u><br><u>18th --</u> floor in Said Building. |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Gross Leasable Area of Demised Premises | &nbsp;&nbsp;<u>23,370 --------------</u> square feet (<u>2,171.03 --------------</u> square<br>meters approximately). |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Said Building | &nbsp;&nbsp;<u>Block B -----------------------------</u> |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Said Complex | &nbsp;&nbsp;<u>Building No.5 --------------------------------------------------------</u> |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Said Plot | &nbsp;&nbsp;<u>DLF Cyber City, Gurugram ----------------------------------------</u> |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Lease Commencement Date | &nbsp;&nbsp;<u>15.09.2024 ------------------.</u> |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Rent Commencement Date | &nbsp;&nbsp;<u>15.02.2025 ------------------</u> |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Lease Term | &nbsp;&nbsp;<u>Five (05) -------------------</u>years from Lease Commencement Date. |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Date for<br>commencement of THE LESSEE's interior fit-out works | &nbsp;&nbsp;Lease Commencement Date |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Monthly Rent<br>(Refer Addendum) | &nbsp;&nbsp;Rs. <u>-------------------------------------------------------------------------</u> /-(Rupees <u>---------------------------------------------------------------------Five----------------------------------------------------------------------------------------------------------------------</u> only) calculated at the rate of Rs. <u>---------------------------------------</u> per square foot per month/ Rs. <u>-----------------------------------_</u>/-per square meter per month (Rupees <u>----------------------------------------------</u> only per square foot <u>-----------------------------------------------------------------------</u>per month/Rupees <u>------------------------------------------------------------ ---------------------------------------------------------------------------------</u> only per square meter per month) of Gross Leasable Area of Demised Premises. |
| &nbsp;&nbsp;11. | &nbsp;&nbsp;Car Parking Charges<br>(Refer Addednum) | &nbsp;&nbsp;Rs. <u>-----------------------------------</u>/- (Rupees <br><u>---------------------------------------------------------------------------------- -------------</u>only for <u>---------------------</u> car parking space(s) at Rs <u>-----------------------------</u>/- per car parking space per month. (Rupees <u>---------------------------------------------------------------------- -----------------------------------------</u> only) per car parking space per month. |
| &nbsp;&nbsp;12. | &nbsp;&nbsp;Date of payment of commencement of Car Parking Charges | &nbsp;&nbsp;<u>15.02.2025 --------------</u> |

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13. Lease Renewal Term(s) and Escalation(s) (Refer Addendum) <u>-------------------------</u> term(s) of <u>-------------------------</u> years each. During Lease Term and Lease Renewal Term Monthly Rent, Car Parking Charges, Façade Signage Charges, Security Deposits etc., shall be enhanced at the end of <u>----------------</u>, <u>-------------------------</u> and <u>-------------------------</u> month/year from <u>-------------------------</u> by 15 % over and above last payable respective amount. Interest Free Refundable Security Deposit shall always be equivalent to <u>-------------- months</u> ' corresponding Monthly Rent and upon escalation as mentioned hereinabove, the differential amount shall be payable by THE LESSEE on or before such escalation.

14. Interest Free Refundable Security Deposit (IFRSD) (Refer Addendum) Rs <u>------------------------------------</u> /- (Rupees <u>------------------------------------------------------------------------ -------------------------------------------------------------------------------------------------------------------------</u> only) calculated at the rate of Rs. <u>-------------</u> /- per square foot per month / Rs. <u>-----------------------</u> /- per square meter per month (Rupees <u>------------------------------------------------------------------------</u> --- <u>------------------------------------</u> only per square foot per month/ ---------------------------------------------------------------------------Rupees -------------------------------------------------------------------------------------------------------------------------------------------------------------------only per square meter per month) of Gross Leasable Area of Demised Premises in the following manner: Payment on signing of LOI: months' Monthly Rent amounting to Rs <u>.</u> /- (Rupees <u>-------------------------------------------------------------------------</u> <u>-------------------------------------------------------------------------</u> only). On signing of Lease Deed: <u>-------------</u> months' Monthly Rent amounting to Rs.------------------------------------------- /- (Rupees <u>----------------------------------------------------------------------------------------------------------------------------------------------------------------</u> only). IFRSD shall always be equivalent to <u>-------------------------</u> months' corresponding Monthly Rent of Demised Premises as prevailing at any point of time during Lease Term. Further, upon escalation in Monthly Rent as mentioned at serial number 13 hereinabove, the differential amount shall be payable by THE LESSEE on or before such escalation.

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15. Maintenance Charges 1.2 times of expenses/expenditure/costs which as on Lease Commencemen <u>Date</u> are estimated as under: a) For 12\*5.5 business hours i.e. 8.00 am to 8.00 pm IST monday to friday and 8.00 am to 2.00 pm IST on saturday excluding sunday, public and national holidays: Rs. 19.50------- <u>/- per squa</u> re foot per month (Rs. <u>209.89 --------------------</u> per square meter per month) (Rupees <u>Nineteen And Paise Fifty--------------------------------------------</u> ----------------- only per square foot per month/ Rupees <u>Two Hundred Nine and Paise Eighty-Nine -----------------------</u> <u>-------------------</u> only per square meter per month).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) For THE LESSEE's specific business hours i.e. <br><u>----------------------</u> am to <u>------------------</u>pm IST <u>-----------------</u> to<br><u>----------------------</u> and <u>---------------</u> am to <u>-------------------</u> pm IST on <u>-----------------</u> excluding saturday and/or sunday, public<br>and national holidays: Rs.<u>-----------------------</u>_/- per square<br>foot per month (Rs. _<u>---------------------------------</u>per square<br>meter per month) (Rupees<br><u>------------------------------------------------------------------------------------------------------------------------------</u>only per square foot per month/<br>Rupees <u>----------------------------------------------------------------------------------------------------</u> only per square meter per month) (as applicable).<br>c) For 365\*24\*7 business hours excluding public and national holidays: Rs ------------------ /- per square foot permonth (Rs. <u>----------------------------------------------------</u>/-per square meter per month) (Rupees <br> <u>--------------------------------------------------------------</u>only per square foot per month/ Rupees <u>-----------------------------------------------------</u>only per square meter per month).<br>For working beyond normal business hours as opted by THE LESSEE above the charges will be as per serial number 23.<br>In the event Said Building is already operational and THE LESSEE is carrying out the interior fit-out works but does not utilize the central air conditioning for Demised Premises during such interior fit-out works period (which shall not be beyond 8 months from Lease Commencement Date), maintenance will be charged at 50% of the Maintenance Charges for normal business hours, till such time air- conditioning is switched on in Demised Premises.<br>

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16. Interest Free Refundable Maintenance Security Deposit (IFRMSD) Rs. <u>27,34,290-----------------------------------------------</u> /- (Rupees <u>Twenty-Seven Lacs Thirty-Four Thousand Two Hundred Ninety------------------------------------------------------------</u> only) calculated at the rate of estimated Maintenance Charges of Rs. <u>19.50 ----------------------------</u> /-----per square foot per month/ Rs. <u>209.89 --------------------------</u> /- per square meter per month (Rupees <u>Nineteen And Paise Fifty ------------------------</u> only per square -------------------- foot ------------------------------per month/Rupees <u>Two Hundred Nine And Paise Eighty-Nine ----------------------------------------</u> only per square meter per month) of Gross Leasable Area of Demised Premises for Six (06) <u>-----------------</u> months' in the following manner: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. Payment on <u>Signing of the Lease Deed -----------------</u>: Rs. <u>27,34,290 ---------------------------------</u> /- (Rupees <u>Twenty-Seven Lacs Thirty-Four Thousand Two Hundred Ninety-----------------------</u> only); and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. Payment of the differential amount as computed based on <u>Six (06) ---------</u> months' Maintenance Charges as prevailing at 37th <u>---------------------</u>, <u>------------------</u> and 73rd <u>----------------------</u> month from Lease <u>Commencement Date</u>, as the case may be, shall be made by THE LESSEE by the First <u>(1st) ------- day of</u> the respective month.

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17. Interest Free Refundable Utilities Security Deposit (IFRUSD) An aggregate of the following: a) <u>Rs. 4,68,000 ----------------------------------------</u> /- (Rupees <u>Four Lacs And Sixty-Eight Thousand --------------------------------------------------------------------------</u> only) @ Rs. <u>4,000 ----------</u> per KVA for power load of 117 <u>-------------</u> KVA calculated as <u>0.005</u> -----------KVA per square foot of Demised Premises; b) Rs. <u>-------------------------------------------------------</u> /-(Rupees <u>---------------------------------------------------------------------------------------------------</u>_only) per KVA for additional power load of <u>----------------------</u> KVA (as and when applicable); including:- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Non-refundable charge for additional power load: Rs. <u>10,000 --------------------------------------</u> /- (Rupees Ten Thousand <u>-------------------------------------------------------------------------------------</u> only) per KVA. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Refundable deposit for additional load: Rs. 4,000 <u>------------------------------------------</u> /- (Rupees Four Thousand <u>-----------------------------------------------------------------------------------------------</u> only) per KVA. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Infrastructure cost at cost + 20%; c) Rs. <u>----------------------------------------------------</u> /- (Rupees <u>--------------------------------------------------------------------------</u> <u>--------------------------------------------</u> only) towards one time non-refundable cost of meters/ monthly meter hire charges (as applicable) for power/ power back-up; and &nbsp;&nbsp;&nbsp;&nbsp; d) Rs. <u>-----------------------------------------------</u> /-(Rupees <u>--------------------------------------------------------------------------</u> <u>--------------------------------------------</u> only) towards one time non-refundable cost of meter(s)/ monthly meter hire charges (as applicable) for air handling unit ("AHU") electrical usage.

18. Power Load &nbsp;&nbsp;&nbsp;&nbsp; <u>0.005 ----------------------------------------</u> &nbsp;&nbsp;&nbsp;&nbsp; KVA per square foot aggregating to 117 <u>-------------------------------</u> KVA. Additional load:- <u>-------------------------------------------------</u> KVA (if required by THE LESSEE).

19. Normal business hours a) 12\*5.5 business hours i.e. 8.00 am to 8.00 pm IST monday to friday and 8.00 am to 2.00 pm IST on saturday; or b) business hours i.e.------------------am to ------------------------------- pm IST monday to friday and -----------------am to ------------------------------------pm IST on saturday;or &nbsp;&nbsp;&nbsp;&nbsp; c) 365\*24\*7 business hours. (\*Delete whichever is not applicable)

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20. Electricity / power charges As per actual consumption of units and as follows:- a) For supply of power from grid power (subject to availability) - As per applicable grid rates; b) For supply of power from back up sources - Cost + 20%; c) For supply of power from utilities company - Cost + 20%.

21. Power back up charges Cost + 20%.

22. Water charges Rs. <u>-----------------------------------------</u> /unit X units consumed in Demised Premises for the month or as determined from time to time.

23. Extra Hour Charges For working beyond normal business hours: Rs. 0.13/- per sq. ft. per hour on gross leasable area of the full floor even if the area of Demised Premises is less than the full floor area or per hour rate for Demised Premises to be intimated by the building manager. or For working beyond normal business hours: Rs. 0.23/- per sq. ft. per hour on the Gross Leasable Area of Demised Premises or per hour rate for Demised Premises to be intimated by the building manager.

24. Use and Occupation Charges A per day amount calculated for each day of occupation beyond termination/ expiry, calculated on the basis of <u>03 (Three) ---------------------------------------</u>_--times the last payable Monthly Rent, as applicable immediately before termination/ expiry, divided by 30 days.

25. Façade Signage Number of signage(s)_<u>----------------------------------</u> at location number(s) <u>----------------------------</u> as per enclosure--------------- .

26. Façade Signage Charges Rs. <u>---------------------------------------------------------------------</u> /- (Rupees <u>----------------------------------------------------------------------------------------------------------------------</u> only) comprising of façade signage charges of Rs. <u>-----------------------------------------------</u> for slot no. <u>-------------</u>.

27. Lock-in period (Refer Addednum) <u>--------------------------------</u> months from Lease Commencement Date.

28. Notice Period for termination of Lease 6 months.

29. Stamp duty, registration charges and other incidental charges As applicable, payable by THE LESSEE on or before signing of Lease Deed.

30. Taxes for Demised Premises As applicable, shall be paid by THE LESSEE.

31. Other Miscellaneous Charges &nbsp;&nbsp;&nbsp;&nbsp; a) Gas or IGL charges: As applicable, shall be paid by THE LESSEE. &nbsp;&nbsp;&nbsp;&nbsp; b) Services provider, telecom & DTH charges: As applicable, shall be paid by THE LESSEE.

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32. DPI Rate <u>18</u> -----------------------------% per annum.

33. Common passage and wall partition cost, if any (one time non- refundable cost) payable on signing of Lease Deed Rs. <u>-----------------------------------------------------------</u> /- (Rupees <u>----------------------------------------------------------------------------</u> <u>--------------------------------------</u> only).

34. Charges for terrace area Rs. <u>---------------------------------------------------------------------</u> /- (Rupees <u>------------------------------------------------------------------------------------------</u> only) per month for <u>----------------</u> months.

35. Communication address For THE LESSOR:- Name & Designation Mr. Karun Varma Sr, ED - DLF Offices Address 10th Floor, DLF Gateway Tower DLF Cyber City, Phase - III Gurugram - 122002 Phone - <u>--------------------------</u> Fax - <u>------------------------------</u> E Mail: <u>-----------------</u> @dlf.in For THE LESSEE:- Name & Designation Address Phone - Fax - E Mail:

36. LOI (Refer Addednum) <u>------------------------------------------------------------------</u> 

---

| | |
|:---|:---|
| **<u>THE LESSOR:</u>** | **<u>THE LESSEE:</u>** |
| <u>/s/ Raghav Sawhney</u> <u>/s/ Nitish Raj Srivastav</u> | <u>/s/ Vikash Kumar Tiwari</u> |
| <u>(Raghav Sawhney</u>**) & (**<u>Nitish Raj Srivastav</u>**)** | **(Vikash Kumar Tiwari)** |
| **AUTHORISED SIGNATORY / IES** | **AUTHORISED SIGNATORY** |

---

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## Exhibit 4.22

**Exhibit 4.22**

**ADDENDUM TO THE LEASE DEED**

This addendum dated September 15, 2024 (**"Addendum")** to the lease deed dated September 15, 2024 (**"Lease Deed"**) is made at Gurugram.

**BETWEEN**

**DLF Cyber City Developers Limited,** a company incorporated under the Companies Act, 1956 (including any statutory modifications or re- enactments thereof) and having its registered office at 10<sup>th</sup> Floor, Gateway Tower, DLF Cyber City, Phase-III, Gurgaon 122002, Haryana (hereinafter referred to as **'THE LESSOR'** which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors, transferees, nominees and assigns) acting through its authorized signatories, Mr. Raghav Sawhney and Mr. Nitish Raj Srivastava duly authorized vide board resolution dated 19.07.2023 of the **First Part.**

**AND**

**M/s MakeMyTrip (India) Private Limited,** a company incorporated under the Companies Act, 1956 (including any statutory modifications or re-enactment thereof) and having its registered office at 19th Floor, Tower A/B/C Epitome Building No. 5, DLF Cyber City, DLF Phase III, Gurgaon, Haryana, India, 122002 (hereinafter referred to as **'THE LESSEE'** which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors) having Permanent Account Number (PAN) AADCM5146R and Tax Deduction and Collection Account Number (TAN) DELM09144C, acting through its authorized signatory, Mr. Vikash Kumar Tiwari duly authorized vide board resolution dated 17.03.2023 of the **Second Part**.

(Both THE LESSOR and THE LESSEE, wherever the context permits, are collectively referred to as the **"Parties"** and individually as the **"Party"**).

Capitalized words and expressions not defined herein shall have the meaning ascribed to them in the Lease Deed.

WHEREAS THE LESSEE and THE LESSOR have executed the Lease Deed in respect of area admeasuring 23,370 sq. ft. (2,171.125 sq. mtrs.) (approx.) on part of 18<sup>th</sup> Floor, Block - B, Building No. 05, DLF Cyber City, Gurugram – 122002, Haryana (hereinafter referred to as "**Demised Premises**").

WHEREAS upon request of THE LESSEE, THE LESSOR has agreed to carry out certain amendments/ additions/ modifications to the Lease Deed to give effect to the understanding which is recorded in this Addendum.

**NOW THIS ADDENDUM WITNESSETH AS UNDER:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.That this Addendum, upon execution, shall form an integral part of the Lease Deed. The contents hereof shall be effective from the date the Lease Deed becomes effective and shall be coterminous with the Lease Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.That it has been agreed between the Parties to cause the following amendments/ additions/ modifications to the Lease Deed in the manner as provided hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1That Recital "B" of the Lease Deed stands substituted with the following recital and accordingly, Recital "B" of the Lease Deed reads as under:

"B After due inspection and verification of Said Plot, Said Complex, Said Building and Demised Premises, and after considering the offer of THE LESSOR to share all approvals and sanctions including approved building plans, documents relating to title, competency, and all other relevant details, THE LESSEE is entering into this Lease Deed."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2That Clause 1(A) of the Lease Deed stands modified to the effect that the definition of "Business Operations" stands added before the definition of "Car Parking Charges" accordingly, the definition of "Business Operations" reads as under:

**" Business Operations** shall mean business activities relating to information technology / information technology enabled services, carried out by THE LESSEE from the Demised Premises as per the Laws"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3That Clause 1(A) of the Lease Deed stands modified to the effect that a new definition of "EOI" stands added after the definition of "Due Date" and accordingly the definition of "EOI" reads as under:

**"EOI"** shall mean the expression of interest dated 08<sup>th</sup> August 2024 executed in respect of leasing of the Demised Premises as provided in **Annexure C-I**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4That Clause 1(A) of the Lease Deed stands modified to the effect that the definition of "LOI" stands deleted and substituted with the words "NOT USED" which reads as under:

" NOT USED"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5That Clause 1(A) of the Lease Deed stands modified to the effect that the definition of "Undisputed Amount(s)" stands added after the definition of "TDS" and accordingly, the definition of "Undisputed Amount(s) reads as under:

" **Undisputed Amount(s)** shall mean all amounts jointly and severally, as set forth in Annexure C-I, which are payable by THE LESSEE in terms of the Lease Deed, and additionally shall include such other amounts that the Parties agree are payable under this Lease Deed."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6That Clause 2 of the Lease Deed stands substituted with the following clause and accordingly, Clause 2 of the Lease Deed reads as under:

"2. THE LESSOR hereby agrees to grant Demised Premises on Lease to THE LESSEE and THE LESSEE agrees to take Demised Premises on Lease from THE LESSOR for Lease Term.

During Lease Term, THE LESSEE shall have the right to use car parking spaces, as provided in Annexure T-III, in terms of this Lease Deed. Further, THE LESSEE shall also have the right to use the common areas, facilities, and amenities including areas in the basement / stilt reserved for ingress / egress and common circulation in Said Building / Said Complex / Said Plot along with other Lessees/ occupants in Said Building / Said Complex, as per terms and conditions of the Lease Deed.

THE LESSEE agrees and undertakes that it shall only conduct the Business Operations from Demised Premises which is in accordance with Laws."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7That Clause 4.5 of the Lease Deed stands substituted with the following clause and accordingly Clause 4.5 reads as under:

"4.5. Notwithstanding. other rights of THE LESSOR, all delayed payments in respect of Undisputed Amount(s) under this Lease Deed shall carry an interest, at DPI Rate, from Due Date till the date the payments are realized by THE LESSOR."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8That Clause 5.4 of the Lease Deed stands substituted with the following clause and accordingly Clause 5.4 reads as under:

"5.4. Security Deposits shall be the amounts kept with THE LESSOR or its nominee(s) / assign(s) to secure the due performance of obligations including payments of all dues in respect of Undisputed Amount(s) by THE LESSEE under this Lease Deed. THE LESSOR shall be entitled, at any time, to utilize and make deduction(s) from Security Deposits of the Undisputed Amount(s) and TDS (if any), which in the opinion of THE LESSOR, is/ are equivalent to the outstanding dues of THE LESSEE in accordance with the terms of this Lease Deed. THE LESSEE shall be required to forthwith replenish Security Deposits to the full amount upon any deduction(s) made by THE LESSOR under any provision of this Lease Deed.

THE LESSOR shall provide to THE LESSEE the statement of the outstanding dues.

Any under-recovery by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) shall become payable by THE LESSEE to THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) and any over-recovery by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) shall become refundable by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) to THE LESSEE. Any under-recovery by THE LESSOR shall be recovered by raising the invoice/ demand in this regard. Any refund to THE LESSEE on account of over recovery shall be refunded / adjusted within Thirty (30) days of providing such third-party auditor certificate and issuance of credit / debit note (as applicable)."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9That Clause 11.1.1 of the Lease Deed stands substituted with the following Clause and accordingly, Clause 11.1.1 of the Lease Deed reads as under:

"11.1.1. Subject to availability and subject to THE LESSEE seeking prior written permission (which permission shall not be unreasonably withheld), THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) may allow THE LESSEE to put Façade Signage at such location / space which may be earmarked for the purpose. The size, specification, location, aesthetics etc. of Façade Signage shall be approved by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) before its installation."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10That Clause 11.2 of the Lease Deed stands substituted with the following clause and accordingly Clause 11.2 reads as under:

"11.2. Subject to availability and subject to THE LESSEE seeking prior written permission (which permission shall not be unreasonably withheld), THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) may allow THE LESSEE to put directional signage / name/ logo at such location/ space which may be earmarked for the purpose. The size, specification, location, aesthetics etc. of the directional signage/ name/ logo shall be approved by THE LESSOR or its nominee(s) / assign(s) / appointed contractor(s) / appointed agency(ies) / third party service provider(s) before its installation."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11That Clause 23.1.5 of the Lease Deed stands substituted with the following clause and accordingly Clause 23.1.5 reads as under:

"23.1.5. If the Demised Premises is closed / shut by THE LESSEE during business hours for 7 consecutive days without prior written notice to THE LESSOR and there is apprehension or threat to the safety and security of Demised Premises, Said Building / Said Complex or other occupants of Said Building / Said Complex, then THE LESSEE authorizes THE LESSOR to enter Demised Premises and take possession thereof. Any such action by THE LESSOR shall be without any prejudice to THE LESSOR's right to claim its dues or avail other remedies available to THE LESSOR. However, during the period Demised Premises remains closed/ shut, THE LESSEE shall not be absolved of its responsibilities to ensure that there is no risk to the safety and security of Demised Premises, Said Building / Said Complex or other occupants / visitors of Said Building / Said Complex."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12That Clause 24.1 of the Lease Deed stands substituted with the following clause and accordingly Clause 24.1 reads as under:

"24.1. THE LESSEE is entitled to conduct only the Business Operations from Demised Premises which is in accordance with Laws and the license(s). THE LESSEE agrees and undertakes that it shall not use Demised Premises for purposes other than as mentioned hereinbefore."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13That Clause 24.4 of the Lease Deed stands substituted with the following clause and accordingly Clause 24.4 reads as under:

"24.4. In the event, THE LESSEE merges / amalgamates / consolidates / transfers its assets and liabilities with / to any entity on account of any merger / amalgamation or consolidation of THE LESSEE then THE LESSOR may at its discretion terminate the Lease Deed and in case of such termination THE LESSOR shall enter into a fresh lease deed on the same terms and conditions of the Lease Deed and such other document(s) with new entity / transferee as may be required, provided the resultant entity/ transferee is not a competitor of THE LESSOR or is not an entity blacklisted by THE LESSOR."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14That Clause 27 of the Lease Deed stands substituted with the following Clause and accordingly, Clause 27 reads as under:

"27. THE LESSOR shall allow during the term of this Lease Deed, peaceful enjoyment of· Demised Premises to THE LESSEE, subject to THE LESSEE performing all its obligations under this Lease Deed.

Except for any force majeure event, if the Demised Premises becomes uninhabitable and unusable due to reasons directly attributable to THE LESSOR for 15 consecutive days, THE LESSOR shall rectify such default within a reasonable time period from the date of receipt of THE LESSEE's written notice.

On failure of THE LESSOR to rectify the default within a reasonable time period, THE LESSEE shall be entitled to terminate the Lease Deed. Further, THE LESSEE may seek THE LESSOR to buy out the fit-outs in the Demised Premises and THE LESSOR shall purchase the said fit-outs at the depreciated value of the said fit-outs, calculated on a straight line basis for the Lease Term of the Lease Deed. The foregoing constitutes THE LESSEE's sole right and THE LESSOR's sole obligation in this regard."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15That Clause 31.1(i) of the Lease Deed stands substituted with the following clause and accordingly Clause 31.1(i) reads as under:

"31.1(i) Failure by THE LESSEE to comply with Laws and / or guidelines of THE LESSOR with respect to safety / security / fire safety. Safety of all occupants of Said Building / Said Complex and that of Said Building / Said Complex itself are of paramount importance and THE LESSEE will perform all acts and deeds necessary for complying with all safety requirements.

Upon any such failure of THE LESSEE to comply with the aforesaid requirements, THE LESSOR shall by notice to THE LESSEE give Thirty (30) days to THE LESSEE to rectify the default **("Cure Period")**. During the Cure Period, THE LESSEE shall not operate from such portion of Demised Premises as is affected by the default till the time such default is rectified and it shall remain the responsibility of THE LESSEE to ensure that such default poses no risk to safety and security of Demised Premises, Said Building or other occupants/visitors of Said Building. On failure of THE LESSEE to rectify the default within the Cure Period, this Lease Deed shall stand terminated on the expiry of the Cure Period and THE LESSOR will be entitled to re-enter and take possession of Demised Premises without any prejudice to THE LESSOR's right to claim its dues and/ or avail other remedies available to THE LESSOR;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16That Clause 31.1(ii) of the Lease Deed stands substituted with the words "NOT USED" and accordingly, Clause 31.1(ii) reads as under:

"31.1(ii) NOT USED"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17That Clause 31.l(iii) of the Lease Deed stands substituted with the following clause and accordingly Clause 31.l(iii) reads as under:

"31.1(iii) Failure by THE LESSEE to make any payments in respect of Undisputed Amount(s) within the time stipulated in this Lease Deed and where such payments remain outstanding for a period of Sixty (60) days from the Due Date and all other defaults of similar nature including dishonour of any cheque(s) given by THE LESSEE to THE LESSOR for any reason whatsoever;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18That the contents of Clause 31.1(vii) of the Lease Deed stands substituted with the words "NOT USED" and accordingly Clause 31.1(vii) reads as under:

"31.1 (vii)NOT USED"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19That Clause 31.1(ix) of the Lease Deed stands substituted with the following clause and accordingly, Clause 31.1(ix) of the Lease Deed reads as under:

"31.1(ix) In the event THE LESSEE carries on and / or conducts any business from Demised Premises other than Business Operations which is in accordance with Laws;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20That the contents of Clause 31.1(x) of the Lease Deed stands substituted with the words "NOT USED" and accordingly, Clause 31.1(x) reads as under:

"31.1(x) NOT USED;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21That the contents of Clause 31.1(xii) of the Lease Deed stands substituted with the words "NOT USED" and accordingly, Clause 31.1(xii) of the Lease Deed reads as under:

"31.1(xii) NOT USED;"

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22That Clause 31.2 of the Lease Deed stands substituted with the following clause and accordingly Clause 31.2 reads as under:

"31.2. Except for the events of default wherein termination has been specifically provided in this Lease Deed, upon occurrence of any one or more of other event(s) of default under this Lease Deed including but not limited to those provided in clause 31.1 above, THE LESSOR shall by written notice to THE LESSEE give Thirty (30) days to THE LESSEE to rectify the default. On failure of THE LESSEE to rectify the default within Thirty (30) days so provided, this Lease Deed shall stand determined on expiry of said Thirty (30) days and THE LESSOR will be entitled to re-enter and take possession n of Demised Premises without any prejudice to THE LESSOR's right to claim its dues or avail other remedies available to THE LESSOR.

THE LESSEE agrees that upon such termination of Lease, THE LESSEE shall be left with no right or interest over Demised Premises."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23That Clause 31.4 of the Lease Deed stands substituted with the following clause and accordingly Clause 31.4 reads as under:

"31.4. It is further agreed by THE LESSEE that THE LESSOR shall be entitled to adjust Security Deposits deposited by THE LESSEE under this Lease Deed against any/ all sums due to THE LESSOR in respect of Undisputed Amount(s), including Monthly Rent and Maintenance Charges for the un-expired period of Lease Term, Taxes for Demised Premises, interests, damages etc. In the event the aggregate of arrears of Monthly Rent, any other sum due and payable and the above-mentioned costs / expenses exceed the amount deposited as Security posits under this Lease Deed, then THE LESSEE shall pay to THE LESSOR to the extend of such Undisputed Amount(s) due to THE LESSOR over and above the amount deposited as Security Deposits."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24That a new clause stands added after the Clause 32 of Lease Deed as Clause 32 A and accordingly Clause 32 A reads as under:

"32A THE LESSOR shall not have the right to terminate Lease until expiry of Lock-in period except in accordance with Clause 31.1. After the expiry of the Lock-in period, THE LESSOR shall be liable to give a prior written notice for the Notice Period to THE LESSEE except where the termination is pursuant to Clause 31.1 and 31.2."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25That Clause 35.1 of the Lease Deed stands substituted with the following clause and accordingly Clause 35.1 reads as under:

"35.1. THE LESSEE shall have the option to renew this Lease Deed for Lease Renewal Term(s) on the similar terms and conditions as contained in this Lease Deed and such renewal shall be permitted by THE LESSOR, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)THE LESSEE has communicated to THE LESSOR by a written notice at least six (6) months prior to the expiry of Lease Term its intention to renew Lease for Lease Renewal Term; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)THE LESSEE has been performing all its obligations under this Lease Deed to the satisfaction of THE LESSOR including but not limited to payment of all dues in respect of Undisputed Amount(s)."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26That Clause 35.2 of the Lease Deed stands substituted with following clause and accordingly Clause 35.2 reads as under:

"35.2. THE LESSEE acknowledges and agrees that the renewal shall not be permitted if any Undisputed Amount(s) under this Lease Deed is due and payable by THE LESSEE."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27That Clause 36 of the Lease Deed stands substituted with the following clause and accordingly Clause 36 reads as under:

"36. THE LESSEE represents, undertakes and assures to THE LESSOR that it shall hold THE LESSOR harmless and defend any and all action, suits, proceedings, claims, judgments etc. against THE LESSOR brought about by any third party for any IPR infringement by THE LESSEE."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28That the contents of Clause 45 of the Lease Deed stands substituted with the words "NOT USED" and accordingly Clause 45 reads as under:

"45. NOT USED"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29That Clause 49 of the Lease Deed stands substituted with the following clause and accordingly Clause 49 reads as under:

"49 **DISPUTE RESOLUTION:**

The District Courts at Gurgaon and the Punjab and Haryana High Court at Chandigarh alone shall have the jurisdiction concerning all matters in this Lease Deed."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30That Clause 50.6 of the Lease Deed stands modified to the effect that the term "LOI" appearing in Clause 50.6 stands deleted and substituted with the term "EOI" and accordingly Clause 50.6 reads as under:

"50.6 This Lease Deed along with the annexure(s) constitutes the entire agreement between the Parties and revokes and supersedes all previous discussions, written or oral, correspondence, EOI and/ or any/ all agreements understanding deeds etc. between the Parties."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31That the description at the following serial nos. of Annexure-C-I of the lease Deed stands modified/substituted and accordingly the description at the respective serial nos. reads as under:

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**ANNEXURE C-I**

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| | |
|:---|:---|
| &nbsp;&nbsp;**S. No.** | &nbsp;&nbsp;**ITEM** |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Monthly Rent<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**During the Lease Term**: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•1<sup>st</sup> Year, i.e. from 15.09.2024 till 14.09.2025: Rs. 28,51,140/- (Rupees Twenty-Eight Lac Fifty-One Thousand One Hundred And Forty only) calculated at the rate of Rs. 122/- per square foot per month/ Rs. 1,313.208/-per square meter per month (Rupees One Hundred And Twenty-Two only per square foot per month/ Rupees One Thousand Three Hundred Thirteen And Paise Two Hundred And Eight only per square meter per month) of Gross Leasable Area of Demised Premises.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•2<sup>nd</sup> Year, i.e. from 15.09.2025 till 14.09.2026: Rs. 29,79,441.30/- (Rupees Twenty-Nine Lac Seventy-Nine Thousand Four Hundred Forty-One And Paise Thirty only) calculated at the rate of Rs. 127.49/- per square foot per month/ Rs. 1,372.30/-per square meter per month (Rupees One Hundred Twenty-Seven And Paise Forty-Nine only per square foot per month/ Rupees One Thousand Three Hundred Seventy-Two And Paise Thirty only per square meter per month) of Gross Leasable Area of Demised Premises.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•3<sup>rd</sup> Year, i.e. from 15.09.2026 till 14.09.2027: Rs. 31,13,585.16/- (Rupees Thirty-One Lac Thirteen Thousand Five Hundred Eighty-Five And Paise Sixteen only) calculated at the rate of Rs. 133.23/- per square foot per month/ Rs. 1,434.08/-per square meter per month (Rupees One Hundred Thirty-Three And Paise Twenty-Three only per square foot per month/ Rupees One Thousand Four Hundred Thirty-Four And Paise Eight only per square meter per month) of Gross Leasable Area of Demised Premises.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•4<sup>th</sup> Year, i.e. from 15.09.2027 till 14.09.2028: Rs. 32,53,571.40/- (Rupees Thirty-Two Lac Fifty-Three Thousand Five Hundred Seventy-One And Paise Forty only) calculated at the rate of Rs. 139.22/- per square foot per month/ Rs. 1,498.56/-per square meter per month (Rupees One Hundred Thirty-Nine And Paise Twenty-Two only per square foot per month/ Rupees One Thousand Four Hundred Ninety-Eight And Paise Fifty-Six only per square meter per month) of Gross Leasable Area of Demised Premises.<br>|

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| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•5<sup>th</sup> Year, i.e. from 15.09.2028 till 14.09.2029: Rs. 34,00,101.30/- (Rupees Thirty-Four Lac One Hundred One And Paise Thirty only) calculated at the rate of Rs. 145.49/- per square foot per month/ Rs. 1,566.05/-per square meter per month (Rupees One Hundred Forty-Five And Paise Fourteen only per square foot per month/ Rupees One Thousand Five Hundred Sixty-Six And Paise Five only per square meter per month) of Gross Leasable Area of Demised Premises. |
| &nbsp;&nbsp;11. | &nbsp;&nbsp;Car Parking Charges<br>Additional Car Parking Charges | &nbsp;&nbsp;Rs. 1,61,000/- (Rupees One Lac And Sixty-One Thousand only) for Twenty-Three (23) car parking spaces(s) at Rs. 7,000/- per car parking space per month. (Rupees Seven Thousand only) per car parking space per month.<br>Any additional car parking space(s), subject to availability, shall be provided at the rate of Rs. 8,000/- (Rupees Eight Thousand only) per additional car parking space per month. |
| &nbsp;&nbsp;13. | &nbsp;&nbsp;Lease Renewal<br>Term(s) and Escalation(s) | &nbsp;&nbsp;**Renewal terms:**<br>One (01) term of Four (04) years.<br>**Escalations:**<br>During Lease Term and Lease Renewal Term, (if any), Monthly Rent, Car Parking Charges, Maintenance Charges, Façade Signage Charges, if any, IFRSD etc., shall be enhanced at the end of 12<sup>th</sup>, 24<sup>th</sup>, 36<sup>th</sup>, 48<sup>th</sup>, 60<sup>th</sup>, 72<sup>nd</sup>, 84<sup>th</sup>, 96<sup>th</sup> and 108<sup>th</sup> month from Lease Commencement Date by 4.5% over and above last payable respective amount.<br>Interest Free Refundable Security Deposit shall always be equivalent to six (06) months' corresponding Monthly Rent and upon escalation as mentioned hereinabove, the differential amount shall be payable by THE LESSEE on or before such escalation. |
| &nbsp;&nbsp;14. | &nbsp;&nbsp;Interest Free Refundable Security Deposit (IFRSD)<br>| &nbsp;&nbsp;Rs. 1,71,06,840/- (Rupees One Crore Seventy-One Lac Six Thousand Eight Hundred And Forty only) calculated at the rate of Rs. 122/- per square foot per month / Rs. 1,313.20/- per square meter per month (Rupees One Hundred And Twenty-Two only per square foot per month/ Rupees One Thousand Three Hundred Thirteen And Paise Twenty only per square meter per month) of Gross Leasable Area of Demised Premises in the following manner:<br>Payment on signing of EOI: Two (02) Months Monthly Rent amounting to Rs. 57,02,280/- (Rupees Fifty-Seven Lac Two Thousand Two Hundred And Eighty only).<br>On signing of Lease Deed: Four (04) Months' Monthly Rent amounting to Rs. 1,14,04,560/- (Rupees One Crore Fourteen Lac Four Thousand Five Hundred And Sixty only).<br>IFRSD shall always be equivalent to Six (06) months' corresponding Monthly Rent of Demised Premises as prevailing at any point of time during Lease Term. Further, upon escalation in Monthly Rent as mentioned at serial number 13 hereinabove, the differential amount shall be payable by THE LESSEE on or before such escalation. |
| &nbsp;&nbsp;27. | &nbsp;&nbsp;Lock-in period<br>| &nbsp;&nbsp;36 (Thirty-Six) months from Lease Commencement Date (excluding Notice period). |
| &nbsp;&nbsp;28. | &nbsp;&nbsp;Notice Period <br>| &nbsp;&nbsp;Six (06) months (Notwithstanding anything stated in the Lease Deed, the notice for termination to be served after expiry of Lock-in period). |

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Page **9** of **11**

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36. EOI 08 <sup>th</sup> August 2024

37. Payments Details THE LESSEE undertakes to provide payment details along with TDS deduction as applicable against every payment made by THE LESSEE under the Lease Deed during the Lease Term and the Lease Renewal Term, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.That reference to the words "VAT, Sales Tax, Service Tax" anywhere in the Lease Deed shall stand substituted with the word "Goods & Services Tax", ("GST").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.All other terms and conditions of the Lease Deed shall remain valid and the same shall be binding on both THE LESSOR and THE LESSEE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.This Addendum along with Annexures thereto (if applicable) shall be a part and parcel of the Lease Deed and shall be binding on the Parties. In case of any inconsistency between the contents of the Lease Deed and this Addendum the contents of this Addendum shall prevail to the extent of inconsistency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.All costs, charges, expenses including penalties, payable on or in respect of execution and registration of this Addendum, shall be borne and paid by THE LESSEE, who shall be responsible for compliance of the provisions of the Indian Stamp Act, 1899 and Registration Act, 1908, as well as applicable local laws of India.

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**IN WITNESS WHEREOF**, THE LESSOR and THE LESSEE hereto have signed these presents on date, month, year and place written above.

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| | |
|:---|:---|
| **For M/s DLF Cyber City Developers Limited** | **For M/s MakeMyTrip (India)** |
|  | **Private Limited** |
| /s/ Raghav Sawhney /s/ Nitish Raj Srivastava | /s/ Vikash Kumar Tiwari |
| **(<u>Raghav Sawhney</u>) & (<u>Nitish Raj Srivastava</u>)** | **(Vikash Kumar Tiwari)** |
| **Authorized Signatories** | **Authorized Signatory** |
| **Witnesses:** |  |
| 1. | 1. |
| 2. | 2. |

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Page **11** of **11**

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## Exhibit 4.24

**Exhibit 4.24**

**Portions of this exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K on the basis that the registrant customarily and actually treats that information as private or confidential and the omitted information is not material. Information that has been omitted has been noted in this document with a placeholder identified by the mark "[\*\*\*]".**

**SUBSCRIBER AGREEMENT**

**THIS AGREEMENT** is made and entered into as of the date of the last signature below by and between:

**(1) Amadeus Distribution India Enterprise Private Limited (**"**Amadeus**")

---

| |
|:---|
| &nbsp;&nbsp;Registered Address: WZ-2d, Cabin NO-02, Nangli Zalib, Ground Floor, New Delhi 110058 India<br>Operational Office - 3rd Floor, Block-B3, World Tech Park, DLF IT SEZ, Silokhera, Sector-30, Gurugram -122002, Haryana, India.<br>GSTIN : 06ABACA1799A1Z0 |
| &nbsp;&nbsp;Telephone: **[\*\*\*]** |
| &nbsp;&nbsp;Email: **[\*\*\*]** |
| &nbsp;&nbsp;Company Registration Number: U79900DL2024FTC426838 |
| &nbsp;&nbsp;and  |
| &nbsp;&nbsp;**(2) MakeMyTrip (India) Private Limited** (the "**Subscriber**")  |
| &nbsp;&nbsp;Registered Address: 19<sup>th</sup> Floor, Building No. 5, DLF Cyber City, Gurgaon 122002, India |
| &nbsp;&nbsp;Telephone: **[\*\*\*]** |
| &nbsp;&nbsp;Email: **[\*\*\*]** |
| &nbsp;&nbsp;GSTIN : 06AADCM5146R1ZZ |
| &nbsp;&nbsp;Company Registration Number: U63040HR2000PTC090846 |
| &nbsp;&nbsp;Business Trading Name: MakeMyTrip |
| &nbsp;&nbsp;**Effective Date: 1 November, 2024** |
| &nbsp;&nbsp;**End Date: 31**<sup>st</sup> **December, 2030** |

---

Please read the terms and conditions of this Subscriber Agreement and the Amadeus Standard Terms of Access carefully. By signing this Subscriber Agreement, Subscriber represents and warrants to Amadeus that: (i) Subscriber's representative has read and understood the terms and conditions of this Subscriber Agreement and the Amadeus Standard Terms of Access on behalf of Subscriber; (ii) Subscriber agrees to be bound by the terms and conditions of this Subscriber Agreement and the Amadeus Standard Terms of Access in relation to its access to the Amadeus System and use of Amadeus Products; and (iii) Subscriber's representative entering into this Subscriber Agreement has the power, capacity and authority to enter into it and to bind Subscriber. Subscriber expressly agrees to the fact that the Amadeus Standard Terms of Access and updated versions are provided through electronic means and Subscriber hereby agrees to waive any rights to challenge the validity or enforceability of the Amadeus Standard Terms of Access on the grounds that the Amadeus Standard Terms of Access are in electronic form instead of paper. The Amadeus Standard Terms of Access can be downloaded or accessed at the following URL and Subscriber is recommended to print off and keep a updated copy for its records: <u>https://amadeus.com/documents/en/travel-channels/legal/amadeus-standard-terms-of-access-gb.pdf</u>

AMADEUS SUBSCRIBER AGREEMENT Page 1 of 19

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This Subscriber Agreement hereby incorporates by reference this signature page, the Subscriber Agreement Terms and Conditions, the Amadeus Standard Terms of Access and all Schedules attached hereto. Amadeus and Subscriber hereby agree to all terms of this Subscriber Agreement, including the Amadeus Standard Terms of Access, effective as of the Effective Date.

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| | |
|:---|:---|
| &nbsp;&nbsp;Subscriber  | &nbsp;&nbsp;Amadeus |
| &nbsp;&nbsp;MakeMyTrip (India) Private Limited | &nbsp;&nbsp;Amadeus Distribution India Enterprise Private Limited |
| &nbsp;&nbsp;Authorised Signature | &nbsp;&nbsp;Authorised Signature |
| &nbsp;&nbsp;/s/ Vikash Kumar Tiwari | &nbsp;&nbsp;/s/ Ravi Jakkula |
| &nbsp;&nbsp;Name and Job Title | &nbsp;&nbsp;Name and Job Title |
| &nbsp;&nbsp;Vikash Kumar Tiwari, Director | &nbsp;&nbsp;Ravi Jakkula, Chief Commercial Officer |
| &nbsp;&nbsp;Date 25 March 2025 \| 03:25:47 PDT | &nbsp;&nbsp;Date 25 March 2025 \| 11:27:05 CET |

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AMADEUS SUBSCRIBER AGREEMENT Page 2 of 19

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**SUBSCRIBER AGREEMENT TERMS & CONDITIONS**

1. Definitions and Interpretation

**1.1 Definitions.** In this Agreement:

"**Agreement**" means this Subscriber Agreement, which includes the signature page, these Subscriber Agreement Terms and Conditions, the Amadeus Standard Terms of Access and all Schedules hereto.

"**Amadeus Direct**" means the Amadeus website for customer information and ordering of Amadeus Products, currently <u>https://www.amadeus-direct.com</u>, or such other website as Amadeus may notify to Subscriber.

"**Amadeus Standard Terms of Access**" means Amadeus' then-current Amadeus Standard Terms of Access which are expressly incorporated by reference into this Agreement, copies of which are currently found and can be downloaded at the following URL, or such other webpage as Amadeus may notify to Subscriber: https://amadeus.com/documents/en/travel-channels/legal/amadeus-standard-terms-of-access-gb.pdf

"**Amadeus Product**" means any Software, product, service, component, module, or functionality that Amadeus provides to Subscriber under this Agreement.

"**Charges**" means all charges and fees payable for Amadeus Products as set out in the Schedules hereto or any additional terms and conditions, as applicable, and any additional charges or fees that may be payable by Subscriber to Amadeus under this Agreement.

"**Confidential Information**" means this Agreement and the terms hereof (including any incentives or other commercial terms), all information of a Party or its affiliates marked "confidential", "restricted" or "proprietary" by either Party, and any other information of a Party or its affiliates that is treated as confidential by the disclosing Party and would reasonably be understood by the receiving Party to be confidential information of a Party or its affiliates, licensors or subcontractors, whether or not so marked, including: (i) any software or components provided by either Party under this Agreement; (ii) any software, components or other products and services, the provision of which is under discussion between the Parties during the Term (including in connection with any pilot or similar arrangement); (iii) attorney or solicitor-client privileged materials or work product; or (iv) any costs and commissions, strategic plan, account information, research information, developments, trade secrets, financial/accounting information, human resources and personnel information, internal or external audits, lawsuits, sales or marketing methods, methods of doing business, customer lists or requirements, or supplier information. For the purposes of this definition, "Confidential Information" does not include Personal Data, which is dealt with separately under Clause 8 (*Data Protection*).

"**Data Controller**" means the entity which alone or jointly determines the purpose and means of processing Personal Data.

"**Data Processor**" means the entity which Processes Personal Data on behalf of the Data Controller.

"**Data Protection Legislation**" means all applicable laws and regulations relating to the processing of Personal Data including the GDPR, India's Digital Personal Data Protection Act of 2023, and other GDS sector specific laws applicable to the Parties in markets where services are being provided to the Subscriber.

**"DPDP Act"** means India's Digital Personal Data Protection Act of 2023.

"**Effective Date**" means the date specified on the signature page of this Agreement.

"**GDPR**" means Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016.

"**GDS**" means a global distribution system (commonly referred to as a computerized reservation system).

"**Parties**" means Amadeus and Subscriber, and each means a "**Party**".

"**Personal Data**" means any information that relates to an identified or identifiable individual.

"**Processing**" means the use, collection, storage, processing, modification, transfer, blocking or erasure of Personal Data by Amadeus IT Group S.A. on behalf of Subscriber and "Process" and "Processed" shall be construed accordingly;

"**Processing Services**" means all services provided under this Agreement involving the Processing of Personal Data (e.g., traveller profile services) other than ticketing and reservation services.

"**Taxes**" means all applicable GST, VAT and other tax, fee or duty imposed by any governmental authority arising out of or relating to the provision of an Amadeus Product.

AMADEUS SUBSCRIBER AGREEMENT Page 3 of 19

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"**Term**" means the term of this Agreement as set out in Clause 3 (*Term*) of this Agreement.

"**Territory**" means the Republic of India.

**1.2 Amadeus Standard Terms of Access.** Unless a contrary intention appears, terms defined in the Amadeus Standard Terms of Access shall have the same meaning when used in these Subscriber Agreement Terms and Conditions and all Schedules hereto.

**1.3 Interpretation.** For purposes of this Agreement: (a) any words following the terms "including", "include", "in particular", "for example" or any similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms; (b) the word "or" is not exclusive; (c) the words "herein," "hereof," "hereby," "hereto" and "hereunder" refer to this Agreement as a whole; (d) words denoting the singular have a comparable meaning when used in the plural, and vice-versa; (e) words denoting any gender include all genders; (f) the word "person" includes an individual, corporate or unincorporated body (whether or not having separate legal personality) and that person's legal and personal representatives, successors or permitted assigns; and (g) the word "company" shall include any company, corporation or other body corporate, wherever and however incorporated or established. Unless the context otherwise requires, references in this Agreement: (i) to Clauses, Sections and Schedules mean the Clauses and Sections of, and Schedules attached to, this Agreement; (ii) to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof; (iii) to a law or regulation is a reference to it as it is in force as at the date of this Agreement and includes all subordinate legislation made as at the date of this Agreement under that law or regulation; and (iv) to a regulation includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation. The Parties intend this Agreement to be construed without regard to any presumption or rule requiring construction or interpretation against the Party drafting an instrument or causing any instrument to be drafted. The Amadeus Standard Terms of Access and the Schedules referred to herein are an integral part of this Agreement to the same extent as if they were set forth verbatim herein.

2. Access to the Amadeus System

**2.1 Access to the Amadeus System.** Subject to the terms and conditions of this Agreement, Amadeus will provide access to the Amadeus System to Subscriber and a right to use the Amadeus Products identified in the Schedules hereto in connection with such access.

**2.2 Amadeus Standard Terms of Access.** Each Party shall comply with the Amadeus Standard Terms of Access.

**2.3 Corporate Authority.** Each Party represents and warrants that it has the power and authority to enter into and perform, and has taken all necessary action to authorise its entry into and performance of, this Agreement and the transactions contemplated by this Agreement.

3. Term

The term of this Agreement (the "**Term**") will commence upon the Effective Date and, subject to earlier termination as set forth below, will terminate following the expiry of the period, or on the date, specified on the signature page of this Agreement (the "**Initial Term**"). The Term will automatically extend for one or more successive one-year periods (each, a "**Renewal Term**") if neither Party gives the other written notice of non-renewal at least ninety (90) days prior to the expiry of the Initial Term or then current Renewal Term, as applicable.

4. Charges

**4.1 Generally.** Charges for Amadeus Products are stated in the Schedules hereto and, unless otherwise expressly stated herein, will apply from the Effective Date. Charges for additional Amadeus Products will be at Amadeus' prevailing charges and fees at the time of use of the additional Amadeus Products as reflected on the applicable invoice. Amadeus may invoice Subscriber electronically, including making invoices available for download via Amadeus Direct, and Subscriber agrees to receive invoices in an electronic format. Use by Subscriber of an Amadeus Product constitutes Subscriber's agreement to: (a) pay any prevailing or agreed Charge from the date of first use; and (b) all applicable terms and conditions notified to Subscriber.

**4.2 Tax.** Charges for Amadeus Products as stated in the Schedules hereto are exclusive of applicable Taxes. The Subscriber shall comply with all applicable tax laws and regulations concerning the withholding of taxes on any payments made under this Agreement. The Subscriber shall be required to deduct and withhold the appropriate amount of tax in view of applicable laws on the date of payment due to made to Amadeus and remit the withheld amount to the concerned government authorities within the prescribed timeline. The Subscriber further agrees to furnish the requisite documentation of such withholding tax certificates in a timely manner soon upon its receipt by the Subscriber.

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**4.3 Payment.** Charges, and any applicable Taxes, are due within thirty (30) days of the invoice date.

**4.4 Disputed Charges.** Subscriber shall notify Amadeus of the Charges it disputes in good faith and the reason for such dispute within thirty (30) days of receipt of the invoice. Subscriber will pay the undisputed amount and in good faith will promptly and mutually resolve the disputed amount with Amadeus.

**4.5 Suspension of Access.** Amadeus may, with notice or without liability to Subscriber, suspend or limit access of Subscriber to the Amadeus System or any Amadeus Products provided hereunder if Subscriber does not pay any amount due under this Agreement on the due date for payment. During such suspension, Subscriber will remain liable for all recurring Charges and for any reconnection Charges if such Charges have been notified in advance to the Subscriber and have been mutually agreed between the Subscriber and Amadeus.

**4.6 Interest.** If Subscriber fails to pay in full on the due date any amount which is payable to Amadeus under this Agreement then, without prejudice to any other rights that Amadeus may have under this Agreement, Amadeus may charge interest on the amount outstanding, both before and after judgement, from the due date until payment is made in full at 12% per annum or, if lower, the prevailing maximum statutory rate allowed by law.

**4.7 Set-Off.** Amadeus may with notice set-off any payment obligation due from Subscriber to Amadeus under this Agreement (or due from Subscriber to another member of the Amadeus Group under any other agreement) against any payment obligation owed by Amadeus to Subscriber under this Agreement, in either case howsoever arising and regardless of the place of payment or currency of either obligation. Any exercise by Amadeus of its rights under this Clause shall not limit or affect any other rights or remedies available to it under this Agreement or otherwise.

**4.8 Increase in Charges.** Charges are subject to change upon thirty (30) days' notice, including via Amadeus Direct. Any such increase will not exceed 10% in a given calendar year unless the increase in Charges is required by Amadeus to cover: (a) increases in third party costs incurred by the Amadeus Group in providing the relevant Amadeus Product; (b) costs necessary for Amadeus to comply with any industry regulation, law or standard affecting an Amadeus Product; (c) new enhancements to an Amadeus Product; or (d) increases in global inflation, as measured by the latest available world "inflation index for average consumer prices" (Subject Code: PCPIPCH; Country Group: World) published by the International Monetary Fund in its World Economic Outlook (WEO), or any successor index thereto, for the previous calendar year. No amendment to this Agreement is necessary to reflect such increases. If Amadeus increases Charges by more than 10% under this Clause, after good faith negotiation to avoid termination, Subscriber may terminate the applicable Amadeus Product upon thirty (30) days' notice to Amadeus. Affected Content under Schedule 2 or other charges as may relate to Provider content are neither subject to the 10% cap above nor any notice or termination terms and conditions of this Clause.

**4.9 Disputed Transaction Counts.** Amadeus will determine Transaction counts solely from its books and records. Amadeus' books and records shall prevail in any dispute about Transaction counts.

**4.10 Discounts and Waivers.** Amadeus may offer Amadeus Products to Subscriber at a discount, or waive the associated Charges, in anticipation and consideration of Subscriber contracting with Amadeus for the agreed Term or subject to Subscriber achieving certain minimum Booking targets or minimum usage requirements as set-out in a Schedule hereto. Amadeus reserves the right to demand that Subscriber immediately repays to Amadeus a proportional amount of the applicable discounts or waived Charges in the event of: (a) early termination of this Agreement, unless termination is due to Amadeus' uncured breach or insolvency; or (b) Subscriber failing to achieve any minimum Booking targets or minimum usage requirements specified herein. Amadeus reserves the right to apply at any time Charges for services, modules, or functionalities that are offered by Amadeus at no cost to Subscriber during the Term of this Agreement.

5. Termination

**5.1 By either Party.** Without affecting any other right or remedy available to it, a Party may terminate this Agreement with immediate effect by giving written notice to the other Party if: (a) the other Party commits a material breach of any term of this Agreement and (if such a breach is remediable) fails to remedy that breach within thirty (30) days of that Party being notified in writing to do so; (b) subject to applicable law, the other Party becomes unable to pay its debts, enters into liquidation (except for the purposes of a solvent restructuring) or is dissolved, seeks reorganization or readjustment of its debts, makes an arrangement with its creditors, becomes subject to an administration order or a receiver or administrative receiver is appointed over all or any of its assets, takes or suffers to be taken any similar action in consequence of a debt, ceases or threatens to cease trading or any procedure equivalent to any of the preceding matters occurs in any other jurisdiction with respect to that other Party; or (c) the other Party suspends or threatens to suspend, or ceases to carry on or threatens to cease to carry on, all or a substantial part of its business.

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**5.2 By Amadeus.** Without affecting any other right or remedy available to it, Amadeus may terminate this Agreement with immediate effect by giving written notice to Subscriber if: (a) Subscriber's financial position deteriorates to such an extent that in Amadeus' reasonable opinion, Subscriber's capability to adequately fulfil its obligations under this Agreement has been placed in jeopardy; (b). Subscriber commits a material breach of any term of an agreement with another member of the Amadeus Group and (if such a breach is remediable) fails to remedy that breach within the notified period; (c) there is a change of control of Subscriber which is not notified to Amadeus; or (d) any competitor of Amadeus is or becomes the beneficial owner, directly or indirectly, of any voting securities of Subscriber or acquires rights to such securities. Subscriber shall promptly notify Amadeus upon becoming aware of any of the events listed in (c) or (d) above. For the purposes of this Clause, "control" means the beneficial or equitable ownership, directly or indirectly, of fifty percent (50%) or more of the voting securities of Subscriber or the power or right to direct, or cause the direction of, the management of Subscriber.

**5.3 Suspension for Insolvency.** Without affecting any other right or remedy available to it, Amadeus may suspend Subscriber or Authorised User access to the Amadeus System, any Amadeus Product or Amadeus Direct if Subscriber becomes subject to any of the events listed in Clause 5.1(b) to Clause 5.1(c) above

6. Effect of Termination

**6.1 Effect of Termination.** Upon termination or expiry of this Agreement: (a) all rights, licences, consents and authorisations granted by a Party to the other hereunder will immediately terminate; (b) Amadeus may disable all Subscriber and Authorised User access to the Amadeus System, any Amadeus Product and Amadeus Direct; (c) Subscriber will return any Amadeus Products to Amadeus; (d) each Party shall, at the other Party's request, return or destroy (where reasonably practicable and subject to ongoing use rights necessitating retention of a copy) all documentation in any medium that contains, refers to or relates to the other Party's Confidential Information; (e) each Party shall immediately pay to the other Party any outstanding unpaid invoices and interest and, in respect of Amadeus Products supplied or incentives earned but for which no invoice has been submitted, each Party shall submit an invoice, which shall be payable by the other Party immediately upon receipt; and (f) Subscriber shall repay to Amadeus: (i) all bonuses, funds or any other incentives of any type that were advanced to Subscriber in exchange for future Booking production but remain unearned as at the date of termination; (ii) if applicable, any discounts or waivers in accordance with Clause 4.10 (*Discounts and Waivers*) of this Agreement; and (iii) any other sum identified in this Agreement as repayable upon termination.

**6.2 Survival.** Any provision of this Agreement that expressly or by implication is intended to come into or continue in force on or after termination or expiry of this Agreement shall remain in full force and effect.

**6.3 Unilateral Termination by Subscriber.** Notwithstanding Clause 10.3 below and without prejudice to Amadeus right to seek any appropriate remedies, if Subscriber terminates this Agreement in any manner except as provided in Clause 5.1 above and if the Subscriber terminates the Agreement within 12 (twelve) months of the Effective Date the Subscriber shall be liable to return to Amadeus bonuses not exceeding INR [\*\*\*]/- (Indian Rupees [\*\*\*] Only). Subscriber agrees that this is a reasonable pre-estimate of losses that would be incurred by Amadeus as a direct result of Subscriber unilaterally terminating this Agreement. Further the Subscriber shall also be liable to refund to Amadeus any unutilised Booking Advance which has been paid by Amadeus to the Subscriber in advance. If the Subscriber unilaterally terminates the agreement under this clause then it shall be required to service a prior written notice of 6 (six) months to Amadeus and during which period the Subscriber will continue to transact on Amadeus System.

7. Confidentiality

**7.1 Access to the System.** Subscriber shall limit use of and access to the Amadeus System to such Authorised. Users as are required to comply with Subscriber's obligations hereunder, and Subscriber shall take all actions as may be necessary to preserve the confidentiality of the Amadeus System including all data contained therein and to prevent the transfer or disclosure thereof to other persons.

**7.2 Confidentiality.** Each Party: (a) undertakes that it shall not at any time during the Term of this Agreement, and for a period of five years after termination of this Agreement, disclose to any person (including any potential buyer of Subscriber's business) any Confidential Information; (b) may disclose the other Party's Confidential Information: (i) to its employees, officers, representatives, subcontractors or advisers who need to know such Confidential Information for the purposes of carrying out the receiving Party's obligations under this Agreement; *provided that* the recipients of such Confidential Information are bound by confidentiality terms which are no less onerous than those set out in this Clause; and (ii) as may be required by law, a court of competent jurisdiction or any governmental or regulatory authority; *provided that* the Party required to disclose must give the other Party prompt written notice prior to such disclosure and use its reasonable endeavours to obtain a protective order against such disclosure; and (c) shall not use the other Party's Confidential Information for any purpose other than to perform its obligations under this Agreement.

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**7.3 Publicity.** Notwithstanding anything to the contrary in this Agreement, Amadeus may publicly disclose that Subscriber is a customer of Amadeus, together with high-level details of the Amadeus Products used by Subscriber, and use Subscriber's brands and logos in connection with such disclosures after receiving prior consent from Subscriber. Amadeus acknowledges and agrees that all proprietary, intellectual property and any other rights in and to Subscriber's name, logo, service mark or trademark are the sole and exclusive property of Subscriber.

8. Data Protection

**8.1 General.** 

Each Party shall comply with their respective obligations under applicable Data Protection Legislation as they apply to the performance of the services under this Agreement, in the jurisdictions in which they are providing the services under this Agreement.

**8.2 Amadeus IT Group, S.A. as Data Controller.** 

(a) Each of Amadeus IT Group, S.A. and Subscriber (the "**Controllers**") will be a Data Controller for the purposes of ticketing and reservation services provided under this Agreement.

(b) The Controllers, in exercising their respective rights and performing their respective obligations related to services provided under this Agreement shall comply with applicable Data Protection Legislation and shall not, as far as is reasonable, do anything or permit anything to be done which has the effect of placing the other Controller in breach of applicable Data Protection Legislation.

(c) The Controllers shall at all times have in place appropriate technical and organisational security measures so that Personal Data is protected against unauthorised or unlawful Processing and against accidental loss, destruction or damage.

(d) Subscriber shall provide the following information/notice when collecting Personal Data for the purposes of ticketing and reservation services provided under this Agreement: "*To provide the services, your Personal Data will be processed by Amadeus IT Group, S.A.*"

**8.3 Amadeus IT Group, S.A. as Data Processor.** Where Amadeus IT Group, S.A. Processes Personal Data for the purposes of Processing Services provided under this Agreement, Amadeus IT Group, S.A. is Processing Personal Data as a Data Processor on behalf of the Subscriber who is the Data Controller of the relevant Personal Data. Where Amadeus IT Group, S.A. Processes Personal Data on behalf of the Subscriber as a Data Processor for the purposes of providing Processing Services only, Amadeus IT Group, S.A. shall: (a) only Process Personal Data in accordance with the instructions of the Subscriber, these instructions will be as set out in the description of the Processing Services, except to the extent that any legal requirement prevents Amadeus IT Group, S.A. from complying with such instructions or requires the Processing of Personal Data other than as instructed by the Subscriber. Subscriber acknowledges that in the provision of the services under the Agreement Amadeus IT Group, S.A. may transfer Personal Data to locations outside the European Economic Area and/or the Republic of India in accordance with any Data Protection Legislation applicable to Amadeus IT Group, S.A.; (b) ensure that any personnel authorised by Amadeus IT Group, S.A. to access the Personal Data are subject to a duty of confidentiality in respect of the Personal Data; (c) ensure that any Personal Data is subject to appropriate technical and organizational measures against unauthorised or unlawful Processing of the Personal Data and against accidental loss or destruction of, or damage to, the Personal Data in accordance with any Data Protection Legislation applicable to Amadeus IT Group, S.A.; (d) inform Subscriber of the sub-processors used in the Processing of Personal Data in Processing Services and any changes to the sub-processors used in the Processing of Personal Data in Processing Services. Amadeus IT Group, S.A. has a general authorisation from the Subscriber to engage sub-processors in the Processing of Personal Data in Processing Services. Where Amadeus IT Group, S.A. engages sub-processors, it shall impose the Personal Data Processing obligations set out in this clause on such sub-processor; (e) inform Subscriber of any requests or queries from a data subject, regulatory authority or any other law enforcement authority regarding the Processing of Personal Data under this Agreement and provide the Subscriber with any information and assistance that may reasonably be required to respond to such requests or queries; (f) provide reasonable assistance to the Subscriber, at the Subscribers cost, in respect of the Subscriber's compliance with Art 32-36 of the GDPR and/or the DPDP Act, taking into account the nature of the Processing undertaken by Amadeus IT Group, S.A. and the information available to Amadeus IT Group, S.A.; (g) at the choice of the Subscriber, delete or return all Personal Data to the Subscriber after the end of the Processing of Personal Data under the Agreement, unless Amadeus IT Group, S.A. is required to retain the Personal Data by applicable law; (h); (i) notify the Subscriber without undue delay on becoming aware of any accidental or unlawful destruction, loss, alternation, unauthorised disclosure of, or access to, Personal Data transmitted, stored or Processed by Amadeus IT Group, S.A. in connection with Processing Services. The Parties will also need to fully cooperate with the other Party to prevent or mitigate the effects of such breaches; and (j) make available to the Subscriber information reasonably necessary to demonstrate compliance with the Personal Data Processing obligations of Amadeus IT Group, S.A. under this Clause.

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**8.4 Special Categories of Data.** If Subscriber is collecting special categories of data as described in Art 9 GDPR for any services provided under this Agreement, Subscriber shall obtain the individual's explicit consent for the Processing of such Personal Data.

**8.5 Approvals.** Subscriber represents and warrants that it has obtained, and undertakes to maintain, any and all necessary consents or approvals from its respective customers and clients to enable Amadeus and its affiliates, as applicable, to Process Personal Data and credit card data, as applicable, for the purpose of Processing and otherwise handling the transactions contemplated under this Agreement. Subscriber will indemnify Amadeus and each member of the Amadeus Group against all costs, losses, damages, expenses or claims arising out of or in connection with the failure by Subscriber to obtain and maintain any such consents or approvals from its customers and clients.

**8.6 Corporate Implants.** Subscriber shall inform and keep Amadeus updated about the corporate implants under its responsibility.

**8.7 Liability of Amadeus.** Subject to Clause 10 (*Liability*), Amadeus shall be liable to Subscriber for the performance of Amadeus IT Group, S.A.'s obligations under this Clause 8.

**8.8 Liability of Subscriber or Amadeus** – The Subscriber or Amadeus (as applicable) in its capacity as data processor shall indemnify and hold harmless the other party against all third-party complaints, charges, claims, damages, losses, costs, liabilities, and expenses due to, arising out of and/or relating in any way to (a) Subscriber's or Amadeus' breach of data protection obligations and/or (b) any act or omission attributable to the party acting as data processor whereby the other Party as a Data Controller is placed or held liable under any applicable Data Protection Legislation for breach.

9. Warranty Disclaimer

EXCEPT AS EXPRESSLY AND SPECIFICALLY PROVIDED IN THIS AGREEMENT, THE AMADEUS SYSTEM, AMADEUS SYSTEM DATA AND ALL AMADEUS PRODUCTS ARE PROVIDED TO SUBSCRIBER ON AN "AS IS" BASIS AND ALL WARRANTIES, REPRESENTATIONS, CONDITIONS, UNDERTAKINGS, OBLIGATIONS AND ALL OTHER TERMS OF ANY KIND WHATSOEVER IMPLIED BY COMMON LAW, STATUTE, CUSTOM, TRADE USAGE, COURSE OF DEALING OR OTHERWISE ARE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EXCLUDED FROM THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OR UNDERTAKINGS OF MERCHANTABILITY, SATISFACTORY QUALITY OR FITNESS FOR A PARTICULAR PURPOSE. IN PARTICULAR, BUT NOT BY WAY OF LIMITATION, AMADEUS SPECIFICALLY DISCLAIMS ANY WARRANTY, UNDERTAKING OR GUARANTEE THAT IT WILL OFFER OR MAINTAIN ANY PARTICULAR DATA OR THE DATA OF ANY PARTICULAR PROVIDER IN THE AMADEUS SYSTEM, OR THAT THE AMADEUS SYSTEM, ANY AMADEUS PRODUCT, DATA, INTERNET ACCESS OR ELECTRONIC MAIL SERVICE IS PROVIDED ERROR FREE OR THAT ANY OF THEM WILL OPERATE, OR BE PROVIDED, WITHOUT INTERRUPTION.

10. Liability

**10.1 Indirect Damages.** IN NO EVENT WILL A PARTY, OR THEIR RESPECTIVE OFFICERS, AGENTS, CONTRACTORS OR VENDORS, BE LIABLE FOR ANY CONSEQUENTIAL, INDIRECT, INCIDENTAL, EXEMPLARY, PUNITIVE OR SPECIAL DAMAGES ARISING FROM OR RELATED TO THIS AGREEMENT, WHETHER ARISING OUT OF CONTRACT, WARRANTY, TORT OR OTHERWISE, EVEN IF THE OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

**10.2 Economic Losses.** IN NO EVENT WILL A PARTY, OR THEIR RESPECTIVE OFFICERS, AGENTS, CONTRACTORS OR VENDORS, BE LIABLE FOR LOSS OF DATA, REVENUE, PROFIT, GOODWILL OR SAVINGS OF ANY PARTY (WHETHER DIRECT, INDIRECT OR CONSEQUENTIAL), INCLUDING THIRD PARTIES, ARISING FROM OR RELATED TO THIS AGREEMENT. SUCH LIMITATION INCLUDES ANY SUCH DAMAGES CAUSED BY ANY ACT OR OMISSION OF AMADEUS OR THIRD PARTY SOFTWARE CONTRACTORS TO PROCURE, COLLECT, COMPILE, ABSTRACT, INTERPRET, COMMUNICATE, PROCESS, STORE OR DELIVER ANY AMADEUS SYSTEM DATA OR INFORMATION.

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**10.3 Limitation of Liability.** EXCEPT FOR: (a) SUMS ACCRUED AND UNPAID UNDER THIS AGREEMENT; (b) SUMS EXPRESSLY IDENTIFIED AS BEING REPAYABLE UNDER THIS AGREEMENT; (c) DIRECT DAMAGES ARISING FROM BREACHES OF CLAUSE 7 (*CONFIDENTIALITY*) ABOVE; AND (d) EXPRESS INDEMNITY OBLIGATIONS UNDERTAKEN HEREUNDER, THE PARTIES AGREE THAT THE TOTAL AGGREGATE LIABILITY OF A PARTY FOR ALL CLAIMS ARISING IN CONTRACT, EQUITY OR OTHERWISE (INCLUDING, WITHOUT LIMITATION, BREACH OF WARRANTY, NEGLIGENCE AND STRICT LIABILITY IN TORT) ARISING OUT OF OR RELATED TO THIS AGREEMENT WILL NOT EXCEED AN AMOUNT EQUAL TO THE TOTAL AMOUNTS RECEIVED BY SUCH PARTY UNDER THIS AGREEMENT DURING THE THREE (3) MONTH PERIOD PRECEDING THE EVENTS GIVING RISE TO SUCH LIABILITY. THE PARTIES AGREE THAT THEY HAVE CAREFULLY CONSIDERED THE RISKS UNDER THIS AGREEMENT AND HAVE FAIRLY ALLOCATED SUCH RISKS BETWEEN THEM AND, THEREFORE, AGREE THAT THIS LIMITATION OF LIABILITY IS FAIR AND REASONABLE. NOTHING IN THIS AGREEMENT SHALL EXCLUDE OR LIMIT THE LIABILITY OF A PARTY WITH RESPECT TO: (i) DEATH OR PERSONAL INJURY ARISING OUT OF ITS NEGLIGENCE OR THE NEGLIGENCE OF ITS EMPLOYEES; (ii) FRAUD; OR (iii) FRAUDULENT MISREPRESENTATION.

**10.4 Third Party Claims.** Subscriber will indemnify, defend and hold harmless Amadeus, the Amadeus Group and their affiliates, respective employees, directors and agents from and against all costs, liabilities, expenses, judgments, damages and other losses (including all reasonable attorney's fees and related legal costs and expenses) arising out of or in connection with any third party claim, action, cost, fine or expense that is caused by, or results from: (a) an act or omission of Subscriber (including that arising or resulting from Subscriber's improper or unauthorised use of the Amadeus System or any Amadeus Product); (b) a breach of this Agreement by Subscriber; or (c) a breach of any applicable law, order or regulation by Subscriber. This indemnity shall survive termination or expiry of this Agreement and is expressly made for the benefit of, and shall be enforceable by, Amadeus or its successors and assigns.

11. General

**11.1 Force Majeure.** No Party shall have any liability hereunder if it is prevented from or delayed in performing its obligations (except payment obligations) under this Agreement, or from carrying on its business, by acts or events beyond its reasonable control (a "**Force Majeure Event**"). Force Majeure Events include acts of god, war, lightning, fire, storm, flood, earthquake, terrorist act, blockade, revolution, riot, insurrection, civil commotion, public demonstration, strikes or industrial disturbances, sabotage, acts of vandalism, criminal (including cyber-crimes affecting computers, networks or the Internet, illegal hacking, (distributed) denial of service attacks, unauthorised access to or interference with data, identity theft, software and media piracy, website vandalism, release of viruses and worms, invasion of privacy and cyber-spying) acts, compliance with any law or governmental order, rule, regulation or direction, interruption or degradation of any third party communications system or the Internet, or any action of a governmental or public entity and similar events. If a Party experiences a Force Majeure Event, it shall promptly provide written notice thereof to the other Party and shall use all reasonable endeavours to remove, avoid or mitigate the consequences of such Force Majeure Event. If the Force Majeure Event continues for more than ninety (90) days, the other Party may terminate this Agreement upon notice.

**11.2 Assignment and Other Dealings.** Subscriber shall not assign, transfer, mortgage, charge, subcontract or deal in any other manner with any of its rights and obligations under this Agreement without Amadeus' prior written consent, which shall not be unreasonably withheld or delayed. Amadeus may at any time without consent assign, transfer, mortgage, charge, subcontract, delegate or deal in any other manner with any or all of its rights and obligations under this Agreement to a member of the Amadeus Group or any entity that acquires all or substantially all of its assets.

**11.3 Subcontractors.** Amadeus has the right, at its sole discretion, to use subcontractors and licensors to perform its obligations pursuant to this Agreement.

**11.4 Trademarks.** Subscriber will not use Amadeus' name, logo or trademarks, or any confusingly similar marks, without the prior written consent of Amadeus.

**11.5 Independent Contractors.** This Agreement does not create a partnership, agency, joint venture, employment or any other similar arrangement. The Parties shall at all times remain legally and financially independent. Subscriber shall have no power or authority to conclude any contract or make any form of representation, statement, warranty or guarantee in favour of any person or entity on behalf of Amadeus or the Amadeus Group. In no event shall a Party act as an agent of the other.

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**11.6 Change of Terms and Conditions.** Amadeus may amend the terms of these Subscriber Agreement Terms and Conditions, including the Schedules hereto, by providing three (3) months' advance written notice to Subscriber of such amendment. Subscriber shall be deemed to agree with such amendment unless Subscriber notifies Amadeus in writing within one (1) month after receipt of Amadeus' notice of the amendment that it does not agree with such amendment. If Subscriber so informs Amadeus that it does not agree to the amendment, then Amadeus will have the right to terminate this Agreement by providing three (3) months prior written notice of termination to Subscriber. Amadeus may withdraw its termination notice during this three (3) month period.

**11.7 Change in Law.** If there is a change in any statute, rule, regulation or order governing the Amadeus System, any Amadeus Product, the operation of computerised reservation systems, or air transportation and travel reservations generally, which has or will have a direct or indirect material adverse effect upon the benefits of this Agreement to Amadeus, Amadeus will notify Subscriber to propose any changes to this Agreement which Amadeus thinks are appropriate, including early termination of this Agreement by Amadeus. If Subscriber and Amadeus are unable to agree upon changes in the Agreement within thirty (30) days after the date of Amadeus' notice to Subscriber, then Amadeus may terminate this Agreement by giving fifteen (15) days' advance written notice of termination.

**11.8 Amendments.** Unless expressly provided to the contrary in this Agreement, no amendment or modification of this Agreement shall be effective unless it is in writing and signed by the Parties.

**11.9 Electronic Signature.** Where a Party uses Electronic Signature technology to sign this Agreement or any amendment, supplement or other change relating to it, such Electronic Signature confirms the relevant Party's consent to the use of Electronic Signatures in respect thereof and to the use by the Parties of the Electronic Signature provider used to effect such signature (if any). The Parties agree such method of Electronic Signature shall be equally conclusive of a Party's intention to be bound by the terms and conditions of this Agreement as if signed with the manuscript signature of such Party. For the purposes of this Clause, "**Electronic Signature**" means data in electronic form which is attached to or logically associated with a contract or other record and which is used by a Party with the intent to sign the record.

**11.10 Amadeus Direct.** Amadeus may make certain Amadeus Products available for ordering via Amadeus Direct by means of an agreement, amendment or other terms and conditions that Amadeus presents electronically for review and consent by Subscriber and which an Authorised User agrees to by checking the appropriate checkbox or clicking on the appropriate button to make a legally binding agreement between Amadeus and Subscriber. By agreeing to the terms and conditions (including any terms of use, privacy policy or cookie policy) which govern access to and use of Amadeus Direct by Authorised Users, the Authorised User entering Amadeus Direct on Subscriber's behalf will automatically be granted the ability to order Amadeus Products on Amadeus Direct. Subscriber is solely responsible and liable for all Charges due on any Amadeus Products ordered, requested, authorised, accepted or utilised by Authorised Users through Amadeus Direct. Each product or service order made by an Authorised User on behalf of Subscriber will be treated as an offer by Subscriber to enter into an agreement with Amadeus. Such offer will be deemed to have been accepted by Amadeus when Amadeus has transmitted to Subscriber a notification message via email confirming the order. Subscriber is solely responsible for ensuring that only its authorised representatives enter Amadeus Direct on its behalf. Subscriber hereby agrees to waive any rights to challenge the validity or enforceability of any terms and conditions for an Amadeus Product ordered on Amadeus Direct on the grounds that they are in electronic form instead of paper.

**11.11 Electronic Delivery.** A signed copy of this Agreement, or any amendment or supplement of this Agreement, delivered by e-mail or other means of electronic transmission is deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

**11.12 Counterparts.** This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

**11.13 Headings.** Clause, Section, Schedule and paragraph headings are for reference only and shall not affect the interpretation of this Agreement.

**11.14 Severance.** If any provision or part-provision of this Agreement is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this Clause shall not affect the validity and enforceability of the rest of this Agreement.

**11.15 Waiver.** A waiver of any right or remedy under this Agreement or by law is only effective if given in writing and shall not be deemed a waiver of any subsequent breach or default. A failure or delay by a Party to exercise any right or remedy provided under this Agreement or by law shall not constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict any further exercise of that or any other right or remedy. No single or partial exercise of any right or remedy provided under this Agreement or by law shall prevent or restrict the further exercise of that or any other right or remedy.

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**11.16 Entire Agreement.** This Agreement, which includes the signature page, these Subscriber Agreement Terms and Conditions, the Amadeus Standard Terms of Access and all Schedules attached hereto, constitutes the entire agreement between the Parties and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral, relating to its subject matter. Each Party acknowledges that in entering into this Agreement it does not rely on, and shall have no remedies in respect of, any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this Agreement. Nothing in this Clause shall limit or exclude any liability for fraud or fraudulent misrepresentation.

**11.17 Prevailing Provisions.** In the event of any inconsistency between the statements made in the body of this Agreement, the related Schedules (other than an exception expressly set forth as such therein) and the Amadeus Standard Terms of Access, the following order of precedence governs: (a) first, the signature page; (b) second, these Subscriber Agreement Terms and Conditions; (c) third, the Schedules to this Agreement; and (d) fourth, the Amadeus Standard Terms of Access.

**11.18 Notices.** Any notice or other communication: (a) given to a Party under or in connection with this Agreement shall be in writing and shall be delivered by hand or by registered mail at its registered office (if a company) or its principal place of business (in any other case); (b) from Amadeus to Subscriber may instead be given electronically by email to the authorised recipients of Subscriber specified on the signature page (or to the email address notified by Subscriber to Amadeus in writing from time to time) or via posting on Amadeus Direct; and (c) shall be deemed to have been received: (i) if delivered by hand, on signature of a delivery receipt or at the time the notice is left at the proper address; (ii) if sent by registered mail, at 10.00 am on the second business day after posting or at the time recorded by the delivery service; (iii) if sent by email, upon receipt on the next business day after transmission if no error (including any delivery error message) or valid out-of-office email message is received by Amadeus in response to such email notice in respect of all of Subscriber's authorised recipients; or (iv) if posted via Amadeus Direct, seven (7) days after posting.

**11.19 Third Party Rights.** This Agreement is for the sole benefit of the Parties hereto and their respective permitted successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement, except where indicated as to the Amadeus Group.

**11.20 Governing Law.** This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of the Republic of India, without regard to any conflict of laws, rules or principles that may require the application of any other law or where this Agreement or any amendment to it is actually executed.

**11.21 Jurisdiction.** Each Party irrevocably agrees that the courts of New Delhi, India shall have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this Agreement or its subject matter or formation (including non-contractual disputes or claims).

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| &nbsp;&nbsp;/s/ Vikash Kumar Tiwari | &nbsp;&nbsp;/s/ Ravi Jakkula |

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SCHEDULE 2 INCENTIVES

Amadeus grants Subscriber the following Incentives identified in this Schedule, subject to the terms and conditions herein. No Incentives will be granted to Subscriber unless agreed in writing by the Parties in this Schedule.

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|:---|:---|
| &nbsp;&nbsp;**Billing Currency:** | &nbsp;&nbsp;The rates in this Schedule are listed in US Dollar (USD), but all payments shall be made in equivalent Indian Rupees (INR). Parties agree that Dollar rate settlement shall be done as per the average monthly FBIL (RBI rate) for which the Productivity Incentives are being paid for any settlement till the period of December 2024. For the purpose of Advance Amount settlement, Parties agree that Amadeus will provide a certificate of conversion shared by the remitter bank of Amadeus' for the last remittance received by Amadeus which shall also be used for the purpose of monthly settlements till the time the entire Advance Amount is exhausted. |

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Part A – Incentives

1. Booking Incentive

**1.1 General.** Subscriber will qualify for the following Incentive per Eligible Booking ("**Booking Incentive**") if it achieves the Amadeus Share of Wallet (the "**Minimum Target**") specified in the table below:

Table 1.1

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Year | &nbsp;&nbsp;Booking<br>Incentive per<br>Air India<br>Domestic<br>Eligible<br>Booking<br>(Edifact and<br>NDC) | &nbsp;&nbsp;Booking<br>Incentive per<br>Air India<br>International<br>Eligible Booking<br>(Edifact and<br>NDC) | &nbsp;&nbsp;Booking<br>Incentive per<br>International<br>Eligible<br>Booking | &nbsp;&nbsp;Booking<br>Incentive per<br>NDC Public<sup>#</sup>Eligible<br>Booking | &nbsp;&nbsp;Minimum Target/<br>Amadeus SoW |
| &nbsp;&nbsp;Any  | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;Less than [\*\*\*]% SoW |
| &nbsp;&nbsp;Any  | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*]% SoW to [\*\*\*]% |
| &nbsp;&nbsp;Any  | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*]% SoW or greater |

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#NDC Public includes only Foreign International Airlines.

2. Half-Yearly Advance

**2.1 Payment.** Booking Incentives will be paid in advance on a half-yearly basis ("**Half-Yearly Advance**"). The Half-Yearly Advance shall commence from 1<sup>st</sup> January, 2025 and will be paid in advance based on projected Bookings in the manner as explained below:

The advance payment for the Half-Yearly Advance for H1 in 2025 (January 2025 – June 2025) period shall be calculated on the basis of previous Quarter X 2 Eligible Bookings generated by Subscriber on Amadeus System.

Thereafter this methodology of projected calculation shall continue for each subsequent half year. Subscriber shall raise invoice (along with applicable taxes) for such Half-Yearly Advance which will be payable within 45 (forty-five) days from the beginning of the relevant half year. The Half-Yearly Advance shall be set-off at the end of each respective half year against the Booking Incentive actually earned by the Subscriber and any unadjusted advance balance for the respective half year shall be carried forward and adjusted against the next Half Yearly Advance. It is hereby clarified that any shortfall subsequent to the half yearly reconciliation will be paid within 45 (forty-five) days from the date of reconciliation.

**2.2 Payment.** Subscriber shall generate sufficient Eligible Bookings to fully earn the value of each Half-Yearly Advance within 6 months after Amadeus issues payment. If Subscriber fails to generate sufficient Eligible Bookings to fully earn the Half Yearly Advance, Subscriber shall reimburse Amadeus for any unearned portions of the Half Yearly Advance within 15 days upon request by Amadeus. Subscriber shall conform with the requirements of The Central Goods and Service Tax Act, 2017 (as amended from time to time) at Amadeus' office located at - 3rd Floor, Block-B3, World Tech Park, DLF IT SEZ, Silokhera, Sector-30, Gurugram -122002, Haryana, India and shall also bear ADIEPL's GSTIN- 06ABACA1799A1Z0.

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3. Goodwill Bonus

**3.1 General.** Upon execution of this Agreement, Subscriber will qualify for a one-time goodwill bonus of INR [\*\*\*] i.e., Indian Rupees [\*\*\*] ("**Goodwill Bonus**")*. The amount of Goodwill Bonus shall be exclusive of applicable taxes.* 

**3.2 Payment.** The Goodwill Bonus will be paid within 45 (forty-five) days of Amadeus' receipt of Subscriber's invoice, which may be provided after the date that this Agreement was last signed.

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| &nbsp;&nbsp;/s/ Vikash Kumar Tiwari | &nbsp;&nbsp;/s/ Ravi Jakkula |

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Part B – General Terms and Conditions for Incentives
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|:---|:---|
| "**Private Channel Booking**" means a Booking made via a private booking arrangement agreed directly between Subscriber and the relevant Provider for access to specified content, including content that is not made generally available.<br>"**Provider Owned Distribution Channel**" shall mean the following sources from which some or all of the products and services of a Provider can be reserved or purchased by any person or entity directly from such Provider: (a) a Provider's internal reservations system or its reservation sales personnel or agents; (b) a Provider's Internet business to consumer site, whether operated or marketed by such Provider or any third party on behalf of such Provider; or (c) any distribution method directly connected by a Provider or by any third party to travel agencies, corporations or other travel intermediaries.<br>"**Year**" means each successive twelve-month period from the Effective Date.<br>2. General <br>**2.1 Booking Ownership.** For the purpose of the payment of Incentives hereunder, Subscriber shall mean the last owner of the Booking.<br>**2.2 Double Payments and Fraud.** Subscriber shall indemnify Amadeus and the Amadeus Group against all costs, losses, damages, expenses or claims arising out of or in connection with: (a) a claim for payment from a third party relating to a Booking for which Amadeus has already made an Incentive payment to Subscriber under this Agreement; (b) the fraudulent transfer of Bookings from an Office ID of Subscriber to the Office ID of a third party for the purpose of obtaining economic advantages; or (c) fraudulent bookings made by Subscriber through the Amadeus System.<br>**2.3 Subscriber Acquisitions.** In the event Subscriber acquires business: (a) that is already an Amadeus System user, then such business may only qualify for the Incentives under this Agreement if mutually agreed by the Parties; or (b) that is not an Amadeus System user, then such business may, upon advance written notice from Subscriber to Amadeus, immediately qualify for the Incentives under this Agreement.<br>**2.4 Amendment to Non-Eligible Booking Definition.** Amadeus reserves the right to amend the definition of "Non-Eligible Bookings" above by giving Subscriber three (3) months' prior written notice. <br>3. Booking Counts and Invoicing<br>**3.1 Booking Counts.** Within thirty (30) days of the end of each billing period Amadeus will: (a) make a Booking count calculation to determine the number of Eligible Bookings produced by Subscriber and the corresponding Incentives attributable to those Eligible Bookings; and (b) provide such Booking count calculation to Subscriber. Amadeus may make Booking count calculations available to Subscriber electronically, including via posting Booking count calculations on Amadeus Direct, and Subscriber agrees to receive Booking count calculations in an electronic format. <br>**3.2 Disputed Booking Counts.** Amadeus will determine Booking counts from its books and records. If Subscriber disputes any Booking counts, then it shall provide Amadeus with records of all Bookings that it is disputing, together with such information as Amadeus may reasonably require in order to validate the total Bookings made by Subscriber over the relevant period. Amadeus will review in good faith the information provided by Subscriber, however, in the event of  | any continuing dispute, Amadeus' books and records will be deemed to be final and conclusive.<br>**3.3 Franchisees/Consortia.** If Subscriber is a member of a franchise, consortia or other representative group, Bookings produced by Subscriber that are eligible for incentives under a separate agreement between such group's headquarters and a member of the Amadeus Group will not be counted for the purposes of Incentives under this Agreement.<br>**3.4 Booking Count Adjustments.** Amadeus may retroactively adjust any incorrect Booking counts: (a) upon notification by any Provider of any speculative, fictitious, duplicative, improper or fraudulent Bookings made by Subscriber; or (b) if Amadeus has reasonable grounds to believe a Booking is speculative, fictitious, duplicative, improper or fraudulent or has been made by Subscriber solely to achieve minimum Booking targets or minimum usage requirements or to otherwise obtain improper economic advantages. <br>**3.5 Invoicing/Payment.** If invoicing or payment terms are not specified for an Incentive in this Schedule, then such terms will be according to Amadeus' current practice. Invoices may be submitted after Subscriber has received the applicable Eligible Booking report from Amadeus and will be paid by Amadeus within forty-five (45) days of receipt. After the Effective Date and following any change of bank account, Subscriber shall provide Amadeus with any documentation it may reasonably require (e.g., a bank certificate) in order to validate the bank details of Subscriber. Amadeus reserves the right to withhold any payment pending receipt of such documentation.<br>**3.6 Interest on Incentive Repayments.** Without prejudice to any other rights that Amadeus may have under this Agreement, if any sum that Amadeus advanced to Subscriber in exchange for future Booking production becomes repayable under this Schedule on account of a Booking shortfall or early termination, Amadeus may charge interest on the repayment amount from the date of payment of the advanced sum until repayment is made in full at 10% per annum or, if lower, the prevailing maximum statutory rate allowed by law.<br>**3.7 Set-Off against Incentives.** Amadeus may at any time and without notice set-off any payment obligation due from Subscriber to Amadeus under this Agreement (or due from Subscriber to Amadeus or another member of the Amadeus Group under any other agreement) against any Incentives owed by Amadeus to Subscriber under this Agreement, in either case howsoever arising and regardless of the place of payment or currency of either obligation. Any exercise by Amadeus of its rights under this Section shall not limit or affect any other rights or remedies available to it under this Agreement or otherwise. Parties agree that regardless of any charges being set off against the booking incentives due and payable to the Subscriber, the Subscriber will raise invoices to Amadeus for the full booking incentive amount for the half year, rather than for the adjusted amount after the deduction of such charges.  |

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AMADEUS SUBSCRIBER AGREEMENT Page 15 of 19

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4. Incentive Exceptions<br>Notwithstanding anything to the contrary in this Agreement, the terms and conditions hereof, including all Incentives, Eligible Booking volume calculations, NDC Booking volume calculations, may be adjusted by Amadeus: (a) where a Provider makes, or has made before the Effective Date, its content available in the Amadeus System in exchange for a direct or indirect reduction of Amadeus booking related distribution fees or at a charge; or (b) with respect to Provider content that becomes part of a Provider or Amadeus content program; or (c) with respect to Provider content for which the Provider restricts payment of incentives; or (d) with respect to Provider content for which Amadeus' integration and processing costs increase as a result of technological specifications imposed by the relevant Provider (the "**Affected Content**"). In any such event, Amadeus will notify Subscriber of the terms and conditions applicable to bookings of Affected Content. Such terms and conditions may include a reduction in Incentives, the imposition of applicable charges with respect to the Affected Content or an increase in Charges for Amadeus Products used in connection with the Affected Content. The Parties will discuss in good faith any such terms and conditions upon Subscriber's request. Subject to the foregoing, the terms and conditions with respect to the Affected Content will apply from the date stated in Amadeus' notice, unless otherwise agreed between the Parties. If Subscriber chooses not to accept such terms and conditions by notifying Amadeus in writing within thirty (30) days of Amadeus' notice, then: (i) Amadeus may restrict access to the Affected Content; or (ii) no Incentives will apply on such Affected Content. <br>

AMADEUS SUBSCRIBER AGREEMENT Page 16 of 19

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Part C – NDC, Exempt Bookings and Provider Programs

1. NDC Bookings

**(A) NDC Programs.** The Amadeus Group has NDC programs or arrangements in place in the Territory as of the Effective Date with respect to certain Providers. Subject to the terms and conditions herein, Subscriber may access the NDC programs or arrangements that are identified at the following URL: <u>https://servicehub.amadeus.com/c/portal/view-solution/408322725/en_US/ndc-airline-groups</u>.

**(B) NDC Groups.** Each Provider of NDC-sourced content will be included in a group of NDC Providers (each, an "**NDC Group**") at the URL specified above. Amadeus reserves the right, at its sole discretion, to change the Providers in each NDC Group by posting the modified NDC Groups at the URL specified above. Changes to NDC Groups will not apply retroactively and will become effective immediately for all NDC Bookings made following the relevant change. Subscriber acknowledges its responsibility to check the URL specified above regularly for changes to the NDC Groups

**(C) Counting NDC Bookings.** Notwithstanding that NDC Bookings are Non-Eligible Bookings, each NDC Booking made by Subscriber on a Provider included in a qualifying NDC Group as specified in the table below, will count toward the Eligible Booking volume calculations under this Agreement for the purposes of: (i) determining the existing Booking Incentive tier level (if any); and (ii) determining whether any Booking volume bonus or fund is achieved.

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| | |
|:---|:---|
| &nbsp;&nbsp;NDC Group | &nbsp;&nbsp;NDC Bookings count towards <br>Eligible Booking Volumes |
| &nbsp;&nbsp;NDC Prime Access Group | &nbsp;&nbsp;YES |
| &nbsp;&nbsp;NDC Public Access Group | &nbsp;&nbsp;YES |

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2. Exempt Bookings

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Provider Type | &nbsp;&nbsp;Provider Code | &nbsp;&nbsp;Provider Name | &nbsp;&nbsp;Type of segments  |
| &nbsp;&nbsp;Airline | &nbsp;&nbsp;SG | &nbsp;&nbsp;Spicejet | &nbsp;&nbsp;ALL |
| &nbsp;&nbsp;Airline | &nbsp;&nbsp;L6 | &nbsp;&nbsp;Mauritania Airlines  | &nbsp;&nbsp;ALL |
| &nbsp;&nbsp;Airline | &nbsp;&nbsp;SM | &nbsp;&nbsp;Air Cairo | &nbsp;&nbsp;ALL |
| &nbsp;&nbsp;Airline | &nbsp;&nbsp;WE | &nbsp;&nbsp;Thai Smile | &nbsp;&nbsp;ALL |
| &nbsp;&nbsp;Airline | &nbsp;&nbsp;EK | &nbsp;&nbsp;Emirates | &nbsp;&nbsp;Group Bookings |
| &nbsp;&nbsp;Hotel | &nbsp;&nbsp;AD | &nbsp;&nbsp;Amadeus Value hotels | &nbsp;&nbsp;ALL |
| &nbsp;&nbsp;Airline | &nbsp;&nbsp;JA | &nbsp;&nbsp;JetSmart | &nbsp;&nbsp;All |
| &nbsp;&nbsp;Airline | &nbsp;&nbsp;WJ | &nbsp;&nbsp;JetSmart Argentina | &nbsp;&nbsp;All |
| &nbsp;&nbsp;Airline | &nbsp;&nbsp;JZ | &nbsp;&nbsp;JetSmart Peru | &nbsp;&nbsp;All |
| &nbsp;&nbsp;Hotel | &nbsp;&nbsp;HS & HV | &nbsp;&nbsp;Hotel Reservation Service | &nbsp;&nbsp;ALL |
| &nbsp;&nbsp;Car | &nbsp;&nbsp;TE | &nbsp;&nbsp;Tempest | &nbsp;&nbsp;ALL |
| &nbsp;&nbsp;Airline | &nbsp;&nbsp;UL | &nbsp;&nbsp;SriLankan Airlines | &nbsp;&nbsp;Group Bookings |
| &nbsp;&nbsp;Airline | &nbsp;&nbsp;9C | &nbsp;&nbsp;Spring Airlines | &nbsp;&nbsp;All |
| &nbsp;&nbsp;Rail (in Air Display) | &nbsp;&nbsp;9F | &nbsp;&nbsp;Eurostar | &nbsp;&nbsp;ALL |
| &nbsp;&nbsp;Rail (in Air Display) | &nbsp;&nbsp;2H | &nbsp;&nbsp;Thalys | &nbsp;&nbsp;ALL |
| &nbsp;&nbsp;Rail (in Air Display) | &nbsp;&nbsp;9B | &nbsp;&nbsp;Access Rail | &nbsp;&nbsp;ALL |
| &nbsp;&nbsp;Rail (in Air Display) | &nbsp;&nbsp;HR | &nbsp;&nbsp;Hahn Air | &nbsp;&nbsp;ALL |

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AMADEUS SUBSCRIBER AGREEMENT Page 17 of 19

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3. Reduced Incentive Bookings

Notwithstanding anything to the contrary herein, Amadeus will pay reduced Incentives for the indicated types of Bookings (e.g., Local Domestic Bookings, specific booking classes, Group Bookings, etc.). For clarification, the following Bookings: (i) count toward the Eligible Booking volume calculations under this Agreement; (ii) do not receive the Booking Incentive specified in Part A (*Incentives*) of this Schedule; and (iii) receive up to the Reduced Incentive per Eligible Booking indicated in the table below which shall in no event be more than the standard Booking Incentive received by Subscriber under Part A (*Incentives*) of this Schedule:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Provider Type | &nbsp;&nbsp;Provider Code | &nbsp;&nbsp;Type of segments  | &nbsp;&nbsp;Max ALL-IN incentive | &nbsp;&nbsp;Currency |
| &nbsp;&nbsp;Airline | &nbsp;&nbsp;PK | &nbsp;&nbsp;ALL | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;USD |
| &nbsp;&nbsp;Airline | &nbsp;&nbsp;TR | &nbsp;&nbsp;ALL | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;USD |
| &nbsp;&nbsp;Airline | &nbsp;&nbsp;OD/SL | &nbsp;&nbsp;ALL | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;USD |
| &nbsp;&nbsp;Airline | &nbsp;&nbsp;TW | &nbsp;&nbsp; <br>ALL | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;USD |
| &nbsp;&nbsp;Airline | &nbsp;&nbsp;BA, KL, AF, QF | &nbsp;&nbsp;NDC Prime | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;USD |

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Notwithstanding the aforementioned, the Bookings specified in the table above ("**Reduced Incentive Bookings**") shall be counted towards Eligible Booking volumes calculations for the purposes of: (i) determining the Booking Incentive tier level (if any); and (ii) determining whether any Booking volume bonus or fund is achieved. Where a volume bonus or fund is paid on a per Eligible Booking basis, Reduced Incentive Bookings do not receive any bonus payment or fund. Where the Booking volume bonus or fund is a lump sum amount and Reduced Incentive Bookings are needed for Subscriber to reach the relevant Booking volume target, such lump sum amount shall be reduced by a percentage equal to the number of Reduced Incentive Bookings used to reach the relevant Booking volume target (e.g., if a Booking volume target of 100 Eligible Bookings is achieved with 25 Reduced Incentive Bookings and 75 Eligible Bookings, then the percentage reduction would be 25%). Reduced Incentive Bookings are not counted toward Booking volume targets related to Shortfall reimbursements.

4. Private Channel Bookings

The Amadeus Group has Private Channel Booking arrangements in place in the Territory as of the Effective Date with respect to certain Providers. Subscriber will be provided with access to the Private Channel Booking programs or arrangements identified in the table below, subject to the terms and conditions herein.

Private Channel Bookings made on the Providers specified below are Non-Eligible Bookings that: (i) do not receive any Booking Incentives specified in Part A (*Incentives*) of this Schedule; and (ii) only if specified in the table below, shall be counted towards Eligible Booking volumes calculations under this Agreement for the purposes of: (a) determining the Booking Incentive tier level (if any); and (b) determining whether any Booking volume bonus or fund is achieved.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Point of Sale <br>(Market) | &nbsp;&nbsp;Private Channel <br>Provider Code | &nbsp;&nbsp;Private Channel <br>Provider Name | &nbsp;&nbsp;Office ID(s) | &nbsp;&nbsp;Private Channel Bookings Count Towards Eligible Booking Volumes |
| &nbsp;&nbsp;India | &nbsp;&nbsp;QF | &nbsp;&nbsp;Qantas Airways | &nbsp;&nbsp;DELMY397H, DELMY397J, DELWI2202, DELMY34KL, DELI228UU, DELI228BM | &nbsp;&nbsp;No |

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Subscriber's access to the Private Channel Booking programs or arrangements identified in the table above is subject to the following terms and conditions:

**(A) Private Channel Booking Access.** Access to each Private Channel Booking program or arrangement is subject to: (I) the existence of a private channel agreement for the provision of such content between the Amadeus Group and the relevant Provider; and (II) the existence of a private channel agreement for the provision of such content between Subscriber and the relevant Provider.

AMADEUS SUBSCRIBER AGREEMENT Page 18 of 19

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**(B) Termination of Private Channel Booking Access.** Each Party shall immediately notify the other Party in writing of the termination of its private channel agreement with the relevant Provider. If a private channel agreement with a Provider is terminated, or a termination notification is sent by a Provider and received by Amadeus, between: (I) the 1st and 15th of a month, Subscriber's access to the Private Channel Booking content shall automatically terminate on the final day of that month; or (II) the 16th and final day of a month, access to the Private Channel Booking content shall automatically terminate on the final day of the following month. Furthermore, Amadeus reserves the right to disable access to any Private Channel Booking content on any Office ID at Amadeus' sole discretion.

**(C) Termination at Provider's Request.** Amadeus may, without notice or liability to Subscriber, immediately terminate Subscriber's access to the Private Channel Booking content of a Provider if so requested for any reason by such Provider.

AMADEUS SUBSCRIBER AGREEMENT Page 19 of 19

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## Exhibit 8.1

**Exhibit 8.1**

**Significant Subsidiaries**<sup>(1)</sup>

---

| | | |
|:---|:---|:---|
| **<u>Name of entity</u>** | **Place of Incorporation** | **Ownership<br>interest** |
| 1. MakeMyTrip (India) Private Limited | India | 100% |
| 2. Ibibo Group Holdings (Singapore) Pte. Ltd. | Singapore | 100% |
| 3. redBus India Private Limited | India | 100% |

---

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Note:

(1)As of March 31, 2025.

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## Exhibit 12.1

**Exhibit 12.1**

**Certification of Chief Executive Officer**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Rajesh Magow, 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 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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; and

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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 16, 2025 |  |  |
|  | By: | /s/ Rajesh Magow |
|  | Name: | Rajesh Magow |
|  | Title: | Group Chief Executive Officer |

---

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## Exhibit 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 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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; and

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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 16, 2025 |  |  |
|  | By: | /s/ Mohit Kabra |
|  | Name: | Mohit Kabra |
|  | Title: | Group Chief Financial Officer |

---

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## Exhibit 13.1

**Exhibit 13.1**

**Certification of Chief Executive Officer**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

(i)the accompanying annual report on Form 20-F of the Company for the year ended March 31, 2025 (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 16, 2025

---

| | |
|:---|:---|
| By: | /s/ Rajesh Magow |
| Name: | Rajesh Magow |
| 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.

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## Exhibit 13.2

**Exhibit 13.2**

**Certification of Chief Financial Officer**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

(i)the accompanying annual report on Form 20-F of the Company for the year ended March 31, 2025 (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 16, 2025

---

| | |
|:---|:---|
| 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.

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## Exhibit 15.1

**Exhibit 15.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statement (No. 333-168880) on Form S-8, (No. 333-215814) on Form S-8, (No. 333-218329) on Form S-8, (No. 333-226081) on Form S-8, (No. 333-230912) on Form S-8, (No. 333-248402) on Form S-8, (No. 333-256774) on Form S-8 and (No. 333-264819) on Form S-8 of our reports dated June 16, 2025 with respect to the consolidated financial statements of MakeMyTrip Limited and subsidiaries and the effectiveness of internal control over financial reporting.

/s/ KPMG Assurance and Consulting Services LLP

Bengaluru, Karnataka, India <br>June 16, 2025

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