MakeMyTrip Limited (NASDAQ: MMYT)Investor PresentationFebruary 2019

2

Safe Harbor

Certain statements contained in this presentation are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations or forecasts of future events and our future performance and do not relate directly to historical or current events or our historical or current performance and are subject to risks and uncertainties, some of which are outside of our control, that could cause actual outcomes and results to differ materially from historical results or current expectations. Most of these statements contain words that identify them as forward looking, such as “anticipate”, “estimate”, “expect”, “project”, “intend”, “plan”, “believe”, “seek”, “will”, “may”, “should”, “opportunity”, “target” or other words that relate to future events, as opposed to past or current events. Among the factors that could cause actual results to differ materially include, but are not limited to, the slowdown of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, the inability to successfully integrate the businesses of MMYT and ibibo Group within the anticipated timeframe or at all, the risk that the acquisition will disrupt current plans and operations, increase in operating costs and potential difficulties in customer or supplier loss and employee retention as a result of the acquisition, the inability to recognize the anticipated benefits of the combination of MMYT and ibibo Group, including the realization of revenue and cost synergy benefits within the anticipated timeframe or at all, volatility in the trading price of MMYT’s shares, MMYT’s reliance on its relationships with travel suppliers and strategic alliances, failure to further increase MMYT’s brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in India and overseas, failure to successfully develop MMYT’s corporate travel business, damage to or failure of MMYT’s infrastructure and technology, loss of services of MMYT’s key executives, and inflation in India and in other countries. In addition to the foregoing factors, a description of certain other risks and uncertainties which may cause actual results to differ materially can be found in the “Risk Factors” section of MMYT's 20-F dated June 20, 2018 filed with the U.S. Securities Exchange Commission (“SEC”), copies of which are available from the SEC, our website or our Investor Relations department.

We cannot assure you that the assumptions made in preparing any of the forward-looking statements will prove accurate or that any projections will be realized. We expect that there will be differences between projected and actual results. These forward-looking statements speak only as of the date of this presentation, and we do not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements attributable to us are expressly qualified in their entirety by the cautionary statements contained herein and in our future annual and quarterly reports as filed with the SEC.

3

Non-IFRS Metrics & Note on Unaudited Financials

The following non-IFRS metrics will be used in this presentation:

Gross Bookings represents total amount paid by our customers for travel services and products booked through us, including taxes, fees, and other charges, and are net of cancellations, discounts and refunds, but does not include other revenues that are generated from 3rd party advertisement on our website, commissions and fees earned from the sale of rail tickets and fees earned by facilitating travel insurance policies to customers.

Adjusted Revenue represents IFRS revenue after adding back promotion expenses in the nature of customer discounts, customer inducement or acquisition costs and loyalty programs costs which are reported as a reduction of revenue, and deducting the cost of acquisition of services primarily relating to sales to customers where the company acts as the principal. We believe that Adjusted Revenue reflects the value addition of the travel services that we provides to our customers.

Adjusted Revenue Margins is defined as Adjusted Revenue as a percentage of Gross Bookings, and represents commissions, fees, incentive payments and other amounts earned in our business. We follow adjusted net revenue margin trends closely across our various lines of business to gain insight into the profitability of our various businesses.

Flight Segment is defined as a flight between two cities, whether or not such flight is part of a larger or longer itinerary.

Room Nights, also referred to as a “hotel-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.

Constant Currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on the reporting for the historical average rate used in the prior year’s comparable fiscal period.

Fiscal Year End – March 31st

4

Key Investment Highlights

Market Leader with Multiple Well Recognized Brands Serving All Travel Needs

Playbook of Product Innovations & Robust Tech Platforms to Drive Scalability with Ease

6

1

2

3

4

5

Mobile First Approach Helping Tap Smartphone Driven Internet Ecosystem

Leveraging Team & Technology to Build Strong Connect with Fragmented Hotel Supply Ecosystem

Demonstrated Operating Leverage with Scale in Multiple Travel Segments

Experienced Management Team with Deep Knowledge of Local Travel Landscape

5

Fastest Growing Large Economy1

Source: 1IMF World Economic Outlook, Real GDP Growth 2CIA World Factbook 2018 estimates;

*Internet Live Stats Dec 2017, IAMAI estimates for India Internet users in 2018, India’s Trillion

Dollar Digital Opportunity”

45%

32%

30%

49%

52%

59%

6%

16%

11%

Age 0–24 Age 25–64 Age 65+

Largest Young Population (2018)2

2022E2018

224

663

478

US China India India

2nd Largest Base of Smartphone Users (in millions)

96%

55%

37%

60%

US China India India

2022E2018

Growth Driven by Low Internet Penetration

312

772

500

850

US China India India

2022E2018

2nd Largest Base of Internet Users (in millions)

Macro Growth Drivers Provide Long Term Growth Opportunities

2018 2019

7.3% 7.5%

6.6% 6.2%

2.9% 2.5%

829

6

Large Domestic Travel Market with High Growth & Underpenetrated Segments

3 Largest Aviation Market by 2022

Liberal Open Sky Policy

UDAN Regional Connectivity Program

52 Consecutive Months of Double Digit Growth

Pending deliveries of 1,000+ aircrafts by domestic airlines

190-200 operational airports by 2040

2X current operational airports

Online Flight Ticketing Online Hotel Booking

India domestic hotels Supply:

Line of sight to over 100k Properties

2 million rooms, growing about 10% p.a.

Average occupancy rates in 60%

Current Online Penetration Rates:

15% going to 30% by 2020 per BCG-Google

Low penetration of hotels booked online

relative to developed markets presents large growth

opportunities

27.2 27.328.9 28.8

32.233.8 34.7 34.3

36.2

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

OND2016

JFM2017

AMJ2017

JAS2017

OND2017

JFM2018

AMJ2018

JAS2018

OND2018

Mill

ions o

f D

om

estic P

assengers

Flo

wn

Source: DGCA.nic.in

YoY

Growth %12%23% 19% 18% 15% 18% 24%

India China EU US

10% - 15% 25% - 30% 41% 46%

Source: Morgan Stanley India Internet: Chart of the Week: Online penetration of

hotel bookings is low and has room to grow

20% 19%

Source: Vision 2040 for the Civil Aviation Industry in India – KPMG Jan 2019

7

Multiple Brands & Comprehensive Products: Expanded Customer Reach

37 Million Transacted Customers (Life to Date)

8

Superior Brand Awareness

47

13

9

3

2

02550

43

18

6

7

2

0 25 50

MakeMyTrip

Competitors

Source: December 2018 Millard Brown Study commissioned by Company

Top of Mind AwarenessConsideration Top

Box Score

Goibibo

YT

CT

Other

India Online Travel Industry Brand Recall

9

MakeMyTrip63%

#2 & #3 Peers37%

Domestic Hotel Online Market Share2

(2017)

MakeMyTrip63%

Yatra13%

Other24%

Domestic Air Ticketing Total OTA Market Share3

(December 2018)

MakeMyTrip48%

Yatra24%

Cleartrip18%

Others10%

India Online Travel Market1

(2010)

Clear Online Market Leadership - Share Gains Since I.P.O.

MakeMyTrip63%

#2 & #3 Player26%

Others11%

1 – Phocuswright 2010 Research in Gross Bookings share

2 – Morgan Stanley Research Estimates for 2017, as of May 2018

3 – Calculated as per DGCA Segment data for December 2018

Indian Online Travel Market2

(2017)

Demonstrable Market Share Gains

with Widening Gap from Peers

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Underpenetrated Online Hotels Market - Long Term Growth Opportunity

Premium Hotels(5 & 4 stars)

Positioning MakeMyTrip

as premium brand

Leveraging loyalty programs

to drive retention

Targeting high spending

& repeat customers

Delivering superior

end-to-end user experience

Mid Tier Hotels(3 & 2 stars)

Expanding selection & choice

Enhancing service

guarantee to users

Offering accredited hotels to

deliver consistent

stay experience

Supporting customers

post sales & on trip

Budget

Accommodations

Budget Hotel Certification

Program - MMT Assured &

goStays

10,300+ goStays available

14,500+ Alternative

Accommodations - Scaling

Inventory for Long Term

Demand Growth

11

International Outbound Travel – Next Big Growth Opportunity

International

Flights

- Comprehensive

selection & choice of

flight option

- Multiple Payment

Options Available

- Relevant &

Contextual content

for target customers

- Continuously

improving customer

experience

International

Hotels

- Full access to global

hotels

- Focused on top

Outbound Cities in

Region

- Contracting directly

to provide Indian

Traveler friendly

hotels

- Enhanced Indian

Traveler content

available

Regional Outbound Destination a Driver of Growth

50 Million Outbound Trips Forecasted by 2020*

Source: United Nations World Tourism Organization

12

Mobile Focused Approach Enabling Continued Reach & Growth

Mobile Air

Ticketing

67%

Mobile Bus

Ticketing

66%

Mobile Hotel

Booking

80%

*FY2019 Q3 mobile transactions as % of total

Tapping into next

100 million

new Internet

users via Train

Mobile Train

Ticketing

96%

New Platform to Enable

Digital Payments

13

A.I. + Machine Learning Leveraging Big Data to Drive

Improved User Experience

AI Chatbots for Booking

& Post Sales Support

WhatsApp Integration for

Seamless Experience &

Wider Customer Reach

Personalized User

Experience

via Big Data Analytics

14

Innovative & Effective Loyalty Programs

MMT Black

Earn Wallet+ Cash by Spending

Wide Range of Redemption Options

1 Million Enrollees

MMT Double Black

Annual Subscription Model

Value for Frequent Travelers

+57K Enrollees to date

Redesigned goRewards

Referrals Drive Network Effect

UGC reviews & content

Enhanced Platform Credibility & Utility

1.6 Mln Registered Users

15

Corporate Social Responsibility

Planting trees to offset individual’s

CO2 emissions & Zero Single Use

Plastics across offices

Safeguarding living culture and artistic

heritage and ensuring sanitation and

cleanliness of the surroundings to offset

damage from mass tourism

Provide minimum level of income and other

support for disadvantaged groups such as

the poor, elderly, disabled, students, minor

children

‘Be the Change’ is a crowd sourced funding initiative, created with a vision to impact society and the

environment positively. It is focused on offsetting our carbon footprints and promoting sustainable tourism

16

Experienced Founding & Management Team Driving Execution

Deep Kalra Co-Founder, Group Chairman and Group CEO

- Started MakeMyTrip in 2000

- Group Chairman

- 26+ Years of Experience

- Prior Experience: GE Capital India, AMF Bowing Inc. & ABN AMRO Bank

- Board member & past President of The IndUSEntrepreneurs (TIE) New Delhi chapter

- Founding member of Ashoka University & serves on the Board & Governing Council

- Bachelor’s degree in Economics –St. Stephen’s College

- MBA IIM Ahmedabad, India

Rajesh MagowCo-Founder and CEO India

- Senior founding team member

- Member of the Board of Directors

- Previously Group CFO and Chief Operating Officer

- 25+ Years of Experience

- Prior Experience: eBookers.com, AptechLimited & Voltas Limited

- Independent Director of FlipKart Board

- Chartered Accountant from Institute of Chartered Accountants of India

Mohit KabraGroup Chief Financial Officer

- 24+ Years of Experience

- Prior Experience: Kohler India, PepsiCo, Colgate & Seagram

- Bachelor of Commerce – Osmania University

- Chartered Accountant from Institute of Chartered Accountants of India

- Cost Accountant from Institute of Cost Accountants of India

17

Financial Overview

Results presented include the consolidation of ibibo group from

February 1, 2017 onwards, unless otherwise noted

18

Strong Growth Momentum in FY2018 Post Ibibo Merger

Air Ticketing Hotels & Packages Other

% change represents the comparison of FY18 reported adjusted revenue to the Pro Forma adjusted revenue disclosed on SEC form 6-K filed on July 18, 2017

Full Year FY18 Adjusted Revenue

$577.1 million, +39.5%

19

Financial Summary for Trailing 9 Months of FY2019

Source: Company dataNote: yoy growth rates in constant currency where applicable

20

Driving High Net Revenue Growth & Improving Marketing Efficiencies

to Reduce Operating Losses

($ in millions) Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18

Total Adjusted Revenue $141.2 $139.2 $151.4 145.3

Air Ticketing Adjusted Revenue $45.6 $47.1 $50.9 $58.5

Hotels & Packages Adjusted Revenue $81.3 $79.2 $83.9 $69.4

Other Adjusted Revenue $14.3 $12.9 $16.6 $17.5

Total Adjusted Revenue as % of Total Gross Bookings 12.3% 13.0% 12.8% 12.3%

Total Gross Bookings $1,149.6 $1,070.2 $1,187.3 $1,183.9

Marketing & Sales Promotion Spend $142.4 $135.9 $133.3 $118.0

As % of Total Gross Bookings 12.3% 13.0% 11.2% 10.0%

Adjusted Operating (Losses) ($52.3) ($45.0) ($33.9) ($23.5)

As % of Total Gross Bookings (4.6%) (4.2%) (2.9%) (2.0%)

Source: Company data, SEC 6-K FilingsTotal Gross Bookings includes Bus Ticketing bookings Marketing & Sales Promotion includes adjustments for other promotions netted against adjusted revenue.

21

Sequential Quarterly Growth Acceleration with Improving Operating Efficiencies

($ in millions) Q1 FY19 Q2 FY19 Q3 FY19

Total Gross Bookings* +27% +27% +32%

Adjusted Revenue* +25% +25% +31%

Air Ticketing +24% +31% +32%

Hotels and Packages +20% +18% +26%

Bus Ticketing +49% +37% +43%

Other +91% +96% +87%

Total Adjusted Revenue as % of

Total Gross Bookings12% 13% 13%

(*Growth rates in constant currency year over year basis)

Marketing & Sales Promotion Expenses

As % of Total Gross Bookings10.5% 10.8% 10.4%

Adjusted Operating (Losses) ($32.8) ($25.4) ($22.2)

As % of Total Gross Bookings (2.3%) (2.0%) (1.6%)

Source: Company data, SEC 6-K FilingsTotal Gross Bookings includes Bus Ticketing bookings Marketing & Sales Promotion Expenses includes adjustments for promotions netted against adjusted revenue

22

12.6% 13.2%15.3%

18.8%

22.6% 23.4%

0%

5%

10%

15%

20%

25%

FY14 FY15 FY16 FY17 FY18 YTD FY19

6.6%6.1% 6.0%

7.7% 7.5% 7.2%

0%

2%

4%

6%

8%

10%

FY14 FY15 FY16 FY17 FY18 YTD FY19

Improving Mix and Margins with Strategic Focus on Hotels and Packages

Air Ticketing Adjusted Revenue Margin

Hotels and Packages Adjusted Revenue Margin

• Commissions and volume incentives from airlines

• Convenience & Service fees from customers

• Fees from GDS partner

Effective Product Bundling & Scale

• Mark up on Net Rates

• Commissions & volume incentives from hoteliers

Multiple sources of Net Revenue

Total Adjusted Revenue as % of Total Gross Bookings1

8.1% 8.1%8.8%

11.3%

12.6% 12.5%

0%

2%

4%

6%

8%

10%

12%

14%

FY14 FY15 FY16 FY17 FY18 YTD FY19

Note 1: FY18 & onwards calculations includes Bus Ticketing bookings

prior periods only included air ticketing & hotels & packages gross bookings

23

3.6% 3.1%2.1% 1.9% 2.0% 2.0% 2.1% 1.9% 1.9% 2.1% 1.5% 1.3%

1.4% 1.5%1.3% 1.3% 1.3% 1.3% 1.4% 1.4% 1.4% 1.3%

1.1% 1.1%

3.4%2.9%

2.6% 2.5% 2.5% 2.7% 2.7% 2.2% 2.3% 2.1%1.5% 1.3%

5.4%

3.7%

2.1%1.7% 1.7% 1.7% 2.2%

2.6%

5.9%

13.7%

11.5%10.5%

0.5%

0.5%

0.3%0.3% 0.3% 0.3%

0.3% 0.4%

0.4%

0.4%

0.3%

0.2%

0%

5%

10%

15%

20%

25%

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 (PF) FY18 YTD FY19

Personnel Expenses Payment Gateway SGA Marketing & Sales Promotion Depreciation & Amortization

11.9%

19.6%

8.7%

16.0%

8.5%8.0%7.8%7.6%

8.5%

14.3%

11.8%

14.5%

Playbook of Driving Scale & Efficiencies -

Started with Air & Holidays, Now Focusing on Hotels

% o

f G

ross

Bo

oki

ngs

45%H&P Adj. Rev Mix51% 54% 54%38%31%21%78%77%75%

Air Adj. Rev Mix

Transitioning from Air to Hotels

Blended Adj. Rev Margin

8.5% 8.4% 7.9% 8.5% 7.2% 8.1% 8.1% 8.8% 12.2% 12.6%

Marketing as % of Adj Rev

44.6% 24.0% 20.4% 19.3% 22.3% 26.2% 30.6% 64.4% 100.7% 91.8%

Note:

Proforma FY17 basis Management estimates

Personnel Expenses excluded share based compensation charges and severance cost related to a prior acquisition

Depreciation and amortization excluded acquisition related intangibles amortization and impairment of intangible assets

SGA excluded Merger and acquisitions related expenses

Marketing & Sales Promotion Include adjustments for promotions netted against adjusted revenue

85%

7.3%

74.0%

54%

12.5%

81.5%