In 2000, the Group approved a share option programme in Mauritius, named the MakeMyTrip.com Equity Option Plan (“MMT ESOP Plan”). In June 2009, this plan was expanded in order to issue share options to employees of subsidiaries and directors of the Group. The Group replaced certain share options to acquire shares in its Indian subsidiary held by employees at its subsidiaries with options granted under the MMT ESOP Plan. Total options granted under this plan were 2,703,810 during the year ended March 31, 2010. No options were granted during the years ended March 31, 2020, 2021 and 2022, respectively.

The number and weighted average exercise price of share options under MMT ESOP plan are as follows:

	Weighted Average Exercise Price per share (USD)		Number of Options		Weighted Average Exercise Price per share (USD)		Number of Options		Weighted Average Exercise Price per share (USD)		Number of Options
	For the Year Ended March 31
Particulars	2020		2020		2021		2021		2022		2022
Outstanding at beginning of the year		1.98		17,839		1.98		17,839		1.98		17,839
Exercised during the year		—		—		—		—		1.98		(17,839	)
Outstanding at the end of the year		1.98		17,839		1.98		17,839		—		—
Exercisable at the end of the year		1.98		17,839		1.98		17,839		—		—

In 2010, the Group approved a share incentive plan in Mauritius, named the MakeMyTrip 2010 Share Incentive Plan (“Share Incentive Plan”). During the years ended March 31, 2020, 2021 and 2022, the Group granted restricted share units, or RSUs, under the plan to eligible employees and non-employees. Each restricted share unit represents the right to receive one common share. The fair value of each restricted share unit is the market price of one common share of the Group on the date of grant.

The terms and conditions relating to the RSUs grants under this Share Incentive Plan are given below:

- 2,529 (March 31, 2021: 205,872 and March 31, 2020: 846,044) RSUs have graded vesting over 4 years: 10% on the expiry of 12 months from the grant date, 20% on the expiry of 24 months from the grant date, 30% on the expiry of 36 months from the grant date, 40% on the expiry of 48 months from the grant date.

- 1,072,635 (March 31, 2021: 484,152 and March 31, 2020: 305,131) RSUs have graded vesting over 4 years: 25% on the expiry of 12 months from the grant date, 25% on the expiry of 24 months from the grant date, 25% on the expiry of 36 months from the grant date, 25% on the expiry of 48 months from the grant date.

- 564,541 (March 31, 2021: Nil and March 31, 2020: Nil) RSUs have graded vesting over 5 years: 20% on the expiry of 12 months from the grant date, 20% on the expiry of 24 months from the grant date, 20% on the expiry of 36 months from the grant date, 20% on the expiry of 48 months from the grant date, 20% on the expiry of 60 months from the grant date.

- Nil (March 31, 2021: 251,750 and March 31, 2020: Nil) RSUs have graded vesting over 2 years: 25% on the expiry of 6 months from the grant date, 25% on the expiry of 12 months from the grant date, 25% on the expiry of 18 months from the grant date, 25% on the expiry of 24 months from the grant date.

- Nil (March 31, 2021: 209,611 and March 31, 2020: Nil) RSUs have graded vesting over 1 year: 25% on the expiry of 3 months from the grant date, 25% on the expiry of 6 months from the grant date, 25% on the expiry of 9 months from the grant date, 25% on the expiry of 12 months from the grant date.

- Nil (March 31, 2021: Nil and March 31, 2020: 180,714) RSUs have 100% vesting on September 30, 2022, Nil (March 31, 2021: 325,444 and March 31, 2020: 2,098) RSUs have 100% vesting on September 30, 2023, 547,060 (March 31, 2021: 779 and March 31, 2020: Nil) RSUs have 100% vesting on September 30, 2024 and 225,816 (March 31, 2021: Nil and March 31, 2020: Nil) RSUs have 100% vesting on September 30, 2026. Further, the Group's estimate of the number of shares to be issued is adjusted upward or downward based upon the probability of achievement of the factors like Group performance (revenue, profit and gross merchandise value) of next three financial years and service condition. Maximum shares the employees are eligible to receive under this scheme are 150% of the total RSUs granted.

- 861 (March 31, 2021: 583 and March 31, 2020: 772) RSUs were fully vested on the grant date.

- These RSUs can be exercised within a period of 48 months from the date of vesting or within a period of 6 months from the date of termination of employment, whichever is earlier.

The number and weighted average exercise price of RSUs under share incentive plan are as follows:

	Weighted Average Exercise Price per share (USD)		Number of Awards			Weighted Average Exercise Price per share (USD)		Number of Awards			Weighted Average Exercise Price per share (USD)		Number of Awards
	For the Year Ended March 31
Particulars	2020		2020			2021		2021			2022		2022
Outstanding at beginning of the year		0.0005		5,734,826			0.0005		6,437,422			0.0005		5,979,731
Granted during the year		0.0005		1,334,759			0.0005		1,478,191			0.0005		2,413,442
Forfeited and expired during the year		0.0005		(319,399	)		0.0005		(470,810	)		0.0005		(424,405	)
Exercised during the year		0.0005		(312,764	)		0.0005		(1,465,072	)		0.0005		(523,127	)
Outstanding at the end of the year		0.0005		6,437,422			0.0005		5,979,731			0.0005		7,445,641
Exercisable at the end of the year		0.0005		2,812,252			0.0005		3,328,012			0.0005		3,869,396

The grant date fair value of RSUs granted during the year is in the range of USD 24.16 to USD 32.97 (March 31, 2021: USD 13.34 to USD 30.92 and March 31, 2020: USD 22.43 to USD 27.60).

The RSUs outstanding at March 31, 2022 have an exercise price per share of USD 0.0005 (March 31, 2021: USD 0.0005 and March 31, 2020: USD 0.0005) and a weighted average contractual life of 4.3 years (March 31, 2021: 4.2 years and March 31, 2020: 4.6 years).

During the year ended March 31, 2022, share based payment expense recognized under personnel expenses (refer note 13) amounted to USD 32,921 (March 31, 2021: USD 28,141 and March 31, 2020: USD 36,388) and, under legal and professional expenses (refer note 14) amounted to Nil (March 31, 2021: Nil and March 31, 2020: 144) for the RSUs granted under the share incentive plan.

In 2010, the Group approved a share incentive plan in Mauritius, named the MakeMyTrip 2010 Share Incentive Plan (“Share Incentive Plan”). During the year ended March 31, 2020, the Group granted ESOPs, under the plan to eligible employees. Each ESOP represents the right to receive one hundred common equity shares of the Group.

The terms and conditions relating to the ESOPs grants under this Share Incentive Plan are given below:

- 21,588 ESOPs have graded vesting over 3 years: one third on the expiry of 12 months from the grant date, one thirds on the expiry of 24 months from the grant date, one third on the expiry of 36 months from the grant date.

- These ESOPs can be exercised within a period of 48 months from the date of vesting or within a period of 6 months from the date of termination of employment, whichever is earlier.

The number and weighted average exercise price of ESOPs under share incentive plan are as follows:

	Weighted Average Exercise Price per ESOP (USD)		Number of Awards		Weighted Average Exercise Price per ESOP (USD)		Number of Awards			Weighted Average Exercise Price per ESOP (USD)		Number of Awards
	For the Year Ended March 31
Particulars	2020		2020		2021		2021			2022		2022
Outstanding at beginning of the year		—		—		2,229		21,588			2,229		19,489
Granted during the year		2,229		21,588		—		—			—		—
Forfeited and expired during the year		2,229		—		2,229		(1,968	)		2,229		—
Exercised during the year		2,229		—		2,229		(131	)		2,229		—
Outstanding at the end of the year		2,229		21,588		2,229		19,489			2,229		19,489
Exercisable at the end of the year		—		—		2,229		6,409			2,229		12,949

The ESOPs outstanding at March 31, 2022 have an exercise price per option of USD 2,229 (March 31, 2021: USD 2,229 and March 31, 2020: USD 2,229) and a weighted average contractual life of 3.4 years (March 31, 2021: 4.5 years and March 31, 2020: 5.5 years).

During the year ended March 31, 2022, share based payment expense recognized under personnel expenses (refer note 13) amounted to USD 3,724 (March 31, 2021: USD 7,448 and March 31, 2020: USD 5,099) for the ESOPs granted under the share incentive plan.

	For the Year Ended March 31
Fair value of ESOP and assumptions	2020
Share price at grant date (USD)		2,302
Fair value at grant date (USD)	722 - 1,014
Exercise price (USD)		2,229
Expected volatility	43.8% - 49.0%
Expected term	3-5 years
Expected dividends		—
Risk-free interest rate		1.5	%

In 2016, one of the Group’s subsidiary approved a share incentive plan in India, named the Bona Vita Employees Stock Option Plan 2016 (“Bona Vita ESOP Plan”). During the years ended March 31, 2020, 2021 and 2022 respectively, no employee stock options or ESOPs, were granted to employees. Each ESOP represents the right to receive one common share of the subsidiary.

ESOPs had graded vesting over 4 years from the grant date with first vesting date after one year from the grant date. The contractual life of the ESOPs granted under this plan was 10 years from the vesting date.

The number and weighted average exercise price of employee stock options under the Bona Vita ESOP Plan are as follows:

	Weighted Average Exercise Price per share (USD)		Number of Awards
	For the Year Ended March 31
Particulars	2020		2020
Outstanding at beginning of the year		0.0154		13,664
Forfeited and expired during the year		0.0141		(9,117	)
Exercised during the year		0.0141		(4,547	)
Outstanding at the end of the year		—		—
Exercisable at the end of the year		—		—

During the year ended March 31, 2020, plan had been closed and all related liabilities had been settled with the employees.

During the years ended March 31, 2020, 2021 and 2022 share based payment expense recognized under personnel expenses (refer note 13) amounted to Nil for the ESOPs granted under the Bona Vita ESOP plan.