With domestic companies in travel in India reporting more than 100% recovery from the pre-Covid period, he predicted continuous development at the Times Network India Digital Fest here.
The startup funding winter is real, but it will be brief and harsh, exacerbated by the banking crisis in the United States and Europe, according to MakeMyTrip founder and chairman Deep Kalra on Tuesday.
With domestic companies in travel in India reporting more than 100% recovery from the pre-Covid period, he predicted continuous development at the Times Network India Digital Fest here.
“I believe the startup or funding winter that we’re talking about is a reality, but it will be brief but harsh,” Kalra added. “And today, it’s not only because of the overheated portion of it; we also have the banking problem, not just in the United States, but also in Europe, which exacerbates much of this. But I’ve seen that cycles are becoming shorter and sharper and that it will return.”
Kalra was replying to a question on the churn in the startup sector, where valuations have fallen and large-scale layoffs have occurred.
Notwithstanding the current difficulties, he stated, “There is no doubt in my opinion that India will dominate the next two decades. It’s all our fault. And, in particular, on the digital front, I believe India will shine brightly.”
In terms of the current health of the domestic travel and tourist industry, he stated that there has been a resurgence following the pandemic, fueled by vengeance travel.
“Now, practically every domestic travel player in India claims that we have regained more than 100% of pre-Covid…
I believe people have returned. We believe it will be quite consistent, at least in terms of long-term growth. There will be ups and downs, blips, and I believe people have learnt to cope with it.”
But, he believes India can do more to attract more middle-class foreign tourists.
“For many outsiders, India is seen as a dangerous area… Traveling to India as one of the first options for a middle-class American or European does not happen by accident. It is seen as unusual, but also dangerous. So we must modify it “Kalra stated.
He also stated that there is a need to construct last-mile infrastructure in addition to airports and roadways.
“We have a lot of infrastructure going on now in terms of new airports and fantastic new highways, but the last mile is still lacking. As a result, during peak season, all hotel’s hotspots get congested. We’re putting a lot of strain on them “He added that if these issues are solved, the travel and tourism industry’s contribution to the country’s economic growth can be expanded even more.
