Cleartrip’s Impressive Growth in FY23: A VIDEC Research Study
Cleartrip, a Flipkart company, has solidified its position as the second-largest online travel agency (OTA) in the country, following a remarkable revival of the travel industry post-pandemic. According to an in-depth benchmarking research study conducted by VIDEC, Cleartrip experienced exceptional growth in FY23, firmly establishing itself in the segment.
Strategic Investments Fuel Cleartrip’s Growth
Cleartrip has witnessed significant growth in the air category and strategically invested in hotels, buses, and B2B businesses. By revamping existing offerings and introducing new tools and products, Cleartrip has expanded its portfolio. Earlier this year, the company launched its flagship event, the Nation on Vacation, which redefined the booking period for the traditional summer holiday season.
This event, in collaboration with over 40 airlines and more than 80,000 domestic and 4 million international hotels, offered customers attractive prices and value-added services. Additionally, Cleartrip’s B2B topline experienced a growth rate of over 2 times, thanks to the launch of new tools that provide seamless booking experiences for partners. These strategic investments not only led to market share gains but also garnered recognition and awards within the industry.
Cleartrip’s CEO’s Perspective
Ayyappan R., CEO of Cleartrip, expressed his thoughts on this significant achievement, stating, “This milestone is a testament to Cleartrip’s commitment to customer-centricity and sustainable growth. As the travel industry continues to witness rapid growth and scale new heights, we believe we are positioned to innovate and disrupt through technology. This is merely a new chapter for Cleartrip, and we will continue to curate value-led offerings, expand our product categories, innovate for our customers, and make travel an affordable and accessible aspiration for all.”
VIDEC’s Study: Indian OTA Landscape
VIDEC, a specialized research company focusing on the global travel industry, conducted the study titled “Indian OTA Landscape: India Travel Market Sizing, OTA Benchmarking & Consumer Insights.” This comprehensive report encompasses market sizing, segmentation, OTA benchmarking, and travel consumer insights for the Indian travel marketplace. The study involved executive interviews with suppliers, travel distributors, OTAs, and travel technology providers operating in India.
Key Findings of the Research
Virendra Jain, Co-Founder and CEO at VIDEC, shed light on the significant research findings. He revealed, “Led by the OTAs, the Indian travel market has made a remarkable recovery, reaching ₹3,892 billion (US$48.7B) in FY23 and projected to reach ₹5,787 billion (US$72.4B) in FY26. While the air category remains the largest travel segment, accounting for ₹1,743 billion (US$21.8B) in FY23, future growth will come from the surge in Indian international demand and non-air categories. The ground category holds immense potential and presents the ‘next billion Indian opportunity’ that has been widely discussed.”
Cleartrip’s Customer-Centric Offerings
Since the acquisition by Flipkart, Cleartrip has continued to invest in customer-centric offerings under ‘Clear Advantage.’ These initiatives provide unmatched flexibility and affordability to customers. The introduction of features such as earning and redeeming super coins, a 24-hour refund policy, and an improved customer experience has propelled Cleartrip to achieve an industry-leading Net Promoter Score (NPS). Additionally, Cleartrip recently expanded its service portfolio to include bus bookings, revamped its hotel user interface (UI), and launched its highly anticipated summer sale event, NationOnVacation. As a result, Cleartrip witnessed a 60% surge in bookings across all categories, achieving double the bookings compared to the same period last year.
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