MakeMyTrip Limited (NASDAQ: MMYT)Investor PresentationNovember 2017

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 July 18, 2017 and MMYT’s 6-K dated November 22, 2016, each 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 cancellation 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 railway and bus operators and fees earned byfacilitating 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 negotiatedrates 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.

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

Leading OTA with Multi-Brand Strategy & Comprehensive Customer Reach

Investing for Growth & Share Gains in Underpenetrated Travel Segments

Strong & Experienced Management Team

Growth with Increasingly Efficient Customer Acquisition Spends6

1

2

3

4

5

Rapid Innovations Focused on Customer & Supplier Experience Enhancements

Industry Leading Hotels Business with Unrivalled Supply Side Competitive Advantage

5

191

526

350

702

US China India India

0

5

10

15

20

25

30

35

40

2015 2017 2019 2021 2023 2025

US

4% CAGR

US$ 28 Tn

China

7% CAGR

US$ 37 Tn

India

8% CAGR

US$ 18 Tn

USUS$ 18 Tn

ChinaUS$ 19 Tn

IndiaUS$ 8 Tn

GD

P a

t P

urc

has

ing

Po

wer

Par

ity

(US$

Tn

)

Among Top 3 Global Economies with Robust Growth1

Source: 1Euromonitor; 2United Nations; *Internet Live Stats, The Future of Internet in India” NASSCOM August 2016

47%

33%

32%

48%

52%

59%

6%

15%

10%

Age 0–24 Age 25–64 Age 65+

Largest Young Population Globally (2015)2

2nd Largest Smartphone Users

287

721

462

730

US China India India

89%

52%

35%

52%

US China India India

2020E2016 2020E2016 2020E2016

Room to Grow with Low Internet Penetration

2nd Highest Internet Users

Attractive Macro Growth Drivers

6

India’s Large Opportunity with Multiple Underpenetrated Segments

Source: Morgan Stanley Research, e=Morgan Stanley Research estimates.

($ in Billions)

Addressable Total Travel Market Growth Online Travel Market Growth

Segments 2015 2021e CAGR 2015 2021e CAGR

Domestic Air $5.4 $10.0 11% $2.7 $6.0 14%

International Air $3.0 $5.3 10% $1.5 $2.6 10%

Domestic Hotels $10.0 $25.2 17% $1.4 $10.1 39%

Outbound Travel $12.5 $21.9 10% $0.9 $3.3 25%

Domestic Bus $3.1 $5.0 8% $0.5 $1.5 22%

Total Booking $34.0 $67.4 12% $7.0 $23.5 23%

Large Addressable Market with $67 billion bookings opportunity by 2021

7

Multiple Brands with Superior Online Scale & Reach

Comprehensive Product Offerings | Expanded Customer Reach | Cross Selling Opportunities

Source: Company data as disclosed on Q2 FY2018 Earnings Call & SEC Form 6K Filed on November 1 2017

154Million Total Unique Visitors

101Million Cumulative Mobile App Downloads

87 Million Monthly Shopper Visits

27 Million Transacted Customers

15 Million Monthly Active Mobile Users

8

Investing For Long Term Growth in Key Segments

Domestic Hotels Alternative Accommodations International Hotels

International Outbound Flights Intercity Bus Ticketing Corporate & SME Travel

9

Hotel Business With Significant Scale & Actively Engaged Supplier Base

Common Hotel Supplier

Extranet Platform

Single online (mobile) portal for multiple

brand allocation & pricing management

Supplier driven discounting capabilities

Dynamic pricing via available

competitive (hyper market) intelligence

Management of Goods & Services Tax

compliance for hoteliers

Real time customer feedback notifications

to enable fast supplier actions to improve

stay experience

45,000 domestic hotel properties | 13,500 alternative accommodations

Asset light model enhances budget hotel stay experiences

backed by leading brand guarantees

Supplier retention of proprietary brand identity & equity

Q2 FY2018 Average Value Per Room Night Improved by 8% year on year

Driven by Improving Mix of 4 & 5 Star Hotel Bookings

10

Innovations Driving Enhanced Experiences for Users & Suppliers

Machine Learning & Big Data to

Drive Greater Personalization

Enhanced Referral Program with

Reward Tiers Based on Spend

Artificial Intelligence Powered

Customer Support

Unique In App Feedback

Interactions with Suppliers

WhatsApp delivery & usage of

eTickets

MMT Promise - Unique

Customer Refund Program

11

Improved Loyalty Programs – Driving Customer Retention & Satisfaction

MMT Black

Earn Wallet+ Cash by Spending

Wide Range of Redemption Options

MMT Double Black

Annual Subscription Model

Value for Frequent Travelers

12

Mobile Focused Approach Enabling Continued Reach & Growth

Mobile Air

Ticketing

59%

Mobile Bus

Ticketing

74%

Mobile Hotel

Booking

79%

*Q2 FY2018 mobile transactions as % of total

• Top Ranked iOS &

Google Play Apps

• Driving Tier II & III

penetration

• 1 MB Lite App

Available

• 101+ million

cumulative app

downloads to date

• 15+ million monthly

average active

mobiles users

• 78% of Monthly

Shopper Visits via

Mobile App & Web

• UPI, Google Tez &

Amazon Pay enabled

13

Experienced Founding & Management Team Driving Execution

Deep Kalra Co-Founder, Chairman and Group CEO

- Started MakeMyTrip in 2000

- Chairman of the Board of Directors

- 24+ 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 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 CFO and Chief Operating Officer

- 23+ Years of Experience

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

- Independent FlipKart.com Board Member

- Chartered Accountant from Institute of Chartered Accountants of India, Delhi

Mohit KabraGroup Chief Financial Officer

- 22+ Years of Experience

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

- Bachelor of Commerce - St. Joseph’s Junior College

- Chartered Accountant from Institute of Chartered Accountants of India

- Cost Accountant from Institute of Cost Accountants of India

14

Financial Overview

Results presented include the consolidation of ibibo group from February 1, 2017 onwards,

unless otherwise noted

15

1H FY2018 Financial Summary

Source: Company data, SEC 6K Filed on November 1 2017. Gross Bookings include Bus Ticketing business. YoY % growth on pro forma basis as disclosed

16

Accelerating Net Revenue Growth & Reducing Marketing Spend

Source: Company data, SEC 6K Filed on November 1 2017. YoY % change on Constant Currency BasisMarketing & Sales Promotion inlcudes adjustement for other promotions netted against revevenue less service costs

($ in millions) Q2 FY18 YoY $ change Q1 FY18 YoY

Total Revenue Less Service Costs (Net Revenue) $139.2 +157% $141.2 +135%

Air Ticketing Net Revenue $47.1 +95% $45.6 +86%

Hotels & Packages Net Revenue $79.2 +180% $81.3 +140%

Other Net Revenue $12.9 +568% $14.3 +703%

Marketing & Sales Promotion Spend $135.8 +181% $142.3 +170%

Adjusted Operating (Losses) ($45.0)$6.5

reduction($52.3)

Adjusted Operating (Losses) as % of Gross Bookings (4.2%) (4.5%)

Net Revenue growth acceleration driven by multi-brand strategy

to address each unique customer segment

$6.5 million reduction in total Marketing & Sales Promotion spend in Q2FY18 vs Q1FY18

Adjusted Operating (Losses) as % of Gross Bookings Improved to 4.2% as a result of lower

marketing spend in Q2FY18 vs Q1FY18

17

72 76

119 93

63

87

140

160

5

6

15 27

$0

$50

$100

$150

$200

$250

$300

FY15 FY16 FY17 1H FY18

Air Ticketing Hotels and Packages Other

INR/USD 61.1 65.4 67.1 64.4

1,175 1,276

1,545

1,272

473

566

745

717

231

$0

$500

$1,000

$1,500

$2,000

$2,500

FY15 FY16 FY17 1H FY18

Air Ticketing Hotels and Packages Bus Ticketing

Strong Growth Driven by Hotels and Packages

Gross Bookings

(in $ million)

INR/USD 61.1 65.4

Note: Net revenues represent revenues minus service costs. CCG = Constant Currency Growth.

1HFY18 includes bus ticketing bookings, prior reported periods does not include such bookings data

(in $ million)

Net Revenue(1)

$1,842

$1,648

$169

$139

$2,290

67.1

$274$2,219

64.4

$280

18

Driving Rapid Volume Growth via Customer Acquisition Investments

1,385.9

3,137.3

6,874.1 7,099.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

FY 2015 FY 2016 FY 2017 1H FY18

Hotel & Packages Transactions (in 000s)

Standalone Hotel Transactions Booked Online

(in 000s)

5,432.8

6,960.5

9,379.7

15,557.9

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

FY 2015 FY 2016 FY 2017 1H FY18

Air Ticketing Transactions

(in 000s)

619.8

2,443.6

6,467.3 6,992.8

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

FY 2015 FY 2016 FY 2017 1H FY18

Air Ticketing: 2.8x increase

Hotels & Packages: 5.1x increase

Standalone Hotel Booking Online: 11.2x increase

Note: Comparison of 1HFY18 to FY15

19

Improving Mix and Margins with Strategic Focus on Hotels and Packages

Air Ticketing Net Revenue Margin

Hotels and Packages Net 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 Net Revenue as % of Total Gross Bookings1

8.1%9.2%

11.3%

12.6%

0%

2%

4%

6%

8%

10%

12%

14%

FY15 FY16 FY17 1H FY18

6.1% 6.0%

7.7%7.3%

0%

2%

4%

6%

8%

10%

FY15 FY16 FY17 1H FY18

13.2%15.3%

18.8%

22.4%

0%

5%

10%

15%

20%

25%

FY15 FY16 FY17 1H FY18

Note 1: 1H FY18 calculation includes Bus Ticketing bookings, prior periods only included

air ticketing & hotels & packages gross bookings