Mumbai-based online travel agency Cleartrip continues its steady growth, increasing revenues by 17% to ₹319.23 crore in FY18, from ₹273.21 crore in FY17, according to filings accessed by business intelligence firm Tofler.
Operational revenues constituted the major part of the overall revenues, making up about 97% of the revenues, standing at ₹312.69 crore in the current fiscal.
While the firm saw its revenues rise steadily, it also managed to slightly lower its losses from ₹63.35 crore in FY17, to ₹62.35 crore in FY18.
Total expenses for Cleartrip stood at ₹381.58 crore during the current fiscal, up from ₹336.56 crore in FY17. Employee benefit expenses made up around 20% of the overall expenses, standing at ₹75.52 crore in FY18.
On the consolidated performance of Cleartrip, Indroneel Dutt, CFO, Cleartrip, said, “A significant portion of our revenues comes in from our International operations which continue to expand rapidly and are profitable. At a consolidated level, Cleartrip has demonstrated growth rates in excess of 26% year-on-year and consistently improving EBITDA metrics,”
He further added, “Cleartrip has a leadership position in multiple high growth markets and is well positioned to become a profitable emerging markets travel experiences provider.”
Founded by Stuart Crighton in 2006, Cleartrip offers a platform for customers to book flights, hotels, trains, and manage their trips. The startup claims to sell more than 10 million flight tickets and 1.5 million hotel room nights annually.
Earlier this year in June 2018, with the acquisition of Flyin.com, Cleartrip is set to strengthen its operations in the middle-east region.
In June 2016, Cleartrip last raised an undisclosed amount of funds a venture funding round from Concur Technologies and Gund Investment.
In the online travel segment, Cleartrip competes with the likes of MakeMyTrip, Ixigo, and Yatra.com, among others.
The growth in revenues and lowering of losses in FY18 for Cleartrip is similar to its rival MakeMyTrip, which registered a similar growth of 25% while lowering its losses.