Big numbers across the board in booking revenue for MakeMyTrip as it saw an increase of 31% to $180 million in the third quarter of the 2019 fiscal year.
Bus tickets was the strongest segment for the India-based online travel agency, with a 43% jump year over year in the three months ending December 2018.
Total gross booking volumes hit $1.41 billion, up by 32% on the same period in 2017.
Air tickets remains the largest area of MakeMyTrip at $821 million in gross bookings, accounting for around 58% of the business.
Although the company has made a concerted effort in recent years to expand its portfolio of services, giving it an alternative revenue stream alongside its core air ticket business that it specialized in during its earlier years, accommodation is not growing as fast (up 20% compared to 32% in air).
As a result of the ongoing uptick in bookings and revenue, losses at the company for Q3 in the 2019 fiscal narrowed to $22.9 million compared to $33.9 million at the same time in 2017.
Deep Kalra, group chairman and group CEO, says: "Our focused execution during the quarter has allowed us to gain further market share, reaccelerate the year on year growth rate in total gross bookings, adjusted revenue, standalone hotel room nights and drive greater marketing and promotional spend efficiencies to further narrow our operating losses."
* Check out our interview with Rajesh Magow, co-founder and CEO for India at MakeMyTrip, during The Phocuswright Conference 2018 in Los Angeles.
PhocusWire @ Phocuswright 2018 - MakeMyTrip on capturing the next wave of consumers