SCHEDULE: GIC Private Ltd Discloses 10.01% Stake in MakeMyTrip

GIC Private Ltd, a Singaporean fund manager, has reported a 10.01% beneficial ownership stake in MakeMyTrip Ltd, totaling 8,989,889 ordinary shares.

Summary

• GIC Private Ltd, a fund manager for the Government of Singapore and the Monetary Authority of Singapore, has reported beneficial ownership of 8,989,889 ordinary shares of MakeMyTrip Ltd.
• This ownership represents 10.01% of MakeMyTrip Ltd's outstanding ordinary shares.
• The percentage is calculated based on 89,851,697 ordinary shares outstanding, as disclosed by MakeMyTrip Ltd in a Form 6-K filed on July 2, 2025.
• GIC Private Ltd holds sole voting and dispositive power over 7,374,662 shares.
• GIC Private Ltd shares voting and dispositive power over 1,615,227 shares with the Monetary Authority of Singapore (MAS).
• GIC Private Ltd certifies that the securities were not acquired and are not held for the purpose of changing or influencing the control of MakeMyTrip Ltd.

Sentiment

Score: 7

Explanation: The filing indicates a significant institutional investment by GIC Private Ltd in MakeMyTrip, which can be viewed positively as a vote of confidence from a major sovereign wealth fund. However, the filing itself is a disclosure of ownership and does not contain performance-related information, thus not warranting a higher score.

Positives

• A significant 10.01% stake by GIC Private Ltd, a major sovereign wealth fund, signals strong institutional confidence in MakeMyTrip Ltd's long-term prospects and business model.

Future Outlook

This filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding MakeMyTrip Ltd's future performance or GIC Private Ltd's investment strategy beyond the current holding.

Industry Context

GIC Private Ltd's substantial stake in MakeMyTrip Ltd, a leading online travel company primarily serving the Indian market, highlights continued institutional interest in the global travel technology sector, particularly in high-growth emerging markets. This investment by a sovereign wealth fund suggests a long-term view on the potential of digital travel platforms.

Stakeholder Impact

• Shareholders may view GIC Private Ltd's significant 10.01% stake as a positive signal of long-term institutional confidence in MakeMyTrip Ltd's business and future prospects, potentially bolstering investor sentiment.

Key Dates

Recommendation

The Schedule 13G filing indicates a substantial 10.01% beneficial ownership by GIC Private Ltd, a reputable sovereign wealth fund. While this signals institutional confidence in MakeMyTrip, the filing itself does not provide new financial performance data or strategic updates to warrant a 'buy' or 'sell' recommendation. Therefore, a 'hold' recommendation is appropriate, acknowledging the positive signal of institutional backing without new performance catalysts.

Keywords

MakeMyTrip, GIC Private Ltd, beneficial ownership, Schedule 13G, institutional investment, travel technology, India, Singapore, ordinary shares