TripBorn Provides Second Quarter Operations Update; Reports 322% Increase in Gross Bookings and Generates Record Transaction Levels and Web Traffic
PRINCETON, N.J., Nov. 15, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE - TripBorn, Inc. (“TripBorn” or the “Company”) (OTC: TRRB), a leading Indian online travel marketplace, provided a summary of results of operations for the second quarter of fiscal year 2019. The Company tracks a series of key operational metrics to gauge operational success. Among these metrics, gross bookings, as measured by the total transactional value of all transaction and various services sold and subject to commission, and net revenues, the net commissions earned by TripBorn through the processing of gross revenues, are the primary financial metrics for periodic measurement. Internet travel searches using the TripBorn portal and business agent logins are tracked as key measurements of internet activity, which is highly correlated with gross and net revenues.
Below is a summary of these four key metrics, as measured for the three months ending September 30, 2018:
Quarter Ended Y/Y Six Months Ended Y/Y September 30, Growth September 30, Growth Rate Rate ---------------------- ------ ----------------------- ------ 2018 2017 2018 2017 -------------- ----------- ---------- ------ ----------- ----------- ------ Gross Bookings $26,692,459 $6,320,230 322.3% $40,412,988 $15,223,309 165.5% Revenue Margin 0.34% 1.10% 0.48% 1.20% Net Revenues $90,754 $69,523 30.5% $193,982 $182,680 6.2%
E-Commerce overview for the three months ending September 30, 2018:
-- Total Returning Visitors: 9,238 -- Added New Visitors to TripBorn’s B2B site: 11,943 -- Unique User Sessions: 14,397 -- Page Views increased to 5,240,842 -- Average Session Duration: 21 minutes 8 seconds -- Railway bookings increased 35%, deposits for railway transactions increased 41% -- Transaction Conversion Rate increased from 1.26% to 1.94%
TripBorn also launched its proprietary AADHAR based POS Machine and Micro ATM which enables the user to withdraw money from their bank account from any of the TripBorn Agents using a secure finger print authentication. This benefits the rural consumer significantly, as they do not have to visit the traditional retail bank or ATM to access funds. This is a significant convenience point for the rural consumer, where the average ATM distance in India is approximately 20 kilometers in the rural area and 7 kilometers in urban areas.
“We are pleased to report strong operational growth in the second quarter,” commented Deepak Sharma, Chief Executive Officer of TripBorn. “We have been highly focused on increasing traffic through the expansion of our agent network across our existing operational footprint in India.”
“Our strong growth in this agent network has lead to more than a 192% increase in agent logins, and a 35% increase in travel searches. We also made our commission structure more competitive, incentivizing agents to prioritize booking through our e-commerce platform. More agents completing more searches using our online travel services led to a 322% increase in gross bookings in only one year. This should begin rapidly translating into scalable revenues that can be further reinvested in expanding our agent network.”
Mr. Sharma continued, “We are very focused on expanding our technology capabilities. Our new Micro ATC solution, when combined with our established POS capabilities, has TripBorn extremely well positioned to not only become the dominant travel agency solution for rural India, but we are on the verge of becoming the rural banking solution of choice as well.”
About TripBorn, Inc.
TripBorn is an online marketplace, sometimes referred to as an OTA, that offers digital micro services including travel reservations, ticketing and travel related services to business agents across India through the Company’s website, www.tripborn.com. Currently, TripBorn operates as a business to business, or B2B, online travel marketplace that serves travel and business agents and small businesses based in India in booking travel services, ticketing and money transfer, bill payments services and products for their customers. Through the Company’s internet-based platform, business agents can search and book domestic and international air tickets, hotels, vacation packages, rail tickets and bus tickets, as well as ancillary travel-related services and e-commerce money transfer and bill payments services. TripBorn serves approximately 6,534 agents across India.
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov.
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