MMT: Game-Changer In The Travel Industry
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Launched in the year 2000, MakeMyTrip, India’s now leading online travel company, was formed with a vision to empower Indian travellers with instant bookings and comprehensive travel choices. The company began its journey in the US travel market. After consolidating its position there, MMT followed its success by launching its India operations in 2005. In a short span of time the start-up became popular for its transparency and reliability, while it continued to offer a range of best-value products and services along with cutting-edge technology and dedicated round-the-clock customer support.
As of March last year, MMT had 14 company-owned travel stores in 14 cities, over 30 franchisee-owned travel stores in 28 cities, and counters at four major airports in India. However, in this journey of solving real-time problems of travellers, MMT has had its share of downfalls before the company listed on NASDAQ and finally grew to become a million dollar brand. Speaking to the media, Deep Kalra, CEO, MMT, has said, “No great company has been built very quickly. It takes time to set up a decent company in India, and probably 10 years to become something. You have to be patient.”
“Don’t look back for the first 4-5 years. Once you are on to something that you have faith in, tweak, pivot, keep your ears to the ground, pick up messages, do the right thing but at the first sign of winter, do not back up. It takes a lot of courage to do it all over again. You probably won’t do it all over again,” he added. Kalra was born in Hyderabad and grew up in Delhi and Ahmedabad. He obtained his bachelor’s degree in Economics from St. Stephen’s College, Delhi in 1990 and his MBA from Indian Institute of Management, Ahmedabad in 1992. He has earlier worked with ABN AMRO, AMF Bowling and GE Capital. He set up MMT after realising the possibilities of the internet while trying to sell his wife’s car online.
According to the brand, MMT is actively seeking partnership with enterprising individuals who are passionate about the travel industry. The franchisees will be selected based on their business acumen and track record. They should demonstrate exceptional leadership traits, proven management capabilities, and an ability to adapt to a constantly changing and evolving travel industry. The investment for an MMT outlet ranges between Rs 4-15 lakhs and the required area varies from 250-400 sq. feet. A franchisee can earn Rs 60,000 to Rs 1.5 lakhs every month.
Franchising since: 2018
Total outlets: 104
Investment: Rs 4-14 lakhs
Area: 250-400 sq feet
Break-even: 12-20 months