Dhruv Shringi, Co-founder and CEO, said, “India continues to make good progress in its fight against Covid. The number of cases in India in January 2021 is trending at about 12,000 a day down from the peak of 90,000 a day, based on data from Indian Health Ministry.

“We believe this steady decline in cases over the past few months is giving consumers the confidence to travel domestically. We have seen airline capacity and loads improving, with domestic December traffic averaging approximately 230,000 passengers a day, up from 125,000 a day in September.

“December 2020 passenger traffic now stands at 56.3% of December 2019 levels based on data from Directorate General of Civil Aviation India,” Shringi added.

“This recovery in domestic travel led to a sequential quarterly growth of 60% in our Adjusted Revenue to INR 606.6 million (USD 8.3 million). This growth in revenue further combined with strong cost control enabled us to reduce our adjusted EBITDA loss sequentially from INR 125.0 million (USD 1.7 million) in the September 2020 quarter to INR 36.4 million (USD 0.5 million) in the December 2020 quarter.

“We continue to make strong progress towards our stated goal of achieving Adjusted EBITDA break even in the first half of 2021 and believe our current liquidity position and cost optimization efforts provide us with enough capital to withstand a prolonged slowdown in the travel industry should that occur,” Shringi said.

Financial and operating highlights for the three months ended December 31, 2020:

• Revenue of INR 309.1 million (USD 4.2 million).
• Adjusted Revenue improved to INR 606.6 million (USD 8.3 million), representing an increase of 60.6% quarter over quarter (“QoQ”) versus a decrease of 61.8% YOY.
• Adjusted Revenue from Air Ticketing improved to INR 428.5 million (USD 5.9 million), representing an increase of 69.2% QoQ versus a decrease of YOY 58.1%.
• Adjusted Revenue from Hotels and Packages improved to INR 109.6 million (USD 1.5 million), representing an increase of 140.8% QoQ verses a decrease of 48.8% YOY.
• Total Gross Bookings (Air Ticketing and Hotels and Packages) improved to INR 5,758.1 million (USD 78.9 million) QoQ versus decrease of INR 15,344 million (USD 210.2 million) YOY.
• Loss for the period was INR 216.9 million (USD 3.0 million) versus a loss of INR 300.6 million (USD 4.1 million) reflecting an improvement of INR 83.7 million (USD 1.1 million) QoQ.
• Adjusted EBITDA Loss was INR 36.4 million (USD 0.50 million) reflecting an improvement of INR 88.6 million (USD 1.2 million) QoQ versus a loss of INR 125.0 million (USD 1.7 million).