ixigo Posts Strong Financial Performance in FY24, Revenue Reaches INR 655.9 Cr

ixigo Posts Strong Financial Performance in FY24, Revenue Reaches INR 655.9 Cr

By Nishang Narayan

Published on July 7, 2024

ixigo, India's leading online travel agency, has reported impressive financial results for the fiscal year 2024, underscoring its strong market position and growth trajectory. The company's Gross Transaction Value (GTV) surpassed INR 10,000 Cr, achieving a notable 38% year-over-year (YoY) growth rate. This growth was particularly driven by a 75% increase in Flight GTV, highlighting ixigo's dominance in the flight booking segment.

Revenue from Operations for FY24 reached INR 655.9 Cr, representing a robust 30.8% YoY increase from INR 501.3 Cr in FY23. The fourth quarter of FY24 alone saw a 20.4% YoY revenue growth, totaling INR 164.9 Cr. The Contribution Margin (CM) for the year rose by 34.7%, supported by strong performances in bus and train bookings.

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In terms of profitability, ixigo reported a Profit After Tax (PAT) of INR 73.1 Cr for FY24, marking substantial growth driven by operational efficiencies and strategic market expansion. Adjusted EBITDA, which includes ESOP Expenses and Other Income, saw a significant increase of 24.7% YoY, amounting to INR 55.3 Cr for the year.

Commenting on the results, ixigo's Group CEO, Aloke Bajpai, and Group Co-CEO, Rajnish Kumar, expressed satisfaction with the company's performance. They attributed the strong financial outcomes to ixigo's commitment to enhancing customer experience and expanding market share across key verticals despite challenging market conditions.

Looking ahead, ixigo remains focused on leveraging technological advancements and strategic initiatives to sustain its growth momentum and further strengthen its position in India's competitive online travel market.

This financial success positions ixigo as a pivotal player in India's travel and hospitality industry, poised for continued growth and innovation in the coming years.


United Hospitality Management Signs Three New Hotels with IHG in India

United Hospitality Management Signs Three New Hotels with IHG in India

By Manu Vardhan Kannan

Published on August 8, 2026

United Hospitality Management (UHM) has announced the signing of three new hotel management agreements with IHG Hotels & Resorts, adding 182 keys to its expanding India portfolio. The new properties include Garner Corbett, voco Kanatal, and Garner Ahmedabad, marking another milestone in the company's growth strategy since entering the Indian market through the acquisition of Rosastays in December 2025.

Scheduled to open between 2027 and 2029, the three hotels are part of UHM's plan to build a balanced portfolio across leisure and business destinations in India.

The upcoming 50-key Garner Corbett will cater to the growing demand for wildlife and nature tourism in Uttarakhand. The 92-key voco Kanatal will offer an upscale mountain retreat in one of North India's emerging leisure destinations, while the 40-key Garner Ahmedabad will strengthen the company's presence in one of western India's fastest-growing commercial hubs. Together, these projects highlight UHM's focus on working closely with hotel owners to develop professionally managed hospitality assets across key markets.

Commenting on the expansion, Carlos Leal, Executive Chairman and Board Member, United Hospitality Management, said:

"India's hospitality sector is entering a new phase of growth, driven by rising domestic travel, improving infrastructure and increasing investor confidence. Against this backdrop, UHM sees India as one of its most strategic growth markets. Our objective is to build a diversified hospitality platform that delivers long-term value for owners while bringing international expertise to the Indian market."

Since entering India, UHM has signed 10 properties and established dedicated commercial, operations, and technical services teams. The company has also strengthened its leadership team while investing in governance and technology platforms to support its future growth.

UHM follows a brand-agnostic, owner-first approach, enabling it to partner with leading hospitality brands such as Marriott, Hyatt, IHG Hotels & Resorts, Accor, Wyndham, and Yotel. The company works with owners to identify the most suitable brand and operating model for each property, helping maximise asset performance while delivering quality guest experiences.

Speaking about the company's operating philosophy, Klaus Assmann, Chief Executive Officer, UHM Middle East, India & Southeast Asia, said:

"Hotel owners today are seeking strategic operating partners who can maximise asset performance while preserving brand integrity. Our role is to combine international expertise with deep local market knowledge to develop the right positioning for every asset and deliver sustainable commercial performance."

UHM currently has a portfolio of 24 operational and pipeline properties in India and aims to manage more than 100 hotels across the country over the long term. According to the company, the latest signings reflect growing confidence among hotel owners in its owner-centric management model.

Highlighting the company's plans for India, Deepika Arora, Managing Director, United Hospitality Management India, said:

"These three signings reflect the confidence owners have placed in our operating model and mark another step in expanding our presence across India. We continue to see strong opportunities across gateway cities, emerging leisure destinations, mixed-use developments and branded residences. Our aim is to remain focused on partnering with the right owners and the right brands."

Looking ahead, UHM said it is in advanced discussions for several hotel management agreements and strategic partnerships across India and Southeast Asia. The pipeline includes luxury and upscale hotels, resorts, mixed-use developments, and branded residential projects.

Beyond hotel management, UHM has also built a diversified hospitality platform with more than 20 proprietary food and beverage concepts, wellness brands including Serenity, The Art of Well Being and Pure by Serenity, the fitness brand Active by Serenity, as well as sports and leisure facilities such as golf and football academies, tennis and padel clubs, and luxury beach clubs.


IHCL Signs 151 Key Gateway Hotel in Raipur, Chhattisgarh

IHCL Signs 151 Key Gateway Hotel in Raipur, Chhattisgarh

By Manu Vardhan Kannan

Published on August 8, 2026

Indian Hotels Company (IHCL), India’s largest hospitality company, has signed a new Gateway hotel in Raipur, Chhattisgarh. The 151-key property will be developed as a greenfield project in partnership with Mr. Kanhaya Lal Agrawal of KLA Group.

Commenting on the signing, Ms. Suma Venkatesh, Executive Vice President, Real Estate & Development, IHCL, said, “Raipur has emerged as one of central India’s important economic centres, driven by industrial expansion, infrastructure development and its growing role as an administrative and educational hub. The signing of Gateway Raipur will enable IHCL to cater to the city’s evolving hospitality demand and we are delighted to partner with Mr. Kanhaya Lal Agrawal for this project.”

Gateway Raipur will offer 151 rooms along with an all-day dining restaurant, specialty restaurant and bar. The hotel will also feature a fully-equipped gym, swimming pool and spa for guests.

For weddings, social gatherings and business events, the property will have more than 10,000 sq.ft of banquet space, supported by multiple meeting rooms for conferences and other events.

Mr. Kanhaya Lal Agrawal, KLA group, said, “Raipur continues to witness strong economic and social growth. We are pleased to partner with IHCL and contribute to the city’s evolving hospitality landscape.”

Raipur, the capital of Chhattisgarh, has grown into an important centre for commerce, industry and governance. Its expanding infrastructure and economic activity have also increased demand for quality hospitality options.

Following the addition of Gateway Raipur, IHCL will have four hotels in Raipur, including three under development.

About the Owning Company

KLA Group, promoted by Mr. Kanhaya Lal Agrawal, was established in 2002 and has developed a strong presence in infrastructure development across India. The company has worked on several road infrastructure projects for central and state government agencies.

Over the years, KLA Group has expanded its operations into construction, mining and road development, adding to its presence across the infrastructure sector.


Ajay’s Café Records 89% Surge in Cold Coffee Sales on Friendship Day

Ajay’s Café Records 89% Surge in Cold Coffee Sales on Friendship Day

By Hariharan U

Published on August 7, 2026

Ajay’s Café witnessed a strong surge in consumer demand across its café network on Friendship Day, with its signature burgers and cold coffees recording significant growth as customers celebrated the occasion with friends and loved ones.

The café chain reported an 89% increase in cold coffee sales compared to the previous day, reaching 16,834 cups, while burger sales grew nearly 54% to 33,472 units during the celebration.

The highest contribution came from Ahmedabad, Surat, and Vadodara, which together accounted for nearly 60% of Ajay’s Café’s total Friendship Day sales across both product categories. The performance highlights the growing popularity of occasion-based dining and café experiences across Gujarat’s major urban markets.

Friendship Day emerged as a key consumption moment, with both food and beverage categories witnessing simultaneous growth. Ajay’s signature burgers and cold coffees have remained core offerings since the brand’s inception and have become popular choices for social gatherings, casual meetups, and celebrations.

Over the years, Ajay’s Café has evolved beyond being a dining destination, positioning itself as an accessible space where customers can connect, spend time together, and celebrate everyday occasions.

Speaking about the growth, Jaideep Solanki, Director, Ajay’s Good Food Pvt. Ltd., said, “We have seen the cold coffee category evolve significantly in Gujarat, and Ajay's has been a trendsetter in building and popularising the cold coffee culture, particularly across South Gujarat. What started as a signature café offering has today become a widely consumed beverage, with consumers associating cold coffee as much with everyday catch-ups and social occasions as with cafés.”

He added, “The Friendship Day numbers are a strong testimony to how deeply this consumption habit has taken root—selling more than 16,000 cold coffees in a single day demonstrates the scale of the occasion-led demand. For us, this is also what the ‘Happy Wali Feeling’ represents, creating familiar products and accessible café experiences that naturally become part of how people come together.”

The Friendship Day performance marks another milestone for the café chain, which has built a strong consumer base since its inception in 2014. To date, Ajay’s Café has served more than 4.36 crore burgers and 3.02 crore cold coffees, reflecting the continued popularity of its signature offerings among customers.

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