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Oaktree’s Howard Marks buys $52.4 million stake in MakeMyTrip
MakeMyTrip shares are down about 25% year to date, even as the company reported gross bookings up about 20% and revenue up about 16% in constant currency.
Oaktree Capital, the investment firm tied to billionaire Howard Marks, disclosed a new position in MakeMyTrip, buying a stake worth about $52.4 million, according to Yahoo Finance.
MakeMyTrip is India’s major online travel platform, selling flights, hotels, holiday packages, and bus and cab tickets, with revenue primarily tied to air, hotel, and package sales plus bus tickets. The outlet noted that the stock is down about 25% so far this year.
The company’s recent results showed gross bookings rising about 20% and revenue increasing about 16% in constant currency, with the mix skewing away from air. Yahoo Finance reported that international flight departures fell 13% due to Middle East conflict-related disruption and higher airfares, while hotels and packages profit grew 21% and bus ticketing margin grew 32%.
The outlet also cited a cost and demand-supporting narrative, saying MakeMyTrip’s AI now writes 75% of its code and handles half of its customer service calls without human support. At the same time, Yahoo Finance flagged ongoing pressure in the air segment, including the risk that renewed escalation could keep airfares high, and competition concerns from Booking.com, Airbnb, and major hotel chains pushing customers to book direct.