Fintech firm Paytm sees 19% growth in flight bookings in the Jan-Mar quarter

According to a recent regulatory filing, One97 Communications, a prominent fintech firm, disclosed a 19% YoY growth in flight bookings for the January-March quarter of FY24. This growth is part of Paytm's marketing services vertical. Its revenue increased by 1% to US$ 47.3 million (Rs. 395 crore) during the same period. Paytm maintained a strong market share trajectory among online travel aggregators (OTAs), surpassing industry growth rates with a significant rise in flight bookings.

The company's marketing services portfolio includes ticketing for travel, movies, and events, advertising, credit card marketing, and deals with gift vouchers. Despite market disruptions, Paytm reported a robust 28% growth in gross merchandise value (GMV) for ticketing, deals, and gift vouchers, amounting to US$ 336 million (Rs. 2,804 crore) annually. This growth was driven by expanded market penetration in the travel sector and increased event transaction volumes.

In addition to domestic performance, Paytm Travel recorded a 15% YoY increase in international ticket bookings in April. The firm has strategically partnered with global technology leaders like Skyscanner, Google Flights, and Wego to enhance its travel services platform. Furthermore, Paytm Travel expanded its airline network by adding Cambodia Angkor Air, SalamAir, and FlyDubai, demonstrating its commitment to broadening travel options and enhancing customer satisfaction.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.