India’s travel technology leader, MakeMyTrip, is preparing to relist on domestic stock exchanges, a move that underscores the country’s evolving startup ecosystem as it navigates global economic shifts and regulatory pressures. The relisting, announced through preliminary filings with Indian regulators, comes alongside two other major developments: the government’s aggressive push to expand local manufacturing and the rise of Emergent, a Bengaluru-based fintech startup that has just crossed the $1 billion valuation threshold. Together, these events signal a pivotal moment for India’s economic ambitions, its capital markets, and its position in the global technology and manufacturing landscape.
What Happened
MakeMyTrip, which delisted from U.S. exchanges in 2022 after a decade on the Nasdaq, has filed draft documents with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO) on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). While the company has not disclosed the size of the offering, it indicated in regulatory filings that proceeds would be used for expansion and debt repayment. The relisting marks a strategic shift for the company, which remains a dominant player in India’s online travel market, controlling an estimated 47% share as of 2025, according to industry reports.
The move coincides with two other high-profile developments in India’s startup and industrial sectors. First, the Indian government has intensified its push to position the country as a global manufacturing hub, rolling out production-linked incentive (PLI) schemes and infrastructure investments aimed at attracting multinational corporations. Second, Emergent, a fintech startup specializing in cross-border payments, secured $200 million in a funding round led by global venture capital firms, pushing its valuation past $1 billion and making it India’s latest unicorn.
Why It Matters
MakeMyTrip’s relisting is more than a corporate maneuver—it reflects broader trends shaping India’s economic trajectory. The company’s return to domestic markets signals growing confidence in India’s capital markets, which have matured significantly since MakeMyTrip’s original 2010 Nasdaq listing. At the time, India’s regulatory environment and investor base were seen as less conducive to high-growth tech companies. Today, however, the country’s stock exchanges have become a viable alternative for startups seeking liquidity without the compliance burdens of U.S. markets, particularly under the Sarbanes-Oxley Act and other post-Enron regulations.
The relisting also highlights the shifting priorities of global investors. In the post-pandemic era, profitability has overtaken rapid expansion as the key metric for startup success. MakeMyTrip, which reported its first full-year profit in fiscal 2024 after years of losses, appears to be capitalizing on this trend. The company’s decision to relist domestically may also reflect a desire to tap into India’s growing pool of retail investors, who have increasingly participated in IPOs in recent years. According to SEBI data, retail investor participation in Indian IPOs rose from 15% in 2020 to nearly 30% in 2025, driven by the proliferation of digital trading platforms and a bullish domestic market.
Meanwhile, India’s manufacturing push—dubbed the “Make in India 2.0” initiative—aims to reduce the country’s reliance on imports, particularly from China, and create jobs in labor-intensive sectors. The government has introduced PLI schemes for 14 sectors, including electronics, pharmaceuticals, and automobiles, offering financial incentives to companies that meet local production targets. Early results have been mixed. While Apple’s contract manufacturers, such as Foxconn and Pegatron, have expanded production in India, accounting for nearly 15% of the company’s global iPhone output in 2025, other sectors have struggled with infrastructure bottlenecks and bureaucratic delays.
For startups like MakeMyTrip, the manufacturing boom could translate into long-term opportunities. Increased industrial activity is expected to drive demand for business travel, logistics, and supply chain management services. However, the timeline for these benefits remains uncertain, particularly as global economic headwinds and geopolitical tensions continue to disrupt supply chains.
Emergent’s unicorn status, meanwhile, underscores the resilience of India’s fintech sector, which has faced regulatory scrutiny in recent years. The Reserve Bank of India (RBI) has tightened rules on digital lending, data localization, and know-your-customer (KYC) norms, forcing startups to adapt. Emergent’s focus on cross-border payments—an area with fewer regulatory hurdles—positions it well for expansion into Southeast Asia, where India’s Unified Payments Interface (UPI) has gained traction. The company’s $200 million funding round, led by U.S.-based Sequoia Capital and Singapore’s Temasek, reflects continued investor appetite for Indian fintech, despite the sector’s challenges.
Background and Context
MakeMyTrip’s journey mirrors the evolution of India’s startup ecosystem. Founded in 2000 by Deep Kalra, the company went public on the Nasdaq in 2010, becoming one of the first Indian internet companies to list in the U.S. At the time, India’s capital markets lacked the depth to support high-growth tech firms, and the Nasdaq offered greater visibility and access to global investors. However, the regulatory landscape has since shifted. The U.S. Securities and Exchange Commission (SEC) has increased scrutiny of foreign listings, particularly from China and India, citing concerns over accounting standards and data security. In 2022, MakeMyTrip delisted from the Nasdaq, citing high compliance costs and a desire to focus on its core markets.
India’s capital markets, meanwhile, have undergone a transformation. The NSE and BSE have introduced reforms to attract tech listings, including relaxed profitability requirements and faster approval processes. The success of recent IPOs, such as Zomato (2021) and Paytm (2021), has demonstrated the appetite for tech stocks among Indian investors, despite the latter’s volatile post-listing performance. MakeMyTrip’s relisting could serve as a bellwether for other Indian startups considering a return to domestic markets.
India’s manufacturing push is equally significant in the context of global supply chain realignment. The COVID-19 pandemic exposed the vulnerabilities of over-reliance on China, prompting multinational corporations to diversify production. India, with its large domestic market and demographic dividend, has positioned itself as an alternative. The government’s PLI schemes, launched in 2020, offer financial incentives to companies that meet local production targets. As of 2025, the schemes have attracted over $100 billion in investment commitments, according to government data, though actual disbursements have lagged due to implementation challenges.
The fintech sector, meanwhile, has been a bright spot in India’s startup ecosystem. The country’s digital payments market is projected to grow to $10 trillion by 2030, according to a report by Boston Consulting Group and PhonePe. However, regulatory headwinds have slowed growth in certain segments. The RBI’s 2022 guidelines on digital lending, which capped interest rates and mandated stricter disclosures, led to a decline in loan disbursements for many startups. Emergent’s focus on cross-border payments—an area less affected by domestic regulations—has allowed it to avoid some of these challenges.
Competing Claims and Uncertainty
While the developments surrounding MakeMyTrip, India’s manufacturing push, and Emergent’s unicorn status are largely positive, they are not without risks and competing narratives.
MakeMyTrip’s Relisting: Confidence or Caution?
MakeMyTrip’s decision to relist domestically is being framed by some analysts as a vote of confidence in India’s capital markets. The company’s CEO, Rajesh Magow, stated in a recent interview that the move reflects “the strength of India’s growth story and the maturity of its investor base.” However, skeptics argue that the relisting may also reflect a lack of alternatives. U.S. markets, once the preferred destination for Indian tech listings, have become less hospitable due to regulatory scrutiny and geopolitical tensions. The SEC’s increased focus on foreign issuers, particularly those from emerging markets, has raised compliance costs and reduced liquidity for companies like MakeMyTrip.
There are also questions about the valuation. MakeMyTrip’s last reported valuation, based on its 2022 delisting, was approximately $3.5 billion. However, the company has not disclosed its expected valuation for the IPO, and some market observers suggest it may face pressure to price the offering conservatively, given the mixed performance of recent tech IPOs in India. Paytm, for instance, has seen its stock price decline by over 70% since its 2021 listing, raising concerns about the sustainability of high valuations in the sector.
India’s Manufacturing Push: Promise or Pitfalls?
The government’s manufacturing push has been hailed as a game-changer for India’s economy. Prime Minister Narendra Modi has set a target of increasing the manufacturing sector’s share of GDP from 15% to 25% by 2030. However, critics argue that the PLI schemes have benefited a handful of large corporations while doing little to address structural challenges such as labor laws, land acquisition, and infrastructure deficits. A 2024 report by the Centre for Policy Research, a New Delhi-based think tank, found that only 30% of the funds allocated under the PLI schemes had been disbursed, with many companies struggling to meet production targets.
There are also concerns about India’s ability to compete with established manufacturing hubs like China and Vietnam. While India offers a large domestic market and a young workforce, it lags in infrastructure and ease of doing business. The World Bank’s 2025 Ease of Doing Business report ranked India 63rd globally, an improvement from 142nd in 2014 but still behind China (31st) and Vietnam (70th). For startups like MakeMyTrip, the success of the manufacturing push will determine whether the anticipated demand for business travel and logistics materializes.
Emergent’s Unicorn Status: Fintech Resilience or Regulatory Arbitrage?
Emergent’s $1 billion valuation is a testament to the strength of India’s fintech sector, but it also raises questions about the sustainability of its business model. The company’s focus on cross-border payments has allowed it to avoid some of the regulatory challenges faced by domestic lenders. However, its expansion into Southeast Asia will test its ability to navigate diverse regulatory environments. Countries like Indonesia and the Philippines have introduced stricter rules on foreign-owned fintech companies, which could limit Emergent’s growth prospects.
There are also concerns about competition. Emergent will face off against established players like Singapore’s Grab and Indonesia’s OVO, which have deeper local networks and regulatory expertise. Additionally, India’s UPI, which has gained traction in Southeast Asia, could pose a challenge if governments in the region prefer to develop their own payment systems rather than rely on foreign platforms.
What to Watch Next
Several key developments will shape the trajectory of these stories in the coming months:
1. MakeMyTrip’s IPO Timeline and Valuation
The company’s regulatory filings indicate that it plans to launch the IPO in the first half of 2026. Investors will be closely watching the valuation, which could set a precedent for other Indian startups considering domestic listings. A successful IPO would reinforce confidence in India’s capital markets, while a disappointing debut could dampen enthusiasm for tech stocks.
2. Progress on India’s Manufacturing Push
The government is expected to release updated data on PLI scheme disbursements in early 2026. Key metrics to watch include the number of companies meeting production targets, job creation figures, and foreign direct investment (FDI) inflows. The success of Apple’s suppliers in India will be a critical indicator, as the tech giant’s expansion plans are seen as a bellwether for the broader manufacturing sector.
3. **Emergent’s Expansion into
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Story synopsis gathered from: Google News India — source.
