MakeMyTrip and ICICI Bank Announce Multi-year Partnership

NEW DELHI, September 27, 2018 /PRNewswire/ --

Launch a range of competitive co-branded credit cards to offer the most rewarding way to travel 

MakeMyTrip (NASDAQ: MMYT), India's leading online travel company, and ICICI Bank, India's largest private sector bank by consolidated assets, have announced a multi-year partnership to introduce co-branded credit cards to make travel an even more rewarding experience for Indians on the move. With this partnership, both MakeMyTrip and ICICI Bank aim to leverage each other's expertise and provide unmatched benefits on travel related spends to millions of customers.

The cards provide customers attractive lifestyle privileges as well as the opportunity to convert their daily spends on the card to MakeMyTrip 'MyCash', the reward currency of the travel portal. Each reward point earned as 'My Cash' has a value of Re 1. It can be redeemed across an array of categories on the travel portal such as air travel, hotel booking, holiday packages. Additionally, customers can also use it to redeem partner merchant benefits on MakeMyTrip for categories including cab aggregators, online movie ticketing platforms, e-commerce portals among many others. Further, customers also get the advantage of joining benefits, additional bonus reward points from the bank on specified spends on the card, complimentary access to domestic airport & railway lounges and 'MMTBLACK' and 'MMTDOUBLEBLACK' - loyalty programmes of MakeMyTrip.

Talking about the partnership,  Mr. Rajesh Magow, Co-founder and Chief Executive Officer, MakeMyTrip, said; "We are pleased to partner with ICICI Bank and look forward to affiliating with a brand as committed as we are to building customer relationships and enhancing customer loyalty. This partnership will deliver most meaningful and distinctive value proposition to our customers making it the most rewarding way to travel."

Commenting on the new addition to the credit card portfolio, Mr. Anup Bagchi, Executive Director, ICICI Bank, said, "We are delighted to partner with MakeMyTrip to introduce a compelling co-branded proposition for the expanding segment of Indian consumers who are travel enthusiasts. Our research indicated that customers are looking at newer card reward propositions which provide them the flexibility to accumulate reward points and redeem them for travel and entertainment related spends. In line with this customer requirement, the new co-branded card offers customers and provides unmatched benefits on travel related spends. We believe that this card will be yet another imperative addition to our existing range of credit and debit cards."

Along with a large amount of savings in travel spends, MakeMyTrip - ICICI Bank Credit Card will offer exclusive benefits to all card holders, that includes; vouchers from Lemon Tree Hotels, complimentary lounge & spa access at international airports, domestic airport & railway lounge access and a number of other benefits with Airtel, BookMyShow, Ola, and more.

About MakeMyTrip Ltd.: 

MakeMyTrip Ltd. (NASDAQ: MMYT) is India's leading online travel company. We own and operate well recognized online brands, including MakeMyTrip, Goibibo and redBus. Through our mobile apps and primary websites, travelers can search, plan and book a wide range of travel services and products in India as well as overseas. Our services and products include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, rail ticketing, bus ticketing, car hire and ancillary travel requirements such as facilitating access to third-party travel insurance and visa processing. We provide our customers with access to all major domestic full-service and low-cost airlines operating in India and all major airlines operating to and from India, over 50,000 domestic accommodation properties in India and more than 500,000 properties outside India, Indian Railways and all major Indian bus operators.

About ICICI Bank: 

ICICI Bank Ltd (NYSE: IBN) is a leading private sector bank in India. The Bank's consolidated total assets stood at US$ 160.5 billion at June 30, 2018. ICICI Bank's subsidiaries include India's leading private sector insurance, asset management and securities brokerage companies, and among the country's largest private equity firms. It is present across 17 countries, including India.

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