Travel Market in India, SEA & GCC

Flexible in approach, ﬁrm on results.
Bangalore, Delhi, Mumbai, Dubai, Singapore, New York. © 2021 RedSeer Consulting conﬁdential and proprietary information
October 2021
Travel Market
Report
India, SEA, GCC

Summary – Travel market in India
Travel market
in India
Travel by
Segment
Airlines
Hotels
Others
Travel market size of India was ~$75 Bn in FY20, expected to grow to $125 Bn+ by FY27. This market is represented by
domestic, inbound travel, and outbound travel by Indians.
Agents capture 50%+ of the travel market, expected to maintain the share going forward.
Airline market size of India was ~$20 Bn in FY20; ~60% of which is represented by domestic travel.
Market expected to grow to ~$40 Bn by FY27
Improving infrastructure at home to drive the domestic market growth while increasing number of Indians gaining access to
passport to push the outbound travel market growth.
Hotel market size was ~$32 Bn in FY20, represented by both domestic, inbound travel and outbound travel by Indians.
Market expected to grow to ~$52 Bn by FY27
Intercity cab market is ~$ 2.2 Bn in size in FY20, expected to double by FY27
Intercity Bus is $9+ Bn in size in FY20, expected to reach ~$13 Bn FY27
Railways is $6.8 Bn in size in FY 20, expected to reach ~$9 Bn FY27
©RedSeer 2

Travel Agent
Market
With ~50%+ share, travel agents represented booking value of ~$38 Bn in FY20
Travel packages drive the agent business with ~45% share by value
India is home to ~300K travel agents
Large agents are ~750 in number and operate at monthly bookings of INR 3-5 crore
Medium agents are ~60K in number and operate at monthly bookings of INR 15-20 lakh
Small agents are ~250K in number and operate at monthly bookings of INR 1-10 lakh
Role of agents significantly increased in COVID times as travelers were seeking higher level of
support to solve for the complexities involved in travel.
Agents offer higher level of convenience, customization, trust, and competitive pricing, which makes
customers prefer them over other modes of travel booking
TBO, Akbar, Travclan, Riya, RezLive were the most identified portals for booking by the agents
There is a lack of trust in fragmented supply chain and agents struggle to find reliable suppliers with
quality service at competitive price
Himachal, Kashmir, Kerala and Goa in domestic market; Southeast Asia followed by Middle East in
international market are top travel destination for which travel agents receive booking request
Size of
travel agent
market
Travel
Agent
Behavior
Summary – Agent travel market in India
©RedSeer 3

Travel Market Airlines
Airlines Domestic Travel
Outbound travel (one way and return)
Inbound travel
Intracity cab travel
Intracity bus travel
Suburban travel
Expenses on food
Expenses on shopping
Long term rental
PG
Domestic - Indians booking the hotel in India
Outbound - Indians booking hotel outside India
Inbound - Expats booking hotels in India
Intercity cab travel
Intercity bus travel
Non-suburban travel
Expenses on experiences
Hotels
Hotels
Railways
Railways
Cabs
Cabs
Buses
Buses
Experiences
Experiences
We deﬁne the travel market as the money spent on different modes of travel in
India and Indians visiting International geography
+ + + + +
Components of travel market
considered for sizing What it includes What it does not include
©RedSeer 4

Airlines
and
Hotels
Cabs & Buses
Glossary
Travel Agents
OTA Online Travel Aggregators facilitating online bookings for hotels, flights, and packages.
Travel agents who operate off-line. They make use of both on-line and off-line channels to make the booking
Refers to travel where origin and destination of travel is within India by Indians and Expats
Refers to travel where origin of flight is outside India and destination is India.
In case of hotels it refers to spend made by expats on hotel in India.
Refers to travel where origin of flight is in India and destination outside India
Average Room Rate
Travel between two cities
Travel within city
Long distance railway travel
Travel within the city or from satellite city to the main city (e.g. – Mumbai local, Delhi metro, etc.)
Agents support customers in travel booking, they also offer services like visa, itinerary building,
rescheduling of tickets, cancellation and refund, etc.
Agents make use of both online and offline channels in making the travel booking.
Customer making their booking online refers to B2C online booking.
Customer can book ticket directly on the flight/hotel/cab/train website or they make the booking
through OTA (Online travel agent) interface.
Online channel contribution for the business segment would be a sum of the business from
B2C online and Agent online channels.
Refers to customers walk-in, booking on call, tout supported booking, etc.
TA
Domestic Travel
Inbound Travel
Outbound Travel
ARR
Intercity Travel
Intracity Travel
Non – Suburban
Sub-Urban
Agents
B2C online
Online
Others
Railways
Channel
of Booking
Segments Deﬁnitions
©RedSeer 5

Past Growth
COVID Impact
Post COVID
India’s travel market has displayed a growth of ~9% in past.
Hotels capture the largest share of 40%+ followed by Airlines.
We estimate the travel market shrunk signiﬁcantly (50%+)
in FY21 due to COVID
The recovery is expected to continue in FY22, while in later years
will observe a spike due to pent-up demand
Industry to match past growth to reach ~$127 bn in size by FY27
Improving transport connectivity and increasing access to
passport to be key drivers of future growth
Key Findings
Overall Travel Market
Travel market in India was ~$75 Bn in FY20, and is expected to cross $125 Bn by FY27
27%
~127
India Travel Market* ($ Bn)
Airlines Hotels Others
33%
40%
27%
~61
27%
42%
31%
~69
~74
27%
44%
30%
41%
32%
FY18 FY19 FY20 FY27
Note: Others includes Railways, Cabs, Bus, experiences, etc.
*Please refer to the travel market deﬁnition to understand the components of market included in the sizing
Source: Expert interactions, Desk research, RedSeer IP, RedSeer estimates |
©RedSeer 6

Agents B2C Online Others
Travel agents represent the biggest share by channel of booking 50%+ which is
expected to sustain in coming years; Role of agents signiﬁcantly increased in COVID times
Overall Travel Market
Market share by channel of booking (% Split)
18%
52%
30%
~$127 Bn
FY27
24%
52%
24%
~$74 Bn
25%
52%
23%
26%
52%
22%
~$69 Bn
~$62 Bn
FY18 FY20
FY19
Travelers were seeking higher
level of support from agents
to solve for the complexities
involved in travel. Leading to
increase in agent share.
B2C online + Others
Agent
Agents make use of both online and offline channel to make the booking
Agents represent the larger share at ~52%, which is expected
to sustain in the coming years.
For international bookings agent share rises to ~80%
Share of B2C online channels expected to continuously rise in coming days due
to improving access to digital infrastructure
B2C online share expected to rise on expense on other channels of booking
such as walk-in, touts, phone booking, etc.
Key Findings
Note: Agents make use of both online and offline channels to make the booking.
Source: Expert interactions, Desk research, RedSeer IP, RedSeer estimates.
©RedSeer 7

Flights market was ~$20 Bn in FY20, expected to double in size by FY27
Airlines
FY 18 FY 19 FY 20 FY 27
~17
42%
42% 42%
58% 58% 58%
64%
36%
~20
~40
~19
Airlines Market Size ($ Bn)
Source: Expert interactions, Desk research, RedSeer IP, RedSeer estimates
©RedSeer 8
International
Domestic
Increasingly the population in India is getting vaccinated helping
the sector to recover faster
Govt. support in uplifting the ATV during COVID times, helped the airlines to
absorb lockdown led losses
We expect recovery to be followed by a bump due to pent-up demand
Improving airport infrastructure and connectivity to drive future growth -
~100 airports expected to grow to ~250 in next ﬁve years
International travel expected to showcase similar behavior as domestic,
however recovery expected to take longer time
International growth to come from increasing passport access
~100mn people have a passport in India and ~12 mn added each year
Key Findings
Domestic Outbound

International
Agents represented ~66% of the market in FY20; but this share is
expected to drop to ~60% by FY27
Airline Market Segmentation by Channel
($ Bn, % channel share)
Agents B2C online
~$40 Bn
FY27
~$20 Bn
~$19 Bn
~$17 Bn
FY18 FY20
FY19
66%
34%
66%
34%
66%
34%
60%
40%
Agent share increased as
travelers were seeking support
to understand uncertainties
related to travel
Note: Agents largely make use of online channels to make the ticket booking
Key players agents
Key Findings
Domestic
Agents take ~80% share of international booking,
while in domestic booking, its share is 50%+
During COVID the uncertainties related to travel such as
– COVID test, change of travel date, delay in travel
due to restrictions motivated travelers to take agent
route of booking
For domestic market we expect the agent share to drop
while for international market agents expected to
maintain its share in coming years
B2C online market share expected to rise sharply in
domestic market in coming years with increasing
adoption of online platforms for booking by customers
©RedSeer 9
Airlines

Hotel's market was ~$32Bn in size in FY20 in India;
and is expected to reach ~$52Bn by FY27
Domestic International
Hotel Market Size ($ Bn) – Domestic + Inbound + Outbound
25%
~52
~32
~29
FY27
~25
FY18 FY20
FY19
21%
20%
22%
78%
20%
80%
80%
79%
Key Findings
©RedSeer 10
International
Domestic
Represents ~80% share of the hotel market
With COVID, the market shrunk signiﬁcantly in FY21 and is expected to
recover in the following years, driven by new use-cases (staycation,
work from newer destinations etc.) and increased domestic demand.
Spend on hotels in international market observed higher drop compared to
domestic market due to COVID led travel restrictions.
We expect the recovery for international markets to take longer compared
to domestic markets given the uncertainty around the
travel requirements (due to COVID).
Hotels
Note: The hotel market size is inclusive of outbound travel which is shown under international bucket; inbound considered under domestic

Agents represent 40%+ of the hotel market; which is
expected to rise to ~45% by FY27
Hotel Market Segmentation by Channel
($ Bn, % share)
Key Findings
~$52 Bn
FY27
~$32 Bn
~$29 Bn
~$25 Bn
FY18 FY20
FY19
44%
42%
14%
43%
42%
15%
42%
43%
15%
37%
45%
18%
Agent share increased as
travelers were seeking
personalized support to
understand uncertainties
related to travel in COVID
Agents B2C Online Others
Note: The hotel market size is inclusive of outbound travel which is shown under international bucket; inbound considered under domestic
Note: Agents make use of both online and offline channels to make the booking
©RedSeer 11
B2C Online + Others
Agents
Agents represent ~30% of the booking in domestic market,
while in International market the share jumps to ~90%.
Going forward we expect the agent share to marginally rise
at the expense of offline bookings.
Agents played a critical role in COVID times where
personalized support helped increase its share in booking.
Share of B2C online expected to signiﬁcantly rise with
increasing adoption of online channels
of booking among customers.
Also increasing partnership of hotels with OTAs
to drive the online growth.
Others represented by customers walk-in,
booking over call, touts, etc.
Key players agents
Hotels

Others – Intercity Cab
Intercity cab was $2+Bn in size in India in FY20, which is expected to grow to
double in size by FY27; Agents dominate this market
Note: Agents also own cars and any booking coming to them directly is also considered under agent category for sizing purpose.
Intercity Cab Market Size ($ Bn) Key Findings
We estimate the intercity cab market in India to be
~$2.3 Bn in size in FY20
COVID impacted the cab market most, where
market shrunk signiﬁcantly in FY21 and was limited
to only essential travel
During COVID times the cab market observed
traction in the months of Oct-Dec 2020, however
the second COVID wave resulted in drop in market
Going forward we expect the share of B2C
channels to signiﬁcantly rise with increasing
adoption of online channels of booking among
customers and increasing ATV
©RedSeer 12
Agents B2C online
~4.4
~2.3
~2.0
~1.8
FY 18 FY 19 FY 20 FY 27
91%
93%
7%
65%
35%
11%
9%
89%

Others – Intercity Bus
Intercity bus was ~$10 Bn in size in India in FY20,
which is expected to grow to ~$ 13 Bn by FY27; Agents dominate this market
Note: Agents also have own busses plying on roads and any booking directly coming to them from customers is considered under agent category for sizing purpose.
Intercity Bus Market Size($ Bn)
Agents B2C online
~13
~9.3
~9.0
~8.8
FY 18 FY 19 FY 20 FY 27
90%
91%
9%
80%
20%
12%
10%
©RedSeer 13
Key Findings
Intercity bus is third biggest component of travel
market after Hotels and airlines
~12% of this market is captured by online players
where redBus takes away ~80% share
We estimate the market shrunk by ~50% in FY21,
as the supply was constrained, however expected
to recover by FY22.
88%

Others – Railways
Railways clocked turnover of ~$7Bn from long distance (non suburban) travel,
which is expected to grow to reach ~$9 Bn by FY27
Key players online
Key Findings
Indian railways generate 90%+ revenue from
non-suburban public transport (long distance travel)
considered for sizing here
Railways carried ~3500mn passengers in FY20, of
which ~45% are from reservation category, however
they generated 90%+ of non suburban revenue
With support of IRCTC, railways generate ~70% of
its revenue from online booking, which also includes
the ~8% share of agent
Booking at railway counters account for ~30%
booking by value which is expected to reduce to
~20% by FY27
Going forward we estimate the online share will rise
to ~75% by FY27 and agent share reduce marginally
FY27
~6.5
FY18 FY20
FY19
46%
10%
44%
34%
9%
57%
29%
8%
63%
19%
6%
75%
Agents B2C Online Offline (Railway ofﬁces)
~6.8 ~6.8
~9
Railways Market Size($ Bn)
©RedSeer 14

~52% ~52% ~52% ~52%
Agent Booking Market
Agents dominate the travel market in India with ~52% share;
and is expected to retain this share going forward
Note: Others includes Railways, Cabs, Bus, experiences, etc.
Agent Market Size ($ Bn)
Agent share in
Travel market
~32
33%
31%
30%
28%
35%
~36
~38
~67
FY27
FY18 FY20
FY19
33%
34%
34%
35%
35%
35%
37%
Airlines Hotels Others
©RedSeer 15
Key Findings
Agents make use of both online and
offline channels for booking tickets
for customers
They not just book tickets but also
offer value added services such as
answering query, itinerary building,
visa services, cancellation, refund
Agents represent the 52% which is
expected to retain share in
coming years
Corporate travel bookings,
increasing international travel are
two key drivers for agents growth

India is home to ~300K agents; Leisure travelers are focus customer
segment for all agents except large agents who focus on corporates
Source: Primary interaction with Travel Agents and RedCore Estimates
Type of Travel Agent
Large Agent
Medium
Agent
Travel package
focussed
~750
~40,000
~20,000
~80,000
~1,50,000
300-500
~20
~15
7-10
~1
Corporates 65%
25%
20%
30%
15%
20%
10%
10%
10%
10%
15%
60%
60%
55%
40%
15%
29% 1% 5%
5%
Leisure
Travellers
Leisure
Travellers
Leisure
Travellers
Leisure
Travellers
Cab and bus
booking
focussed
Individual
operators
Non travel
focussed
business
Small
Agent
Sales Split
# Agents
Target
Group
Average monthly
turnover
(INR LAKHS)
Airline Hotel Package Other
©RedSeer 16

22%
52%
10%
16%
35%
45%
12%
15%
65%
29%
5%
48%
22%
19%
Type
of
booking
received
by
Agent
Travel Agent Market Segmentation (FY20) Market share by booking type (%)
(~$ 38 Bn)
Agent Type & #agents
~750
~$6 Bn
~$17 Bn
~$4,5 Bn
~$10,5 Bn
~60k
Airlines
Hotel
Package
Others
Booking type
~250 K
Small Medium Large
Packages drive the agent business, represent ~45% of agent market
and 20%+ share of the travel market in India
©RedSeer 17
20%+ share of the
travel market
10%
1%

Agents complain about trust issues and
shortage of good packages on the existing booking portals
Key Comments from agents
Agent market FY20
(~$ 38 Bn)
Agent market segmentation
by booking request (%)
Top booking portals identiﬁed by agents
Take support of
DMC (Destination management company)
or make own packages
Flights and
Hotels
Travel
Packages
Others “There is a lack of trust in this fragmented supply chain and we struggle to
ﬁnd reliable suppliers with quality service at competitive price”
We need support from travel players from understanding the destination
better, so that we can recommend more destinations to our customers and
curate packages according to their needs
There is a trust issue on local suppliers as it has happened in past that
what we promised was under delivered at the destination because of the
local supplier issue. The travel company should release payment for local
agencies only if the promises made to the customer are delivered”
“We are generally registered on two or more portals for booking”
“The difference in price point across the booking portals is minimal”
©RedSeer 18
~15%
~45%
~40%

Customers prefer making travel booking through agents as the complexity of travel increases
Preference of travel agents for personal/leisure travel (N=120)
For the following travel conditions for personal/leisure travel, which one do/would you prefer (Travel agent or self booking)?
63%
83%
100%
70%
81%
Adventure holiday Long duration trips
(7 days or more)
Booking international
hotel ticket
Booking international
flight ticket
Travelling in
big group
Travel agent bookings
Queries for visa and
insurance come along
with this booking
©RedSeer 19
Source: RedCore analysis on primary research conducted in H1 of FY 2021

Agents are preferred by customers as they offer convenience,
customization trust and competitive pricing to its customers.
©RedSeer 20
Reasons for selecting travel agent for making the booking
Why did you choose to get assistance instead of doing the booking yourself?
Can be reached out for any query any time
Agent understands my needs best and customize the package accordingly
I trust him as he has given good service in past
Best price compared to other channels
Easy for cancelling, rescheduling
Offers value added services like visa process, guide, insurance, etc.
Cash payment option
Top reasons
identiﬁed by
customers
to prefer a
Travel Agent
Source: RedCore analysis on primary research conducted in H1 of FY 2021

©RedSeer 21
Source(s): RedCore primary research conducted in H1 of FY 2021
3%
12%
8%
77%
5%
15%
63%
17%
Top destinations
Avg. package value
Avg. trip duration
Nos. of member
Himachal, Kashmir, Kerala, Goa
INR 50K
4-5 Days
2-3
Top destinations
Avg. package value
Avg. trip duration
Nos. of member
Southeast Asia, MENA region
INR 1.5 lakh
5 Days
4
Domestic
Travel
International
Travel
Family Single Friends
Group travel
Travel type:
Agents receive maximum booking requests from customers travelling with family; Himachal, Kashmir, Kerala
and Goa are the top travel destinations in India; while SEA and MENA most preferred international destinations

©RedSeer 22
Source(s): RedCore primary research conducted in H1 of FY 2021
COVID Impact: Agents are focusing on generating lead, timely
responding to customer queries and value-added services to
differentiate and perform better in COVID affected travel market
Top focus area for
agents post COVID
Generating lead
Timely responding
to customer queries
Offering Value Added
Services speciﬁc to COVID
“At present there is shortage of travel queries in the market, and the lead also goes to lot of other
travel agents, we have to ensure in future that we don’t miss a lead which comes to us”
“We would focus to generate own leads through online presence. Leads generated from third party
are generally of poor quality (unveriﬁed) and also shared with other agents”
“Once the COVID situation improves, we expect the travel queries to increase. If required, we will
increase our workforce to cater to increasing demand but not miss on the lead”
“Due to COVID, customers are asking for COVID protocols at the destination location, medical
insurance details, medical insurance coverage, rating of the hotels. We are adapting to these
requests which will help us differentiate from others”

SEA Travel Market Size ($ Bn)
SEA Travel Market
SEA travel market was ~$80Bn in size in FY20 and
is expected to grow to ~$105 Bn by FY27
©RedSeer 24
~77
FY27
FY20
FY19
70%
30%
20%
19%
~105
~80
81% 80%
Note: Travel market size considered for the region is sum of airlines and hotel market; Agents make use of both online and offline channels to make the booking.
Source: Desk research, expert interactions, RedSeer IP, RedSeer estimates
Key Findings
COVID Impact
About Region Travel Market
Market by Segment and Channel
Indonesia and Thailand are the two largest travel markets in the region
Projects such as Mandalika in Indonesia and Mandai Eco Tourism hub
in Singapore to push future growth
Agents dominate the travel market in the region.
Singapore and Indonesia display the highest online penetration in the region
The region started observing COVID impact in mid FY20 as
tourist flow from China declined
Due to higher dependence on international tourists, region recovery is
expected to be delayed.
B2C Online
Assisted online (agent) + Offline

Indonesia
©RedSeer 25
Indonesia market was ~$15 Bn in size in FY20 and is
expected to grow to ~$ 21 Bn by FY27
~15
70%
30%
Indonesia Travel Market Size ($ Bn)
B2C Online
~21
~15
FY19 FY20 FY27
33%
67% 55%
45%
Indonesia is the biggest economy in the region, where domestic
travel also signiﬁcantly contributes towards the travel market
Projects such as Mandalika to drive the tourism growth.
The project is expected to attract ~2Mn tourists annually
Two third of the market is dependent on agent and other
offline channels of booking
B2C online penetration one of the highest in the region
We expect the country to show the fastest recovery in the
region driven by domestic tourists
Key Findings
COVID Impact

B2C Online
Singapore
©RedSeer 26
~8.1
67%
33%
Singapore Travel Market Size ($ Bn)
~10
~8.5
FY19 FY20 FY27
35%
65% 55%
45%
About the region
COVID Impact
Key Findings
Singapore is driving the economic activity in the
region. Country represents largest share of
business tourists
Mandai Eco Tourism Hub is an upcoming project.
The Project is expected to be completed by year
2023. Expected to attract more than 10 Mn visitors
each year
Two third of the market is dependent on agent and
other offline channels of booking
B2C online penetration highest in the region
Due to heavy dependence on international tourists,
COVID recovery is expected to be slow
Singapore market was ~$8.5 Bn in size in FY20 and is
expected to grow to ~$10 Bn by FY27

~21
90%
10%
Thailand Travel Market Size ($ Bn)
B2C Online
~27
~22
FY19 FY20 FY27
10%
90% 80%
20%
Key Findings
Thailand is the most popular country among international
tourists in SEA.
Bangkok, Pattaya, Phuket and Chiangmai being the most popular
destinations among tourists
~90% of the market is dependent on agent and other offline
channels of booking
COVID Impact
Thailand was the most impacted country due to
COVID led restrictions
Also due to heavy dependence on international tourists,
COVID recovery is expected to be slow
Thailand market was ~$22 Bn in size in FY20 and is expected to grow to ~$27 Bn by FY27
©RedSeer 27
About the region
Thailand

~64
80%
20%
GCC travel market was ~$68 Bn in size in FY20 and is expected to grow to ~$90 Bn by FY27
GCC Travel Market Size ($ Bn)
~90
~68
FY18 FY19 FY27
20%
80%
70%
30%
About the region
Saudi Arabia (KSA) and UAE together represent 70%+ of the travel
market of the region
UAE is the most popular destination for business and leisure travel
while KSA drives the pilgrimage travel
Multiple mega projects under vision 2030 in KSA, Expo 2020 and
upcoming football world cup to drive the tourist growth in the
coming years
There is heavy dependence on agents to make the booking
COVID Impact
Due to heavy dependence on international tourists,
COVID recovery is expected to be slow.
Key Findings
©RedSeer 29
B2C Online
GCC Travel Market

B2C Online
~16
60%
40%
UAE travel market was ~$17 Bn in size in FY20 and is expected to reach ~$22 Bn by FY27;
Expo 2020 to help in faster COVID recovery
UAE Travel Market Size ($ Bn)
~22
~17
FY19 FY20 FY27
40%
60% 55%
45%
About the region
UAE is the most popular tourist and ofﬁcial travel destination in
the region
Mega tourist projects across the emirates helps increase the stay
duration and average spend value of tourists visiting the country.
B2C Online penetration is highest in the region at ~40%
The country represents high expat population, who travel
frequently to home country. They closely follow deals on online
platforms to make the booking on own.
COVID Impact
Expo 2020 is expected to help recover the travel market faster
Key Findings
©RedSeer 30
UAE

~31
80%
20%
KSA travel market was ~$33 Bn in size in FY20 and is expected to grow to ~$41 Bn by FY27;
Multiple mega projects under Vision 2030 to drive the market growth
KSA Travel Market Size ($ Bn)
~41
~33
FY19 FY20 FY27
20%
80% 70%
30%
About the region
Haj and Umrah drives the religious tourism for the country with
tourist numbers reaching ~18 mn in 2019
Kingdom’s future tourism market is driving on Vision 2030. NEOM
city, AMAALA, Haj and Umrah capacity building, Al-Qiddiyah
(Spots city), Red Sea development are some of
the giga projects under the plan
Dependence on agents and other offline channels is high in the region
COVID Impact
Due to heavy dependence on international pilgrimage tourists and
strict COVID restrictions by the kingdom, travel market recovery
is expected to be slow
Key Findings
~65% drop
©RedSeer 31
B2C Online
KSA

Thank
You
Bangalore, Delhi, Mumbai, Dubai, Singapore, New York.
Flexible in approach, firm on results.
Disclaimer and confidentiality notice: This Document contains information that may be confidential and proprietary. Unless you are the intended recipient (or authorized to
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©RedSeer 33
Authors
Jasbir S Juneja
Partner
Prashant Kumar
Sr. Research Analyst
Vivek Subramaninam
Manager
Shubham Sinha
Sr. Research Analyst
Anuj Kumar
Director

Travel Market in India, SEA & GCC

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