2. Executive Summary
Online travel market valued at USD 2.4 bn in 2008; Expected to reach USD 6 bn by 2011
Online airline ticket booking share is more than 70%
Market
Online Travel Agency (OTA) is the most sort after segment by the private equity players with
investments worth USD 130 mn in the past two years
i t t th USD 130 i th tt
Drivers: Challenges:
– Proliferation of internet – Low margins & high operating costs
Drivers & – Growth in low‐cost carriers – Poor internet and credit card penetration
Challenges
g – Secure payment mechanisms
Secure payment mechanisms
– Indian Railways online portal
Competition in online ticket booking is moving away from air to non‐air segments
Online travel going mobile: changing e‐travel to m‐travel
OTAs looking for offline counters leveraging on their brand value
OTAs looking for offline counters leveraging on their brand value
Trends
Meta search engine is the latest innovation in online travel
Religious travel is becoming a hot segment in online travel
Emerging travel information portals backed by OTAs
Online travel industry will see consolidation in the coming years owing to stiff competition
l l d ll ld h ff
OTA GDS Meta search engine
• Makemytrip • Amadeus • IXIGO
Competition
• Yatra • Galelio • Ezeego1
• Cleartrip • Abacus • Zoomtra
ONLINE TRAVEL INDUSTRY – INDIA.PPT 2
4. Online travel is a fast emerging business segment in India
attracting enormous investments from private equity players
Overview Market Size & Growth
•Online travel market in India valued at USD 2.4
USD bn
bn in 2008 6.0
6 +36%
•Online travel bookings are 10.3% of the total 5 4.4
USD 23 bn travel market in India 4 3.2
•Investments worth USD 130 mn made in the 3 2.4
Online Travel Agency (OTA) space in past two 2
years 1
0
2008 2009E 2010E 2011E
Online Market Share by Channel Online Travel Penetration
2005 2008 %
25.0
25
19% 24% 20
3%
15
10% 10.3
65%
78% 10 7.6
5.1
5 2.2
Supplier Website
0
Traditional Travel Agents (Via Suppliers)
2005 2006 2007 2008 2010E
Online Travel Agents
ONLINE TRAVEL INDUSTRY – INDIA.PPT 4
5. Airline ticket booking contributes to more than 70% of the online
travel market in India
Online Travel
Ticket Bookings Hotel Reservations Car Rentals Tour Packages
Non – Air
Air
(Train & Bus)
(T i & B )
Overview Online Travel Market Share (2008)
• Non‐air ticket booking segment is growing fast with Buses/Cars
the entry of Indian Railways in online space Hotels
5%
(www.irctc.co.in) and many OTAs providing online 9%
bus ticket
• Large number of hotels have online portals for Rail
R il 15%
booking their inventory
• Demand for tour packages have increased both
among domestic and international tourists
71%
Flights
ONLINE TRAVEL INDUSTRY – INDIA.PPT 5
6. Global Distribution Systems (GDS) and OTA power the online
travel industry supply chain
Airlines or Hotel Supplier website
Inventory
OTA website
GDS* OTA Customers
Huge volumes and varieties of products available OTAs partner with airlines, rail, buses,
in their global databases compels every OTAs to travel agents, GDS etc and sell tickets
link with them. They charge a commission on using online, gets commission for selling tickets
the database ((per ticket basis)
) and also earn from ads on site
Meta Search Meta search engine website
Engine
They search all the OTAs and airline portals and
display the results. Revenues are generated by pay
per click advertising, tie‐ups with airlines and
hotels, and selling advertising space on their
website
*GDS is a computer reservation system that airlines and OTAs use to book and sell tickets, as well as offer other services such as hotels,
*GDS i i h i li d OTA b k d ll i k ll ff h i h h l
cruises, and car rentals, globally
ONLINE TRAVEL INDUSTRY – INDIA.PPT 6
7. Presence of large number of OTAs in the market have reduced
the agency commissions and charges
• Current GDS systems charge USD 3 to 5 per ticket sold
GDS
Jet Airways, Kingfisher Airlines and Air India pay around INR 10 bn per annum to GDS companies
• OTAs will get 3% commission paid on the gross fare after deducting INR 225 PSF (Passenger
Service Fee) charges from Jet Airways, Kingfisher and Air India
OTA • Other domestic and international carriers moved to zero commission from November 2008, in
which case OTAs charge a transaction fee
Yatra.com charges a variable transaction fee of INR 100‐150 on domestic air tickets and INR 350‐
1000 on international air tickets
• OTAs get 8‐25% commission for hotel bookings
Illustration of change in OTA commission structure with airlines Spicejet, IndiGo and
Kingfisher have identified a
Base fare: INR 2000; Taxes & Fee: INR 3225; Gross fare: INR 5225 new way to minimize their
Old commission model
Old i i d l New commission model
N i i d l spending on agency
spending on agency
commissions & GDS charges.
5% commission paid on base fare 3% commission paid on the gross fare The three airlines formed a
after deducting INR 225 PSF charges new online travel agency ‐
5% of INR 2,000 = INR 100 3% of INR 5,000 (5,225‐225)= INR 150 Rang7 in 2009, which will
sell air tickets for them
ll i ti k t f th
ONLINE TRAVEL INDUSTRY – INDIA.PPT 7
9. Drivers & Challenges
Drivers
Challenges
Proliferation of Internet
Low Margins & High Operating Costs
Growth in Low‐Cost Carriers Poor Internet and Credit Card
Penetration
Secure Payment Mechanisms
Indian Railways Online Portal
ONLINE TRAVEL INDUSTRY – INDIA.PPT 9
10. Growing number of internet users in India is the key driver for
online travel industry
Proliferation of Internet Impact
• India has one of the fastest growing internet base, growing at the rate of 40% to reach 45
million in 2008
• Urban users are increasingly adapting the advanced internet technologies and driving the online
travel market
• Internet savvy consumers find it convenient to make their travel plans online which includes
searching for the travel destination, finding best deals in terms of ticket and hotel bookings etc
Growing Internet Users Urban vs. Rural Split
Rural
100 7%
100 +121%
80
60
45
40
20
93%
0
Urban
2008 2010e
ONLINE TRAVEL INDUSTRY – INDIA.PPT 10
11. Growth in low‐cost airlines and secure payment mechanisms
have spurred the demand for online travel agencies
Growth in Low‐Cost Carriers Impact
• Liberalization of aviation sector and entry of low‐cost carriers (LCCs) in the market have spurred
the growth in online travel booking
• On certain routes, consumers have many different carriers to choose from, thus driving the
competition in the online travel market
Number of Domestic Airlines
15 11
10 55% 10 Network Carriers
10
5 60% 40% Low-cost Carriers
5
80% 20% 40% 45% 60%
0
2004 2005 2006 2007-08
Secure Payment Mechanisms Impact
• Sophisticated banking infrastructure has laid the foundation for e‐commerce in the country
• With secure payment interface provided by websites in collaboration with banks, the internet
users are fast overcoming their apprehensions
• According to major OTAs, 65‐90% of their customers pay through credit cards
ONLINE TRAVEL INDUSTRY – INDIA.PPT 11
12. Indian Railways online portal is driving the online travel market
by authorising travel agents and OTAs to sell rail tickets
Indian Railways Online Portal Impact
• Indian Railway Catering and Tourism Corporation (IRCTC) is the largest travel web site in the
entire APAC region in terms of transaction volume
• IRCTC contributes one third to the e‐commerce industry
It recorded INR 6 bn in the month of April 2009, out of which INR 4.1 billion accounted for successful
transactions
• Authorized members of Travel Agents Association of India (TAAI) helps people book train tickets
online by charging a commission fee
online by charging a commission fee
• IRCTC in collaboration with OTA would allow reselling of some or all of its tourism
services/packages
Package Resellers Commission
OTA’s Commission
Tour packages Gross Net
Rail tour packages 10% 9.6%
Holiday packages
Holiday packages 10% 9.6%
9 6%
Buddhist train 15% 14.4%
Bharat darshan 5% 4.8%
Car rental No commission
ONLINE TRAVEL INDUSTRY – INDIA.PPT 12
13. OTA segment faces problems with low margins, high operating
costs
Low Margins & High Operating Costs Impact
• Online travel industry is experiencing a downward pressure on revenues complemented by high
and rising operating costs
• As a global trend, airlines have abolished commission payments in 2008 while few agreed to pay
l b l d l h b l h d hl f d
lesser commission
• Focus is on achieving scale at the cost of low margins and profitability, which in turn, is
impacting long term sustainability
Costs involved in operating an
Marketing Expense > USD 1 mn per month (by
OTA
major OTA’s)
• Technology infrastructure
gy
• Call centres/customer
support
• Distribution/GDS fee Touching 50% due to pressure
Cash Back Offers from competition
g/
• Marketing/branding g
ONLINE TRAVEL INDUSTRY – INDIA.PPT 13
14. Poor internet and credit card penetration is a major challenge
for OTA market
Poor Internet and Credit Card Penetration Impact
• Only about 2% of the population has internet subscriptions
• Connectivity speeds are relatively slow, and therefore rich media travel applications have failed
to take off
k ff
Average internet speed in India is 772 Kbps, where as the global average is 1.5 Mbps
India has about 25.8% connections at speeds below 256Kbps and only 3.74% connections at speeds over
2Mbps
• Credit card penetration is just 2‐3% in India, and many consumers are still wary about the
Credit card penetration is just 2 3% in India, and many consumers are still wary about the
security of booking online
ONLINE TRAVEL INDUSTRY – INDIA.PPT 14
16. Trends
Competition in online ticket booking is moving away from air to non‐air segments
Online travel going mobile changing e‐travel to m‐travel
OTAs looking for offline counters leveraging on their brand value
Trends `
Meta search engine is the latest innovation in online travel
Religious travel is becoming a hot segment in online travel
Emerging travel information portals backed by OTAs
ONLINE TRAVEL INDUSTRY – INDIA.PPT 16
17. Competition in online ticket booking is moving away from air to
non‐air segments
Air
Domestic air travel experienced a fall of 40% in the year 2008
Demand growth by passengers fell by 3.8%, the lowest level since 2003
Online flight booking decreased by 21% during Nov 2008 as compared to 2007
Online flight booking decreased by 21% during Nov 2008 as compared to 2007
Non‐air
Online bus ticketing in India is growing at the rate of 30% p.a.
20% Makemytrip claims
Makemytrip is expected to witness 80% growth
y p p g Air 40% largest bus ticket
in it’s non‐air business in the next 3 years inventory:
80% • 8000 buses
Non-air 60% • 500 bus operators
Cleartrip partners with IRCTC to sell online train • 5000 routes across
tickets, hotel booking and tour packages 14 states
2009 2012
ONLINE TRAVEL INDUSTRY – INDIA.PPT 17
18. OTAs are strategically moving towards mobile platform and
setting up physical outlets
Online travel market going mobile ‐ changing e‐travel to m‐travel
• OTAs are trying to increase their revenues by moving towards mobile platform
• Makemytrip partnered with mCheck, an SMS based secure payment system that provides M commerce for
M‐commerce for
access to domestic flight booking services. All the Airtel subscribers can access Makemytrip on ticket booking
Airtel Live
• Cleartrip has a mobile application available on Airtel, BPL, Hutch and Reliance
• Ticketvala offers M‐tickets either through internet or by call centre
c e aao e s c e se e oug e e o by ca ce e
• IRCTC and Redbus allows ticket booking through ngpay, an m‐commerce platform with many
cash back offers
OTAs setting up offline counters ‐ leveraging on their brand value
g p g g
• OTAs are facing immense pressure as the competition in the online space is increasing
• Many OTAs are leveraging on their brand value by setting up offline centres across the nation. Offline counters
They aim to reach consumers who are not willing to do online travel bookings for better reach
• Makemytrip plans to open 25‐30 offline retail franchisee stores. It already has 20 company‐
k l ffl lf h l d h
owned travel shops in various cities and 13 stores under franchisee model
• Cleartrip tied up with Future Group to open its retail outlets in Big Bazaar and Pantaloons
• Yatra plans to increase the number of its offline travel booking lounge to 20. It also offers its
travel services through Sify retail points across India
ONLINE TRAVEL INDUSTRY – INDIA.PPT 18
19. Meta search engine and growing religious tourism are upcoming
trends in the online travel segment
Meta search engine is the latest innovation in online travel
• Consumers want an efficient way to discover great travel discounts
Meta search
• Meta search engines like IXIGO, Ezeego1 and Zoomtra can aggregate special deals from airline
engine: the
engine: the
websites that aren’t offered to OTAs. They can also aggregate special deals from OTAs
technology
themselves
innovation
• Meta search engines offer a unique model of allowing consumers to compare fares from several
online agencies without having to visit multiple sites
Religious tourism is booming in India
• About 70% of the domestic tourist movement in India is for religious purpose
About 70% of the domestic tourist movement in India is for religious purpose
• Religious travel is a growing segment in online travel and is valued at USD 400 mn for 2008
• Makemytrip and Yatra control 90% of this market Religious travel:
• Ezeego1 has also ventured into pilgrimage segment and introduced online packages to Tirupati, the hot segment
Vaishnodevi, Ajmer, Shirdi, Mahabalipuram and Kanyakumari
Vaishnodevi, Ajmer, Shirdi, Mahabalipuram and Kanyakumari
• Special packages are planned for people of all religions across India
ONLINE TRAVEL INDUSTRY – INDIA.PPT 19
20. Social media has taken the online travel market to new heights
Emerging travel information portals backed by OTAs
• Travel portals and hotel chains used to provide 360 degree virtual tours, audio tours and
photographs and text reviews to the travellers
Travelogues
Travelogues
• They have taken this concept further by marketing through video reviews and video blogs —
backed by OTAs
either put up by themselves or travellers on the travel agency portal or any other social media
video platform like YouTube and AOL Video
• Travel information portals empowered with technology like blogs, social networking and
forums etc act like destination guides and trip planning resources
forums etc act like destination guides and trip planning resources
Portal Launch Year Owner
HolidayIQ.com 2004 Leisure & Lifestyle Information Services Private Limited
OkTataByebye.com
OkTataByebye com 2006 Makemytrip
Raahi.com 2007 Yatra
ONLINE TRAVEL INDUSTRY – INDIA.PPT 20
22. Online travel industry is over crowded with many new players
entering the market
Overview Revenues* of major OTAs (Mar 2008)
•Online travel market is the most crowded 0 5 10 15 20
arena in the E‐commerce segment with many USD mn
new players entering this space Makemytrip 18
•Makemytrip, Yatra, Cleartrip and Travelguru Yatra 8
are the leading players in the OTA segment Cleartrip 5
More than 50%
market share in
•IXIGO Ezeego1 and Zoomtra are the leading
IXIGO, Ezeego1 and Zoomtra are the leading gross sales
l
Travelguru 2
meta search engines in online travel
•With the existing competition online travel *Revenues through commissions on gross sales
space is sure to see consolidation in the GDS market share India
coming years
coming years
•One can expect numerous acquisitions and Abacus
WorldSpan
buyouts to happen as cash rich international 13%
1%
players are entering the market
•Added to that airline companies like SpiceJet,
IndiGo and KingFisher in India are coming up 51% Amadeus
with their own portal Rang7, which will affect 35%
Galileo
OTA’s
ONLINE TRAVEL INDUSTRY – INDIA.PPT 22
23. Major Players (1/4)
OTA Business Description
• Founded in 2000, in US and started operations in India in 2005
Make My Trip • Dominant market leader with over 50% market share in OTA segment
• Sells over 12,000 air tickets, 1000 hotel room nights and 200 holiday packages daily
Financials:
Gross sales of USD 320 mn for FY March 2009
• Founded in 2006 It is one of the largest consolidator of hotels in India
Founded in 2006. It is one of the largest consolidator of hotels in India
• Yatra provides room booking services in over 2,500 domestic hotels across 250 destinations
Yatra in India
• It also has international tie‐ups to facilitate rooms in over 90,000 hotels across the globe
Financials:
Expected gross sales of USD 210 mn for FY March 2009
• Started in 2006
Cleartrip • 90% of the revenues generated through airline tickets
• Site gets 1.5 to 1.75 lakh visits a day
• Recently formed a partnership with Indian Railways to sell train tickets
Financials:
Gross sales of USD 150 mn for FY March 2008
ONLINE TRAVEL INDUSTRY – INDIA.PPT 23
24. Major Players (2/4)
OTA Business Description
• Acquired Desiya in 2007 to become the largest hotel network in India
Travelguru • It offers access to deals on more than 500 airlines and 90000 hotels across globe
• Flight booking engine is powered by ixigo, meta search engine
Financials:
Gross sales of USD 40 mn for FY March 2008
• Travelocity, a global player that provides consumer‐direct online travel services started
Travelocity, a global player that provides consumer direct online travel services started
business in India in 2007
Travelocity
• It is owned by a world leader in travel commerce, Sabre Holdings Corporation
• Its offers best available rates for over 60,000 hand picked hotels, choice of 450 airlines and
ability to build custom package for over 1000 destinations
• Founded in 2006
Arzoo
• Started Arzoo Franchisee Associate Program (AFAP) to spread its business
• Also launched fully automated and robust mechanism for its Preferred Sales Agents
•FFormerly FlightRaja is one of the largest technology based travel services company
l Fli htR j i f th l tt h l b dt l i
VIA • Turnover of INR 7.25 bn and a growing network of about 15000 agents across India
• It has adopted the distributor as well as franchisee model to grow its business and is
working with many central and state governments to power travel services for them
ONLINE TRAVEL INDUSTRY – INDIA.PPT 24
25. Major Players (3/4)
Meta search engine Business Description
• The Google of travel searches in India displays a lot of deals
IXIGO • Gets referral fees from 40 domestic airlines and over 45 OTA’s
• Processed around 25,000 searches per day with 500 resulting in sale in 2008, searches
expected to reach 100,000 a day by end of 2009
• Ezeego1 was launched in December 2006 and is funded by Cox and Kings (UK travel firm)
Ezeego1
g p y p
• The company has launched a portal in Hindi
• Empowers home based agents to increase sales and provide 24/7 customer service
• Only online portal to offer up to 30 per cent Cash Back on all domestic airlines
• Zoomtra was launched in June 2008 and is funded by Smile interactive technologies group
(SITG)
Zoomtra • It deals in online booking of flights and hotels
• The team is a part of Studio Smile, an incubator program than incubates and accelerates
digital business ideas
• It covers small medium travel agents and offers localized results
It covers small, medium travel agents and offers localized results
ONLINE TRAVEL INDUSTRY – INDIA.PPT 25
26. Major Players (4/4)
GDS Business Description
• Leading provider of IT solutions to the Indian travel and tourism industry, wholly owned by Bird Group
• It provides access to over 95% of scheduled airline seats as well as hotel rooms, insurance packages,
Amadeus car hire and other travel services worldwide
car hire and other travel services worldwide
• Amadeus CRS (Computer Reservation System) usage has expanded to 172 cities across India, with over
28,676 terminal installations and 9,052 travel agencies online
• Amadeus CRS is the clear market leader with more than 50% users in the subcontinent
• Galileo in India is now officially distributed by ITQ (Interglobe Technology Quotient)
ll d ff ll d b db ( l b h l )
Galileo • It provides access to over 500 airlines, major hotel chains and car rental companies all over the world
• Galileo India has extended its network to 230 cities with 19 dedicated offices, reaching out to over
7000 agency locations
• Its service infrastructure includes 18 service centres providing 24x7 support and 7 training centres
f l d d d
• Singapore based and backed by US firm Sabre (35% stake in Abacus)
Abacus • Abacus facilitates OTAs to make real‐time reservations with a wide array of travel suppliers
• Abacus Distribution Systems (India) Pvt Ltd has around 1800 agency locations with offices in all the
major cities of India
• Worldspan’s India operations are managed by Calleo Distribution Technologies Pvt Ltd, the New‐Delhi
Worldspan based technology distributor and service provider
• Worldspan connects 478 airlines, 225 hotel chains (more than 60,000 hotel properties), 28 car rentals,
40 tour, cruise operators, and specialty travel service suppliers worldwide
ONLINE TRAVEL INDUSTRY – INDIA.PPT 26
28. PE Investments
Amount
Company Investors Year
(USD mn)
Drapper Fisher Juvertson (DFJ), Mahindra Group, Duff Ackerman
Feb 2008 18.5
& Goodrich (DAG), Gund Investment, Sherpalo Ventures
& G d i h (DAG) G d I t t Sh l V t
Cleartrip Duff Ackerman & Goodrich (DAG) Ventures, Sherpalo Ventures,
Dec 2006 8.0
Gund Investment
Sherpalo Ventures, KPCB (Kleiner, Perkins, Caufield & Byers) Sep 2005 3.7
Ixigo BAF spectrum (Singapore based investment fund) Feb 2008 N.A.
Tiger Fund, Helion Venture Partners, SAIF Partners, Sierra
Oct 2007 15.0
Ventures
Makemytrip
y p
Helion Venture Partners, Sierra Ventures, SAIF Partners
Helion Venture Partners Sierra Ventures SAIF Partners Dec 2006
Dec 2006 13.0
13 0
SAIF Partners (SB Asia Infrastructure Fund ) May 2005 10.0
Battery Ventures, Sequoia Capital India Nov 2006 15.0
g
Travelguru Sequoia Capital India (formed by a merger between Sequoia
Sequoia Capital India (formed by a merger between Sequoia
Oct 2005 10.0
Capital and WestBridge Capital Partners)
VIA (formerly FlightRaja) NEA‐IndoUS Ventures Jun 2007 5.0
Intel Capital India Technology Fund Jul 2008 17.0
Yatra
Norwest Venture Partners, Reliance Capital, Television 18 Group Jan 2006 5.0
ONLINE TRAVEL INDUSTRY – INDIA.PPT 28
30. Key Developments
Date Development
Rang7, an OTA backed by airlines is trying to build a model similar to Orbitz in USA. The company is
Jun 2009 founded by Ram Seethepalli, who was formerly an MD with Travelport, which had been a major investor
with Orbitz
ith O bit
India post has geared up to offer travel online travel ticketing solutions, it entered into a tie‐up with
Jun 2009
Chennai‐based ARM solutions and launched Genie Ease Ticket for air, train, bus and hotel reservation
Airlines have restored commission structure, Jet Airways and Kingfisher Airlines agreed to pay the agents
Dec 2008
3% on the gross fare
3% on the gross fare
Kingfisher Airlines Ltd, Jet Airways (India) Ltd and the National Aviation Co. of India join plans to develop
Sep 2008 and market a new ticket reservation system for airlines. They will engage a software company and travel
agents to pick up stake in the venture that will create and launch a GDS
Yatra is looking for offline retail outlets for selling its travel services to grow revenues. They have a
Yatra is looking for offline retail outlets for selling its travel services to grow revenues They have a
planned outlay of Rs. 20 million over the next 12 months for the offline retail initiative. They have also
Jun 2008
roped in SIFY as a partner and Yatra services can be availed of from over 7000 SIFY cyber cafes across the
country
Cleartrip is looking at adding international ticketing to its service offering. The company has raised $12
Jun 2008
Jun 2008
million so far and is also yet to break even
May 2008 Ezeego1 has tied up with redBus to provide bus bookings on its site
Cleartrip received a third round of funding of USD 18.5 mn, Draper Fisher Jurvetson India Advisory
Feb 2008 Services Pvt. Ltd (DFJ) led the round with a $10 million investment, investors included Mahindra Group,
KPCB, Sherpalo
ONLINE TRAVEL INDUSTRY – INDIA.PPT 30
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