HOME > BUSINESS > SBI, MakeMyTrip to tap cross-selling opportunities

SBI, MakeMyTrip to tap cross-selling opportunities

Smt Arundhati Bhattacharya, Chairman, SBI & Shri Deep Kalra, Group CEO & Founder, MakeMyTrip.com

State Bank of India and MakeMyTrip.com signed an agreement today which will see the travel portal make use of India’s biggest bank’s infrastructure to meet its finance and banking related requirements related to its online travel portal.

“SBI aims at becoming a “One Stop” solution provider for the entire range of financial needs of e-Commerce players as well as our customers in the market,” said Arundhati Bhattacharya, Chairman, SBI. “In the digital era, it is very important that we stay ahead of the curve and such strategic alliances are steps towards the right direction.”

The move is similar to other such efforts by SBI to ‘keep up with the times’ and not be left behind by more nimble private sector players like ICICI Bank and Axis Bank.

While ICICI and Axis had a early start in offering such tie-ups with various companies, SBI has been going aggressively after such deals in the last one year. It recently announced a tie-up with Reliance Industries’ Reliance Jio to offer payment and other services to the telecom operators’ customers.

SBI is India’s largest bank and has presence even in the most remote parts of the country, a distinction that makes it attractive for prospective partners.

“This strategic association will enable both partners to capitalize on the opportunity presented by India’s burgeoning internet economy that is driven by boost in adoption of e-commerce and m-commerce,” the bank said.

The two partners will seek to unlock the array of business opportunities available in this segment across various spheres.

SBI wants to be the “go-to” bank for all of customers’ needs, while MakeMyTrip wants to expand via offline-to-online adoption in the Hotels & Packages business.

The two will target hotels, travel agents, tour operators besides end-consumers and SBI’s bank customers.

Deep Kalra, Chairman & Group CEO – MakeMyTrip, elaborated, “We already command nearly 50% of the online travel market-share in India. The key lever of future growth will be offline-to-online, or rather, offline-to-mobile shift.”

MakeMyTrip deals with over 24,000 hotels and offers Rail & Bus bookings. It is hoping to expand into small towns with the help of the tie-up with SBI.

They will offer EMIs on purchase of holidays & international travel, customized travel products like Forex cards and travel products that inspire SBI customers to travel. MakeMyTrip customers will also be able to access special offers from SBI on debit/credit cards and personal financing.

MakeMyTrip will facilitate 2-3 star hotels, franchisees, Trade & Travel partners to get access to SBI products, loans, bank guarantees, PoS payment instruments at preferential rates.

With increasing disposable household incomes, consumers are undertaking more frequent travels and vacations.

In addition, with growth in e-commerce and smartphones, the online travel segment is expected to grow at a much faster rate.

According to PhocusWright, India is forecasted to have 1 billion online users by 2030. This growth, led by one of the youngest global populations who love their smartphones, is expected to add 300 million new online shoppers in the same time frame.

At the same time, India’s travel market is forecasted to grow to US$ 27.5 Bn by 2016 (at a CAGR of 12% from 2014-2016), with growth of online markets at 1.5x the total market. PhocusWright also estimates MakeMyTrip’s market-share at 47%.

Domestic travellers are expected to contribute around 84.7% of total tourism revenue by 2024 according to a report by Corporate Catalyst (India) Pvt. Ltd.

Follow ULTRA.news
Cyient joins hands with UK firm for power utility solutions Cyient, a Mumbai-based provider of engineering, geospatial and operations management services, said it has tied up with UK-based EA Technology to jointly market each others' services to power utilities.EA Technologies provides solutions to electric utilities to monitor and m...
Siemens taps HCL Tech to expand IoT cloud platform MindSphere German equipment maker Siemens has signed up IT services provider HCL Technologies to develop and expand its Internet-of-Things platform MindSphere.Mindsphere is Siemens' cloud–based open Internet of Things (IoT) operating system, and includes technology, applications, conne...
Rupa underwear brings ‘Fruit of the Loom’ to India Rupa & Company, one of India's largest knitwear manufacturers, said it is launching 'Fruit of the Loom' underwear brand in India.Fruit of the Loom, based in Kentucky, is one of the largest manufacturers and marketers underwear, T-shirts and fleece in the world.The com...
NPA crisis: We’re not out of the woods yet – SBI official A senior State Bank of India official warned against assuming that the bad loan malaise affecting the Indian banking sector has started declining.Praveen Kumar Gupta, MD in charge of retail and digital banking, said one cannot directly draw conclusions by extrapolating trend...
Vodafone offers 1GB/day for 84 days at Rs 509 Vodafone has unveiled five pan-India plans, the highlight of which is the new Rs 509 plan that gives 1 GB per day and unlimited calls for 84 days (12 weeks).The pack is priced only Rs 50 higher than the equivalent plan by Reliance Jio, which is priced at Rs 459.Before th...
RCom says majority of lenders oppose China bank’s insolvency petition Reliance Communications, the embattled telecom service provider from the Anil Ambani stable, said a majority of its lenders opposed the move by China Development Bank to move ahead with insolvency proceedings on the company.“At a Committee of Financial Creditors Meeting on 2...
Exchanges seek clarification from Bharti Airtel on Aadhaar misuse charges Stock exchanges in India have sought a clarification from India's largest telecom company by revenue, Bharti Airtel, on a report that it was under investigation by a government agency for allegedly misusing customer data to open bank accounts in their names."(The) exchange ha...
Infosys launches inter-bank blockchain network Infosys said it launched Finacle Trade Connect, a network-based system of distributed record keeping for banks based on the block chain technology.A blockchain-based record is open to all participants and all participants have a copy of all the data. Moreover, all transactio...
Google Assistant launches support for third-party apps in India Google has activated support for third-party apps in its Google Assistant product in India.Before this, it was not possible for third-party apps to be launched or accessed via Google Assistant in India. Google Assistant is the company's artificial intelligence-based mobile p...
PVR introduces ‘movie on demand’ with VKAAO app PVR, India's largest movie chain, said viewers can now watch any movie they want -- including oldies, small-time and independent flicks and documentaries -- by voting for them on movie-on-demand app VKAAO from Bookmyshow.When a certain number of app users sign up for a scree...
Adani to enter e-commerce with grocery app ‘Fortune Online’ Adani Wilmar, the company that markets 'Fortune' brand of food products in India, is all set to enter the online grocery sales business with a new e-commerce portal and app called 'Fortune Online'.The company has hired Ahmedabad-based Infibeam to set up an app for the same. ...
Just Dial app downloaded 23,871 times every day; profit rises Online classifieds company Just Dial said its app was downloaded an average of 23,871 times per day during the three months ended September.This was nearly thrice the number of app downloads during the same three months of 2016, showing the impact of the company's TV campaig...
Royal Orchid Hotels inks marketing tie-up with UK’s Bespoke Hotels Royal Orchid Hotels said it had tied up with Bespoke Hotels of the UK to market each others' properties to their customers.Bespoke manages over 200 hots with 9,500 hotel rooms, 8,000 employees and £815 million of assets."Royal Orchid now has the ability to offer its gues...
IDBI Bank losses narrow, NII rises 18% QoQ IDBI Bank said Net Interest Income for September quarter improved by 3.63% compared to previous year and 18.19% compared to the June quarter.Net Interest Margin (NIM) stood at 2.17% for QE Sept 2017 showing improvement of 27 basis points as compared to QE Sept 2016 and 45 ba...
SIDBI and AU SFB to jointly lend to small businesses AU Small Finance Bank and Small Industries Development Bank of India (SIDBI) entered into an agreement to jointly lend to small businesses.Both will earmark a corpus of Rs 100 crore for lending under the ‘AU SIDBI Joint Financing Programme’ for FY18.The program will targ...
Ramco wins multi-million managed services deal from British MNC Bank Cloud-based enterprise software provider Ramco Systems said it won a multi-million dollar order from a big British MNC financial group to provide managed payroll services.Ramco will help the company, part of the FTSE 100 index, to consolidate its payroll operations in 14 co...
MobiKwik creates wallet app for bank even as rivals focus on payments bank Wallet app provider MobiKwik announced a tie-up with IndusInd under which it has launched an app exclusively for the bank's 10 mln customers.The move is in line with the app company's strategy to be a partner and solutions provider to traditional financial services companies...
Karnataka Bank NII up 11%, PAT down Karnataka Bank's second quarter net profit fell to Rs 93.38 crores from 123.82 crores last year.However the operating profit showed a robust growth of 57.35% and improved to Rs 366.24 cr from Rs 232.75 cr.The Net Interest Income rose to 440 cr from 397 cr last year.G...
Tata Teleservices to merge mobile business with Bharti Airtel Bharti Airtel Limited, India’s largest telecommunications services provider and Tata, India’s leading conglomerate, today announced that they have entered into an understanding to merge Consumer Mobile Businesses (CMB) of TTSL and TTML into Bharti Airtel.The move is likely ...
Moody’s to train SBI employees to appraise loan applicants State Bank of India, the country's largest bank, said Moody’s Analytics will train its employees to source, appraise and monitor loans.SBI employees will be granted the Moody’s Analytics Certificate in Commercial Credit (CICC) as part of the program.The program has been...