Singapore’s GIC Reports Nearly 8 % Passive Holding in MakeMyTrip

Rhea-AI Filing Summary

GIC Private Limited, the Singapore-based fund manager for the Government of Singapore and the Monetary Authority of Singapore, has filed a Schedule 13G disclosing a passive ownership stake in MakeMyTrip Ltd (MMYT).

The filing, dated 18 June 2025, reports beneficial ownership of 6,863,918 ordinary shares, equal to 7.84 % of MakeMyTrip’s 87,594,512 shares outstanding (share count derived from the issuer’s Form 6-K of 18 June 2025 and Form 20-F of 16 June 2025). Of this total, GIC exercises sole voting and dispositive power over 5,776,307 shares and shared voting and dispositive power over 1,087,611 shares with the Monetary Authority of Singapore.

GIC states that the securities were acquired and are held without the purpose or effect of changing or influencing control of the issuer. The Government of Singapore disclaims beneficial ownership. The certification is signed by Senior Vice Presidents Wong Hui Ping (22 June 2025) and Wee Linrong (23 June 2025).

The disclosure crosses the SEC’s 5 % reporting threshold, making GIC one of MakeMyTrip’s significant shareholders and signalling material institutional interest in the company.

Positive

• Institutional endorsement: GIC’s 6.86 million-share position equals 7.84 % of outstanding stock, adding a sizable, stable sovereign wealth investor to the register.
• Passive filing: Use of Schedule 13G signals no intent to influence control, limiting governance uncertainty while expanding the long-term shareholder base.

Negative

• None.

Insights

Portfolio Manager

TL;DR: GIC’s 7.84 % passive stake reveals meaningful sovereign-backed support, enhancing MMYT’s institutional base without signalling control ambitions.

The Schedule 13G confirms that GIC, acting as a fund manager for Singapore’s sovereign wealth, now owns nearly 8 % of MakeMyTrip. This positions GIC among the company’s largest holders, strengthening the shareholder register with a long-term, financially robust investor. Because the form is 13G rather than 13D, GIC affirms a passive intent, reducing immediate governance or strategic overhang risk. The clear breakdown of sole versus shared voting/dispositive powers clarifies that most of the stake (≈84 %) is fully controlled by GIC, while the remainder is shared with MAS. No information suggests divestiture or activist activity. For investors, the entrance or increased visibility of a sovereign wealth fund often lends credibility and may support valuation, but it does not directly alter operations or cash flow. Overall impact: modestly positive due to enhanced institutional confidence and liquidity support.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

MakeMyTrip Ltd

(Name of Issuer)

Ordinary shares of $0.0005 each

(Title of Class of Securities)

V5633W109

(CUSIP Number)

06/18/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. V5633W109

1

Names of Reporting Persons

GIC Private Ltd

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

SINGAPORE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,776,307.00
6	Shared Voting Power 1,087,611.00
7	Sole Dispositive Power 5,776,307.00
8	Shared Dispositive Power 1,087,611.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,863,918.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.84 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: The percentage presented herein is calculated based on 87,594,512 shares of Common Stock outstanding as of June 17, 2025. This calculation is derived from information provided in Form 6-K filed by the Issuer with the Securities and Exchange Commission on June 18, 2025, and Form 20-F filed on June 16, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: MakeMyTrip Ltd
(b)	Address of issuer's principal executive offices: 19th Floor, Building No.5, DLF Cyber City, Gurugram, India, 122002
Item 2.
(a)	Name of person filing: GIC Private Limited ("GIC")
(b)	Address or principal business office or, if none, residence: 168 Robinson Road #37-01 Capital Tower Singapore 068912
(c)	Citizenship: Singapore
(d)	Title of class of securities: Ordinary shares of $0.0005 each
(e)	CUSIP No.: V5633W109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The aggregate number of securities and percentage of the class of securities of the Issuer beneficially owned by the Reporting Person named in Item 2(a), as well as the number of securities as to which such person is deemed to have sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, shared power to dispose or direct the disposition, is set forth in the following tables: Reporting Person GIC Private Limited No. of Securities Beneficially Owned 6,863,918 Percent of Class (3) 7.84% Sole Voting Power (1), (2) 5,776,307 Shared Voting Power (1), (2) 1,087,611 Sole Dispositive Power (1), (2) 5,776,307 Shared Dispositive Power (1), (2) 1,087,611 (1) GIC is a fund manager and only has 2 clients - the Government of Singapore ("GoS") and the Monetary Authority of Singapore ("MAS"). Under the investment management agreement with GoS, GIC has been given the sole discretion to exercise the voting rights attached to, and the disposition of, any shares managed on behalf of GoS. As such, GIC has the sole power to vote and power to dispose of the 5,776,307 securities beneficially owned by it. GIC shares the power to vote and dispose of 1,087,611 securities beneficially owned by it with MAS. GIC is wholly-owned by the GoS and was set up with the sole purpose of managing Singapore's foreign reserves. The GoS disclaims beneficial ownership of such shares. (2) GIC disclaims membership in a group. (3) The percentage presented herein is calculated based on 87,594,512 shares of Common Stock outstanding as of June 17, 2025. This calculation is derived from information provided in Form 6-K filed by the Issuer with the Securities and Exchange Commission on June 18, 2025, and Form 20-F filed on June 16, 2025.
(b)	Percent of class: 7.84 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 5,776,307
	(ii) Shared power to vote or to direct the vote: 1,087,611
	(iii) Sole power to dispose or to direct the disposition of: 5,776,307
	(iv) Shared power to dispose or to direct the disposition of: 1,087,611
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

GIC Private Ltd

Signature:	/s/ Wong Hui Ping
Name/Title:	Wong Hui Ping, Senior Vice President
Date:	06/22/2025

Signature:	/s/ Wee Linrong
Name/Title:	Wee Linrong, Senior Vice President
Date:	06/23/2025

FAQ

How many MakeMyTrip (MMYT) shares does GIC now own?

6,863,918 ordinary shares according to the Schedule 13G.

What percentage of MMYT’s outstanding shares does this represent?

The stake equals 7.84 % of the 87,594,512 shares reported outstanding on 17 June 2025.

Does GIC have sole voting power over all of its MMYT shares?

GIC has sole voting power over 5,776,307 shares and shared voting power over 1,087,611 shares with MAS.

Is GIC seeking control of MakeMyTrip?

No. The Schedule 13G states the shares were acquired without intent to influence control, indicating a passive investment.

When was the reportable event that triggered this filing?

The event date is 18 June 2025 with signatures on 22–23 June 2025.