The Mahindra Group has revealed significant leadership appointments across its businesses, showcasing a commitment to leveraging top internal talent for key roles. Manoj Bhat, currently serving as Group Chief Financial Officer, has been appointed as the Managing Director & CEO of Mahindra Holidays & Resorts India Limited (MHRIL), effective May 17, 2024. This appointment follows Kavinder Singh’s decision to embark on a new professional journey, effective May 16, 2024.
Amarjyoti Barua, who presently holds the position of Executive Vice President – Group Strategy, will transition to lead the Mahindra Group’s Finance Organisation as the Group Chief Financial Officer, also effective May 17, 2024.
Dr Anish Shah, Group CEO & Managing Director of M&M, emphasised the Mahindra Group’s dedication to talent development, highlighting the organization’s robust development programs and career mapping initiatives. He expressed gratitude for Kavinder Singh’s contributions to MHRIL and the Mahindra Group, while welcoming Manoj Bhat’s leadership, which aligns with the group’s Rise philosophy.
In line with the group’s talent development strategy, further rotations of key finance talent are planned. Effective May 1, 2024, Vimal Agarwal, the current CFO of Mahindra Lifespaces Developers Ltd. (MLDL), will transition to the role of CFO for MHRIL, succeeded by Avinash Bapat as the CFO of Mahindra Lifespace Developers Ltd. (MLDL).
With extensive experience in the travel and hospitality sector, Machado brings a wealth of knowledge to Sabre, having previously served in various leadership roles within the industry. In an exclusive conversation with ETTravelWorld, Machado highlighted trends he sees in the marketplace, Sabre’s plans, and what agencies need to be thinking about to harness India’s huge tourism industry growth.
Kavinder Singh, who joined the Mahindra Group in 2014 as Managing Director and CEO of MHRIL, focused on elevating MHRIL into a world-class vacation ownership company during his tenure.Manoj Bhat, who moved to M&M in April 2021 from Tech Mahindra, brings a wealth of leadership experience and value creation skills to his new role. As Group CFO, he played a pivotal role in leading the group’s Finance Leadership Team and contributing to Tech Mahindra’s growth initiatives.
Amarjyoti Barua, who joined the Mahindra Group in May 2023, has demonstrated expertise in strategic leadership, previously holding roles at Baker Hughes and GE, where he spearheaded financial and operational transformations.
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In a significant move, Zoomcar, the leading player in the digital car rental space, has successfully gone public on NASDAQ through a merger deal with IOAC. In an exclusive interview with ETTravelWorld, Greg Moran, CEO & Co-Founder of Zoomcar, expressed his excitement and satisfaction about this milestone, highlighting the rarity of homegrown companies making it to the US exchange. He emphasised the strong partnership formed with IOAC, particularly with its Chairman & CEOMohan Ananda, who is also the primary sponsor of the SPAC and is now a significant investor in Zoomcar.During the interaction, Moran stated, “The alignment of medium to long-term goals in building out Zoomcar from a fundamental standpoint is very aligned, and that’s not super often in an IPO transaction.”
The choice of NASDAQ was deliberate, given Zoomcar’s expansion plans outside India, with a footprint in Indonesia and Egypt, and aspirations to enter new geographies across Southeast Asia and Latin America.
SPAC Route for Going Public
When asked about the decision to go public through a Special Purpose Acquisition Company (SPAC), Moran highlighted the benefits for a company of Zoomcar’s scale. He pointed out the concrete partnership formed with the investor base and the better visibility into the capital acquired, providing more confidence and focus on core execution.
“The SPAC transaction is a little more defined, and you can focus a little more on the core execution as opposed to very extensive marketing efforts, which is typically the case in a regular IPO,” Moran explained.
Global Expansion Plans
Zoomcar’s growth plans include expanding its footprint in emerging markets. Moran identified India and Indonesia as strong emerging markets and outlined plans to enter markets like Thailand, Saudi Arabia, Nigeria, Brazil, and Mexico in the coming quarters.
Bullish on India’s Market
Moran further expressed a bullish outlook for the Indian market, highlighting Zoomcar’s 90 per cent market share in the country. He emphasised the vast untapped opportunity in India, with millions of potential hosts and users yet to explore the platform. The company plans to dial up its investment, particularly in Tier-II cities, tourist destinations, and regions with significant travel and tourism potential.
AI Integration and Product Features
Zoomcar, which distinguishes itself with AI-driven solutions for user experience, including machine learning models for matching supply and demand, personalisation for guests and hosts, and advanced fraud detection is also seamlessly integrating AI into the platform, with a focus on creating next-level personalisation for users.
Mathias Schmid, Senior Vice President, Trip Division, Booking.com provided deeper insights into the company’s vision and the role of the new COE in an exclusive interview with ETTravelWorld. For the Indian market, this translates into scaling the attractions business and adding more relevant products to cater to the unique preferences and travel patterns of Indian users.
No Plans for US Market Entry
Despite its listing on NASDAQ, Zoomcar has no plans to operate in developed or mature markets like the US or Europe. Responding to the query, Moran explained that the company’s core focus is on emerging markets, such as India, Indonesia, and Latin America.
Future Trends: SUVs and Electric Vehicles
Moran also discussed emerging trends during the discussion, including a growing preference for SUVs and the increasing popularity of electric vehicles on the Zoomcar platform. He anticipates these trends will continue to accelerate over the next 4-5 years, driven by government initiatives and evolving consumer preferences.
Focused on Core P2P Platform
In response to whether Zoomcar would venture into ride-hailing or ride-sharing, Moran stressed the substantial opportunity in the self-drive category, with a multi-thousand crore market. He stated, “I certainly don’t see us drifting into anything new. We are a core P2P platform for self-drive, and it’s quite different from a P2P ride-hailing platform.” Zoomcar will continue to focus on its core business for the foreseeable future.
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Dhruv Shringi, Co-Founder & CEO of Yatra Online, engaged in a fireside chat at the 2nd ET Travel & Tourism Annual Conclave & Awards, offering insights into the evolution of Yatra’s platform, the impact of technology, and the future of the travel industry.
He was speaking during a fireside chat interaction with ETTravelWorld on the topic: Online travel agencies – Achieving growth during disruptions.
Shringi outlined Yatra’s continuous product evolution, emphasising the strategy of adding more products to the platform. He highlighted the low marginal cost of selling additional products once the platform is in place, with a focus on a deeper and wider product portfolio. This includes cross-selling of services such as insurance, attractions, and car rentals. Shringi underlined the importance of both technology-enabled and manually interfaced products in this evolution.
AI and its impact on the industry:
Shringi delved into the multi-layered impact of Artificial Intelligence (AI) on the travel industry. He discussed the positive and negative repercussions for employers, customers, and employees. From an employer’s perspective, AI can reduce service costs significantly, creating a cost advantage. However, customers need to be aware that their data is being used to provide customized responses. Shringi also highlighted the changing skill sets required for employees in the era of automation.
Addressing future innovations, Shringi envisioned concierge apps transforming the industry. He discussed a utopian scenario where users could simply instruct their devices to plan a trip, and the app would provide options, eliminating the need for manual intervention. He emphasised the potential for such innovations to disrupt the industry significantly.
Corporate travel and technology adoption
Shringi further shed light on Yatra’s focus on corporate travel, positioning it as the bedrock of the organisation. He highlighted the increased adoption of technology solutions by companies, driven by the need for scalable and automated business processes. He predicted a decade of integrated technology focus in contrast to the previous decade’s consumer-focused technology adoption.
“So, companies are adopting technology at a pace which has not been seen in the past decade. The last decade, as I said was more consumer focused in the next decade will be more integrated focus,” he said.
Discussing partnerships, Shringi emphasised the importance of collaboration to drive business growth. He cited examples of partnerships with destinations like Saudi Arabia and technology partnerships with companies like Nirvana in Abu Dhabi. Shringi advocated for organisations to play to their strengths and partner with others to create a marketplace-like environment.
“Right so the partnerships I personally feel are a great way of growing the business. So, because you can’t really do everything yourself. At least you know, you can do it yourself and do a good job. That’s what I feel I feel it’s better to focus on one or two core areas where you’ve got to make a lot of skill and in-depth expertise, and then partner with the others who focus on certain other areas and make it a platform like a marketplace in that sense,” Shringi said.
Regarding domestic tourism, Madhavan Menon emphasised the growth across various forms, including road transport, cruises, and resorts. He noted the success of cruises, citing a significant increase in people driving to resorts. Menon highlighted that new destinations, including Kashmir and the Northeast, are witnessing increased tourism due to improved accessibility.
Consumer booking trends
Shringi shared observations on changing consumer booking trends, particularly in Tier-II and Tier-III cities. He highlighted the prevalence of mobile devices as the primary channel for consumers in these markets. Shringi anticipated a shift towards simpler transactions being conducted on mobile devices, while acknowledging the ongoing challenges related to payments, confidence in international travel, and visa processes.
Shringi commended the Indian government’s significant investment in infrastructure, especially in the travel sector. He noted the substantial capacity expansion in aviation, attributing it to government spending on infrastructure projects. Shringi expressed optimism about the sector’s growth and capacity building, fueled by government initiatives.
The Yatra CEO’s insights and interaction at the 2nd edition of ET Travel & Tourism Conclave & Awards on November 30 in New Delhi provided a comprehensive view of Yatra’s strategic direction, the transformative impact of technology, and the dynamic landscape of the travel industry.
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