In S4 of the Blume Podcast, Karthik sat down with Deep and Rajesh of MakeMyTrip to understand why they chose to go public and why they chose to list in the US.
Fun fact: It was Sanjeev Bikchandani from Info Edge who first told them they were ready to IPO. He looked at their numbers, compared them to Naukri’s own listing moment, and said the business was already at that threshold.
Here are their top 4 insights from the discussion:
1) Market choice is about model-understanding and comps
Why NASDAQ made sense in 2010:
- India didn’t “get” that B2C internet model in 2010
- US investors had better comparisons (Expedia / Ctrip), and comps simplify the story fast
They even mention a slide that’s basically: “Here are the comps. Please price us accordingly.”
Takeaway: If the local market doesn’t have mental models/comps for you, its hard to price your company accurately.
2) IPO success is a business outcome, not a process outcome
They keep hammering one point: the IPO process is work, but it’s not the deciding factor. What decides success is:
- Business readiness: fundamentals that can stand up to scrutiny
- Story readiness: can you confidently “sell the story” without hand-waving?
- Predictability + stability: public markets hate “we’re still figuring it out”
Takeaway: Don’t obsess over bankers and docs until the core business is repeatable, explainable, and forecastable.
3) Governance isn’t a “public company thing”, build it early
A key reason they weren’t scared of US compliance/SEC intensity:
- They ran one clean set of accounts
- They had independent directors early for strategic thinking, not check-the-box governance
- Cultural rule: bad news goes to the board first
Takeaway: If governance is “bolted on” right before listing, it feels like punishment. If it’s baked in early, it feels like muscle memory.
4) India vs US has flipped (for new-age cos) in the last ~5–6 years
Then: India didn’t understand internet models; US did.
They would list in India now because:
- Analyst + institutional ecosystem has matured
- New-age comps exist locally
- Domestic capital participates meaningfully now
- Brand advantage: Indian retail can own the brand they use (US markets don’t have that same retail-brand loop)
Takeaway: Today, for many India-first consumer/internet companies, India listing can be strategically superior—capital + brand flywheel + relevance.