Fintech firm One97 Communications on Monday announced that it clocked a 19 per cent growth in flight bookings in the January-March quarter in the year. The company that operates Paytm, issued an official filing, and revealed that it witnessed a growth in flight bookings on a year-on-year (YoY) basis in the quarter under review.
The company’s travel ticket business comes under its marketing services vertical. The business logged a growth of 1 per cent in terms of revenue to Rs 395 crore in the quarter ended March 2024, against the corresponding period a year earlier, reported PTI.
The firm in its filing noted, “In the fourth quarter of financial year 2024, Paytm maintained its upward trajectory in market share among OTAs (online travel aggregators), with flight bookings showing a notable year-on-year increase of around 19 per cent, surpassing the industry’s growth rate of around 3 per cent.”
Notably, the company’s marketing services business majorly comprises of ticketing – travel, events, movies, etc, advertising, deals, gift vouchers, and credit card marketing. The firm recorded a surge of 28 per cent in the gross merchandise value (GMV) for ticketing, gift vouchers, deals, etc to touch Rs 2,804 crore on a YoY basis. This increase was led by an uprise in the market share in travel and high volumes in the events vertical.
The company said that it logged an increase of almost 15 per cent in international ticket bookings in April on a YoY basis.
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Notably, earlier this month, the company announced a reduction in its workforce and also provided outplacement support to the affected employees for a smooth transition.
This workforce reduction was implemented in the aftermath of the ban on the company’s banking services, Paytm Payments Bank, from the Reserve Bank of India. However, the firm didn’t reveal the number of employees impacted by the decision.
