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Myra 2.0's Vernacular and Voice Capabilities
MakeMyTrip has released Myra 2.0, a major upgrade to its AI travel assistant, aiming to offer a smoother booking experience via conversation. Beyond basic searches, Myra 2.0 handles complete travel bookings, from selection to payment and confirmation, all within a chat. The assistant can now process complex itineraries, including specific hotel needs or transit visa details. It supports eight languages plus Hinglish voice commands, recognizing the strong voice engagement in tier-2 and smaller Indian cities, where it is substantially higher than in metropolitan areas. Features like extracting passport data for autofill and document uploads streamline processes, catering to users who prefer natural language over filters.
Driving Bookings in Emerging Markets
Myra 2.0's launch targets increasing digital adoption in India's emerging markets. MakeMyTrip reports that Myra handles over three million conversations each quarter, with a significant 45% of usage stemming from tier-2 and smaller cities. The company reports users interacting with Myra convert bookings at a higher rate than those using standard search methods. This is linked to Myra's skill in handling detailed, intent-driven requests for a more personal planning journey. Voice interactions, which are typically more detailed than typed searches, are a focus, suggesting deeper user commitment, especially outside major cities.
India's Travel Market and MMT's Position
India's online travel market was valued at $15.35 billion in 2023 and is projected to grow at a 9.20% CAGR through 2034. This expansion is driven by rising smartphone use, affordable data, and demand for personalized travel. MakeMyTrip's focus on AI and vernacular languages positions it to capture a larger market share, especially as AI use in travel planning becomes common, with over 68% of travelers likely to use AI for their next trip. While competitors like Goibibo and Yatra have AI chatbots, MakeMyTrip's full conversational booking and multilingual support, including Hinglish, mark an aggressive strategy for diverse users. Its prior integration of OpenAI APIs in February 2026 shows a continued commitment to advanced AI for a competitive edge.
Valuation Concerns and Criticisms
MakeMyTrip's market capitalization is between $4.54 billion and $4.81 billion, with a P/E ratio around 90-100. This P/E is higher than the market average of about 38.64 and many global online travel agencies, which trade at lower multiples. While analysts generally recommend a 'Moderate Buy,' recent reports indicate recalibrations. Goldman Sachs and Citi have trimmed price targets, citing demand pressure and translation impacts. Investors worry about AI disruption, lower take rates, and higher costs from hyper-personalization, which could squeeze margins. Morpheus Research issued a critical report alleging regulatory defiance and customer mistreatment, raising reputational and regulatory risks.
Outlook on Growth and AI Strategy
MakeMyTrip's ongoing AI investment, seen in Myra 2.0 and its OpenAI work, shows a proactive strategy for the evolving digital travel market. Its strategy to engage users in tier-2 and smaller cities via vernacular and voice interfaces is expected to drive future growth. Analysts are watching how MakeMyTrip converts user engagement into profits and market share amid competition and its high valuation.