HappyEasyGo raises new funding from existing shareholders
GURGAON, India, May 23, 2022 /PRNewswire/ -- HappyEasyGo, a fast-growing online travel agency (OTA Platform), currently invested by Samsung Venture Investment, Korea Investment Partners Co. Ltd., M&S Partners Pte. Ltd., CVC Capital Partners, and UOB Venture Management, has raised new funding from its existing shareholders.
The funding is backed by the encouraging business trends in the travel industry in the Indian market. Recently, there has been an industry-wide spike in air ticketing and hotel booking volumes.
According to a recent press release published by IATA, in 2021, overall traveller numbers were 47% of 2019 levels. This is expected to improve to 83% in 2022 and 111% in 2025.
IATA's suggested extrapolation of travel trends is very promising for all OTA players in the air travel segment. The international traveller numbers are also expected to increase exponentially over the next few years. (Source: https://www.iata.org/en/pressroom/2022-releases/2022-03-01-01/)
Also, Statista published a report in which the Indian hotel booking segment is projected to reach US$5.4bn by the end of 2022. The market is expected to grow at a CAGR of 8.8% during 2022-2026, resulting in a projected market size of US$7.6bn by 2026.
As per the ReAnIn report, the global hospitality industry was valued at US$ 823.6 bn in 201 and is projected to reach US$ 1,605.6 bn by 2028, representing a CAGR of 11.2%. (Source: https://www.reanin.com/report-store/global-hospitality-industry-market)
Building a correlation with the above insights, HappyEasyGo has also witnessed the market shift in its growth trends and key business indicators with the help of its attractive product offering.
HappyEasyGo's 'Lowest Fare Guarantee' assures its customers the lowest price on domestic flight bookings or a 300% refund up to INR 5,000*.
In addition, recently, HEG launched a 'HIGH FLYER' offer for their travellers through which they can now avail a flight offer discount of Flat 12% up to INR 1,300 valid till 30th June, 2022. They need to apply the coupon code 'HEG12D'on the checkout page on the HappyEasyGo website/app. Also, the coupon code for hotel bookings is 'HEG12D', which offers an 8% discount up to INR 2,000.
Considering the above offers, policies and the other strategies implemented during COVID, compared to 2020, the company's GTV increased by 35% in 2021. Furthermore, leveraging the Proprietary Bidding System enables the company to optimize costs and maximize revenue; the Gross Revenue increased by 75% during the same period.
"We continue to accelerate growth and witness a spike in the travel sector post the third wave of COVID-19 in India and are very optimistic about the trends in the coming year. Our sustained focus is on achieving our long-term air ticket and hotel booking business goals around creating delightful travel memories and experiences for our travellers."
"We are committed to controlling the service quality and ensuring a smooth travel experience throughout the travel journey for consumers. We aspire to offer the 'Lowest Fares Guarantee' to help our customers save the time they would otherwise spend comparing prices on other portals and invest in planning their overall travel experience more efficiently."
"We want to make travel affordable for all so that the money our customers save by booking through us can be spent elsewhere to make their overall travel experience enjoyable."
"The travel sector in India has never-ending possibilities in the times to come, and we are preparing to play a significant role in the same. After this round of funding, we want to gain back the momentum and gear up to cross the pre-Covid levels and go way beyond," added Boris Zha, Founder and CEO, HappyEasyGo.
HAPPYEASYGO embarked on its journey in the Indian travel industry in 2017, bringing affordable flight booking solutions for Indian business and leisure travellers. After witnessing rapid growth in the flight booking space, the company forayed into the hotel booking genre to add to the convenience of its customers and help them save more while travelling. HappyEasyGo has become one of India's leading online travel aggregators in an extremely short span.