Sunday, February 10, 2019

Hotels, accommodations to contribute around 70% of total business by 2022: MakeMyTrip - economic news of india - world economic news - economics news for students - indian economy news

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Hotels, accommodations to contribute around 70% of total business by 2022: MakeMyTrip
Online travel firm MakeMyTrip said it is looking at the hotels and accommodations segment to contribute around 70 per cent to its overall revenue by the end of 2022.Currently, hotels and accommodations account for around 54 per cent of the company's total revenue."By the end of 2022, 70 per cent of our revenue will come from the hotels and accommodations segment," MakeMyTrip founder and Group CEO Deep Kalra told PTI.Currently, around 33 per cent of revenue comes from air travel and the rest is roughly from redBus, travel insurance and experiences, he added."Going forward, the hotels and accommodations will contribute a bigger share of revenue, as there is still a lot of headroom in hotels. Still, only around 15 per cent of hotels are booked online, so there is a big market to be tapped," Kalra said.On the trend of more Indians opting for overseas travel, he said: "The big focus area for us and where Indians are going right now is overseas. Middle class has the money and is travelling overseas as it is aspirational."The growth in international travel will be higher and it will grow faster than the domestic segment, he added.The company has recently posted its third-quarter results with a growth of over 30 per cent.When asked about the growth road map, Kalra said: "We are looking to moving on to twin path of growth and at the same time of reduction of losses."He, however, did not provide any future guidance on growth numbers.On the issues raised by hotel and restaurant associations, including the Federation of Hotel and Restaurant Associations of India (FHRAI), regarding commissions and pricing with MakeMyTrip, Kalra said: "Out of our 60,000 hotel partners, around 99.9 per cent are still with us."MakeMyTrip provides access to all major domestic airlines operating in India and all major airlines operating to and from India, over 60,000 domestic accommodation properties in India and more than 5 lakh properties outside India, Indian Railways and all major Indian bus operators.
Source: ET
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