On a Monday morning in the early 2000s, Deep Kalra learned how many of his people were willing to take less. He had asked his team of about 42 to consider pay cuts for senior staff, with stock in return. By the end of that weekend the company had 24 people. Kalra himself took no salary.
He had not come to this from poverty. Born in Hyderabad and raised in Delhi and Ahmedabad, he studied economics at St. Stephen's College and then management at IIM Ahmedabad. He worked at ABN AMRO, helped set up bowling alleys for AMF in India, and joined GE Capital in 1999. That same year, a trip to Phuket with his wife made him see how the internet could change travel. The company he started in 2000 targeted Indians in the US who wanted to travel home.
Born in Hyderabad and raised in Delhi and Ahmedabad, he studied economics at St.
The money ran out quickly. eVentures had put in $2 million for roughly two-thirds of the company and then wanted out. Kalra bought the stake back for about ₹40 lakh, which he later described as the biggest negotiating lesson of his life. After the buyback there was money for about two months. One of the people he had to let go was his CFO, Rajesh Magow, who was his family's only earner. Kalra promised to bring him back once the company could pay him. Magow later put his own money in and became a co-founder.
The next three years were not much easier. The dot-com bust and 9/11 meant cash rarely lasted beyond a couple of months. The team slept in the office and set daily ticket targets to hit monthly numbers. Keyur Joshi and Sachin Bhatia, who had joined as employees, took big pay cuts for stock and became co-founders as well.
What held the company together was a narrow focus on NRI customers, who were already searching online even if most Indians were not yet booking. By 2010, MakeMyTrip was listed on the Nasdaq, raising about $80 million. A merger with Ibibo in 2016 brought Goibibo and redBus under one roof.
It has not been calm since. In 2016 an indirect-tax case led to the arrest of the finance VP, which Kalra has called one of the lowest points of his life. In March 2026 a short-seller alleged the company still influenced hotel prices despite a 2022 competition ruling. In the year to March 2026, MakeMyTrip's revenue reached about $1.04 billion, while net profit fell to $51.8 million.
The founder lesson is in that Monday. Kalra said he had to learn what the other side of a deal actually wants. People will take less for a company they own a piece of, but only if you take less first.