Paytm Sees 19% Jump In Flight Bookings in Q4 FY24

Fintech major Paytm witnessed significant growth in its travel segment in the March quarter (Q4) of the financial year 2023-24 (FY24), with flight bookings surging 19% year-on-year (YoY), exceeding the industry average of around 3%.

In an exchange filing on Monday (June 24), the company said international flight bookings on the platform rose 15% YoY in the month of April, driven by global travel partnerships and robust travel solutions.

In November last year, Paytm joined hands with travel tech firm Amadeus, giving users access to a vast inventory of global flight options, including from carriers such as Singapore Airlines and Qatar Airways among others.

The collaboration between Paytm and Amadeus automated travel operations for users by harnessing artificial intelligence.

In line with its expansion plans, the company has now on-boarded three more carriers, including Cambodia Angkor Air, SalamAir and FlyDubai, the filings showed.

“We are committed to expanding our travel business offerings and enhancing the overall customer experience. Our partnerships with global travel aggregators and leading airlines, combined with the integration of artificial intelligence, underscore our dedication to providing seamless, convenient, and competitive travel solutions,” a Paytm spokesperson said.

Paytm further claimed that it emerged as the second-largest online travel aggregator (OTA) in train bookings in terms of market share, propelled by features such as guaranteed seat assistance and easy tatkal bookings.

The platform has also partnered with bus operator Mettur to expand its service offerings and provide more travel options to users.

Its free cancellation service, where users can avail refunds on their tickets, has also seen robust growth in trains and buses, followed by flights, Paytm added.

This comes days after former Paytm employees filed complaints with the Labour Ministry, alleging “unlawful termination” without proper compensation.

Inc42 reported earlier that the fintech startup was forcing employees to resign voluntarily or face disciplinary action. At the time, many aggrieved employees also claimed that Paytm was looking to claw back the joining and retention bonuses of the employees. 

Paytm has found itself mired in myriad issues in recent times. The trouble started when the Reserve Bank of India ordered Paytm Payments Bank to wind down operations from March 2024.

The fintech major also saw a 2.9% (YoY) drop in its revenue to INR 2,267.10 Cr in Q4 FY24. Meanwhile, net loss surged 3X YoY to INR 550.5 Cr during the same period.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.