Indian online travel company MakeMyTrip has formed a strategic partnership with Booking Holdings, one of the world’s largest travel companies. The deal allows users of MakeMyTrip’s platforms to access Booking.com’s global inventory of over 28 million accommodation listings, while Booking.com’s users gain access to MakeMyTrip’s domestic Indian inventory. The partnership is expected to expand travel options for customers of both companies and give them more competitive pricing.
MakeMyTrip CEO Rajesh Magow said the deal would enable MakeMyTrip to deliver more accommodation choices for its customers travelling overseas, while at the same time expanding its footprint in the Indian travel market. Booking Holdings CEO Glenn Fogel said the partnership with MakeMyTrip is part of Booking.com’s strategy to grow and diversify its global footprint to better serve customers in key growth markets.
The Indian travel market is expected to grow from $48bn in 2018 to $95bn by 2023, according to a report by Google and Boston Consulting Group. Internet penetration in India has expanded rapidly in recent years, with more than 500 million internet users expected to be online by the end of this year, up from 481 million last year. With the growing number of internet users, online travel bookings in India are increasing and the competition among travel companies is also increasing.
MakeMyTrip operates several online travel portals, offering services ranging from flight bookings to hotel reservations and holiday packages. It claims to have more than 47 million mobile downloads and a strong position in India’s online travel market. MakeMyTrip has been expanding its services and capabilities in recent years, including through acquisitions of other travel companies.
Booking.com is part of Booking Holdings, which also owns other major travel brands, such as Priceline.com, Kayak and Agoda. Booking Holdings reported revenues of $14.5bn in 2018 and has a market capitalisation of more than $85bn. The company is headquartered in the US and operates in more than 220 countries and territories around the world.