What smart money is saying about MakeMyTrip
2 funds in our archive have pitched MakeMyTrip, most recently Harding Loevner Emerging Markets Equity in September 2025.
MakeMyTrip Limited, an online travel company, sells travel products and solutions in India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, Peru, Colombia, Vietnam, and Indonesia. The company operates through three segments: Air Ticketing, Hotels and Packages, and Bus Ticketing. Its services and products include air tickets; hotels; packages; rail tickets; bus tickets; and car hire, as well as ancillary travel requirements, such as visa processing and facilitating access to travel insurance. The company allows travelers to research, plan, book, and purchase travel services and products through its websites, such as makemytrip.com, goibibo.com, redbus.in, makemytrip.com.sg, and makemytrip.ae; and other technology-enhanced distribution channels, such as call centers, travel stores, and travel agents' network, as well as mobile service platform. As of March 31, 2022, it had approximately 125 franchisee-owned travel stores. The company serves leisure and corporate travelers. MakeMyTrip Limited was incorporated in 2000 and is based in Gurugram, India.
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Position history
Between Q2 2025 and Q3 2026, 6 fund letters reported a position in MakeMyTrip, with 1 sell (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 2 | 0 | 0 | 0 |
| Q2 2026 | 4 | 0 | 1 | 0 |
| Q3 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 6 positions · 1 move
- September 2026
“British semiconductor design company ARM, Indian online travel company MakeMyTrip, and Indian online insurance marketplace PB Fintech. Micron fell during the quarter as investors debated AI industry capex sustainability while digesting the impact of significant investor leverage tied to AI investments across global markets. Grab Holdings declined due to a potential stake sale by Uber and the implementation of a commission cap on two-wheeler rides in Indonesia. ARM declined due to broader selling in the semiconductor space and questions about the company's ability to effectively meet demand for its own chip, despite the role that CPU chips are likely to play in agentic use cases. MakeMyTrip fell due to disruption in the Middle East, which continued to impact the key outbound travel corridor and pose challenges to domestic travel.”
MakeMyTrip - September 2026
“Bottom contributors to performance for the quarter included US-based memory supplier Micron, Southeast Asian mobility company Grab Holdings, British semiconductor design company ARM, Indian online travel company MakeMyTrip, and Indian online insurance marketplace PB Fintech. Micron fell during the quarter as investors debated AI industry capex sustainability while digesting the impact of significant investor leverage tied to AI investments across global markets. Grab Holdings declined due to a potential stake sale by Uber and the implementation of a commission cap on two-wheeler rides in Indonesia. ARM declined due to broader selling in the semiconductor space and questions about the company's ability to effectively meet demand for its own chip, despite the role that CPU chips are likely to play in agentic use cases. MakeMyTrip fell due to disruption in the Middle East, which continued to impact the key outbound travel corridor and pose challenges to domestic travel.”
MakeMyTrip - June 2026
“A similar line of thinking could apply to other core investments including Tencent, MercadoLibre, Nubank, Grab, Adyen, MakeMyTrip, Eternal, and Paytm, all of which have declined (in some cases significantly) YTD.”
MakeMyTrip - June 2026
“Two owned stocks that positively contributed to relative performance were ASML (+0.5%) and MakeMyTrip (+0.3%).”
MakeMyTrip - HoldsChikara Indian SubcontinentJune 2026
“From a portfolio standpoint, performance was broad-based. The largest contributors this quarter were two of the cheapest stocks in our portfolio, MakeMyTrip, up 47%, and Godrej Properties, up 27%, as share prices rebounded sharply to reflect fundamentals.”
MakeMyTrip - June 2026
“MakeMyTrip We liquidated our position in MakeMyTrip during the quarter.”
MakeMyTrip
Fund coverage · 2 theses
- Harding Loevner Emerging Markets EquitySeptember 2025
MakeMyTrip is a leading online travel agency in India, dominating the market with a strong competitive advantage due to its extensive service offerings and scale, which position it well for significant growth in the coming years.
Read the full thesis - Polen International GrowthJune 2025
MakeMyTrip is India's leading online travel agency, with robust growth potential and a strong brand in a rapidly expanding market.
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