War, weak rupee and 47-60% higher Europe fares squeeze MakeMyTrip, ixigo, Yatra air revenue
Q4FY25 air ticketing softened across India's online travel agents: MakeMyTrip air revenue fell to $58.73M (-2% QoQ, -5% YoY), ixigo dropped 6.5% QoQ to ₹95.7cr, Yatra slipped 1% QoQ. Delhi-London fares jumped to ₹1.15 lakh from ₹72,000, redirecting travellers to Southeast Asia — Cleartrip's Philippines bookings tripled.
What happened
India's online travel firms MakeMyTrip, ixigo and Yatra report softer March-quarter air ticketing as West Asia war, weaker rupee and 47-60% higher Europe fares
Key facts
- air ticketing 25-30% of revenue
- MakeMyTrip air revenue $58.73M, -2% QoQ, -5% YoY
- ixigo air revenue ₹95.7 cr, -6.5% QoQ
- Yatra air revenue ₹60.6 cr, -1% QoQ, +5% YoY
- Europe fares +47-60% YoY
- Delhi-London ₹1.15 lakh vs ₹72,000
- Philippines bookings 3x
- Gulf carrier frequencies -6% to 6,541
- European carriers +7% to 2,491 departures
Why this matters
Consolidation or partnership opportunities are emerging as smaller OTAs face compounding headwinds from FX, geopolitics and fare inflation, while Southeast Asia-focused inventory or destination platforms become attractive bolt-on targets.