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Serving in a niche space, Voyaah will use the fresh funds of half a million US dollars to accelerate its expansion and upgrade technology to serve new-age, well-heeled customers
Voyaah, the tech-led luxury travel organisation has recently received its seed funding of US$500,000 from a well-known name in Advertising, Shashidhar Sinha, Principal CEO, IPG Mediabrands, India. The fresh funds will be used for expanding into newer areas, enhancing the product and technology in addition to hiring relevant talent.Voyaah was founded in February, 2020, by Sharmistha Chakraborty, a former investment banker in Mumbai, and moved its operations to Bengaluru. Targeting the affluent and the new age traveller, its average holiday ticket size is around Rs.35,000 for two nights of a splendid handcrafted travel experience. The organisation 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, Sharmistha Chakraborty, Founder and CEO, Voyaah, shared, “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, “Our target is to grow the revenues at least 5x over the year.” In the last few months, Voyaah has curated several holidays for more than 15,000 happy travellers. After going digital, the organisation 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 Personalised Travel and Experiences Market, which was valued at US$91.2 billion in 2020 is estimated to reach US$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, “After 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.” Shashidhar, an alumnus of IIT Kanpur and IIM Bangalore is one of the doyens of the advertising industry and has several awards and recognitions to his credit in the Advertising and Branding industry. In addition to investing in Voyaah, Shashidhar will also be a mentor.
India’s market size in luxury travel is also growing with the pandemic changing the way the rich travel, by prioritising safety and social distancing. Many well-heeled, experience seeking Gen-Z travellers are constantly looking for unique experiences and opting for slow travel. There is a shift from bucket-list destinations to more real, 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 travellers who refuse to book pre-packaged tours.
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