• Hotel segment expansion: Ixigo is reinvesting operating leverage from its core OTA business into budget and mid-market hotels, leveraging its 85 million monthly active users to cross-sell with lower customer acquisition costs.
• Train segment performance: Booking growth experienced friction from Tatkal timing adjustments and Aadhaar verification rules, though Ixigo expanded its train OTA market share from 60% to 63% and anticipates a rebound once OTP authentication is implemented.
• Take rates and headwinds: Airline capacity cuts and higher fuel prices driven by geopolitical tensions have weighed on the sector, optically compressing flight take rates due to fixed convenience fees, while bus take rates remained stable between 11% and 11.7%.
• Growth and outlook: Management declined to provide specific long-term revenue targets amid current aviation sector de-growth, but reaffirmed its objective to remain the fastest-growing Indian OTA by gross transaction value once macroeconomic conditions normalize.