MakeMyTrip acquires controlling stake in ride-sharing tech platform Quick Ride

A proposal has been put forward in Uzbekistan to launch a digital transport platform that will allow passengers to organize their journeys using various modes of transport. Among the schemes under consideration are combined routes such as 'metro plus bicycle,' allowing travelers to cover part of the journey by public transport and the remainder by using bike rentals.

According to the Ministry of Transport's presented strategy project, a unified digital platform named 'Bir Yul' is scheduled to be commissioned by 2028. This system should consolidate information on schedules, ticket prices, and availability for trains, airplanes, and buses. This will enable passengers to form complete 'door-to-door' routes, selecting necessary transfers and purchasing tickets within a single order.

Simultaneously, starting from September 1, 2027, there is a proposal to gradually expand the bike rental network in populated areas of Uzbekistan. It is planned to install rental stations near major transport hubs and public transport stops, which will facilitate the use of bicycles for covering short distances after exiting the metro or bus.

However, the details of integrating bike rental with the developing platform remain uncertain. Currently, it is unknown whether bicycle booking will be possible through the application, what the cost of this service will be, and which cities will be the first to join this system. The strategy project is undergoing a public discussion phase until November 11.

It was previously also reported that there are plans to connect Tashkent's new airport to the Northern Railway Station via a railway line.

Metasports Interactive, a Hyderabad-based company that develops the cricket strategy game Hitwicket, has brought in cricket legend Sachin Tendulkar as a strategic investor. Furthermore, he will serve as an ambassador for the game.

The financial terms of the deal and the company's valuation remain confidential. Existing investors include venture funds Prime Venture Partners and Horizon Ventures from Singapore, as well as cricket commentator Harsha Bhogle.

This collaboration differs from the $20 million funding round Metasports received from London-based Metica in April. This earlier, non-dilutive capital was intended for marketing and international expansion without giving up equity.

Metasports has not specified how Tendulkar's investment capital will be used. The company aims to achieve 100 million game downloads within three years. The company claims that Hitwicket has over 20 million users in 120 countries, revenue doubled in the six months leading up to the announcement, and players spend an average of 51 minutes in the game daily.

According to the company itself, over 97% of revenue is generated through in-app purchases, i.e., optional items bought in the game. Metasports' broader goal is to create franchises of mobile sports games outside of cricket.

Hitwicket is a multiplayer strategy game where tactical decisions carry more weight than reflexes. Players manage a virtual team and determine the approach to each ball.

Tendulkar noted that the game reflects the strategic thinking of cricket, explaining that 'cricket has always required the ability to read the bowler, assess the field, and make the right decision for every ball.' He will also appear in the game and related content.

A company representative mentioned that Tendulkar's knowledge of cricket will help the team better understand the decisions of elite players and improve the gameplay.

The Indian gaming market offers a significant audience, but turning it into a globally competitive business and original intellectual property remains a complex task. The India Game Developers Association estimates that there were 511 million players in the country in 2025, and video game revenue reached $1.04 billion.

Recent funding deals demonstrate investor interest across all genres. Spill Games from Bengaluru raised $10.5 million in October led by Elevation Capital, while social gaming platform Matiks raised $10 million with General Catalyst participating. Cricket-focused LightFury Games also secured $11 million from investors, including Blume Ventures, V3 Ventures, MIXI, and Times Internet.

The legislative framework is also changing. The Online Gaming Promotion and Regulation Act of 2025 and its rules, effective May 1, 2026, prohibit online gambling while creating a foundation for esports and online social games, with requirements for user safety and dispute resolution. Classification takes into account factors such as betting, expected monetary winnings, and the possibility of converting in-game rewards.

The travel platform MakeMyTrip, whose shares are listed on Nasdaq, reported consolidated net profit of $1.8 million in the second quarter of fiscal year 2027. This figure contrasts with a net loss of $5.7 million for the same period last year, according to the quarterly results published by the company on Monday.

Company management disclosed during the earnings call that the flight ticketing business continues to suffer from macroeconomic difficulties, including high fares and limited capacity. It was noted that market supply was constrained, and domestic flights showed a decline of 4 percentage points year-over-year.

Mohit Kabra, Group Chief Operating Officer, stated that both high fares and limited capacity affected demand, leading to an overall decrease in passenger numbers. Regarding the Initial Public Offering (IPO) of the subsidiary MakeMyTrip India Limited, Dipak Bohra, Group CFO, reported that a confidential application has been filed, and the company continues to work with the capital market regulator and stock exchanges to obtain necessary approvals. He specified that the timing of the IPO depends on market conditions and regulatory approvals.

Furthermore, the company intends to continue investing in its hotel offerings. Kabra noted that despite geopolitical challenges affecting international demand in the short term, the company sees significant long-term growth potential in overseas travel and therefore continues to invest in developing the international hotel portfolio.

According to the presented quarterly data, the gross booking value reached $2.7247 billion, which is 20.9% higher in constant currency compared to $2.4473 billion for the same period last year, despite the challenging macroeconomic environment.

MakeMyTrip's revenue under IFRS amounted to $235.2 million in the second quarter of fiscal year 2026-27 (Q2 FY27), an increase of 11.2% in constant currency compared to $229.3 million in the same period last year.

Commenting on the results, Rajesh Magow, CEO of MakeMyTrip, emphasized that the company demonstrated steady growth despite the difficult conditions in the travel sector, noting a 20.9% year-over-year increase in gross booking value in constant currency to $2.7 billion. He added that growth in the hotel and ground transport segments indicates the resilience of the diversified portfolio and the ability to meet changing customer needs.

Nevertheless, adjusted net profit before tax stood at $46.2 million compared to $36.4 million the previous year. The company reported significant growth in adjusted profits across all segments: flight tickets grew by 14.3%, hotels and package tours by 20.2%, bus tickets by 29.0%, and other segments by 29.8% year-over-year.