NEW DELHI & NEW YORK--(BUSINESS WIRE)--Yatra.com (NASDAQ: YTRA), India’s leading online travel company, highlighted growth in Air bookings from Tier 2/3 markets (all cities apart from the top 8 cities) in India. Yatra’s data analysis revealed that Air bookings growth in Tier 2/3 cities in 2016 outpaced overall Air market growth in the region and is instrumental in India being the fastest growing domestic air market in the world - clocking over 20% y-o-y growth, each month through 2016 - as per IATA data released earlier this week. According to IATA, this growth momentum continued into January that saw a 26.6% y-o-y growth.
As the total available market for air travel in India continues to expand largely due to capacity increases (current and planned) from Domestic airlines and demand growth from Tier 2/3 cities, along with Government initiatives around regional connectivity, we expect the Indian air market to remain at the forefront of global air growth in the near-medium term. Yatra’s data analysis shows that the top 3 Tier 2/3 markets in 2016 were Goa, Kochi and Guwahati, with Goa, India’s favorite tourist destination, taking the top spot amongst these markets.
Commenting on the same, Mr. Dhruv Shringi, CEO, Yatra.com said, “We are not surprised to see India being highlighted as the fastest growing Air travel market in the recent IATA report. Yatra continues to be an important part of this growth trend, which is driven by Tier 2/3 markets with mobile bookings leading the way. We continue to see a shift in growth to the Tier 2/3 markets. With IATA projecting India to be the third largest aviation market by 2026, we see a long runaway of growth for players like us who are focused on the Indian traveler. We are tapping this new set of customers through strategic alliances to increase our reach as well as investing significantly in mobile technology, which is increasingly becoming the platform of choice for travel bookings.”
Yatra Online, Inc., the parent company of Yatra.com, recently listed on the NASDAQ under the ticker YTRA. Yatra has the largest inventory of over 62,000 hotels in India and is also one of the biggest homestay aggregators with over 3000 homestays across 130 cities within India.
About Yatra Online, Inc and Yatra Online Pvt Ltd
Yatra Online, Inc is the parent company of Yatra Online Pvt Ltd which is based in Gurgaon, India and is one of India’s leading online travel companies and operates the website Yatra.com. The company provides information, pricing, availability, and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises. As a leading platform of accommodation options, Yatra provides real-time bookings for more than 62,000 hotels in India and over 500,000+ hotels around the world.
Customers can access Yatra in multiple ways: through a user-friendly website, mobile optimised WAP site and applications, a multi-lingual call centre, a countrywide network of Holiday Lounges and Yatra Travel Express stores.
Launched in August 2006, Yatra was ranked the Most Trusted e-Commerce Travel Brand in India in the Economic Times Brand Equity Survey 2016 for the second successive year, and has won the award for ‘First Prize - Domestic Tour Operator (Rest of India)’ at the India Tourism Awards held in July 2016.
Safe Harbor Statement:
This press release contains certain statements concerning the Company’s future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “project,” “seek,” “should” and similar expressions. Such statements include, among other things, management’s beliefs as well as our strategic and operational plans. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the slow-down of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, volatility in the trading price of our shares, our reliance on our relationships with travel suppliers and strategic alliances, failure to further increase our brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in India and overseas, failure to successfully develop our corporate travel business, damage to or failure of our infrastructure and technology, loss of services of our key executives, and inflation in India and in other countries. These and other factors are discussed in our reports filed with the U.S. Securities and Exchange Commission. All information provided in this press release is provided as of the date of issuance of this press release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.