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EbixCash Limited released a comprehensive overview of its travel business today, highlighting outstanding performance across all travel verticals.
In 2023, EbixCash reported an impressive 60% year-over-year (YOY) growth in its Corporate Travel business. The company successfully onboarded 57 new clients in the large and mid-cap segments during the same year. Notably, EbixCash experienced a substantial 40% growth with low-cost Carriers (LCC) and a 37% YOY increase in its Global Distribution System (GDS) segments. The partnership with the leading LCC carrier, Indigo, contributed to a 33% YOY growth in business.
In MICE and Event-based travel, EbixCash Travel maintained its leadership in India, achieving a YOY revenue growth of around 25%. The international MICE segment witnessed an impressive 150% YOY passenger growth, while the combined domestic and international segment recorded a 47% YOY increase, driven by an 80% rise in new client acquisitions in 2023. EbixCash reported a remarkable 287% YOY growth in its overall inbound business in terms of incoming passenger growth, coupled with a 264% YOY increase in overall revenue growth. Naveen Kundu, Managing Director of EbixCash Travel, expressed excitement about surpassing industry trends in 2023 across all segments.
He highlighted the exceptional performance of business verticals, maintaining leadership positions in domestic and international markets. Looking ahead to 2024, Kundu aims for record-breaking performance. EbixCash Travel sustained its leading position in ASEAN countries, achieving a YOY growth of 28% in aggregate business in Indonesia and the Philippines. The company maintained its status as the largest contributor in airline passenger count for both Low-Cost Carriers (LCC) and Global Distribution System (GDS) carriers in these nations.
EbixCash Travel also marked its pioneering leadership in the Luxury train segment in India with the launch of "The Deccan Odyssey," one of the country's most prestigious luxury trains. Naveen Kundu shared details of a Public-Private Partnership (PPP) joint venture with Maharashtra State Tourism Development Corporation (MTDC) for the operation and management of "The Deccan Odyssey," which has garnered significant interest and is currently running at over 75% occupancy. EbixCash Travel’s sports division, Ebix Sports, served as the official Travel agent (OTA) for the ICC Cricket World Cup 2023 held in India, contributing significantly to ICC travel packages and remaining among the top contributors for the event.