Bengaluru, 3 July 2023: After a phenomenal post-pandemic revival of the travel industry, Cleartrip cements its position as the second-largest OTA player in the country. A recent in-depth OTA benchmarking research study by VIDEC revealed that Cleartrip saw industry-leading growth in FY23 and strengthened its position in the segment.
While we have seen significant growth in the air category, we have made strategic investments in Hotels, Buses, and B2B businesses, revamping our existing offerings and launching new tools and products. At the beginning of the year, we also launched our own marquee event, the Nation on Vacation event, redefining and bringing forward the booking period for the traditional summer holiday season by partnering with 40+ airlines and 80000+ domestic and 4L+ international hotels in offering lucrative prices and value-added services to our customers. Cleartrip’s B2B topline grew >2x on the back of the launch of new tools providing a seamless booking experience for our partners. Our investments in key business areas not only helped us achieve market share gains but also won recognition and awards from the wider community.
Regarding 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 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.
Shedding light on the key research findings, Virendra Jain, Co-Founder and CEO at VIDEC said, “Led by the OTAs, the India travel market has made a resounding recovery to ₹3,892 billion (US$48.7B) in FY23 and is estimated to reach ₹5,787 billion (US$72.4B) in FY26. Air would continue to be the largest travel category at ₹1,743 billion (US$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’.”
Since the Flipkart acquisition, Cleartrip has continued to invest in customer-centric offerings under ‘Clear Advantage’ that provide unmatched flexibility and affordability. It enabled customers to earn and redeem supercoins and improved the customer experience on multiple fronts such as a 24-hour refund policy that resulted in an industry-leading NPS score. The company recently launched buses in its service portfolio, revamped its hotel UI, and unveiled its marquee summer sale event – NationOnVacation. Cleartrip saw a 60% rise in bookings (which is 2x times over what was achieved during the same period last year) across categories.