Core Viewpoint - Morpheus Research has accused MakeMyTrip of anti-competitive practices, accounting manipulation, and failing to ensure customer safety at hotels [1][2][4] Group 1: Anti-Competitive Practices - MakeMyTrip was fined approximately $26 million by the Competition Commission of India (CCI) in 2022 for imposing price parity clauses on hotel partners [2] - Morpheus claims that MakeMyTrip continues to enforce price parity checks daily, with hotels receiving a "parity score" [3] - The OTA allegedly removes hotels from search results if they list cheaper prices elsewhere or refuse exclusive agreements [4] Group 2: Accounting Practices - Morpheus accused MakeMyTrip of using aggressive accounting practices, failing to set aside funds for a potential $34 million fine related to the CCI penalty [5] - The company has a $20 million receivable from the defunct Go First, provisioning only half of it while competitors have written off their exposure [6] - MakeMyTrip reports "adjusted" metrics that inflate profits, with a reported profit of $7.2 million adjusted to $51 million, a significant discrepancy compared to peers [7][8] Group 3: Market Position and Competition - MakeMyTrip's market share in bookings at Marriott hotels has decreased from 38% in 2022 to 31%, while Booking.com's share has increased to 36-38% [11] - The company faces increasing competition from Booking.com and Agoda, which have aggressively cut prices, leading to a drop in hotel commissions from around 35% to as low as 18% [10] - MakeMyTrip's strategic backer, Trip.com, has reduced its stake from 45% to 17% and is expanding its market presence in India [12] Group 4: Customer Safety Concerns - Morpheus analyzed reviews of 3,679 budget hotels and found 332 properties with serious customer safety issues, yet these hotels remain listed on MakeMyTrip [13] - Instances of dark patterns were reported, including hidden fees and misleading messages regarding travel insurance and cab bookings [16] Group 5: Future Considerations - MakeMyTrip is evaluating a potential listing on Indian exchanges to access capital from domestic investors [17]