MakeMyTrip.com. March 2014

MakeMyTrip.com March 2014

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, 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 are our ability to maintain and expand our supplier relationships; our reliance on technology, our ability to expand our business, implement our strategy and effectively manage our growth; political and economic stability in and around India; our ability to successfully implement our growth strategy; our ability to attract, train and retain executives and other qualified employees; increasing competition in the Indian travel industry and risks associated with online commerce security. 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 13, 2013, filed with the U.S. Securities Exchange Commission ( SEC ). Copies of this material is 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. 2

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 cancellation and refunds, but does not include other revenues that are generated from 3 rd party advertisement on our website, commissions and fees earned from the sale of railway and bus operators and fees earned by facilitating travel insurance policies to customers. Net Revenues represents Revenues less Service Costs (costs of procuring the relevant services for sale to customers, including procurement costs paid to hotel and package suppliers for the acquisition of hotel rooms, sightseeing costs, local transport costs and on occasion the cost of air tickets when the company pre-purchases air ticket inventory in order to enjoy special negotiated rates and revenues) Net Revenue Margins is defined as Net Revenues as a percentage of Gross Bookings, and represents commissions, fees, incentive payments and other amounts earned in our business. We follow net revenue margin trends closely across our various lines of business to gain insight into the profitability of our various businesses. 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 3

Company Overview Overview India s leading Online Travel Agency (OTA) with 47% market share Started in 2000, India business launched in 2005 Highest hotel bookings of any domestic Indian OTA 1 in 8 of all domestic air passengers booked through MakeMyTrip +2.5 million mobile app downloads Most frequently used travel app in India in 2013 Gross Bookings US$ in Millions $313 52 261 $466 57 409 $742 95 648 $993 154 839 CCG: +33% YoY $1,170 230 940 $858 CCG: +17% YoY $919 167 226 691 693 H&P +35% YoY INR/ USD FY2009 FY2010 FY2011 FY2012 FY2013 9 Months FY2013 9 Months FY2014 46.1 47.7 45.8 48.2 54.4 55.3 59.9 Air Ticketing Hotels and Packages Net Revenue (1) US$ in Millions CCG: 13% YoY CCG: +27% YoY $88 $88 $78 $40 $61 11 18 28 $66 20 29 H&P +45% YoY $25 6 19 8 31 48 66 57 44 46 INR/ USD FY2009 FY2010 FY2011 FY2012 FY2013 9 Months FY2013 9 Months FY2014 46.1 47.7 45.8 48.2 54.4 55.3 59.9 Air Ticketing Hotels and Packages Emerging Segments 4 Note: (1) Net Revenues represent Revenues Less Service Cost CCG = Constant Currency Growth Source: PhoCusWright 2013.

Proven Success in Strategic Execution Year FY 2009 LTM (Dec 31, 2013) Gross Bookings $313mm 3.9x $1,231mm Net Revenue $25mm 4.0x $100mm Hotel & Packages Net Revenue $6mm 6.6x $37mm Net Revenue Mix Hotels & Packages 22% Emerging Segments 3% Air Ticketing 75% Hotels & Packages 37% Emerging Segments 4% Air Ticketing 59% # of Transactions 1,332mm 3.6x 4,773mm Marketing Cost as % of Gross Bookings 3.4% 50% savings 1.7% Cumulative Mobile App Downloads N/A +2.5mm Mobile as % of Traffic 0% 20% 5

Consistent Improvements to Hotels & Packages Platform 11,400 Domestic Hotels (1) 144,000 International Hotels (1) Improved top of funnel conversion through better filters, listings and details page experience Content refresh including localization for top selling hotels Loyalty Program Launched Big Data hive to improve SEM effectiveness, share shift to higher end hotels Improved Channel Manager and enhanced Direct Connectivity Reduction in call center traffic due to Self-serve modules & Automation Personalized Recommendations & Offers based on Customer History Expanding hotel supply through contracting and strategic acquisitions Launched discount offer platform called Last Minute Deals Increases in Net Promoter Score 6 (1) As of December 31, 2013.

It is Still Very, Very Early 1.2bn Total India Population 190mm Internet Users in India 21mm ecommerce customers in India 6mm (1) MMYT Customers 0.3mm (1) MMYT Mobile Customers 7 Source: Ernst & Young, Rebirth of ecommerce in India, 2013, and Economic Times as on Jan 29, 2014. (1) As of December 31, 2013.

India Attractive Growth Market Large Segment of the World Population People in Millions 4 th Largest Global Economy 2013 GDP at Purchasing Power Parity US$ Trillions China 1,339 16.7 15.8 India 1,184 13.4 US 309 Brazil 193 4.9 4.7 3.2 2.4 Russia 141 2 nd Fastest Economic Growth GDP Growth Estimate (2013, %) Rapidly Growing Middle Class All India Households by Income Brackets Households in Millions 7.6 114 3.8 547 MM people 2.5 1.6 1.3 0.5 31 160 MM people 54 267 MM people 2011 2016 2026 8 Source: The CIA World Factbook (2012 estimates), Worldatlas.com, The Economic Times.

With Significant Upside on Broadband & Smartphone Penetration Low Broadband Penetration Presents Further Upside Broadband Penetration 2014E (%) 74% 53% 38% 29% 7% US Russia China Brazil India Smartphone Penetration is in Very Early Stages in India Premium Mobile Phone Install Base as a % of Mobile Phone Install Base 2014E 67% 40% 19% 18% 6% US Russia Brazil China India Leading Smartphone Adoption Over The Next Several Years Premium Mobile Phones Shipped 2013 2017 CAGR 33.2% 22.6% 20.2% 17.9% 5.6% India Brazil China Russia US 9 Source: Gartner.

Fast Growing Travel Market Shifting Online India Travel Market Growth $ in Billions Outbound Departures Growing Outbound Departures by Indians People in Millions $19.7 $19.6 $23.2 $25.9 $28.8 15.4 18.8 22.9 2011 2012 2013 2014 2015 2012 2014 2016 India Online Travel Market Growth $ in Billions $12.5 Online Hotel Bookings as a % of Total Hotel Bookings 32% $10.6 $8.8 $6.0 $6.9 14% 13% US China India 2011 2012 2013 2014 2015 10 Source: PhoCusWright, Euromonitor, 2012.

Leading OTA Market Share Market Share 13% Other 20% 47% 20% Based on 2012 Gross Bookings 11 Source: PhoCusWright 2013.

Scale and Network Effect Driving Enhanced Analytics Prospect Database Optimal User Experience Better Algorithms More Traffic Better Personalization Technology Product Innovation Better Contracting More Searches More Bookings MakeMyTrip is the largest online travel portal in India with 47% market share (1) Travel search is the second most popular Internet activity in India (1) Leverage data from users actions to enhance algorithms in order to create an optimal user experience Leverage large amounts of data to optimize paid search, to better segment users and to optimize operations 12 (1) PhoCusWright 2013.

International Growth Strategy Expanding Through Strategic Acquisitions February 2014 Online hotel reservations in Europe, North America, etc. Strengthen existing travel technology stack Expanded international hotel room offerings Top Destinations for Indian Outbound Travelers # of Outbound Indians Travelers (2012) November 2012 Booking platform offering hotel reservations outside of India Strong presence in the South-East Asia region November 2012 Hotel aggregator and tour operator for Thailand Expanded presence in Thailand, popular destination for Indian travelers USA (635k) Hong Kong (526k) August 2011 (Strategic Investment) Innovative, India based travel search engine Increases customer engagement for our Holidays business May 2011 Singapore-based travel agency Provides hotel reservations, tours and related services in Singapore and SE Asia Maldives UAE (982k) Thailand (1,037k) Singapore (1,109k) Indonesia (236k) Malaysia (820k) Many popular destinations within 3,000 miles (5 hour flight) of India Significant regional non-resident Indian population Focus to capture this large market opportunity 13 (1).As of December 31, 2013.

Indian Hospitality Industry Has Unique Characteristics Market Concentration Fragmented Concentrated Distribution Channels Complex Uniform IT / Back-end Capabilities Under Developed Technologically Advanced Labor Intensity Higher Lower MakeMyTrip Has the Platform To Win in India Diverse portfolio of +11,400 domestic hotels Robust, reliable, fully integrated technology platform Web-enabled centralized booking system Enhanced third party payment security for online transactions Personalized customer dashboard & call center Pre/On/Post travel customer support Diverse Hotel Portfolio 6% 9% 32% 20% 33% 14

Customer Centric Strategies To Develop A Comprehensive Hotel Bookings Business Easily Refine by Price, Hotel Name, Star Rating or Neighborhood Hotels linked to TripAdvisor for extensive reviews Sort By Popularity, Price, Star Rating, User Rating, or Location 1.2 million domestic hotel room nights booked in 2013 Representing less than 2% of total available room nights within MakeMyTrip s network (1) 15 (1) Based on company estimates.

A Leading Mobile Travel Platform in India +2.5mm Cumulative Mobile App Downloads to Date Safe and Secure Payment System A leading OTA app for India s ios & Android app store ~20% of Total Online Traffic +13% of Total Online Transactions 2mm active MakeMyTrip mobile users Significant rate of organic app downloads + 2.5 0.3 Apr 2012 Feb 2014 Cumulative Mobile App Downloads (mm) 16 (1) Based on downloads.

Drivers For Long-Term Growth and Margin Expansion Rising Internet Penetration Fast Broadband & Smartphone Adoption Increasing Travel Supply Technology & Product Innovation Hotels for Domestic & Int l Destinations Operational Leverage Packages Moving Online Expanding Middle Class Population Mobile 17

Financial Overview

Summary Financial Highlights Improving Net Revenue Mix Growth Across All Segments Highly Scalable Operating Leverage 19

Improving Net Revenue Mix FY2011 Net Revenue Mix LTM Dec 31, 2013 Net Revenue Mix (1) Non-Air Net Revenue: 22% Non-Air Net Revenue: 41% Emerging Segments 4% Emerging Segments 4% Hotels & Packages 18% Hotels & Packages 37% Air Ticketing 78% Air Ticketing 59% Non-Air Net Revenue: $13mm Non-Air Net Revenue: $41mm 2011 to LTM CAGR: 49% 20 (1) LTM as of December 31, 2014.

Strong Historical Revenue Growth Gross Bookings US$ in Millions CCG: +33% YoY Net Revenue (1) US$ in Millions $1,170 CCG: +17% YoY CCG: 13% YoY $313 52 261 $466 57 409 $742 95 648 $993 154 839 230 940 $919 $858 226 167 691 693 H&P +35% YoY $25 6 19 $40 8 31 $61 11 48 $88 $88 18 28 66 57 $66 20 CCG: +27% YoY $78 29 44 46 H&P +45% YoY INR/ USD FY2009 FY2010 FY2011 FY2012 FY2013 9M FY2013 9M FY2014 46.1 47.7 45.8 48.2 54.4 55.3 59.9 INR/ USD FY2009 FY2010 FY2011 FY2012 FY2013 9M FY2013 9M FY2014 46.1 47.7 45.8 48.2 54.4 55.3 59.9 Air Ticketing Hotels and Packages Air Ticketing Hotels and Packages Emerging Segments 21 Note: (1) Net Revenues represent Revenues Less Service Cost CCG = Constant Currency Growth

Net Revenue & Adjusted Operating Margins Net Revenue as % of Gross Bookings 10% 8.4% 8.5% 7.8% 7.9% 8% 6% 7.2% 8.1% Air Ticketing 8% 7.2% 6% 7.6% 7.4% 7.9% 6.0% 6.6% Multiple Sources of Net Revenue Commissions and volume incentives from airlines Convenience & Service fees from customers Fees from GDS partner 4% 4% 2% 2% 0% FY2009 FY2010 FY2011 FY2012 FY2013 YTD FY2014 0% FY2009 FY2010 FY2011 FY2012 FY2013 YTD FY2014 Adjusted Operating Profit (1) $US in Millions $15 $10 FY2009 FY2010 FY2011 FY2012 FY2013 $10.9 YTD FY2014 Hotels and Packages 15% 14.0% 12% 11.5% 11.9% 12.0% 12.8% Effective Product Bundling & Scale Mark up on Net Rates Commissions & volume incentives from hoteliers $5 $0 $0.8 $4.6 9% 10.6% H&P +80 bps ($5) ($10) ($10.2) 1.9% 7.5% 12.4% Adj. Op Margin ($5.2) ($2.1) 6% FY2009 FY2010 FY2011 FY2012 FY2013 YTD FY2014 ($15) 22 (1) Excludes share based compensation charges

Scalable Business Model with Operating Leverage Operating Costs as % of Gross Bookings 16% Depreciation & Amortization 14% 12% 10% 0.55% 3.43% Marketing SGA Payment Gateway Personnel Expenses (Excludes SBC) 8% 6% 4.14% 0.34% 2.08% 0.26% 0.28% 1.68% 1.71% 0.32% 1.68% 4% 2.06% 2.65% 2.47% 2.51% 2.72% 2% 3.66% 1.32% 1.33% 1.31% 1.30% 2.10% 1.87% 1.98% 1.95% 0% FY2009 FY 2010 FY 2011 FY 2012 FY 2013 23 Note : All figures as % of Gross Bookings; exclude stock based compensation charges

The Trip Has Just Begun! 1.2bn Total India Population 190mm Internet Users in India 21mm ecommerce customers in India 6mm (1) MMYT Customers 0.3mm (1) MMYT Mobile Customers 24 Source: Ernst & Young, Rebirth of ecommerce in India, 2013, and Economic Times as on Jan 29, 2014. (1) As of December 31, 2013.

Experienced Leadership Team Deep Kalra Founder, Chairman and Group CEO Started Company in 2000 Prior Experience: Rajesh Magow Co-Founder, Chief Executive Officer India Co-Founder since 2001 Prior Experience: Keyur Joshi Co-Founder, Chief Commercial Officer Co-Founder since 2000 Prior Experience: Mohit Kabra Chief Financial Officer 3 Years at MMYT Prior Experience: Mohit Gupta Chief Business & Marketing Officer 6 Years at MMYT Prior Experience: Sanket Atal Chief Technology Officer 2 Years at MMYT Prior Experience: 25

Investment Highlights Clear market leader in online travel Large, dynamic and growing market Well recognized and highly trusted brand Increasing business mix into hotel and vacation packages Scale and network effects driving enhanced analytics Fast growing mobile traction Proven management team with demonstrated results 26

Adjusted Operating Profit Reconciliation 27