Raj Shamani - Deep Kalra

1) Deep Kalra, the founder of MakeMyTrip discusses how the travel industry has evolved in India due to changing consumer behavior and aspirations, particularly in the younger generation. Kalra notes that people are now more focused on experiencing life rather than saving for the future. This trend has resulted in people prioritizing travel and food experiences over buying assets like a house or car. Kalra also discusses the concept of super apps and how they have been successful in China but have yet to catch on in India due to the difficulty in executing them effectively.

2) Kalra discusses the state of mind of travel and how it differs from buying other items. He explains that people either have time or money but the happiest individuals have both. He believes that specialization in the travel industry will work better as the best experience ultimately matters most to customers. Kalra also shares his views on the hype around quick commerce, stating that 15-20 minutes is sufficient for most things, and quick commerce businesses like Zomato and Zepto Cafe are spoiling people into a daily habit rather than a necessity.

3) Deep discusses the rise of convenience culture in India, exemplified by the popularity of food delivery services like Zomato. He notes that there is a wide range of Indian consumers who do and do not value convenience, and companies must decide where they want to operate. Kalra stresses the importance of valuing time as the only finite resource in the world and advises young Indians looking to build businesses to focus on areas where they can add value and provide excellent service.

4) Deep talks about the importance of building trust and reliability with customers in order to create a durable company and brand. While offering incentives for first-time trials may be effective, continuously discounting is a crutch that should be avoided. Instead, offer something of value that customers will appreciate, such as Fair Lock, a premium insurance model that locks in a price for travel with a win-win advantage if the price goes up or down. Indians love this approach as it removes the fear of prices becoming too expensive when traveling. It is important to recognize what customers want and build a business around great experiences and reliability. Trust takes a long time to develop and can be destroyed overnight if customers are taken for granted.

5) Deep talks about the demand supply relationship in the Indian tourism and travel industry. He shares that while the airline systems are sophisticated and even perishable commodity, hotel occupancy and pricing is still driven by demand-supply. Kalra expresses his sadness about the effects of over-tourism and how it has impacted some of the most beautiful places in India, transforming them beyond what's desirable. He implies that local governments have to enforce carrying capacity rules and monitor commercial use of places to prevent over-tourism and better regulate the impact of tourism on local communities and sites.

6) Deep shares his concern that over-tourism might be ruining some of India's beautiful places, which could discourage tourists from coming and opt to travel overseas instead. He then talks about his favorite places to visit in India, including Havelock Island and Lakshadweep, which boasts beautiful beaches and surreal landscapes. He also shares his preferred airlines, which includes Emirates and Qatar Airways, and how he always opts for reliable airlines that can get him to his point of destination on time. Additionally, he talked about his love for the Four Seasons resort in Landaa Giraavaru in Maldives.

7) Deep talks about the loud and aggressive behavior of North Indians when compared to more calm and understated Southern Indians. He adds that while Indians don't typically flash their wealth, there is still a level of craving for status, which can differ from person to person. Additionally, Kalra shares how he made the decision to go non-executive in his company with the hope of having more time to give back, mentor, and spend time with family. However, he ultimately ended up agreeing to do 40-50% of his time with MakeMyTrip due to timing and the impact of COVID-19.

8) Deep talks about his current involvement with the company and how he is now able to focus on mentoring and not-for-profit work. He also shares his passion for travel and the importance of post-sales hand-holding for customers. He advises entrepreneurs to ensure that their ideas are truly their own and that they are solving a real customer pain point. He emphasizes the need to strive to be the best in the world, not just in India, and to think about online businesses with no boundaries.

9) Deep discusses the importance of being world-class when competing with industry giants like Booking.com and Airbnb. He emphasizes that businesses must match their aspirations, and entrepreneurs must have an honest conversation with themselves, their skills, and what they hope to achieve. Kalra mentions that building a business from scratch is extremely difficult, and scaling up requires different people with different skillsets. As a founder or CEO, it's crucial to motivate people, create an environment where people can respectfully disagree with you, and get the best out of your team.

10) Deep advises young entrepreneurs to have people around them who are not yes men and can challenge their ideas. He stresses the importance of playing to people's strengths and not getting bogged down by their weaknesses. Kalra admits to starting alone, but was smart enough to hold on to amazing co-founders who shared the same passion and values as him for the brand, which helped MakeMyTrip become profitable in the last six cash-profitable quarters. He acknowledges that the travel industry is hyper-competitive now, but believes that hyper-specialization or true innovation can still differentiate and create profitability for businesses.