Document:

Ex-4.18

 Exhibit 4.18 
 Amendment to the Master Service Agreement And 
 Statement of Work, Dated
July 04, 2012 
 By and between 
 MAKEMYTRIP INDIA PRIVATE LIMITED And 
 IBM DAKSH BUSINESS PROCESS
SERVICES PRIVATE LIMITED 
 This Agreement (“Amendment No. 10”) dated July 04, 2012 to the
Master Services Agreement dated March 05, 2008, First Amendment dated July 16, 2008, Second Amendment dated July 28, 2009, Third Amendment dated November 4, 2009, Fourth Amendment dated December 09, 2010, Fifth Amendment
dated December 10, 2010, Sixth Amendment dated December 18, 2010, Seventh Amendment dated April 7, 2011, Eighth Amendment dated October 27, 2011 and Ninth (9th ) Amendment dated December 29, 2011 thereto and Statement of Work dated March 05, 2008 and Statement of Work
for OBT and DH dated January 1, 2012 (collectively referred to as “Agreement”) is made at New Delhi: 
 By and between:

 MakeMyTrip India Private Limited, a Company registered under the Companies Act, 1956 and having its corporate office at 103, Udyog
Vihar, Phase I, Gurgaon, 122016 (hereinafter referred to as “MMTL” which expression shall, unless repugnant to or inconsistent with the context, mean and include its successors and permitted assigns), of the ONE PART

 And 
 IBM Daksh Business Process
Services Private Limited, a Company registered under the Companies Act, 1956 and having its registered office at Birla Tower, 1st Floor, 25, Barakhamba Road, Connaught Place, New Delhi 110001 (hereinafter referred to as “IBM”
which expression shall, unless repugnant to or inconsistent with the context, mean and include its successors and permitted assigns), of the OTHER PART. 
 WHEREAS the Parties are desirous of amending the Agreement. 

 TERMS AND CONDITIONS GOVERNING THIS ADDENDUM 

 

	 	I.	The Parties hereby agree to add to the existing Section 3.1 of the SoW as under: 

Provision of a Strategic Quality Resource (Band 7) at the Client location for a period of minimum 2 weeks to a
maximum of 12 weeks. The engagement of this resource is effective 04th July’12 for a maximum of 12 weeks. 
 As MMTL have requested for a resource
who can help them with the documentation related tasks for implementation of a new CRM tool in the holiday business. The resource is expected to deliver 40 productive hours per week. The charges for the service provided would be INR 1710 per
hour. 
  

	 	II.	This Amendment No. 10 shall be effective from the Amendment Effective Date and shall be co-existent and co-terminus with the Agreement. 

 

	 	IV.	Except for the amendments provided hereunder, all other terms and conditions of the SoW, which have not been specifically changes / amended / modified hereunder, shall
remain unchanged and continue to be binding between the parties and the same shall be deemed to be a part of this Amendment No. 10 by reference. 

  

	 	V.	This Amendment No. 10 read together with the Agreement / SoW reflects the complete understanding between the parties. This Amendment No. 10 is incorporated
into and deemed to be part of the Agreement / SoW. 

 ACCEPTED AND AGREED BY THE FOLLOWING AUTHORISED REPRESENTATIVES OF THE
PARTIES: 
  

					
	[Insert Customer Name]	 		 	 IBM India Pvt. Ltd. / IBM Daksh Business
 Process Services Pvt. Ltd.

			
	By: /s/ Jasmeet Singh	 		 	By: /s/ Gerry Von Kalm
			
	Name: Jasmeet Singh	 		 	Name: Gerry Von Kalm
			
	Title: Head — Customer Contact Group	 		 	Title: Director — Finance
			
	Date & Stamp: 20 August 2012	 		 	Date & Stamp: 21 August 2012EX-4.19

 Exhibit 4.19 
 Confidential Treatment Requested 
 The portions of this document marked by “XXXX” have
been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission 
 Amendment to the 
 Business Process Outsourcing Services Agreement And

 Statement of Work 
 Dated March 05, 2008 
 By and between 

MAKEMYTRIP INDIA PRIVATE LIMITED 
 And 
 IBM DAKSH BUSINESS PROCESS SERVICES PRIVATE LIMITED 

 This Eleventh (11th) Amendment Agreement (“Amendment No. 11”) dated November 1, 2012 to the Business
Process Outsourcing Services Agreement dated March 05, 2008, First Amendment dated July 16, 2008, Second Amendment dated July 28, 2009, Third Amendment dated November 4, 2009, Fourth Amendment dated December 09, 2010, Fifth
Amendment dated December 10, 2010, Sixth Amendment dated December 18, 2010, Seventh Amendment dated April 7, 2011, Eighth Amendment dated October 27, 2011 9th Amendment dated December 29, 2011 and 10th Amendment dated July 4, 2012, thereto and Statement of Work dated March 05, 2008 and Statement of Work for
OBT and DH dated January 1, 2012 (collectively referred to as “Agreement”) is made at New Delhi: 
 By and between:

 MakeMyTrip India Private Limited, a Company registered under the Companies Act, 1956 and having its corporate office at 103, Udyog
Vihar, Phase I, Gurgaon, 122016 (hereinafter referred to as “MMTL” which expression shall, unless repugnant to or inconsistent with the context, mean and include its successors and permitted assigns), of the ONE PART

 And 
 IBM Daksh Business Process
Services Private Limited, a Company registered under the Companies Act, 1956 and having its registered office at Birla Tower, 1st Floor, 25, Barakhamba Road, Connaught Place, New Delhi 110001 (hereinafter referred to as “IBM”
which expression shall, unless repugnant to or inconsistent with the context, mean and include its successors and permitted assigns), of the OTHER PART. 
 WHEREAS MMTL has entered into the Agreement with IBM and both Parties agree to amend the Agreement as mentioned below. 
 TERMS AND CONDITIONS GOVERNING THIS ADDENDUM 
 The Parties have agreed to amend and include
the following terms and conditions in regard to the Agreement: 
 The Parties hereby agree to amend the existing Section 2
of Amendment No. 9 dated December 29, 2011 and replace definition of ‘Term’ with the following: : 

“Term: The Term of the Business Process Outsourcing Services Agreement will commence as of the Agreement Effective Date and will
continue for a period of nine (9) years or the last expiration of any Transaction Document in effect as of the date of such expiration, whichever is later, unless earlier terminated in accordance with the provisions of the Business Process
Outsourcing Services Agreement. The Parties may agree to extend the Term of Business Process Outsourcing Services Agreement, on mutually acceptable terms, by exchanging a letter duly signed by the authorized representatives of both Parties before
the expiration of Business Process Outsourcing Services Agreement. Each Transaction Document shall set forth the applicable term for that Transaction Document.” 

 Confidential Treatment Requested 
 The portions of this document marked by “XXXX” have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission

  

	 	I.	Delete the existing Section 3 of Amendment No. 9 dated December 29, 2011 and replace it with the following new Section 2: 

“The expiration date as stated in the Statement of Work to the Business Process Outsourcing Services Agreement and the Business
Process Outsourcing Services Agreement , both dated March 03, 2008, shall be amended to read March 05, 2017” 
  

	 	II.	Delete the existing Section 4 of Amendment No. 9 dated December 29, 2011 and replace it with the following new Section 1: 

“Termination for Convenience: 
 Both IBM and MMTL may elect to terminate the Business Process Outsourcing Services Agreement or any applicable Statement of Work under it, for convenience. Such Termination can only be done by providing
six (6) months written notice, in advance to the other Party. Such notice can only be served after six (6) years from the Transaction Effective Date as per the Business Process Outsourcing Services Agreement dated March 05, 2008 after
MMTL pays to IBM the following Termination Fee: 
  

					
	 Period of Serving Termination Notice
	  	Termination Fee	 
	
5th Mar’2014 to 4th Mar’2015
	  	 	XXXX	  
	
5th Mar’2015 to 4th Mar’2016
	  	 	XXXX	  
	
5th Mar’2016 to 4th Mar’2017
	  	 	XXXX	  

  

	 	III.	Amend Point 9.3 of Section 9 of Statement of Work for OBT and DH dated January 1, 2012, as following: 

The indicative Ramp up plan to reach additional 180 billable headcounts for OBT and DH Line of Business, depending on forecasts and
requirements of MMTL is as follows: 
  

																					
	 Time
 Period
	  	Oct.–Dec.
2012	 	  	Jan.–Mar.
2013	 	  	Apr.- Jun.
2013	 	  	Jul.-Sept.
2013	 	  	Oct. 2013
Onwards	 
	 Existing HC
	  	 	120	  	  	 	120	  	  	 	120	  	  	 	120	  	  	 	120	  
	 Additional /Ramp HC
	  	 	0	  	  	 	50	  	  	 	100	  	  	 	130	  	  	 	180	  
	 Total HC
	  	 	120	  	  	 	170	  	  	 	220	  	  	 	250	  	  	 	300	  

 Confidential Treatment Requested 
 The portions of this document marked by “XXXX” have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission

  

	 	IV.	Add following Clause 10 to Appendix 1 of Amendment No. 2 dated July 28, 2009,: 

Parties agrees that any “Escalation” (Refer Definition of Escalation below) from end customer that reaches team supervisor or CD
team at IBM and is not handled in a “Reasonable” (Refer Definition of Reasonable below) manner will attract a penalty of XXXX per case provided that the aggregate penalty for all such cases in a month shall not be more than XXXX of
the total Monthly Service Revenue of the concerned LOB. Such penalty shall constitute Customer’s sole and exclusive remedy. This penalty will be under the aggregate rewards and liability cap as provided in Clause 1 of Appendix 1 of Amendment
No. 2 dated July 28, 2009. 
 Definition of Escalation: An Escalation will qualify under this clause when there
is an Email from the End User to an MMTL executive (Pre-Defined List) complaining about service issues that can be established to be solely attributed to IBM. 
 Definition of Reasonable: Both IBM & MMT team will discuss each case of such escalation and mutually agree through a governance process (to be agreed between the parties within 30 days of
Amendment No. 11 Effective Date) whether appropriate steps were taken by the supervisor or CD team member towards handling the Escalation. 
 In the event the Parties are unable to agree whether IBM handled a particular Escalation in a Reasonable manner or not within 45 days of initiation of such discussions between the Parties, then
notwithstanding anything to the contrary, the same shall be addressed through Section 23 of the Business Process Outsourcing Services Agreement. 
  

	 	V.	Delete and replace Section 2 of Amendment No. 4 dated December 9, 2010 with the following: 

 

	 	1.	A transaction shall be considered loss when the profit booked on it goes in negative due to factors under IBM Daksh’s control. 

 

	 	2.	For Financial year 2012 & financial year 2013 target loss per transaction for each Lob is provided below in Table A. 

 

	 	3.	In case of actual losses per transaction is more than target losses per transaction at an lob level, IBM Daksh shall pay penalties equal to the XXXX of the following
two: 

  

	 	a)	Percentage of service billing (as per Table A) 

  

	 	b)	(Actual loss per transaction - Target loss per transaction)* Number of transactions, for that Lob 

Table A (all figures below are in INR) 
  

																									
	 Line of Business
	  	Target loss per
transaction	 	  	Slab 1	 	  	Slab 2	 	  	Slab 3	 	  	Slab 4	 	  	Slab 5	 
	 Post Sales India
	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  
	 Post Sales US
	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  
	 Sales US
	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  
	 Sales Ex India
	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  
	 Sales OBT
	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  
	 Dom Holiday
	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  
	 Refunds
	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  
	 Ticketing Ex India
	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  
	 Ticketing India
	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  
	 Ticketing US
	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  
	 Penalty as % of service billing
	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  	  	 	XXXX	  

 Confidential Treatment Requested 
 The portions of this document marked by “XXXX” have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission

 Example: If for the financial year 2012 the actual loss per transaction for Post sales Lob is INR 2.70, then
the penalty amount shall be calculated as follows: 
 Service revenue = INR 9 crores 

Total number of transaction (for 6 months) = 16 lacs 
 Target loss per transaction for the lob = XXXX 
 Actual loss per transaction for
the lob = INR 2.70 
 Total Penalty payable shall be lower of the following: 

 

	 	a)	XXXX (as per slab 3 of Table A) of INR 9 crores = XXXX 

  

	 	b)	(2.70 – XXXX) x 16 lacs = XXXX 

 Hence the penalty amount payable shall be XXXX 
  

	 	4.	The above adjustment shall be done on annual basis. 

 Imposition of such penalty shall constitute Customer’s sole and exclusive remedy. This penalty will be under the aggregate rewards and liability cap as provided in Clause 1 of Appendix 1 of Amendment
No. 2 dated July 28, 2009. 
  

	 	VI.	Amend Section 5 of Appendix 1 of Amendment 2, dated July 28, 2009, to add following: 

 

	 	1.	MMTL agrees to pay sales performance incentives to IBM basis the following grid 

 

																							
	 DOM HOLIDAYS
	 	  	OBT HOLIDAYS	 	  	US SALES	 	  	Sales Ex-India	 
	 GPM Slabs
 (per month per FTE)
	  	% incentive	 	  	GPM Slabs
(per month per FTE)	  	% Incentive	 	  	GPM Slabs
(per month)	  	% Incentive	 	  	GPM Slabs
(per month)	  	% Incentives	 
	 XXXX
	  	 	XXXX	  	  	XXXX	  	 	XXXX	  	  	XXXX	  	 	XXXX	  	  	XXXX	  	 	XXXX	  
	 XXXX
	  	 	XXXX	  	  	XXXX	  	 	XXXX	  	  	XXXX	  	 	XXXX	  	  	XXXX	  	 	XXXX	  
	 XXXX
	  	 	XXXX	  	  	XXXX	  	 	XXXX	  	  	XXXX	  	 	XXXX	  	  	XXXX	  	 	XXXX	  
	 XXXX
	  	 	XXXX	  	  	XXXX	  	 	XXXX	  	  	XXXX	  	 	XXXX	  	  	XXXX	  	 	XXXX	  

 Formulae to calculate Incentive for DOM and OBT holidays Lob 

= (Actual GPM – Base GPM) * No. of FTEs * %Incentive as per above slab 

Formulae to calculate Incentive for Sales Ex India and US Sales Lob 

= (Actual GPM – Base GPM) * %Incentive as per above slab 
 Example 1: If for the month of Feb the actual GPM for DOM/ OBT Lob is INR 115 K, then incentive amount shall be calculated as follows: 

Base GPM = XXXX 

Actual GPM = INR 115K 
 No. of FTEs = 50 (illustrative purpose only) 
 Incentive% as per slab = XXXX

  

					
		  	Total Incentive payable (in INR)	 	= (Actual GPM – Base GPM) * No. of FTEs * %Incentive
		  		 	= (INR 115K - XXXX) * 50 * XXXX
		  		 	= XXXX

 Confidential Treatment Requested 
 The portions of this document marked by “XXXX” have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission

 Example 2: If for the month of Feb the actual GPM for Sales Ex India is INR 2.1 cr, then incentive amount shall
be calculated as follows: 
 Base GPM = XXXX 
 Actual GPM = INR 2.1 cr 
 Incentive% as per slab = XXXX 

 

							
		 	Total Incentive payable (in INR)	 	=	 	(Actual GPM – Base GPM) * %Incentive
		 		 	=	 	(INR 2.1 cr –XXXX) * XXXX
		 		 	=	 	XXXX (i.e. XXXX)

 Example 3: If for the month of Feb the actual GPM for US sales is US$ 650K, then incentive
amount shall be calculated as follows: 
 Base GPM = US$ 600K 

Actual GPM = XXXX 

Incentive% as per slab = XXXX 
  

							
		 	Total Incentive payable (in INR)	 	=	 	(Actual GPM – Base GPM) * %Incentive
		 		 	=	 	US$ 650K –XXXX) * XXXX
		 		 	=	 	XXXX

  

	 	2.	The gain share grid for DOM Holidays & OBT Holidays business lines will be applicable once the threshold of XXXX conversion for DOM and XXXX conversion for OBT
is achieved. 

  

	 	3.	The above reward grid shall be reviewed every year on each anniversary of the contract term. In case both MMT & IBM team mutually agree to amend the same it
will be modified accordingly and till the time the new grid is agreed upon, in writing, the exiting grid shall remain in effect. 

  

	 	VII.	Add a new Clause 26 to Business Process Outsourcing Services Agreement to add the following: 

MMT agrees that IBM can subcontract or sub source up to XXXX of the total approved agent headcount to a third party vendor. This applies
only to the agent headcount and all the support / hierarchy will continue to be IBM employees. 
  

	 	VIII.	This Amendment No. 11 shall be effective from October 1, 2012 (“Amendment No. 11 Effective Date”) and shall be co-existent and
co-terminus with the Agreement. 

  

	 	IX.	Except for the amendments provided hereunder, all other terms and conditions of the Agreement, which have not been specifically changed / amended / modified hereunder,
shall remain unchanged and continue to be binding between the Parties and the same shall be deemed to be a part of this Amendment No. 11 by reference. 

	 	X.	This Amendment No. 11 read together with the Agreement reflects the complete understanding between the Parties. This Amendment No. 11 is incorporated into and
deemed to be part of the Agreement. 

 ACCEPTED AND AGREED TO BY THE FOLLOWING AUTHORISED REPRESENTATIVES OF THE PARTIES:

  

									
	MakeMyTrip India Private Limited	 		 	IBM Daksh Business Process Services Pvt. Ltd.
					
	By:	 	/s/ Jasmeet Singh	 		 	By:	 	/s/ Gerald Von Kalm
					
	Name:	 	Jasmeet Singh	 		 	Name:	 	Gerald Von Kalm
					
	Title:	 	Head — Customer Contact Group	 		 	Title:	 	CFO
					
	Date:	 	1st Nov 2012	 		 	Date:	 	2 Nov 2012

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