SUMMARY
- Cleartrip’s losses grew 18.4% to Rs 810 crore in FY24 from Rs 684 crore in FY23.
- Its net revenue from operations grew 98% to Rs 97 crore in FY24, up from Rs 49 crore in FY23.
- Total expenses grew to Rs 988 crore, surging 26.7% from Rs 780 crore in FY23.
Online travel agent (OTA) Cleartrip‘s losses grew 18.4% to Rs 810 crore in FY24 from Rs 684 crore in FY23. This loss comes despite the company achieving a 98% YoY revenue growth.
It was acquired by Flipkart in April 2021, in a distress sale for $40 million.
According to Cleartrip’s annual financial statements accessed from the Registrar of Companies, its net revenue from operations grew 98% to Rs 97 crore in FY24, up from Rs 49 crore in FY23. It collected Rs 369 crore as service charge from customers while Rs 240 came as incentives and commissions.
However, the company’s gross revenue was impacted by substantial discounts totaling Rs 525 crore, resulting in a net operating revenue of Rs 97 crore.
Cleartrip’s major expenses in FY24 included employee benefits, which surged 61.3% to Rs 400 crore and accounted for 40% of the total expenses, including Rs 180 crore in non-cash ESOP costs. Cleartrip’s spending on salaries and wages, excluding the ESOP cost, was Rs 220 crore in the year under review.
The Flipkart-owned company also spent Rs 128 crore on advertising and marketing, Rs 70 crore on commissions and brokerage, and Rs 91 crore on payment gateway charges. Other overheads such as IT, legal and others took the total expenses to Rs 988 crore, surging 26.7% from Rs 780 crore in FY23.
Cleartrip’s EBITDA margin stood at -399%, and its expense-to-earning ratio was recorded at Rs 10.1.
Other major OTAs in India, including MakeMyTrip (MMT), Ixigo, EaseMyTrip, and Yatra, have reported significant revenues and profits. MMT reported revenue of $792 million (Rs 6,650 crore) and profits of $216.7 million (Rs 1,820 crore) in FY24. Ixigo, EaseMyTrip, and Yatra reported revenues of Rs 656 crore, Rs 590 crore, and Rs 448 crore, respectively.
