Deep Kalra is the founder and CEO of MakeMyTrip, an Indian online travel company that has revolutionized the travel industry in the country. However, the journey to success has not been an easy one for Kalra, who initially faced numerous setbacks and failures.
Kalra’s entrepreneurial journey began in the late 1990s when he returned to India after a successful corporate stint in the United States. With a vision to transform the travel industry in India, which was still dominated by traditional travel agents, Kalra founded MakeMyTrip in 2000. His aim was to provide an online platform for travelers to book flights, hotels, and other travel services.
However, the early days of MakeMyTrip were fraught with challenges. The dot-com bubble burst in 2001, leading to a severe downturn in the global economy. This had a significant impact on the nascent online travel industry, and MakeMyTrip struggled to generate revenue and attract customers. The company faced severe financial constraints and was on the verge of shutting down.
Despite the grim situation, Kalra and his team persisted, leveraging their resilience and determination. They managed to secure an investment from eVentures, a global venture capital firm, in 2001, which gave the company a lifeline to continue operations. MakeMyTrip gradually gained traction and started to build a loyal customer base.
However, the challenges did not end there. In 2005, MakeMyTrip faced another setback when the Indian government introduced a ban on international airlines paying commissions to travel agents. This affected MakeMyTrip’s revenue model, as a significant portion of their earnings came from airline commissions. Kalra had to quickly innovate and find new ways to generate revenue.
MakeMyTrip adapted by expanding its services beyond flights and hotels to include holiday packages, bus bookings, and other travel-related offerings. This diversification strategy enabled the company to sustain its growth and become a one-stop destination for all travel needs. MakeMyTrip also adopted a customer-centric approach, focusing on providing a seamless user experience and excellent customer service.
The turning point for MakeMyTrip came in 2010 when it went public on NASDAQ, becoming the first Indian online travel company to do so. The IPO was a huge success, raising $70 million and valuing the company at $478 million. This landmark event not only provided MakeMyTrip with significant capital but also increased its visibility and credibility in the market.
With the IPO funds, MakeMyTrip embarked on an aggressive expansion strategy, acquiring several smaller players in the online travel space. It also invested in technology and infrastructure to enhance its offerings and improve its operational efficiency. MakeMyTrip’s continuous innovation and commitment to delivering value to its customers propelled its growth trajectory.
Over the years, MakeMyTrip has diversified its business further by expanding into other travel segments, such as corporate travel and alternative accommodations. The company has also focused on international markets, particularly in Southeast Asia, where it has made strategic investments and acquisitions.
Today, MakeMyTrip is a leading player in the Indian travel industry, with a market capitalization of $2.84 billion. It has millions of active users and continues to drive innovation in the sector. Deep Kalra’s vision and relentless pursuit of excellence have transformed MakeMyTrip from a struggling startup to a digital powerhouse.
Kalra’s success story serves as an inspiration to aspiring entrepreneurs, demonstrating the power of resilience, adaptability, and perseverance in the face of adversity. MakeMyTrip’s journey is a testament to the transformative potential of digital technology in traditional industries and underscores the importance of customer-centricity in business.