Shashidhar Sinha, principal CEO of IPG Mediabrands, India has invested in tech-start up, Voyaah, in a seed funding of $500,000. The tech-led experiential and luxury travel startup was founded in February, 2020, by Sharmistha Chakraborty, a former investment banker in Mumbai, who later moved its operations to Bengaluru. Targeting the affluent and the new age traveler, its average holiday ticket size is around INR 35,000 for two nights of a splendid handcrafted travel experience.
The organization also delivers services to group travels, both offshore and onshore, for renowned corporate giants. Voyaah has collaborated with the finest resorts, hotel chains, luxury boutique stays and has successful partnerships with CRED, Club Vistara and InterMiles, besides well-known luxury car companies.
Speaking about the investment, Chakraborty said, “Despite the pandemic looming large, we have recorded a significant growth in the recent months and this funding will further accelerate our efforts to expand into new markets and upgrade our offerings with digital technologies for enhancing customer experience.”
She added that her target is to grow Voyaah’s revenues at least 5x over the next couple of years. In the last few months, the company has curated holidays for more than 15,000 travelers. After going digital, the organization has been able to book around 28,000 room nights across destinations outside and within India.
The increase in people’s exposure to various social media platforms, positive impact of new-age technology on tourism sector, increase in online bookings and growth in the number of people opting for unique and exotic
holiday experiences are some of factors driving the growth of the experiential travel industry.
According to a recent research report by Research and Markets, the Global Personalized Travel and Experiences Market, which was valued at US$91.2 billion in 2020 is estimated to reach $447.3 billion by 2030, at a CAGR of
17.8% from 2021 to 2030.
Speaking on the investment, Shashidhar Sinha, Principal CEO, IPG Media brands India said, “Given the huge opportunity in the experiential and luxury travel space, I believe in Voyaah’s potential and approach in delivering unique travel experiences to the niche, but growing market. I am proud to support Voyaah’s expansion plans and its preparations in catering to a larger target audience.”
He further added that post-COVID, revenge tourism has struck the travel industry and given the unique travel experiences that Voyaah has to offer,
the business definitely has the first-mover advantage.”
India’s market size in luxury travel is also growing with the pandemic changing the way the rich travel, by prioritizing safety and social distancing. Many well-heeled, experience seeking Gen-Z travelers are constantly looking for unique experiences and opting for slow travel. There is a shift from bucket-list destinations to more meaningful and fulfilling experiences that are associated with their values, with vacationers willing to pay for it.
Voyaah aims to serve this growing market of new-age travelers who refuse to book pre-packaged tours.
