India a travel powerhouse; Agoda will continue accelerated expansion: CEO
New Mumbai: Global digital travel platform Agoda will continue the accelerated rate of onboarding of accommodation properties in India, its fastest-growing market and a global travel powerhouse, its CEO Omri Morgenshtern said on Tuesday.
The company is also looking to enhance partnerships with local firms in the travel and hospitality sector in the country to tap the huge potential of inbound and outbound traffic from the country.
"India is the fastest growing country for us, by far, faster than anybody else. So, we are acquiring (onboarding) properties in India much faster than anywhere else," he told PTI in an interview from Bangkok.
On the significance of adding more accommodation properties, he said, "We recognise that bringing more properties in, is a part of localisation because if you want to cater to more Indian travellers from different geographical areas and also from different income levels, then you need to grow".
Beyond the metros with four and five-star hotels, he said Agoda is focussing on growing in smaller cities while also working on enhancing awareness about the company among customers in the country.
"The second-tier cities are growing very, very fast not only for us but in general for travel in those areas. This is a big effort for us," he said, adding Agoda's other area of focus is also on providing "persistent trips" where it offers a total travel package.
When asked about the total number of accommodation properties that Agoda has in India, he declined to share specifics but said India was the market with the highest number of onboarded properties on Agoda in 2023.
On the potential of the Indian market, Morgenshtern said, "I think, the world looks at India as a powerhouse of travel, also, in general, an economic powerhouse but definitely in travel".
There is not one travel ministry in countries of the Asia Pacific Region that doesn't think about India, he noted, adding, "Not all of them are actively doing things, some are more active than the others, but I can tell you that all of them are at least thinking about it and planning right. They all see the huge growth in (India)".
The growth of the Indian middle class and their rising disposable income, the increase in the number of airports and the number of aeroplanes being acquired by airlines in India serve as the indicator of the potential of the country to those seeking to tap opportunity here, he added.
"India is a tale of inbound, outbound, and domestic. I think, when it comes to inbound and outbound I see India growing," Morgenshtern.
On the ambition of Agoda in India, he said, "I definitely want to see Agoda as one of the strongest players, if not the strongest, when it comes to bringing tourists into India and being the solution for Indians travelling abroad, either directly or through partners".
However, he said when it comes to domestic travel it is harder as it is a very competitive market.
"Obviously, we have aspirations there, but we know it's a very competitive market, and we know that we need to work with our partners. So, I definitely would want to see us enjoying the growth of the market, and hopefully bigger than just enjoying the growth of the market," he said when asked where Agoda would like to see itself in India by 2030.
He noted that India is in the top five markets "that we care the most globally in terms of interest. When we factor in all of those things (potential)".
On the partnership with local partners, Morgenshtern said Agoda works with firms like MakeMyTrip, EaseMyTrip, Cleartrip, Yatra and Paytm.
"All of those companies that I'm mentioning, we have some sort of a collaboration with them. Sometimes it's very basic, and some very deep and I suspect some of them will get deeper over time because that helps us learn and helps them (partners) access certain things like the outbound segment, which is growing very fast and double by 2028," he said.
