State-owned India Tourism Development Corporation Ltd (ITDC), working under the aegis of the Union Tourism Ministry on Monday launched a new tagline and a mascot for the first time since its inception. With an intention to boost the ITDC brand and diversify its offerings across various sectors it operates, the new mascot ‘Adyant’, whose name is derived from Sanskrit words, is an ant signifying ITDC’s sustainability,team work and resistance.
The fresh tagline of ITDC is ‘Sabse Shreshta athithya ki aur’ which in English means, towards excellence in hospitality.
At the launch ceremony at The Ashok Hotel in New Delhi, ITDC Managing Director MR Synrem said that they are actively seeking new business opportunities while enhancing its current verticals to build on the momentum of its record financial performance last fiscal year. “We aim not only to expand but also to elevate our existing services, exploring new avenues for ITDC’s growth as a company,” he said.
The company, known for providing hospitality, travel and tour, events, and engineering-related consultancy services, aims to bolster its presence in Mumbai, Chennai, and Kolkata by transforming them into regional hubs for its operations.
On the occasion, ITDC also unveiled a digital campaign to promote small weddings at its hotel as part of Prime Minster’s ‘Wed in India’ appeal. Launching a video clip, Manisha Saxena, Director General, Ministry of Tourism said, “I hope we are able to bring more and more weddings to India. We have launched our campaign, ‘India says I do’ and as the year progresses, we will launch more unique campaigns and marketing initiatives to promote more destinations. It would also involve integrating the local culture and mainly locals to make the experience more and more authentic and it makes an impact on their livelihood.”
Whereas, Synrem affirmed ITDC’s commitment to optimising existing resources, rejuvenating its operations, and sustaining the growth trajectory witnessed in the last fiscal year, during which ITDC achieved record revenue of INR 458.08 crore and a net profit of INR 60.33 crore.
The cumulative Profit Before Tax (PBT) for the same period reached INR 76.80 crore compared to INR 60.84 crore for the corresponding period last year, indicating a growth of over 26 per cent. Likewise, the Profit After Tax (PAT) for this period stood at INR 55.71 crore as against INR 46.12 crore corresponding period of last year.
Sharing his views on the growth of ITDC and the vision behind the new tagline and mascot, Sambit Patra, Chairman, ITDC lauded the company’s exceptional performance in the financial year 2022-23, expressing confidence in its ability to maintain growth momentum.
“India has become a brand, and so is ITDC. We are rebranding ourselves at a time when we are getting financially stable. FY23 was the most profitable year for us, and post that, we are seeing a 24 per cent year on year growth since then.This rebranding helps us promote ITDC in a better manner,” Patra said.
The proposal to consider a low-interest loan scheme in collaboration with Kerala Financial Corporation to scale up tourism infrastructure, anticipating an investment of INR 5000 crores will expedite growth. The budget has also made allocations for improving standard of tourism facilities, marketing, culture and environment tourism, Responsible Tourism, subsidies and incentives, among others.
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Le Travenues Technology, the parent company of the leading travel booking firm ixigo, has submitted initial documents to Security Exchange Bureau of India (SEBI) for its initial public offering (IPO). The Gurugram-based firm plans to raise funds through a combination of fresh equity shares worth INR 120 crore and the sale of 6.66 crore existing shares by current shareholders, as detailed in the Draft Red Herring Prospectus (DRHP).
SAIF Partners India IV, Peak XV Partners Investments V (formerly known as SCI Investments V), Micromax Informatics, Placid Holdings, Catalyst Trusteeship, Madison India Capital HC, along with ixigo founders -Aloke Bajpai and Rajnish Kumar, will be offloading shares through the Offer For Sale (OFS) route.
The proceeds of INR 45 crore from the fresh issue will be allocated for working capital requirements, while INR 26 crore will be invested in technology, including cloud and server hosting, artificial intelligence, and customer engagement. Additionally, funds will be earmarked for potential acquisitions and general corporate purposes.
The company also intends to conduct a pre-IPO round to raise up to INR 24 crore, which may lead to a reduction in the size of the fresh issue. Axis Capital, DAM Capital Advisors, and JM Financial have been appointed as the book running lead managers for the public issue.
Established in 2007 by Bajpai and Kumar, Le Travenues Technology assists travellers in planning, booking, and managing trips across various modes of transportation and accommodations. The ixigo Group also has several subisdiaries under its umbrella which deals in diffrent travel segments including Abhibus and Freshbus for bus travel and Ixigo trains for train travel.
Company’s EBITDA reached INR 653.7 million, up by 10.9 per cent year-on-year. Also, there were 3.8 Lacs hotel night bookings and 7.7 Lacs in the other bookings. Following a successful quarter, EaseMyTrip also acquired a stake of approximately 13 per cent in ECO Hotels and Resorts and signed a Memorandum of Understanding with the Government of Uttarakhand.
In the financial year ending March 2023, the company’s total income increased to INR 517 crore from INR 385 crore in the previous fiscal. It reported a profit of INR 23.4 crore for the same period compared to a loss of INR 21 crore in the preceding year.According to the F&S Report, India’s total travel market, covering air, rail, road, and hotel segments, is estimated to be approximately INR 3.8 lakh crore in Fiscal 2023 and is projected to grow at a compound annual growth rate (CAGR) of around 9 per cent to reach INR 5.8 lakh crore by Fiscal 2028.
Le Travenues Technology had previously filed draft papers with SEBI in August 2021 for a INR 1,600 crore IPO, which did not materialize. The proposed IPO then comprised a fresh issuance of shares worth INR 750 crore and an offer for sale of equity shares worth INR 850 crore by existing shareholders.
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