Cleartrip is a Flipkart-owned startup that offers an online booking platform for multi-category travel services. The startup showed a 98 percent increase in its operational revenue to Rs 97 crore in FY24. The startup provides an online platform where users can book services by providing payment details, preferred dates, and other information. These booking services are the company’s primary source of revenue.
The firm also earns income through commissions and incentives. These services earned Rs 525 crore bringing the net operating revenue to Rs 97 crore in FY24. Cleartrip has secured over 69.5 million USD across multiple funding rounds since its inception, including $40 million raised during its series D funding round from Concur. The firm also received investment from Adani Group during its series F funding round in 2021. This travel tech company offers several services including hotel bookings, flight ticket bookings, transportation, and more.
The Bengaluru-based startup uses advanced technologies to provide a seamless user experience. The online platform provides customers with a personalized feed and offers booking recommendations. Cleartrip also earns Rs 369 crore through service charges from customers. The employee benefits accounted for 40 percent of the total expenses and increased in FY24. These costs saw a 61.3 percent increase and stood at Rs 400 crore in the same duration. This includes non-cash ESOP worth Rs 180 crore in this financial year.
The firm saw a decline in its advertising and marketing expenses to Rs 128 crore in FY24. While the commission and brokerage cost stood at Rs 70 crore in this fiscal year. The total expenditure of the firm increased by 26.7 percent and crossed Rs 988 crore in this financial year. The startup reported an 18.4 percent increase in its loss which stood out at Rs 810 crore in the same duration. The company has institutional investors including DAG Ventures, DFG, and Sherpalo Ventures.
The information technology, legal, and other expenses increased the overall cost by 26.7 percent for FY24. The EBITDA margin of the firm stood at -399.44 percent in this financial year. The travel tech market has been increasing for the last few years. The firm’s nearest competitor, Ixigo posted a revenue of Rs 656 crore for this financial year. ClearTrip faces competition from other travel services offering platforms such as Ixigo, Yatra, EaseMyTrip, and Expedia.
Conclusion
Cleartrip is an online hotel and transportation booking platform offering travel tech startup that posted an operational revenue of Rs 97 crore in FY24. This Bengaluru-based startup provides features including hotel reservations and flight booking. The service charges contributed Rs 240 crore to the total revenue for this year.
These support services and commissions are the firm’s major source of revenue. The company’s loss increased by 18.4 percent to Rs 810 crore in FY24. However, the employee benefits increased by 61.3 percent and stood at Rs 400 crore in this fiscal year. The firm’s total expenditure saw a 26.7 percent increase and crossed Rs 988 crore in the same duration.
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