Business travel in India is seeing significant growth, with spending increasing by nearly 25% in 2023. Online travel companies are recognizing the potential in this market and are diversifying their offerings to cater to the demand. Companies like Tumodo and Cleartrip are expanding their services to focus on corporate travel, as they anticipate a surge in demand for business travel in India. The Global Business Travel Association predicts that India’s business travel spending will reach $38 billion in 2024, indicating a strong recovery from the impacts of the Covid-19 pandemic.
MakeMyTrip, India’s largest online travel agency, has recently shifted its focus to corporate travel through its platform MyBiz. The company has seen significant growth in this segment, with over 55,000 active clients across various sectors. Other companies like Yatra.com have also appointed key executives to drive their corporate travel offerings, recognizing the potential in this market. These companies are leveraging technology to meet the increasing demands of corporate travelers, providing features like expense management solutions, mobile applications, and automated processes to enhance the travel experience for employees.
The strong growth in India’s business travel market has prompted companies to pivot towards corporate travel services. With the expectation of a full recovery in business travel spending by 2025, businesses are betting on the importance of in-person interactions for achieving their goals. This shift is evident in the strategies of online travel companies like Cleartrip, which have launched dedicated platforms for corporate travel in response to the increasing demand. The focus on corporate travel is seen as a key driver of growth for these companies in the post-pandemic era.
Technology is playing a crucial role in the expansion of corporate travel services in India. Companies like MakeMyTrip have identified the need for innovation in the corporate travel segment and are leveraging technology to enhance their offerings. With the growing demand for contemporary expense management solutions, these companies are investing in user-friendly interfaces, mobile applications, and automated processes to streamline expense reporting and improve the overall travel experience for employees. Partnerships between fintech firms and travel platforms are also enabling integrated travel and expense management solutions for corporate clients.
The potential for growth in the business travel market in India has prompted online travel companies to diversify their offerings and focus on corporate travel services. With significant spending increases expected in the coming years, companies like Tumodo, MakeMyTrip, and Yatra.com are actively expanding their presence in the corporate travel sector. By leveraging technology and offering innovative solutions for expense management and travel booking, these companies are well-positioned to capitalize on the increasing demand for business travel in India. As in-person interactions become essential for business goals, the emphasis on corporate travel services is expected to drive growth for these companies in the years to come.
