GoFirst Insolvency Unlikely to Impact India Airline Market, Says MakeMyTrip CEO
Skift Take
While MakeMyTrip achieved record annual gross booking value and adjusted operating profit, the online company still incurred losses for fiscal 2023, highlighting ongoing challenges.
Indian low-cost carrier GoFirst's recent filing of voluntary insolvency resolution proceedings is unlikely to have a large impact on the market, said Rajesh Magow, co-founder, group CEO and director of online travel agency MakeMyTrip.
Little wonder then that the promotion spend that MakeMyTrip reports against the air segment has consistently moved up from about 2 percent of gross bookings pre-pandemic to now about 3.4 percent of gross bookings.
The GoFirst event may temporarily affect market supply, but Magow said other airlines have started to fill the supply gap with additional deployment of planes on key routes.
Recovery Momentum in AviationMakeMyTrip’s recovery momentum in the aviation secto
