Investor Presentation

November 2011

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Safe Harbor Statement

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 September 2, 2011, 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

3

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 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.

Fiscal Year End – March 31st

Key Investment Highlights

4

Experienced Leadership Team Aligned With Shareholders

Highly Scalable Operating Leverage

India’s Leader in Online Travel & eCommerce

Strong Supplier Partnerships & Innovative Distribution Channels

Advanced & Secure Technology Platform

Multiple Strategies to Drive Earnings Growth

Business Overview

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India: A Growth Story

6

5th Largest Economy Globally Rapidly Growing Middle Class

2010 GDP at Purchasing Power Parity All India Households by Income Brackets

Source: The CIA World Factbook Source: The Economic Times

US$ Tn MM Households

2.2

4.3

3.0

4.0

14.9 14.7

9.9

0

4

8

12

16

European

Union

USA China Japan India Germany Russia

31

54

114

0

50

100

150

2011 2016 2026

160 MM

people

267 MM

people

547 MM

people

100

121*

42

62

81

0

20

40

60

80

100

120

2007 2008 2009 2010 2011

Internet Population Growing Rapidly

7

Currently the 3rd largest Internet population in the world

after China and United States

Rapid Growth in Internet Users

2007-2010 Data Source: Internet World Stats *2011 Forecast: Indian Market Research Bureau (IMRB) & Internet & Mobile Association of India (IAMAI)

Million Users • “1 in 10 Indians will be an Internet user by end of 2011” -The Economic Times November 2011

• Net users growing at the rate of 5 to 7 million per month, should surpass US’s 245 million users in less than 2 years

• Mobile web to drive growth of Internet usage – growing 15% quarter on quarter

• 60 million mobile net users by end of Fiscal 2012

Source: (IMRB) & Internet & Mobile Association of India (IAMAI)

Fast Adoption of Online Travel Bookings

8

India is expected to have the biggest growth in APAC's online travel space by 2012

Source: PhoCusWright, 2010

US$ MM

Growing Travel Market Rising Penetration of Online Booking Total Travel Gross Bookings in India Total Online Gross Bookings in India

US$ MM

22,813

15,808

17,652

19,922

0

8,000

16,000

24,000

2009 2010 2011 2012

7,027

3,342

4,362

5,524

0

1,500

3,000

4,500

6,000

7,500

2009 2010 2011 2012

Travel Industry Capacity Coming Online

9

Aircraft Order Announcements Hotel Chains to Increase Available Rooms

Accor Hotels: 90 more hotels planned by 2015, 21 operational by 2013 Hilton: currently operates 5 hotels, plans to have 14 hotels in next 2 years Carlson Hotels: 100 total hotels planned by 2015 “Ambitious 2015” plan ITC : looking to double its room inventory to 16,000 plus rooms, or 40 properties IHCL: will add 27 properties or 3,700 rooms in 24 months

Airline In Service On Order

Air India 103 30

Jet Airways 97 41

KingFisher 66 150

GoAir 10 72

IndiGo 43 238

SpiceJet 33 57

JetLite 19 6

Total 371 594

Capacity expected to grow more than 2.5 X

Source: Company websites & announcements

+100k rooms to be added by 2015

6.2

11.5

18.1

0

5

10

15

20

2004 2009 2014

Target Market Expands Beyond Domestic Travel

10

Indian Outbound Travelers Forecasted to Reach 50+ million by 2020 – (UNWTO)

UAE (984)

Singapore (941)

Malaysia (916)

Egypt (773) Hong Kong

(297)

Thailand (572)

UK (801)

France (392)

Italy (403) China

(434)

USA (607)

MM People Country Name (‘000 Indian Departures)

Growing Outbound Departures by Indians Top Destinations for Indian Outbound Travelers, 2014

Source: Euromonitor, 2010

Market Leader in India’s OTA Industry

11

Source: PhoCusWright, Mar 2010

Most visited online travel website in India

Largest seller of air tickets for

all Indian Full Service & Low Cost Carriers

MakeMyTrip’s customers represented

12% of all domestic passengers flown (source data: dgca.nic.in July & August 2011)

Largest Producer of online room bookings for many

hotel chains in India

Largest domestic e-commerce company

with over 4.1 million monthly unique visitors (September 2011 comScore)

48%

Yatra 24%

Cleartrip 18%

Others 10%

#1 in Gross Bookings #1 in Total Gross Bookings

Keys to Our Success

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Strong Brand Recognition

“Best Online Travel Agency & Best Domestic Tour Operator” -Times of India 2011

High rates of repeat & direct site traffic

Most searched online travel brand in India with 8.2 million visits per month

Superior User Experience

User-friendly interface (online & offline) - Hotels 3.0

Simple & fast responding booking engines

Customer Loyalty Program – My Trip Rewards

Innovative Customer Service Online Support

Operational Excellence

Web analytics to manage site traffic & enhance conversion rates

Continuous monitoring of key metrics i.e. conversions, first call resolutions, customer satisfaction

Web infrastructure 24x7 alert systems

Open Work Culture to Drive Innovation & Growth

#3 in Great Places to Work (India 2011)

Offering Comprehensive Travel Services and Products

13

Large Target Market: Indian Middle Class, Non-Resident Indians, Domestic Small and Medium Enterprises

Air Ticketing Domestic Flights

(within India)

International Flights

(inbound & outbound to/from

India)

Emerging Segments Travel Insurance

Rail Ticketing

Bus Ticketing

Car Hire

Website Advertising

Hotels & Packages Holiday Packages in India

International Holiday Packages

Standalone Hotel Reservations

Flight Plus Hotel Deals

Air Ticketing

76%

Hotels & Packages

20%

Emerging Segments

4%

% of Net Revenue (LTM 9/30/2011)

Established Strong Airline Partnerships

14

All Major International Airlines (GDS)

All Domestic Low Cost Carriers (Direct Connects)

All Domestic Full Service Carriers (GDS)

Single Largest Air Ticketing Agent for All Domestic Full & Low Cost Carriers in India

Widest Availability of Domestic Hotels

15

Adding 500 more hotels each month to increase selection for customers

29%

21%

33%

11%

6%

6,000+ properties offered

Innovative Holiday Packages & Bundled Products

16

Partnerships with Tourism Boards of Bhutan, Thailand & Malaysia Acquisition of Luxury Tours & Travel: more value & choice for SE Asia bound customers

More choices in holiday packages versus online competitors Greatest proportion of non air net revenue in the domestic OTA industry

Top OTA Seller of Hotel Rooms In India

17

Starwood Hotels India “Today MakeMyTrip is the single largest OTA provider for Starwood Hotels in India and we are committed to strengthening this partnership as we continue to grow” -Devdutta Banerjee, Regional Director of Revenue Management Sarovar Hotels “On a year round basis MakeMyTrip is now our single largest online producer exceeding Expedia in productivity...a challenge that they had willingly accepted” - Pradeep Kalra, SVP Sales & Marketing (Sarovar Hotels) Lemon Tree Hotels “Today MakeMyTrip is our largest OTA seller for Lemon Tree hotels and we are committed to strengthening this partnership going forward.” -Rahul Pandit, President & COO (Lemon Tree Hotels) LaLit Suri Hospitality Group “MakeMyTrip is our largest OTA seller for The Lalit Hotels in India. With new hotels being added to our portfolio, we are confident that our partnership will be fruitful and productive for both of us.” -Kamal Kishore Corporate Head - Revenue Management & Channel Distribution | The LaLiT Suri Hospitality Group Keys Hotels “MakeMyTrip is the largest OTA for Keys Hotels in India and we are consistently growing in our association as higher numbers are flowing in from MMYT and as we continue opening new hotels across India. Their productivity has been consistent and timely for us to be able to plan our yields better and at the same time MMYT has given us a brilliant platform to showcase our unique hotels portfolio.” Jai Motihar - Corporate Head-Revenue Management Fortune Hotels “We are committed to strengthening our partnership with MakeMyTrip as they are our largest OTA seller of hotel rooms for Fortune.” Geetika Bahri | Asst. Revenue Manager | Fortune Park Hotels Ltd.

Largest Online Producer of Room Bookings for

Most Hotel Chains in India

Hotels 3.0 to Further Enhance Shoppers’ Experience

18

Select & Purchase Hotels on a Map

Shortlisting & Saved Results Destination Inspiration

Improved User Interface

Acquisitions & Investments to Drive Hotels & Packages Growth

19

Luxury Tours & Travel (May 2011)

• Increase hotel selection in Southeast Asia • Enhance travel experience • Net revenue margin expansion

iXiGO.com (August 2011)

• Technology team acquisition • User Generated Content & Social Media

My Guest House (November 2011)

• Access to ultra budget accommodation inventory • Last room availability technology

Sales and Service Channels

20

19 MakeMyTrip Travel Stores

11,000+ Affiliate Travel Agents in 700+ cities; B2B and B2C Services

Blackberry Featured App & Mobile Webpage

Call Center: 800+ Tele Agents;

Multiple Locations; Multilingual

Chennai

Ludhiana

Delhi / Gurgaon Jaipur

Kolkata

Guwahati

Nagpur Indore Vadodra

Ahmedabad Rajkot

Surat Nasik

Mumbai Pune

Goa

Bangalore

Hyderabad

Lucknow

Social Network Presence

Online

Flexible Payment Options and Customer Service Channels

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All Major Payment Options Accepted *Credit Cards *Debit Cards *Net Banking *Cash on Delivery *Cash Card *Easy Pay

Online Customer Support Module Cancel, Modify, Track bookings; bypassing call center

Advanced, Secure and Scalable Technology Platform

22

Robust, Reliable and Fully Integrated Technology Platform

Simple booking process

Web-enabled centralized booking system

Scalable search and caching, Comprehensive results, Quick response time

Enhanced Security by Visa payment gateway for online transactions

Integrated B2B, B2C and Mobile platforms

Experienced Leadership Team

23

Corporate Leadership

Deep Kalra Founder, Chairman and CEO

Keyur Joshi Co-Founder and COO

Amit Somani Chief Products Officer

Amit Saberwal Senior VP, Hotels & International Markets

Rajesh Magow Co-Founder and CFO

Mohit Gupta Chief Marketing Officer

Rajnish Kapur Chief Innovation Officer

Anand Kandadai Senior VP, Outbound Tours

Independent Directors

Frederic Lalonde

Founder and CEO

of Openplaces

Philip C. Wolf

Retired President and

CEO of PhoCusWright

Vivek N Gour

Ex-CFO of Genpact

CEO of Air Works

Multiple Strategies Driving Growth

24

Focus on regional, niche holiday players

Optimizing travel supply procurement (Luxury Tours & Travel)

Acquire & invest in technologies to accelerate growth (ixigo.com, My Guest House)

Selective Acquisitions and JVs to Further Enhance Value

Expand footprint into regional geographies (Partnerships with Tourism Boards)

Target geographies with high non-resident Indian populations (UAE)

Broaden Geographical Reach

Continue enhancement of user experience (Hotel 3.0 site)

Leverage social networks to acquire new customers (Facebook, Twitter, YouTube)

Enhance Core Technology Advantage

Increase revenue share of Hotels and Package business

Cross sell higher-margin services and products

Continue to invest in new product categories to offer a 1-stop shopping solution

Expand Product Diversity

Financial Overview

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We Are Capitalizing on Growth Trends

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Gross Bookings Net Revenue (1)

648

43326

52

57

95

77

313

466

742

509

409

261199

225

0

200

400

600

800

FY2008 FY2009 FY2010 FY2011 1H FY2012

Air Travel Hotels and Packages

(US$ MM) (US$ MM)

48

312

6

8

11

10

0.7

1.2

2.5

1.7

25

40

61

42

31

1914

17

0

10

20

30

40

50

60

70

FY2008 FY2009 FY2010 FY2011 1H FY2012

Air Travel Hotels and Packages Emerging Segments

Note: 1. Net Revenues represent Revenues Less Service Cost

Delivering Strong Growth in a Seasonal Industry: Transactions

27

Air Ticketing Transactions Hotels and Packages Transactions

590.5620.9

759.2

854.0

904.1

995.9

0

200

400

600

800

1,000

1,200

Q1 Q2 Q3 Q4 Q1 Q2

(‘000s)

FY2011

42.6

31.4

50.7 51.2

73.3 74.2

0

10

20

30

40

50

60

70

80

90

100

Q1 Q2 Q3 Q4 Q1 Q2

(‘000s)

FY2011

Note 1: Fiscal years refer to year ending March 31 (fiscal) Note 2: Hotels & Packages results include acquisition of Luxury Tours & Travel

FY2012 FY2012

+60.4%

yoy

+135.8%

yoy

Fiscal Q1 (AMJ) & Q3 (OND)

are peak travel months

Delivering Strong Growth in a Seasonal Industry: Gross Bookings

28

Air Ticketing Bookings Hotels and Packages Bookings

146.5138.6

183.4179.4

218.8213.7

0

50

100

150

200

250

Q1 Q2 Q3 Q4 Q1 Q2

(in $ millions)

FY2011

28.2

17.4

27.2

21.9

45.3

31.2

0

5

10

15

20

25

30

35

40

45

50

Q1 Q2 Q3 Q4 Q1 Q2

(in $ million)

FY2011 FY2012 FY2012

+54.2%

yoy

+79.8%

yoy

Fiscal Q1 (AMJ) & Q3 (OND)

are peak travel months

Note 1: Fiscal years refer to year ending March 31 (fiscal) Note 2: Hotels & Packages results include acquisition of Luxury Tours & Travel

Delivering Strong Growth in a Seasonal Industry: Net Revenue

29

Air Ticketing Net Revenue Hotels and Packages Net Revenue

10.010.3

13.513.9

14.4

16.6

0

2

4

6

8

10

12

14

16

18

20

Q1 Q2 Q3 Q4 Q1 Q2

(in $ millions)

FY2011

3.4

2.1

2.9

2.5

5.9

3.8

0

1

2

3

4

5

6

7

Q1 Q2 Q3 Q4 Q1 Q2

(in $ million)

FY2011 FY2012 FY2012

+61.8%

yoy

+83.7%

yoy

Fiscal Q1 (AMJ) & Q3 (OND)

are peak travel months

Note 1: Fiscal years refer to year ending March 31 (fiscal) Note 2: Hotels & Packages results include acquisition of Luxury Tours & Travel

Net Revenue Margins

30

8.0%

8.4%

7.8%

7.3%

7.9%

0%

2%

4%

6%

8%

10%

FY2008 FY2009 FY2010 FY2011 1H

FY2012

Air Travel

Hotels and Packages

7.2%7.4%

7.6%

7.2%7.1%

6%

7%

8%

FY2008 FY2009 FY2010 FY2011 1H

FY12

Commissions and incentives from airlines

Service fees from customers

Fees from GDS partner

12.7%

11.5%

8.9%

10.6%

14.0%

6%

9%

12%

15%

FY2008 FY2009 FY2010 FY2011 1H

FY2012

Effective Product Bundling

Mark up on Net Rates

Multiple sources underline model’s resilience

Net Revenue as % of Gross Bookings

Scalable Business Model Driving Operating Leverage

31

Operating Costs (1)

19.7% 18.0% 15.3% 16.2%

49.3%37.1%

24.3% 22.7%

47.0%

44.6%

30.6% 30.0%

74.0%

34.9%

24.0% 20.4%

0%

50%

100%

150%

200%

FY2008 FY2009 FY2010 FY2011

Payment Gateway Costs Personnel Costs SG&A Marketing Costs

135%

94%

190%

89%

Note: 1. All figures as a % of Net Revenues; Costs exclude stock based compensation charges

Operating Profit (1)

(US$ MM)

4.04.6

0.8

(10.2)

(16.0)

(20)

(15)

(10)

(5)

0

5

FY2009 FY2010 FY2008 FY2011

1.9% 7.5%

Operating Profit Margin

9.4%

1H FY2012

Outlook

32

FY2012 guidance: Revenue less service cost range of $86 - $89 MM maintained

Continue to invest in technology to enhance user experience

Incremental CapEx of US$5 – US$6 MM during FY2012

Complete upgrade of website (Hotel 3.0)

New mid-office system for non air business

New holidays brand campaign (‘Memories Unlimited’) in FY2012

$300 thousand to be spent in Fiscal Q3

Long term net revenue margin and operating margin outlook intact

Air Net Revenue Margin: 6.0% - 6.5%

Hotels & Packaging Margin: 14.0% - 15.0%

Adjusted Operating Margin: 25% - 30%

Key Investment Highlights

Experienced Leadership Team Aligned With Shareholders

Highly Scalable Operating Leverage

India’s Leader in Online Travel & eCommerce

Strong Supplier Partnerships & Innovative Distribution Channels

Advanced & Secure Technology Platform

Multiple Strategies to Drive Earnings Growth