MakeMyTrip has not provided details of net revenue or gross booking contribution of the different parts of its H&P business. It did indicate though that standalone hotel booking including international businesses accounted for 55-60% of net revenues in FY15 up from
40% in FY14.
We get the contribution of international businesses from the disclosure on revenue split by geography provided in the annual report. Our channel checks also indicate an average transaction value in India online hotels of US$130 in FY15 based on average room rent of Rs3.5k per night and average room-nights of 2.3 per transaction. Using these we estimate the contribution of India online hotels to net revenues to have been US$14mn in FY15 i.e. 23% of the total net revenues from H&P segment of US$63mn for MakeMyTrip.
Many new entrants like Oyo rooms, Zo rooms and Treebo - mostly in the budget hotel segment - have raised substantial funding over the last 6 months and will likely lead to some market share loss for MMYT going forward.
