According to a recent industry-benchmarking study by VIDEC, online travel agency Cleartrip, a subsidiary of Flipkart, has solidified its position as the second largest and fastest growing OTA player in India following a remarkable post-pandemic recovery of the travel industry.
According to VIDEC’s recent OTA benchmarking research study, Cleartrip has achieved industry-leading growth in FY23, further strengthening its position in the segment. Highlighting its initiatives in achieving this feat, Cleartrip said it strategically invested in revamping existing offerings and launching new tools and products in the hotels, buses, and B2B businesses categories.
Furthermore, Cleartrip’s B2B topline experienced more than 2x growth due to the introduction of new tools that provide a seamless booking experience for our partners. “Our investments in essential business areas not only helped us gain market share but also earned recognition and awards from the wider community,” the company said in its communication.
Commenting on the latest development, Ayyappan R., CEO, Cleartrip stated, “This move is a milestone in Cleartrip’s journey and is a testament to our commitment to customer-centricity and sustainable growth. Travel is a massive industry that has witnessed rapid growth and is expected to scale further heights. We believe that we are in the right position to innovate and bring about disruption through technology. This is a new chapter for Cleartrip and by no means the end destination. We will continue to curate value-led constructs, expand our product categories, innovate on behalf of our customers, and make travel an affordable and accessible aspiration for all.”
VIDEC, a boutique research company with a singular focus on the global travel industry has conducted the current study – Indian OTA Landscape: India Travel Market Sizing, OTA Benchmarking & Consumer Insights. The report encapsulates the market sizing, segmentation, OTA benchmarking, and travel consumer insights for the Indian travel marketplace through executive interviews with suppliers, travel distributors OTAs, and travel technology providers operating in India.
While welcoming the Union Finance Ministry’s move to defer the implementation of revised TCS rates to October, the tourism industry including travel agents and tour operators are still demanding a cut in the 20 per cent TCS and maintaining a status quo for the benefit of outbound tourism from India.
Shedding light on the key research findings, Virendra Jain, Co-Founder and CEO, VIDEC said, “Led by the OTAs, the India travel market has made a resounding recovery to INR 3,892 billion (USD 48.7B) in FY23 and is estimated to reach INR 5,787 billion (USD 72.4B) in FY26. Air would continue to be the largest travel category at INR 1,743 billion (USD 21.8B) in FY23, the growth henceforth would equally come from the rise in Indian international demand and non-air categories. The ground category will fuel the often talked about the ‘next billion Indian opportunity’.” The company recently launched buses in its service portfolio, revamped its hotel UI, and unveiled its marquee summer sale event – NationOnVacation. Cleartrip said it saw a 60 per cent rise in bookings (which is 2x times over what was achieved during the same period last year) across categories. “By partnering with over 40 airlines and 80000+ domestic as well as 4L+ international hotels, we redefined and advanced the booking period for the traditional summer holiday season, offering our customers attractive prices and value-added services,” the company added.
