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First Post
5 days ago
- Business
- First Post
After PM Modi's Maldives visit, will Indian tourists return to the island nation?
PM Narendra Modi is on a two-day state visit to the Maldives, signalling a reset in ties. A diplomatic spat early last year had resulted in a 'Boycott Maldives' campaign by Indians, which led to a significant drop in the number of tourists from the South Asian country. As Male and New Delhi see a thaw in ties, will Indian tourists return to the island nation? read more Prime Minister Narendra Modi is in the Maldives for a two-day state visit. In an indication of a major reset of ties, he will attend the island nation's 60th Independence Day celebration in the capital Male on Saturday (July 26). Sharing a post on X on Friday (July 26), PM Modi said he was 'confident' that 'India-Maldives friendship will scale new heights of progress in the times to come.' The ties between the two countries have witnessed a thaw in recent months, after a nosedive in relations early last year. STORY CONTINUES BELOW THIS AD As PM Modi visits the Maldives, will tourists also return to the island country? Landed in Malé. Deeply touched by the gesture of President Muizzu to come to the airport to welcome me. I am confident that India-Maldives friendship will scale new heights of progress in the times to come.@MMuizzu — Narendra Modi (@narendramodi) July 25, 2025 We will explain. How the Maldives tourism was hit The relations between India and the Maldives took a downturn in January 2024, when three Maldivian deputy ministers made derogatory remarks against PM Modi over his Lakshadweep visit. The incident snowballed and some Indians launched a 'Boycott Maldives' campaign, threatening the island nation's tourism-dependent economy. Popular ticketing platforms such as EaseMyTrip, MakeMyTrip, and Ixigo also jumped into the fray. While MakeMyTrip and Ixigo promoted tourism within India, EaseMyTrip suspended all flight bookings to the Maldives. After returning from his five-day visit to China last January, President Mohamed Muizzu said that the Maldives 'may be a small island nation, but that does not allow others to bully' the country. Muizzu had come to power in 2023 on an 'India out' plank, vowing to remove a contingent of dozens of Indian military personnel from the island country. STORY CONTINUES BELOW THIS AD India withdrew all its soldiers from the Maldives ahead of the May 10, 2024, deadline set by President Muizzu. As ties became frosty between Male and New Delhi, Indian tourists to the Maldives dropped by 42.5 per cent by July 2024, compared to the same period a year before. India fell to the sixth spot last year from the top position in 2023. While 2,09,193 Indian tourists arrived in the Maldives in 2023, the number plunged to 1,30,805 in 2024, as per India Today. How Maldives is trying to woo Indians India and the Maldives have witnessed a positive shift in ties since May last year, when Maldivian foreign minister Moosa Zameer visited India. In October, President Muizzu exhorted Indians to visit the Maldives. 'India is one of our largest tourism source markets and we hope to welcome more Indian tourists to the Maldives,' he said during a joint press briefing with PM Modi. 'Many Maldivians travel to India for tourism, medical purposes, education and many other needs. At the same time, the Maldives hosts a large number of Indians who contribute to the development of the Maldives,' he added. STORY CONTINUES BELOW THIS AD Earlier, Maldivian tourism minister Ibrahim Faisal, during his India visit for a roadshow titled 'Welcome India', had appealed to Indian tourists. 'Please be a part of the Maldives' tourism. Our economy depends on tourism,' he had said. The Maldives' economy is heavily reliant on tourism, with the industry contributing nearly 30 per cent of GDP and generating over 60 per cent of foreign currency earnings, as per Indian Express. The Maldives government's goal is to attract 3,00,000 Indian tourists in 2025. It has been organising events in India to reach that target. 'We are conducting it as a very big campaign. For the first time, we are targeting to hire a brand ambassador to advertise in the Indian mass media. We are also trying to hold cricket summer camps in Maldives,' Maldives Marketing and Public Relations Corporation (MMPRC) chairman Abdulla Ghiyas told a local news portal Adhadhu last May. The MMPRC is also working with Indian and Maldivian airlines to bring tourists from more destinations in India, such as Kolkata, Pune and Chennai. STORY CONTINUES BELOW THIS AD The Maldives needs Indian tourists, who visit the country in peak seasons as well as off-season. In a big nod to a reset in ties, PM Modi is likely to visit a beach in the Maldives during his visit. But will it help the island nation meet its target? Only time will tell. With inputs from agencies
NDTV
5 days ago
- Politics
- NDTV
Will Indians Return To Maldives? PM Modi's Visit May Open The Gates
Prime Minister Narendra Modi is currently on a state visit to the Maldives. His arrival in the island nation is special this year not only because he is the Guest of Honour at the Maldives's 60th Independence Day celebrations but also because it marks a significant shift in the tides of diplomacy between the two countries. Landed in Malé. Deeply touched by the gesture of President Muizzu to come to the airport to welcome me. I am confident that India-Maldives friendship will scale new heights of progress in the times to come. @MMuizzu — Narendra Modi (@narendramodi) July 25, 2025 From Frosty Ties To A Warm Welcome Back in 2023, Maldives President Mohamed Muizzu's rise to power was strongly backed by the 'India Out' campaign - initially spearheaded by former President Abdulla Yameen. This movement, which pushed for reducing Indian influence in the Maldives, became central to Muizzu's electoral strategy. Yet, once the campaign ended and governance began, Muizzu's tone began to shift. The first sign of that change came during the UN COP28 climate summit in Dubai, where he met Prime Minister Modi. That meeting laid the foundation for this current visit - and perhaps a new chapter in India-Maldives relations. But before diplomacy took centre stage, it was something much smaller, a Twitter storm that led to a drop in Maldives tourism by a massive 42 per cent. #BoycottMaldives It all began with PM Modi's picturesque post on social media about Lakshadweep in January 2024. Lakshadweep, which falls under the Indian subcontinent, is part of the same island chain in the Laccadive Sea as the Maldives. View this post on Instagram A post shared by Narendra Modi (@narendramodi) In that post, the Prime Minister encouraged Indians to ' dekho apna desh ' and explore India's own tropical gems. But this simple message snowballed into something bigger. A few offhand comments by Maldivian officials on Indian social media users quickly turned it into a big digital controversy. Almost instantly, Indians hit back online using hashtags such as #BoycottMaldives and #VisitLakshadweep on social media. The #BoycottMaldives trend exited social media and entered IRL when senior CEOs also started urging people to not visit the Island. For instance, popular online ticketing platforms such as EaseMyTrip, MakeMyTrip, and Ixigo took part in the row in their own way. EaseMyTrip: Suspended all flight bookings to the Maldives. The company's co-founder and CEO, Nishant Pitti, announced on X (formerly Twitter) that this was done "in solidarity with our nation" and actively encouraged Indian travelers to consider domestic destinations like Lakshadweep instead. MakeMyTrip: Noted a massive surge (3,400%) in searches for Lakshadweep following the controversy and capitalised on this interest by launching a "Beaches of India" campaign, promoting Indian alternatives to the Maldives, with discounts and special offers for Indian destinations. Ixigo: Another major online travel agency, Ixigo, reported a 2,900% increase in Lakshadweep-related searches and participated in the social media discourse encouraging tourism within India. Additionally, the Indian Chamber of Commerce (ICC) issued an appeal to Indian trade associations, urging them to stop promoting the Maldives and to divert travel interest toward Lakshadweep, Andaman & Nicobar Islands, Sri Lanka, Mauritius, and other regional destinations. And unlike most online outrage, this one left a mark where it hurt the most - tourism. Maldives Loses Its Sparkle Among Indian Travellers In 2024, Indian tourist arrivals to the Maldives fell by approximately 42% compared to the previous year. India, which had been the top source market for Maldivian tourism in recent years, tumbled to fifth place. It was a shocking drop for a destination that, until recently, seemed to have Indian travellers wrapped around its turquoise fingers. From 2017 to 2022, Indian tourist arrivals grew sharply, thanks to bolstered tourism marketing, increased flight options, and celebrity endorsements (we'll get into the details in a bit). The highest ever Indian footfall was recorded in 2022, when over 2.4 lakh tourists visited. Indians even made up more than 22% of all tourist arrivals during peak years. Then came the dip. By early 2024, out of overall Maldives tourist arrivals, India's share had shrunk to just 5%. Diplomatic tensions, online controversies, and the alternative hype around Lakshadweep contributed to the decline. Let's look at the numbers, to understand better: (* 2025 figure is an AI projection based on arrivals during the first quarter of the year and available industry trends; final numbers may vary) However, now, with PM Modi's official visit and a renewed effort from both countries to improve relations, there's cautious optimism in the air. Ministry of Tourism Maldives continues to target Indian travellers with ambitious marketing, with new air routes being discussed again. In December 2024, Air India also launched daily flights to the Maldives from Mumbai and Delhi. Some Indian travel companies have even resumed aggressive promotions with special packages and discounts in rupees, starting at Rs 38,000 for 3-night stays. However, the lost numbers won't be regained in an instant. While the Maldives had set a goal of attracting over 3 lakh Indian tourists for the year 2025, current trends suggest it may take a couple of years to get even halfway back to that mark. Why Maldives Became A Hit With Indians Over the last decade, the Maldives transformed from a niche luxury honeymoon spot into an aspirational must-visit for Indian tourists across age groups. It wasn't just couples celebrating weddings or anniversaries - families, solo travellers, friend groups, and even influencers joined the bandwagon. Here's why: Bollywood's Love Affair When celebrities such as Kareena Kapoor Khan, Tiger Shroff, Alia Bhatt, and countless others began sharing glamorous photos from their Maldivian getaways, Indians took notice. Maldives became the backdrop for everything. In June 2025, Actor Katrina Kaif was also appointed as the global brand ambassador for 'Visit Maldives'. View this post on Instagram A post shared by Alia Bhatt 💛 (@aliaabhatt) The craze further rose when movies like Ek Villain, Ram Setu and Maine Pyaar Kyun Kiya, also starring Katrina Kaif, were shot in the Island. Instagram Influencers Followed Let's be honest, the Maldives looks fantastic on the 'gram. With water villas, infinity pools, coral reefs and drone-worthy panoramas, every photo screams wanderlust. Travel influencers and family relatives turned it into the ultimate backdrop for breathtaking photos, and soon it became the place to visit on everyone's bucket list. Accessible Air Travel Direct flights from major Indian cities like Delhi, Mumbai, Kochi, and Bengaluru made trip to the Maldives incredibly convenient. In fact, in the late 2010s and early 2020s, budget carriers and new routes brought prices down drastically. Today, you can find a round trip flight to the Maldives for around Rs 20,000. Visa-Free And Covid-Safe Branding Unlike many destinations that were closed or cumbersome during the pandemic, the Maldives reopened early and welcomed Indian tourists with visa-free entry. At a time when the world was still wary of travel, the Maldives was marketing itself as a safe, luxurious escape. And it worked. Quite brilliantly. So, is the Maldives's romance with Indian travellers over? Or, will PM Modi's current state visit usher in a new era in the island nation's tourism chapter?
Economic Times
6 days ago
- Business
- Economic Times
Elevation Capital sells Rs 226 crore worth shares in Ixigo parent Le Travenues Technology
Elevation Capital (formerly Saif Partners India) has sold 1.01 crore shares in Le Travenues Technology, the parent company of online travel aggregator Ixigo, the company said in a filing. At Tuesday's closing price, the transaction was worth Rs 226 crore. Global investor Schroder International Selection Fund is said to have acquired these shares, with the fund now having around a 5% stake in the company, as per sources. Earlier it had acquired 53.6 lakh shares in the company worth Rs 96.9 crore. The venture firm has been reducing its shareholding in the company. Last month, it sold 53.9 lakh shares in Ixigo for Rs 97.4 crore. Prior to this, Elevation Capital sold 21.5 lakh shares in Ixigo in May for Rs 38.27 crore. According to a stock exchange filing, Elevation had around a 9.04% stake in the company, holding around 3.53 crore shares. The early-stage venture capital firm continues to hold a 6.45% stake in the company. Elevation Capital had invested Rs 63.1 crore in Ixigo through various tranches. Prior to this, the venture capital firm had sold shares worth Rs 100 crore through a pre-IPO secondary sale and sold shares worth around Rs 181 crore from the offer for sale (OFS) component of the company's IPO. The company saw its operating revenue increase by 73% year-on-year (YoY) to Rs 314 crore for the quarter ended June on account of growth across all lines of business, effective cross-selling and up-selling to its user base, and artificial intelligence (AI)-driven efficiency. The company posted a net profit of Rs 19 crore for the quarter, marking a 27% rise from Rs 15 crore in the same period last in 2007 by Aloke Bajpai and Rajnish Kumar, Ixigo allows users to book train, flight, and bus tickets while offering various utility tools and services such as train PNR status and confirmation predictions and updates on train seat availability. It also provides personalised recommendations and automated customer support. According to the company, it has 544 million annual active users with 83 million monthly active users.
Business Upturn
22-07-2025
- Business
- Business Upturn
ixigo shares hit new 52-week high, jump over 4% on heavy volume
ixigo shares jumped over 4% in today's trade, supported by strong volumes. As of 11:55 AM, the shares were trading 3.98% higher at Rs 229.60. The stock opened at ₹219 and touched a fresh 52-week high of ₹230, with the day's low at ₹217.00. This surge reflects continued investor interest since its recent listing. The stock has more than doubled from its 52-week low of ₹117, highlighting strong market sentiment and positive momentum around the travel-tech company. Ixigo continues to attract attention in the broader tech and digital travel space. ixigo Q1 Results Ixigo (Le Travenues Technology Ltd.) delivered a solid performance for Q1 FY26, posting strong growth across key financial metrics. The company's revenue from operations jumped 73% year-on-year to ₹314.47 crore, while total income rose 74% to ₹321.43 crore. Despite higher expenses, Ixigo's profit before tax climbed 85% to ₹26.33 crore, and net profit came in at ₹18.94 crore, up 27% from the same period last year. The strong quarterly results reflect growing travel demand, a broader user base, and better operational execution. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Time of India
18-07-2025
- Business
- Time of India
Ixigo shares slide 6% after hitting record high post Q1 FY26 results
Shares of Le Travenues Technology , the parent company of travel platform ixigo , declined 6% to Rs 201.7 on Friday after touching a record high of Rs 215 in intraday trade. The drop follows a sharp 19% surge in the previous session, driven by the company's strong Q1FY26 earnings. Ixigo Q1 performance Explore courses from Top Institutes in Select a Course Category MBA healthcare Digital Marketing Leadership Degree Project Management others Finance Product Management Healthcare Data Science Design Thinking Others Artificial Intelligence MCA PGDM CXO Operations Management Management Public Policy Data Science Data Analytics Cybersecurity Technology Skills you'll gain: Financial Management Team Leadership & Collaboration Financial Reporting & Analysis Advocacy Strategies for Leadership Duration: 18 Months UMass Global Master of Business Administration (MBA) Starts on May 13, 2024 Get Details Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details Ixigo reported a 73% year-on-year (YoY) jump in revenue from operations to Rs 314.5 crore for the June quarter. Net profit rose 27% YoY to Rs 19 crore, while gross transaction value (GTV) climbed 55% to Rs 4,644.7 crore, led by an 81% growth in flight and bus segments and a 30% increase in train GTV. EBITDA for the quarter rose 69% YoY to Rs 32.5 crore, while adjusted EBITDA (which includes ESOP expenses and excludes other income) stood at Rs 31.4 crore, marking a 54% rise from Rs 20.3 crore in the same quarter last year. Rajnish Kumar, group co-CEO, ixigo and Aloke Bajpai, group CEO, ixigo said the company continues to see rapid growth and has hit new 'all-time highs.' They said the growth in categories such as buses and flights stems from a customer-centric approach, ability to cross-sell and up-sell to the captive user-base, AI-driven efficiencies and enhanced brand awareness. Saurabh Devendra Singh, group CFO, Ixigo, said quarter one of financial year 2026 is another strong quarter, with 'record' revenue and profits across all key verticals. "The 54% increase in adjusted EBITDA and 76% growth in PBT (excluding exceptional items) demonstrate the strength of our operating model and disciplined execution. We remain committed to driving sustainable growth," he added. The company said it crossed 10,000 daily meal deliveries with Zoop, with over 20 lakh meals served across 200+ stations since October 2024. ixigo's bus business, AbhiBus partnered with global travel platform CheckMyBus to expand the reach of its bus inventory to international travellers. The company said its bus and train segments continue to gain traction, particularly in the bus and train segments. In quarter one of the financial year 2026, train bookings by Gen Z travellers (aged 18-30) on ixigo rose 45% year on year, with Mumbai, Delhi, Kolkata, Visakhapatnam, and Pune emerging as the fastest-growing markets. Bus bookings from this cohort saw even sharper growth, rising 56% year on year, led by Indore, Lucknow, and Nagpur. Train bookings by solo female travellers grew by 123% year on year for the company. ixigo said it is deepening its investment in agentic AI and automation to drive scalable, 'customer-first innovation'. The company said key AI led initiatives for the quarter under review include voice-led customer support, enhanced AI-based personalisation, and expanding bundled offerings like travel insurance and visa rejection protection. The company said its quarter one flash sales for flights and hotels were driven by AI-led videos and creatives, reducing production costs to just 0.1% of traditional budgets. Ixigo share price target According to Trendlyne, the average target price for Ixigo is Rs 207, indicating a potential upside of nearly 1% from current levels. Of the 3 analysts tracking the stock, the consensus rating is 'Strong Buy'. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
