MMT, L&T Metro Rail Collaborate To Help Hyderabad Commuters Go Cashless

Gurugram and New York-based Makemytrip (MMT), on Wednesday (December 23), announced that it has launched QR code-based e-tickets, in collaboration with Larsen & Toubro (L&T) Metro Rail Limited, to provide passengers in Hyderabad with a cashless and hassle-free experience.

In a media report, MMT said that the new feature will be helping commuters beat the congestion, save time at the metro stations and provide seamless connectivity. More than anything, the new feature will help commuters book a one-way, return journey ticket and monthly pass through MMT’s application or website.

Currently, the new MMT service is available for 20 metro stations. The service will be made available across all 49 metro stations in the coming months.

In 2000, MMT was started by Deep Kalra for the overseas Indian community in the US to travel to India. In the span of 19 years, the company has grown to become an online travel aggregator that offers an array of services, including air ticketing, hotel and alternative accommodation bookings, holiday planning and packaging, train ticketing, car hire and ancillary travel requirements among others. MMT was listed on the NASDAQ after its initial public offering at $14 per share on August 17, 2010.

In the second quarter of the financial year 2020, ending in September, the company has managed to narrow down its losses by $6.1 Mn. In Q2 FY19, the company has recorded $39.8 Mn, and in Q2 FY20 it recorded $31.9 Mn. Previously, between April and June 2019, MMT’s losses grew to $51.2 Mn. On a quarter-on-quarter (QoQ) basis the company cut its losses by 37.7%. Growth in terms of YoY, the company had a 14.2% growth in revenue in Q2 FY20, accounting to $118 Mn, compared to Q2 FY19 where MMT saw 16% QoQ decline versus $141.37 Mn revenue generation.

Last month, MMT wanted to aggressively expand in the homestay market in India and add more private properties, approximately 10K villas and apartments in the next year. The company wants to grow at par with US-based Airbnb as well as other Indian travel aggregators and startups like Cleartrip, Vista Room, MiStay and SaffronStays.

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