Skift Take
As the travel industry grows in India, backed by investments in infrastructure and increased disposable income, MakeMyTrip is expanding its offerings.
Online travel agency MakeMyTrip has announced the launch of ‘Business Class Funnel’ for international flights, with the aim of enhancing the booking experience of first- and business-class travelers. According to a statement, the product will provide travelers with a centralized platform to access information regarding the premium experiences, such as seat recline, meals, and in-flight entertainment, that they would be getting in return for the increased prices for first- and business-class tickets.
Airline Partnerships: The platform has partnered with airlines such as Lufthansa, Virgin Atlantic, Vistara, Air France, Air India, and British Airways to maximize the information that travelers can gather. It is planning to add airline partners to provide a variety of options to users.
Opportunity for Growth: MakeMyTrip, which recorded its highest-ever quarterly gross bookings, revenue, and profit in the third quarter of 2023-24 fiscal year, is looking to expand as the Indian travel and tourism industry grows on the back of increased investments in infrastructure and rise in disposable income of Indian middle class.
Saudi Arabia Designates India as Primary Source Market
Saudi Arabia has witnessed a 50% increase in Indian visitors since 2022, Saudi Tourism Authority has said. Accordingly, the authority aims to make India the country’s top source market. Saudi’s Vision 2030 looks to bring 7.5 million visitors from India by 2030. According to Alhasan Aldabbagh, president – APAC Markets, Saudi Tourism Authority, visa procedures for Indians have been simplified to facilitate this movement.
Travelers from the country wanting to visit Saudi have the option to obtain an e-visa if they hold U.S., UK, or Schengen visas with stamped proof of entry, get a visa on arrival, or obtain a stopover visa. The connectivity between the two nations has also been enhanced in 2023, when the air capacity for travelers on the sector has reached 2.8 million seats, a 31% rise over 2019 capacity.
IHCL Signs Ginger Hotel at Manohar International Airport, Goa
Indian Hotels Company has signed a new Ginger Hotel that would develop at Manohar International Airport in Goa. Slated to open in 2027, the 300-key hotel is the latest addition to the company’s portfolio of 15 hotels in the state, with four of them under development. This also marks the expansion of IHCL’s budget brand Ginger, which is a strategic focus.
In the past two months, the company has signed two Ginger hotels and opened one. In a statement released in January, the company said that as many as six new hotels were signed under the budget brand in 2023. By the end of last year, IHCL’s portfolio included 63 operating Ginger hotels and another 23 in the pipeline.
India-Based Dynamatic Technologies to Make A220 Aircraft Doors for Airbus
European aerospace corporation Airbus has tasked Bengaluru-based Dynamatic Technologies to manufacture and assemble aircraft doors for the A220 family. The agreement requires Dynamatic to manufacture and assemble eight doors per aircraft, including passenger, cargo, service, and over-wing emergency doors.
The contract, which is one of the largest aerospace export pacts to India and aims to create additional capacity for the A220 program, also includes building detailed parts, which would lead to business opportunities for other Indian suppliers.
According to a statement by Airbus, India is a strategic resource hub for the company, with every commercial aircraft having components and technologies developed in the country. At present, Airbus annually procures components and services from India to the tune of $750 million. The company is looking to increase this figure to $1.5 billion over the next few years.
Yatra Shareholders Get Complementary Yatra Prime Membership
Yatra Online Limited has announced its complimentary Yatra Prime Membership offering to its shareholders. The subscription offering provides benefits to users that can enhance their travel experience along with savings. Under the program, the online portal waives of convenience fees on domestic flights, allows users access to special fares, and gives out weekly surprise gifts.
Yatra Prime had been launched in June last year as a premium offering to its users. While the membership is being offered to the company’s shareholders for free, other users can pay to become members of the Yatra Prime program for six months at a time.
EaseMyTrip Reports 9.5% Increase in Profit
EaseMyTrip’s profit after tax increased by 9.5% year-on-year in the third quarter of the 2023 financial year, to INR 456.6 million ($5.5 million). Apart from the profit, the company also reported growth in total income, revenue from operations and earnings before interest, taxes, depreciation, and amortization (EBITDA).
Air segment bookings on the portal declined by nearly 30% year-on-year, while hotel nights bookings fell by 4%. Bookings in other segments increased by more than 82%. The company is now looking to scale its air ticketing business, while also focusing on global expansion in non-air segments including hotels, transportation and holidays.