Confirmtkt, the Bangalore-based online train ticket discovery and booking engine, has seen a big jump in its revenue for the financial year ended on March 31, 2019.
The company has reported net revenue of Rs 4.7 crore in FY 2018-2019 as against Rs 89.84 lakhs in FY 2017-2018. Confirmtkt, which launched the train ticket booking feature in March 2018, currently has an annual turnover of Rs 93 crores.
In October 2019, Confirmtkt crossed 25 lakh train bookings, which is worth 250 crore bookings a year. With 10 million+ app downloads to date, the platform has successfully gained user trust and cemented its position in the industry. Besides English, the Confirmtkt app has support for seven regional languages including Hindi, Tamil, Telugu, Kannada, Marathi, Malayalam and Bengali.
Sharing his insights, Dinesh Kumar Kotha Co-founder an CEO of Confirmtkt, said, "FY 2018-2019 is an important turning point for us in terms of reaching new milestones. We registered robust growth after our successful pivot from information-only platform to transactional platform following the launch of the train ticket booking feature. This year we are anticipating a 4x growth in terms of revenues and we are on track for this."
"The train ticketing market is gaining momentum with privatization of trains and the entry of bigger players into the market. India's train market can soon be compared to the European train market where the trains are run by multiple private players. Privatization will present new growth opportunities for startups like us and help us provide better customer experience. We plan to complete 5x of current monthly booking traction of 5,30,000 tickets in the next 18 months," he added.
In the next 18 months, the company aims to expand horizontally by offering multiple services to railway commuters which will make their travel hassle-free. He also said, to fuel this expansion we are already in talks to raise USD 10 Mn series - a funding round.
Confirmtkt is also looking to launch a multilingual voice-based train booking feature that will target the new internet users from non-metros. The beta version is already live and it will soon be rolled out to everyone.
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