Launched in February this year, azgo, the latest travel cashback app in Asia, has already achieved its ambitious growth targets for the year in just six months.
The app has amassed over 250,000 users across key markets such as China, Singapore, and Hong Kong since its launch, and has generated more than US$2.4 million in Gross Merchandise Value (GMV), which is the total value of transactions made through azgo. This represents a fast growth trajectory of close to 620 per cent growth month on month.
This rapid growth demonstrates that not only has there been a gap in the market that azgo is now filling for both consumers and merchants, but that the industry is ready for new disruptors and ripe for change.
Backed by azgo’s experienced team of leaders hailing from Booking.com, Trip.com and Skyscanner, azgo is leading the evolution of the travel tech industry.
Some of the changes introduced and led by azgo that have fuelled its rapid growth include accelerating the pay-outs of rewards to its customers in just seven days; leveraging artificial intelligence (AI) to speed up validation of cashback from best deals and offerings from a network of established travel partners, such as Booking.com, Agoda, Creatory by MoneyHero Group, and Pelago by Singapore Airlines; and being the first mobile-first platform for travel bookings that will respond to each customer query within 30 minutes with personalised responses during its customer service operating hours, instead of relying on automated responses.
azgo aims to become the leading AI-driven platform for rewards and price comparison, so users are empowered to make smarter decisions when they travel. With many top-tier OTAs already entering into partnerships with the app, azgo will continue to focus on expanding its partnerships and delivering impactful results to its key merchants and partners.
As part of its initial phase, azgo has launched in China, Singapore, Hong Kong, and Vietnam. In the next phase of its journey, azgo will be setting its sight on the US and Australia markets.
Yan Yuan Sng, head of country, Singapore, said: “Our commitment to revolutionising the travel experience through our AI-driven platform and innovative solutions have resonated well with travellers and merchants throughout the region, exceeding our initial expectations. This spectacular growth is testament to the capabilities of our team, made up of leading industry experts, who have a unified mission to deliver unparalleled value to our customers and partners.
“Our journey has only just started, and we are looking forward to continue redefining the travel tech landscape and unlocking greater value for everyone.”
The diplomatic row between India and the Maldives earlier this year led to a significant decline in demand for the archipelagic state among Indian outbound travellers. However, the relationship between the two countries has since then improved, highlighted by India’s External Affairs minister S Jaishankar’s recent visit to the Maldives.
A section of industry stakeholders shared with TTG Asia that they are already seeing improvement in the sentiments from the Indian outbound tourism market.
Roshan Radhay, vice president – sales & marketing, Maldives & GCC, The Lux Collective said: “We are delighted to observe a notable resurgence in interest from the Indian market, fuelled by recent improvements in India-Maldives relations. This renewed confidence is reflected in the healthy rise in both inquiries and confirmed bookings from Indian travellers. We are optimistic that this upward trend will continue, further establishing the Maldives as a premier destination for discerning Indian guests seeking exceptional luxury experiences.” Radhay expressed confidence that by year’s end, demand from India will return to pre-tension levels.
The sharp decline in India’s standing as a key market for the Maldives is evident from the numbers. India was the top international source market for the Maldives with 209,198 arrivals last year. However, as of August 17 this year, India has fallen to sixth place, with only 77,326 arrivals.
Deepa Manuel, general manager, Kuda Villingili Resort Maldives said: “With a push from the government towards rebuilding ties with India in a positive manner and increased marketing and sales outreach from our end, the demand is showing signs of improvement, and the bookings from India are coming in as we expect an uptick during the upcoming festive and wedding season.”
Segments like honeymooners and luxury FIT are helping to revive the demand. “Moreover, we are seeing a rise in family bookings, as more Indian families are attracted to our family-friendly packages, activities, and amenities,” added Radhay.
Additionally, initiatives such as a three-city roadshow organised by the Maldives Marketing and Public Relations Corporation (MMPRC) in collaboration with the Maldives Association of Travel Agents and Tour Operators (MATATO) and the National Hotels and Guesthouses Association of Maldives (NHGAM), covering New Delhi, Mumbai, and Bangalore between July 30 and August 3, are expected to boost outbound demand from the Indian market.
However, Indian travel agents believe that it will still take a while for the Maldives to reach the high growth it witnessed in the previous years.
“During the pandemic, the Maldives secured a strong presence in the Indian market by remaining open to tourism. However, demand took a hit following unwarranted remarks made by some Maldivian politicians about Indian prime minister Narendra Modi. While demand is gradually recovering, it will take time for a significant rebound,” said Guldeep Singh Sahni, managing director, Weldon Tours & Travels.
There is also a segment of travellers who have shifted to alternate destinations. “We are not noticing any jump in the demand for the Maldives. Our clients are increasingly seeking experiential travel. For instance, we recently had a family visit Hawaii, exploring islands like Maui, O‘ahu, and Kauai. They participated in a variety of activities, including volcano tours, helicopter rides, zip-lining, scuba diving, and bike tours,” shared Aditya Tyagi, founder, Luxe Escape.