Updated - May 21, 2023 at 04:10 PM.

Immediate focus is to onboard offline expansion by setting up more offices while simultaneously building online business, says MD

(PIC: Canva)

Chennai-based Goed Travels and Forex Pvt Ltd aims to strengthen its presence in the southern market through its offline and online expansion.

The company plans to launch its portal and app over the course of the next 3-4 months, according to a top executive of Goed.

Established in 2018, Goed says it made revenues of around ₹95 crore in FY23.

According to Managing Director C Srinivasan, the immediate focus is to onboard offline expansion by setting up more offices while simultaneously building its online business.

“Currently, we have three offices — two in Chennai and one in Bengaluru. We will soon open one in Hyderabad. Overall, the target is to establish 10 offices by 2025 to further enhance the presence across the three southern cities, eventually expanding to Mumbai and Delhi.”

Fundraising plans

The travel company expects a million-dollar investment for its upcoming expansion. Overall, it has invested half a million dollars to date. Although the company hasn’t raised any external funds to date, once it has achieved its target expansion, it will look at raising overseas funds.

“Depending on our annual turnovers, client base, and valuation, we will consider raising funds,” said the MD.

Goed offers services such as international and domestic tour gatherings, Eurail bookings, visas and documentation, car rentals, and more. It also claims to do 1,000 bookings on a monthly basis.

Goed says that it faces strong competition in the offline space from local players. In the three main markets, it plans to focus on the corporate and leisure segments in Bengaluru and Hyderabad. In Chennai, it is a mixed market. Another key aspect of the business is establishing strong industry networks.

“We have a strong client base, a dedicated team, and an in-house digital company that will be used to promote Goed. All this will enhance our business. Moreover, we are confident that the launch of our portal in August and travel app in September will significantly add to our business,” Srinivasan noted.

Additionally, the company also plans to cater to the B2B segment that involves serving travel agents, while Singapore and Dubai are the two key international markets where the company wants to establish its offices.