India's biggest online travel group MakeMyTrip reported growth in core business segments for the past four fiscal years, according to the company's 20-F filing released recently.
MakeMyTrip has expanded its operation beyond India to global markets including Singapore, UAE, Malaysia, Thailand and US. But the majority of its 3,960 employees are still based in India. The company has only one employees in China, according to the filing.
For fiscal year 2020, the Indian market contributed nearly 96% of the company's total revenue, while the southeast Asia markets took up just 2% of the total.
The fileing shows that Trip.com Group holds a16.9% stake in MakeMyTrip's ordinary shares, 100% of its Class B shares, and 48.85% of voting power. In contrast, MakeMyTrip's founder and chairman Deep Kalra owns just 6% of ordinary shares and 3.77% of voting rights.
Scottish fund Baillie Gifford controls 5.2% of MakeMyTrip's ordianry shares. Baillie Gifford is also an investor of Trip.com Group, holding a 7.7% stake in the Chinese OTA.
In a public tweet sent last year, India's competition watchdog CCI has officially approved Trip.com Group's investments in MakeMyTrip. But with the tension between China and India growing this year, business partnerships and investments may face an unpredictable challenge between two of the world's most populous countries.