ixigo Business Model & Growth Strategy

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Introduction: What is ixigo?

ixigo is an Indian online travel agency (OTA) founded by two IIT-Kanpur alumnus Aloke Bajpai and Rajnish Kumar in 2007. It is one of the leading travel agencies with a 46.15% market share in the OTA rail booking and a customer favorite for train and bus bookings. The story of ixigo starts with this duo getting the entrepreneurial itch while working in France. What started as a meta search platform for flights has evolved into a full fledged online travel agency.

ixigo, despite facing near-bankruptcy situations and several pivots in their business model, has thrived due to its founders' resilience and adaptive mindset. Their commitment to solving customer problems has driven strategic pivots that kept the company relevant and competitive.

ixigo started off as a meta flight search engine where it listed airline fares, hotel and ran ads for the same but they soon realised, despite reaching a large audience, this model was not scalable.

It then pivoted to a planner and advisory business where they helped users with curating a trip using the information available on the ixigo platform. They realised they were burning money as they couldn’t monetize their platform and cross-sell services to their user.

Finally, they decided to give it their all and become a full fledged online travel agency; a decision that really turned the tide and helped generate ample revenue to become one of the leading OTAs in India.

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If you are interested to uncover business models of D2C brands you can check out Nykaa Business Model, Zepto Business Model & other blogs here.

TL;DR

ixigo’s journey starts with a humble beginning from a one-room office in New Delhi. The co- founders' wanted to enhance the user experience for Indian consumers, a vision that aligned with the growing demand of convenient modes of travel booking. But how does an OTA like ixigo operate?

We’ll discuss the business model of ixigo and its growth strategy in this comprehensive blog.

Alternatively you can also watch this GrowthX Wireframe video we created to help you understand ixigo’s business model.

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By the way, the depth you see here is just a feeler of the depth we teach at GrowthX 💫 GrowthX is an invite-only club of over 3000 members who are product, marketing, and business leaders, and founders from top internet-first companies like Google, Canva, CRED, Stripe, Netflix, and more 💎 We teach our members how to scale revenues via frameworks that can be applied starting next Monday morning. The GrowthX Membership is built on 3 core pillars:

1. Learning experience: Where you learn the science of revenue-led growth with frameworks actionable the next Monday morning. 2. Curated community: Where you access a safe space for you to soundboard anything that is stressing you at work.

3. Career outcomes: Over 35% of members are founders & are able to hire growth teams to scale revenue for their companies while operators are able to get into breakout leadership roles. Explore GrowthX Membership 🏆

What Problem does ixigo solve?

ixigo recognized a significant market gap: while most companies focused on the top 100 million users, there was a vast untapped market facing unique travel challenges. This included the next-billion users, travellers from Tier II, III cities, and rural areas in India, as well as new internet users from lower-income groups.

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‘Next billion users’ refers to an existing as well as anticipated market of “new to Internet” users that includes all non-Tier I market demand i.e., all travel demand originating from and/or concluding in Tier II, III and rural areas in India as well as “new to Internet” users emerging from middle and lower income groups of Tier I cities.

To address the challenges of this underserved segment, ixigo developed all-inclusive travel solutions that cover the entire journey—from planning and booking to on-trip support. This holistic approach ensured consistent support throughout the travel experience, going beyond just ticket booking.

What is ixigo’s moat?

The competitive Indian OTA market, which is valued at a staggering $17.24 billion with OTA giants like makemytrip, yatra are trying to capture has propelled ixigo to build quite the fortress around itself.

Focus on Next Billion Users (NBUs): ixigo has smartly targeted the next billion users, focusing on smaller towns and cities where 94.39% of their transactions originate or conclude. They've tailored their app which is available in 8 languages with localized content and features, making travel planning easier for Tier II/III city dwellers.

Railway Prioritization: While others were focused on flights and hotels, ixigo took the rail route seriously. ixigo-Trains app provides useful user-generated intercity railway information from Indian Railways, which has earned them significant popularity through word-of-mouth from 2014 to 2018. Over 2.4 crore passengers use trains to travel in India. They're even a principal service provider for booking e-tickets, with their IRCTC agreement renewed and extended till 2028.

Innovative AI-driven Features:

ixigo assists travelers in making “smarter travel decisions” by leveraging artificial intelligence, machine learning, and data science-led innovations on their OTA platforms. TARA (AI bot) handles 83% of customer queries - which reduces employees’ strength and cost.

ConfirmTkt, one of ixigo’s train booking app, is built around predicting confirmation chances for waitlisted tickets which is is powered by learning of seat allotment patterns on trains and machine learning algorithms built on historical data.

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In 2023, ixigo became the first OTA in India to launch a Generative AI based travel planning tool, PLAN to help travellers plan their trip, get itineraries and real time information and recommendations based on input criteria.

Generous Refund Policies: They don't just stop at bookings. ixigo offers robust value-added services (VAS):

It secures the bus travel passenger through its Abhi Assured program and offers 100% refund for bus cancellation, delay, bad quality of service or rebooking from the customer end.

In the air segment, ixigo offers two VAS, namely Assured (Fully refundable) and Assured Flex (Fully Flexible / Refundable), these are priced starting at ₹ 399 and ₹ 499, respectively, Assured Flex is unique in the domestic air travel market, offering free change of date, change of sector and Free Cancellation, unlike any other OTA.

In essence, ixigo has carved out a niche by understanding and catering to underserved markets, leveraging technology innovatively, and setting high standards in customer care and service offerings.

OTA Market Overview

Macroeconomic Overview 🔍

The economy of any nation has several macro factors that influence the growth of any sector. In the case of OTAs like ixigo, we can analyse various factors listed below that play a role in the growth of the travel agency industry and how it shapes the consumer behaviour of this market.

Household income growth

Expense Patterns

Internet adoption

Mobile penetration

Government initiatives and policies

Online payments

To add more context, watch this GrowthX inner circle episode to analyse India’s growth story and its impact on the business world.

Now that you have some context, let’s see what these factors currently convey and project.

Household Income Growth

There has been a steady growth in per capita income which has led to rise in discretionary spending on travel and tourism; adding more tourists on the map.

Expense Patterns

Essential expenses like food, housing, and transportation account for nearly 60% of the annual expenditure of an average Indian.

Apart from this, we’ve noticed an ongoing trend in discretionary spending, wherein people are spending more on travel and tourism, from 17.4% in 2015 to 20.2% in 2019. The reasons for this are:

Availability of low-cost travel

increasing income per household

flexibility options, and

increasing competitiveness in offers provided by OTA.

Internet adoption

Internet infrastructure is foundational for the success of any online travel agency. As, internet subscriptions increase penetrating deeper in Tier II & III cities and towns, more users are are exposed to digital solutions to services like travel agencies.

India has a total of 918.19 Million internet subscribers in 2023, which accounts for ~50% of the Indian population. Over a third of them — 375.66 Million — now come from rural parts of the country.

Mobile internet growth is faster in Tier II, III, and rural areas compared to Tier I areas.

The overall rural internet subscribers are expected to increase from 375 million in 2023 to 824 million in 2028 at a CAGR of 18%.

Mobile Penetration:

India is a mobile internet market, with smartphones being the primary device for internet access.

Smartphone penetration is expected to reach over 90% of total mobile subscribers by 2028.

Key drivers for this are lowest data usage prices globally, the average cost per GB is one of the lowest at $0.16 per GB, increased access to online content, entertainment, and e-commerce.

As most users in India access the internet via smartphones, OTAs can reach a broader audience by optimizing their services for mobile devices.

Today, ixigo garners 9.2 million traffic via mobile devices, 8.2 million of it being organic traffic. This shows that users are more comfortable using the apps and website on their mobiles due its user-centric design. Higher mobile penetration also means users can book travel services anytime and anywhere, increasing engagement and transaction rates.

The market currently has intense competition among telecom operators and smartphone manufacturers which is driving down prices and improving service quality. The will surely keep up with growing demand for mobile devices and eventually services like online bookings.

Year	Smartphone User (Millions)
2023	931
2025	1100
2028	1550

There’s also a huge market for second-hand smartphones, which is fuelling this market penetration. Take a look at this Growth X Insider episode, where Khyat, a GrowthX member narrates the journey of Cashify, which successfully capitalized on the second-hand smartphone market and are a leading e-commerce platform.

Online Payments 💸

UPI accounts for 73% of total digital payments in terms of volume in 2023.

UPI's share of total digital payment value increased from 5% in 2022 to 7% in 2023.

ixigo earned ₹467 crores as revenue from payments effected through credit cards, debit cards, internet banking, wallets, UPI and other online payment options which is ~93% of the total revenue from operations!

Travel Industry 🌏

The GDP contribution by the Indian travel and tourism was ₹ 16.5 lakh crores in 2023.

The Indian travel and tourism market size accounts to around ₹3.8 lakh crores in 2023 and this is expected to grow to ₹5.9 lakh crores in 2028.

The overall travel market is expected to grow at a CAGR of 9%.

Global Travel Trends

In recent years, emerging global trends are redefining how people explore the world, making travel more accessible, efficient, and conscious of its environmental impact. Here are some of the trends that caught our eye:

The Rise of Digital Nomads A significant trend in global travel is the increase in digital nomads—individuals who work remotely while exploring the world.

Trips Planned Around Sporting Events Fans are now planning trips around athletic events, not just to support their home teams, but also for their favorite sports, beloved teams, or international multi-sport competitions.

Solo Travel Solo travel is becoming increasingly popular, with people finding it easier to schedule trips and customize them to their preferences. This trend is ideal for those looking to recharge after a hectic week.

Spontaneous Travel Plans In an era where much of life is structured and scheduled, travelers are seeking flexibility and spontaneity. This has led to a rise in last-minute bookings, one-way tickets, and other options that allow for a sense of adventure and discovery.

These insights indicate a shift in consumer behavior towards more flexible, personalized, and responsible travel options, with a significant influence from the growing availability of online booking platforms and the increasing awareness of sustainability.

Domestic Tourism Trends 💭

From an Indian POV, the surge in regional tourism is notable post-pandemic with people stepping out and yearning for adventure. Thanks to OTAs, booking and planning has become all the more easier and encouraged people to try out new forms of travel. The following trends have influenced how and where Indians travel:

Convenience of Booking with OTAs

Consumers prefer online travel agencies (OTAs) for the ease of booking. OTAs help in reducing information gaps and allow for better comparison of travel options.

Rise of Experiential Travel

Younger travelers are seeking unique and personalized experiences rather than traditional packaged holidays. There is a growing demand for trips that offer memorable experiences and adventures.

Focus on Affordability

Middle-income consumers are increasingly able to afford travel, including luxury destinations, thanks to deals and budget-friendly options. The trend shows a shift towards destinations that offer value for money.

Growth in Responsible Tourism

Tourists are becoming more conscious of the environmental and social impacts of their travels. There is a higher preference for sustainable and eco-friendly travel options.

Popularity of Wellness and Staycations

The practice of Ayurveda, yoga, siddha, and naturopathy is drawing tourists to wellness destinations. Staycations, where travelers stay at luxurious hotels for relaxation and stress relief, are on the rise, especially post-COVID-19.

Emergence of Workcations

The trend of combining work and vacation has become popular, especially during and after the pandemic. Non-tier I cities are becoming preferred destinations for workcations, with many people choosing to work from their hometowns or vacation spots.

Passengers Carried Across Different Modes of Transport

How do passengers in India travel?

This question is crucial to ask for OTAs like ixigo to identify product-market fit and strategically position their services, as understanding passenger movement helps in planning and deploying targeted routes and services.

In India, out of 14 crore daily commuters, road and rail transport handle more than 75% and 24% of the travel needs, respectively, collectively meeting 99% of the country's passenger demand.

Land transport is divided into 60% intra-city and 40% inter-city traffic.

Intra-city travel means travelling from one part of the city to another. For example, travelling from Churchgate to Dadar in Mumbai would be considered intra-city travel.

Inter-city on the other hand, means travelling from one city to another. Let’s say, travelling from Bengaluru to Mysore by train, this would be considered inter-city travel.

Modes of transportation for Indian passengers

The bus segment, including both long-haul intercity and intra-city buses, serves 2.5 crore daily passengers, a number comparable to rail traffic.

In contrast, daily air travel, despite reaching a record high of nearly ~4.6 lakh passengers in November 2023, accounts for less than 1% of the daily transport needs of Indian citizens.

Money Spent Across Different Modes of Transport

Money spent on road travel is the largest segment (79%) indicating preference for personal or local travel methods, likely due to cost-effectiveness, convenience, and infrastructure availability.

Whereas, railways spending accounted for 17%, which shows significant usage for longer domestic trips, highlighting the extensive and affordable railway network in India.

Government Initiatives to boost tourism and travel

The travel industry in India has greatly benefited from various government policies aimed at increasing both domestic and inbound travel. These policies span across all segments of air, road, and rail transportation to ensure efficient movement across the country.

Tourism Initiatives

Initiative	Description	Budget Allocation
UDAN scheme	1. Aims to improve the connectivity to rural and underserved regions of the country with simultaneous development of airport infrastructure and air connectivity. 2. It has facilitated the air travel of more than 13 million air travellers and is expected to grow to 500 million by 2027. Around 499 new air routes have been operationalized since the commence of this initiative. 3. As of July 2023, there were 74 airports under UDAN scheme, including 2 water aerodromes and 9 heliports. 4. The Government has approved scheme for the revival and development of 100 unserved and underserved Airports, Helipad and Water Aerodromes by 2024.	Continuously funded; significant contributions to aviation sector growth.
Swadesh Darshan	It is an integrated approach to provide lasting visiting experiences by creating tourist circuits on specific themes to attract both domestic and foreign leisure travellers.	₹1750 crores for the fiscal yar 2024-25
Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASAD Scheme)	Its primary objective is to enhance awareness of religious tourism by identifying and developing tourist destinations across India in an organized and sustainable manner.	₹240 crore for the fiscal year 2024-25

Airports announced under UDAN Scheme

New airports announced under the UDAN scheme

Budget Allocation for Road and Rail Infrastructure

Budget allocation for road and rail infrastructure is significant for OTAs as it enhances connectivity, increases travel frequency, and improves accessibility. This boosts demand for travel services, allowing OTAs to expand offerings, target a larger customer base, and capitalize on improved travel experiences.

One such budget allocation was made for the Golden Quadrilateral, one of the prominent projects to connect 4 metropolitan cities - Delhi, Mumbai, Kolkata and Chennai. This ~5600 km road project made movement of men and goods easier and faster, boosting tourism and improved connectivity. As ixigo is fiercely planning to capture the rail and bus segment; it is all the more important to keep a look out for policies and budget allocations in these sectors as new routes would in turn mean new audiences and a bigger audience to cater to.

A. Railways

Railways is a state-owned national railway system, managed by the Ministry of Railways. The government invests in it through budgetary allocations, public-private partnerships, and borrowing from financial institutions to build infrastructure, purchase rolling stock, and maintain and upgrade tracks, stations, and services. India currently has about 2.3 lakh buses, of which 1.4 lakh are run by public transport authorities.

Following are some of the highlights of the recent budget allocations by the government of India:

Union Budget Allocation

2024 saw a record-high capital expenditure of ₹2,52,000 crore allocated for the railways.

Construction Achievements

In 2023-24, the railways constructed 2,966 km of track, averaging 8.12 km per day, with a goal to construct 7,000 km of track over the next ten years.

Station Development

Under the Amrit Bharat Station scheme, 1,318 railway stations have been identified for development, with 1,251 stations upgraded so far.

Train Procurement

The Indian railway plans to procure trains worth ₹1,000 billion to cater to passenger growth and eliminate waiting lists by 2030.

B. Roadways

Indian roadways encompass a vast network of national highways, state highways, and rural roads. The government invests in building and maintaining them through budget allocations, public-private partnerships, and toll revenue.

Union Budget Allocation

The Ministry of Road Transport and Highways was allocated ₹2.72 trillion for capital expenditure in the 2024-25 interim budget.

Highway Construction Goals

The government aims to construct 65,000 km of national highways at a cost of ₹5.35 lakh crore.

Procurement of e-buses

The government has proposed to allocate Rs 1,300 crore to procure electric buses for public transportation under the PM-eBus Sewa scheme. Under the scheme, 10,000 electric buses will be provided to 169 cities under the public-private partnership model.

OTA Revenue split from different segments

Airlines

The high online penetration (70% in 2023) and expected growth (to 80% by 2028) in the air travel segment are crucial for ixigo. This penetration signifies a large and growing market where ixigo can capture a significant share by leveraging competitive pricing, user experience, and loyalty programs.

Market Influence

Airlines were the earliest adopters of OTA channels, contributing significantly to the value of bookings due to high-ticket sizes.

The early adoption of digital booking platforms by airlines set a precedent, making it easier for consumers to shift from offline to online bookings due to the ease of use and the transparency in pricing and options.

Impact of Government Infrastructure Spending & Macroeconomic Factors

Government spending on infrastructure, with initiatives like the UDAN scheme will improve overall connectivity and accessibility. This enhances ixigo’s potential market, as improved infrastructure supports more travel and, consequently, higher demand for OTA services.

The Airlines market is not just growing, but also extremely competetive. One good example is how Air India is planning to beat Indigo Airlines. In this edition of our Wireframe we explain Air India’s $90 Billion strategy to become the champion of the airline industry.

Railways

With 81% of rail tickets booked online in 2023, rising to 86% by 2028, ixigo stands to benefit from the growing preference for digital rail bookings. Enhanced digital infrastructure, AI tools and user-friendly features will drive this shift, presenting ixigo with opportunities to capture a larger market share.

The Indian Railway Catering and Tourism Corporation (IRCTC) platform revolutionized rail ticketing by providing a convenient and efficient online booking system. The widespread availability of internet access and mobile apps further facilitated this shift.

Impact of Government Infrastructure

Government infrastructure investments will improve travel networks and accessibility, boosting demand for rail travel. Economic growth will increase disposable income, leading to higher travel expenditure, which ixigo can capitalize on through its OTA platform.

Hospitality

Current Penetration:

Online penetration in the hotel market was 32% by value in 2023 and will grow to 44% in the next 5 years.

The hospitality sector has been slower to digitize due to the fragmented nature of the market, especially in Tier II and Tier III cities where many hotels still operate offline.

Many smaller hotels lack the infrastructure or expertise to manage online bookings, and OTAs need to invest in integrating these properties into their platforms.

However, increasing internet penetration and digital literacy, along with the growing popularity of online reviews and competitive pricing, are expected to drive more consumers to book hotels online. This is working in favour of OTAs as users can find all these use cases in one single platform and seamlessly book their stays.

Buses

With online penetration for intercity buses at 19% in 2023, expected to grow to 28% by 2028, ixigo can capitalize on this growth by enhancing its digital offerings and capturing a larger share of the expanding market.

How will macroeconomic factors affect this growth?

Government spending on road infrastructure will improve travel efficiency and connectivity, making intercity bus travel more attractive. Economic growth and increased internet access will further drive the shift to online bookings.

OTA Business Models

B2C Segment

B2C Model is where consumers directly book their tickets through OTAs, on the basis of where they find cheaper prices or better services. For example, buying tickets to go to Kashmir for a holiday.

The B2C market is valued at ~ $19 billion with a customer base of ~15 million.

This segment has been the traditional mainstay of the OTA industry since it first started and accounts for 60% to 65% of the OTA market in 2023.

It is also from the core B2C segment, that the OTAs can extract maximum value through cross selling of value-added products and services.

B2B segment

The B2B travel segment within OTAs specializes in serving corporate clients with tailored services such as company-specific booking codes for cost-effective travel solutions.

With a significant market opportunity in a $32 billion corporate travel sector encompassing over 400,000 SMEs, B2B OTAs leverage personalized service and strategic partnerships to enhance client relationships and drive growth.

This segment is poised to double in size over the next five years, driven by India's economic growth, the implementation of GST (Goods and Services Tax), and increasing activities in the Meetings, Incentives, Conferences, and Exhibitions (MICE) sectors.

B2B OTAs enjoy higher profit margins compared to the price-sensitive B2C segment and face less direct competition from airlines in catering to the specific needs of corporate India.

Overall, B2B OTAs in the Indian travel market are poised to benefit from their ability to cater to the specific needs of corporate clients through personalized service, cost-effective solutions, and strategic market positioning.

B2B2C Segment

In Tier-II & III cities where internet penetration and consumer trust are challenges, the B2B2C model is prevalent. This model involves traditional travel agencies using OTA portals or B2B consolidators to reach customers, particularly SMEs who may not typically approach larger OTAs directly.

B2B platforms like Travclan operate on the B2B2C model, focusing on serving smaller enterprises with booking solutions. However, opportunities for cross-selling additional services are limited in this model compared to direct B2C interactions.

While B2C remains dominant in revenue generation, there's a growing shift towards B2B2C in the Indian OTA industry. By 2028, it's anticipated that the share of B2B transactions within the OTA sector will continue to rise as more OTAs target agents and smaller businesses, recognizing the potential in this segment despite its current smaller revenue contribution.

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ixigo’s competition

For this piece we will only consider the top 4 multimodal travel players as an OTA (Online Travel Agency) in the Indian landscape which include MakeMyTrip, EaseMyTrip, Yatra.com, and Cleartrip.

Comparison between the top 5 Indian OTAs

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House of Brands Approach: Most players use a multi-app multi-brand approach to capitalize on the fragmented use cases for customers which allow a more focused and customized experience across these apps.

However, companies integrate and plug services so that the user can be redirected instead of switching apps. For example, a customer can book a flight on the ixigo train app or Confirmtkt app and a bus on the ixigo flight app, and a train on the Abhibus app etc.

MakeMyTrip

MakeMyTrip is the current market leader in the OTA industry, with an annual revenue from operations of ₹6500 crore in 2024.

They currently have a market share in India of more than 60% of the total revenue.

A horizontal acquisition of Goibibo helped in increasing their Indian market share from 35% to 60% in 2017 and significantly increased the gap between them and their peers.

House of Brands: MakeMyTrip owns MakeMyTrip, Goibibo, Redbus and Redrail, each having its own app and a multimodal use case.

EaseMyTrip

EaseMyTrip was started India in 2008 by serving the B2B2C market segment. They operated initially as a distribution channel and provided travel agents with a marketplace to book domestic travel airline tickets to cater to the offline travel market in India.

In 2024, Easemytrip’s consolidated annual revenue from operations is ~₹600 crore.

In 2024, Easemytrip was the third largest OTA by Operating Revenue.

Currently, they have a presence in all 3 customer segments—business to consumer (B2C), business to business (B2B), and B2B2C.

Yatra

Yatra.com was the largest B2B OTA in India in 2024, accounting to over 849 large corporates and 56,000 SME clients with the acquisition of Air Travel Bureau—a corporate air travel portal in 2017.

In 2024, Yatra’s annual revenue from operations was ₹ 107.3 crore.

It is the fourth largest OTA by Operating Revenue in India but a market leader in B2B OTA segment with 6% market share.

With its platform as a service (PaaS) for large and medium enterprises and its self-booking platform for SMEs, Yatra.com is addressing the entire corporate travel market in India, which remains relatively underpenetrated, and it is betting big on corporate travel.

ClearTrip

Founded in 2006, Cleartrip was one of the most popular OTAs in India.

In April 2021, Cleartrip was acquired by Flipkart, post which Cleartrip’s Middle East business was sold to Wego and since January 2022 Flipkart started powering its flights business through Cleartrip.

Their revenue from operations stood at 96.7 crores in 2023.

The acquisition of Cleartrip allowed Flipkart to gain access to the OTA market, predominantly in the air and the hotel segment.

Here’s the comparison of competitors on the basis of industry specific metrics 👇🏻

Particulars	MakeMyTrip	ixigo group	Easemytrip	Yatra
Operating Revenue (FY23)	47.7 billion	5 billion	4.5 billion	3.8 billion
MAU	81.5 million	83 million	4.3 million	2.8 million
DAU	8.7 million	12.3 million	0.4 million	0.2 million
Cumulative App Downloads	249.2 million	288.4 million	10 million	19 million
App Ratings (Weighted average)	4.7	4.7	4.4	4.3

International OTAs

These include Booking.com, Expedia, AirBnB and Agoda.

International OTAs might employ Mergers and Acquisitions (M&A) strategies to acquire Indian platforms and rebrand them to strengthen their market presence.

Indian OTAs must differentiate themselves in terms of price and product offerings to compete effectively.

Meta-searches and Horizontal E-Commerce Players

Meta search platforms like Skyscanner, Kayak and Google Flights funnel traffic and bookings to OTAs and airline websites. If Google enters the OTA segment directly, it could significantly shift market share in India. Skyscanner and TripAdvisor have begun monetizing some transactions after years of functioning primarily as meta-search platforms.

Horizontal E-Commerce players like Paytm, Flipkart and Amazon.

Primarily focused on air ticketing to offer a comprehensive suite of internet-related services and products to their customers.

These players exert pressure on the market shares of traditional OTAs by integrating travel services into their broader e-commerce platforms.

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