Whalesbook
Myra 2.0 Targets India's Growing Digital Audience
MakeMyTrip has updated its AI assistant, Myra 2.0, aiming to attract a vast new group of Indian digital users. The assistant is designed for accessibility, focusing on users in tier-2 cities and smaller towns who prefer voice commands, especially in Hinglish. MakeMyTrip handles about three million conversations with Myra each quarter, with 45% coming from these non-metro areas. Myra 2.0 offers full travel bookings via voice in eight languages. It also supports other inputs, like extracting passport data, and can handle complex travel requests. These features aim to make booking easier and boost conversion rates more than traditional search methods.
Competitors Also Boost AI Capabilities
The online travel market is rapidly adopting AI. MakeMyTrip's Myra 2.0 competes with AI tools from global players like Expedia, which uses 'Romie' for planning and service, handling over 143 million annual conversations. Booking.com also uses AI Trip Planners and voice support to simplify search. In India, EaseMyTrip has integrated with ChatGPT Apps for conversational bookings. MakeMyTrip's strategy focuses on tailoring Myra 2.0 for India's specific language and regional needs, aiming for a user experience that global companies might find harder to match.
MakeMyTrip's Financial Standing and Analyst Outlook
As of May 2026, MakeMyTrip had a market capitalization of about $4.26 billion. Its high price-to-earnings (P/E) ratio, around 90-plus, suggests investors expect strong future growth. Although the stock has been volatile, dropping over the past year within a range of $32.67 to $110.59, most analysts are optimistic. A 'Strong Buy' rating and price targets often above $100 indicate expectations for significant gains. This positive outlook is driven by MakeMyTrip's leading position in India and its tech investments, like Myra 2.0.
Challenges and Risks in the AI Strategy
However, MakeMyTrip faces challenges. Its high P/E ratio of about 97x, much higher than the market average of 38.64x, means the company must meet high growth targets. Failure to execute its AI strategy or slow user adoption could sharply reduce its valuation. Competition is fierce, with rivals improving their AI quickly. Disruption from global or local companies using tools like ChatGPT is a risk. Using AI for sensitive tasks like extracting passport data also raises concerns about customer trust and data privacy. Some analysts have lowered their price targets, with Goldman Sachs notably revising a target from $117 to $80, suggesting caution. Myra 2.0's success depends on proving its advanced features can genuinely increase bookings, especially among users in India's varied non-metro areas.
Outlook for India's Travel Market
India's travel technology market is expected to grow significantly, reaching an estimated $38.58 billion by 2031, at an annual rate of 8.74% (CAGR). MakeMyTrip's AI focus, especially Myra 2.0's conversational features for non-metro users, helps it tap into this expansion. This aligns with growing digital payments and mobile booking habits in India. Company leaders see AI as key to future growth. MakeMyTrip's next earnings report on May 19, 2026, will offer more details on its performance and the early effects of these AI updates.