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The Maharashtra edition · 2026

Travel and hospitalitycompanies in Maharashtra

Hotels, travel agencies & tours, car rentals & buses, adventure & attractions, corporate travel and more: the companies building travel and hospitality in Maharashtra, with their founders, funding, team size and business models.

Explore in Radar See the ranked list ↓
896 company profiles163 with reported revenue12 with recorded fundingSeptember 2026 edition
Maharashtra · Photo: Wikimedia Commons (Creative Commons Attribution-ShareAlike 4.0)

Recent travel and hospitality business events in Maharashtra

Funding, M&A, contract wins and launches involving 1,008 travel and hospitality companies in Maharashtra, last 24 months: 80 Contracts · 47 M&A deals · 8 funding rounds · 7 launches. Newest first; companies and investors link to their Fliar profiles. Latest event in our news feed: Jun 2026.

ContractSupply

Transrail lighting · client: Na

Transrail Lighting, a leading engineering, procurement and construction (EPC) company, has secured fresh orders worth ₹575 crore, further strengthening its presence across the…

Infrastructure
M&AAcquisition · Completed

Chalet hotels acquires Seasons hotels

Chalet Hotels has completed the acquisition of 100% of the Equity Share Capital of Seasons Hotels. Consequently, the said entity has become a wholly-owned subsidiary of the Company.

Hotel
M&AAcquisition · Completed

Chalet hotels acquires Seasons hotels

Chalet Hotels has successfully completed the first tranche of its acquisition of Seasons Hotels Private Limited, officially making it a subsidiary of the company.

Hospitality
ContractSupply

Tata motors · client: Aisats

Air India SATS Airport Services Private Limited (AISATS) has ordered 21 electric airport passenger coaches from Tata Motors

FundingTerm loan and working capital facility

Imagicaaworld entertainment

Imagicaaworld Entertainment Limited has announced the execution of financing agreements totalling Rs 65 crore with Axis Bank Limited and IDBI Trusteeship Services Limited.

Investors Axis bank, IDBI Trusteeship Services Limited
Entertainment
LaunchQuality Inn Gurgaon

Suba hotels

Suba Hotels Limited proudly celebrates its Founder's Day on April 7, marking a defining milestone in its growth journey with the launch of 7 new properties across India.

Hotel
ContractSupply

Oriana power · client: Kesari

The EPC contract for Kesari Alloys Private Limited involves a 16 MW solar project with a 10 MWh BESS capacity, valued at ₹74.34 crore.

Renewable Energy
ContractInfrastructure

Sugs Lloyd · client: Konkan railway

SUGS Lloyd Limited has secured an engineering, procurement and construction (EPC) order worth Rs 6.39 billion from Konkan Railway Corporation Limited.

Power transmission and distribution, smart grid, power infrastructure
ContractService

Indian hotels · client: Gulshan Group

The company has signed Indian Hotels Company (IHCL), the country's largest hospitality company, to manage this project comprising a 150-key luxury hotel, 74 apartments and one penthouse.

ContractMaintenance

Noida International Airport · client: Akasa air

UNDER THIS AGREEMENT, THE FIRST MAINTENANCE, REPAIR AND OVERHAUL (MRO) FACILITY OF AKASA AIR WILL BE ESTABLISHED AT THE NOIDA INTERNATIONAL AIRPORT COMPLEX.

Infrastructure
ContractTechnology

Travelport · client: Akasa air

Travelport, a global technology company powering travel bookings for travel suppliers worldwide, and Akasa Air (AKJ), India’s fastest-growing airline, have signed a new long‑term content…

Travel Technology
ContractInfrastructure

Aisats · client: Uttar Pradesh Government

Officials said on day two of the trip, aviation services major AISATS signed a Memorandum of Understanding (MoU) with the UP government to invest Rs 4,458 crore in two key projects.

Aviation Services
Contract

Continental carriers · client: Air India SATS Airport Services

Continental Carriers (CCPL) has signed a Memorandum of Understanding with Air India SATS Airport Services (AISATS) to facilitate the secure transfer of customs-compliant export…

Logistics
M&AAcquisition

Adani enterprises acquires Indamer

Horizon Aero Solutions, a subsidiary of Adani Enterprises, has purchased 100 per cent shares of Indamer Technics Private Limited on the business day of Beete Friday.

M&AAcquisition · Completed

Horizon Aero Solutions Ltd acquires Indamer

Adani Group has officially announced that it has completed the acquisition of Indamer Technics Pvt Ltd (ITPL) to expand its footprint in the aircraft services and MRO industry.

MRO
M&AAcquisition · Completed

Adani Defense Systems and Technologies Ltd (ADSTL) & Prime Aero Services LLP acquires Indamer

ADSTL, in partnership with Prime Aero Services LLP, acquired a 100 per cent stake in Indamer Technics, creating the foundation for a consolidated MRO platform.

MRO
ContractService

Transrail lighting · client: Na

Transrail Lighting on Friday said it has secured new Engineering, Procurement, and Construction (EPC) orders worth Rs 2,350 crore in domestic market.

Transmission & Distribution
ContractInfrastructure

Rajdarbar Group · client: Ihcl

Indian Hotels Company (IHCL) announced the signing of a framework agreement for seven new Ginger hotels, expanding the brand’s presence in cities in north India.

Hospitality
ContractInfrastructure

Rajdarbar Group · client: Indian hotels

Indian Hotels Company , India’s largest hospitality company, today announced the signing of a framework agreement for 7 new Ginger hotels.

Hospitality
M&AAcquisition · Announced

Indian hotels acquires Brij Hospitality

The Indian Hotels Company Limited is set to acquire a 51% stake in Brij Hospitality, an operator of boutique luxury hotels and resorts in India, for a consideration not exceeding ₹225 crore.

Hospitality
ContractSupply

Indian oil corporation · client: Akasa air

The Letter of Intent was signed at Wings India 2026 in Hyderabad and lays out a framework for collaboration to support Akasa Air’s sustainability goals through the potential sourcing and…

Aviation
ContractService

Thomas cook india · client: Ministry of tourism

Thomas Cook India has signed an MoU with the Ministry of Tourism to enhance destination experiences across India.

Tourism
M&AAcquisition · Announced

GVK-Bhupal family acquires Ihcl

Indian Hotels Company (IHCL) on Friday said it has entered into an agreement to sell its entire shareholding of 25.52% in TAJ GVK to the GVK-Bhupal family.

M&AAcquisition · Announced

Ms. Shalini Bhupal acquires Indian hotels

The Board of Directors has approved execution of a Sale and Purchase Agreement for the disinvestment of 1,60,00,400 equity shares of par value of Rs. 2 each held by IHCL, representing…

ContractService

GVK-Bhupal family · client: Ihcl

We have executed a management contract with IHCL in October 2025, for a 256-key Taj in Yelahanka, Bengaluru, set to open in 2026 with a further scope of development on the remaining…

Hospitality
M&AAcquisition · Announced

Shalini Bhupal acquires Indian hotels

GVK Group chairman GVK Reddy's daughter Shalini Bhupal is set to buy out Indian Hotels' 25.5% stake in Taj GVK Hotels & Resorts for Rs 592 crore

Hospitality
ContractService

Jayant Infratech · client: Central Railway

Jayant Infratech Limited, through a stock exchange filing, announced that it has received a Letter of Acceptance by Central Railway for a railway overhead electrification project in the…

Railway Electrification and Infrastructure
LaunchTACY

Thomas cook

Thomas Cook (India) Limited has introduced TACY, an AI-generated digital avatar who will serve as both the company’s brand ambassador and AI-powered holiday travel assistant.

AI-generated digital avatar / Travel Assistant
ContractInfrastructure

Jayant Infratech · client: Konkan railway

Jayant Infratech: Company Receives EPC Contract from Konkan Railway.

Infrastructure
ContractInfrastructure

H.G. Infra Engineering Limited and Kalpataru Projects International Ltd. · client: Maharashtra Metro Rail Corporation Limited

On November 21 2025, H.G. Infra Engineering Limited informed that, in joint venture with Kalpataru Projects International Ltd., it has been declared the L-1 bidder by Maharashtra Metro…

Infrastructure

Travel and hospitality companies in Maharashtra, by revenue

Browse travel and hospitality companies in Maharashtra by reported revenue, one-year revenue growth, revenue model, age and stage. The 50 companies below are the largest by their most recent reported revenue among 163 travel and hospitality companies in Maharashtra that have filed a figure in the last four years. Every figure keeps its own reporting period, so compare periods before comparing amounts.

Showing 25 of 50

Provider of private jet & air charter services

Chartered flights
₹8,565.00 crFY 2024-25
+23%2024–2025
3,048-0% 12 mo to Sep 2024recorded Sep 2024
24 yr2002
0none in 3 months

Owns and operates luxury hotels and resorts

Hotels
₹6,951.67 crFY 2023-24
Not reported
25,207+9% 12 mo to Mar 2024LinkedIn · Jul 2026
123 yr1903
0none in 3 months · last posted Jul 2024

Provider of passenger airlines and aviation services

Passenger airlines
₹4,635.68 crFY 2024-25
+47%2024–2025
3,536+26% 12 mo to Sep 2024LinkedIn · Jul 2026
6 yr2020
7postings · last posted Aug 2026

Developer of electricity transmission based utility projects

Real estate & infrastructure developers
₹4,130.00 crFY 2023-24
+30%2023–2024
2,100+19% 12 mo to Sep 2024LinkedIn · Jul 2026
18 yr2008
0none in 3 months · last posted Jun 2026

Government-owned corporation responsible for operating and managing rail services

Passenger rail operators
₹4,202.67 crFY 2024-25
Not reported
—Not available
36 yr1990
0none in 3 months

Provider of food and beverages services at airports

Aviation catering services
₹1,762.71 crFY 2024-25
+21%2024–2025
2,568+16% 12 mo to Apr 2024LinkedIn · Jul 2026
19 yr2007
0none in 3 months

Provider of hotel management services

Real estate & infrastructure developers
₹1,754.12 crFY 2024-25
+22%2024–2025
263+33% 12 mo to Mar 2024LinkedIn · Jul 2026
40 yr1986
0none in 3 months

Provider of motor vehicles rentals and leasing services

Car rentals
₹1,727.87 crFY 2024-25
+16%2024–2025
1,228+34% vs previous recordrecorded Sep 2024
31 yr1995
0none in 3 months

Travel agency offering affordable holiday tour packages and travel deals

Travel agencies
₹952.04 crFY 2023-24
+69%2023–2024
1,025+31% 12 mo to Mar 2024LinkedIn · Jul 2026
13 yr2013
1postings · last posted Jul 2026

Operator of luxury hotels

Hotels
₹826.31 crFY 2023-24
Not reported
1,377-9% 12 mo to Sep 2024recorded Sep 2024
20 yr2006
0none in 3 months

Government entities focused on construction and operation of metropolitan transportation systems in the state

Passenger rail operators
₹787.14 crFY 2024-25
+7%2024–2025
840+2% 12 mo to Sep 2024recorded Sep 2024
11 yr2015
0none in 3 months

Operator of casino gaming, hospitality, and real estate businesses

Hotels
₹786.71 crFY 2024-25
-13%2024–2025
1+0% 12 mo to Sep 2024LinkedIn · Jul 2026
36 yr1990
0none in 3 months

Tour operator providing end-to-end travel services

Tour operators
₹698.72 crFY 2023-24
+60%2023–2024
468+32% 12 mo to Nov 2023recorded Nov 2023
42 yr1984
0none in 3 months · last posted Jun 2024

Operator of air India airport

Airport operators
₹588.71 crFY 2021-22
Not reported
11,327LinkedIn · Jul 2026
18 yr2008
0none in 3 months · last posted Jun 2026

Operator of helicopter charter

Chartered flights
₹634.53 crFY 2024-25
+74%2024–2025
21LinkedIn · Jul 2026
26 yr2000
0none in 3 months

Provider of travel services

Travel agencies
₹583.66 crFY 2022-23
Not reported
1,566LinkedIn · Jul 2026
77 yr1949
0none in 3 months

Manufacturer of railway rolling stock components and freight cars

Rail equipment
₹608.19 crFY 2024-25
+15%2024–2025
152-1% 12 mo to Mar 2023recorded Mar 2023
5 yr2021
0none in 3 months

Operates of hotel chains

Hotels
₹483.75 crFY 2024-25
Not reported
1,247+11% 12 mo to Sep 2024recorded Sep 2024
23 yr2003
1postings · last posted Aug 2026

Manages chain of hotels and resorts

Hotels
₹364.82 crFY 2024-25
+16%2024–2025
142-59% 12 mo to Sep 2024LinkedIn · Jul 2026
40 yr1986
0none in 3 months

Manufacturer of reflective pavement marker, road marking paint, and air preheater

Road infrastructure operators
₹240.86 crFY 2024-25
-7%2024–2025
91+17% 12 mo to Sep 2024recorded Sep 2024
24 yr2002
0none in 3 months

Operator of infrastructure sector, focusing on road operations and maintenance services

Facility management services
₹235.91 crFY 2024-25
+15%2024–2025
1,507-7% 12 mo to Feb 2024recorded Feb 2024
27 yr1999
0none in 3 months

Operator of passenger airlines

Passenger airlines
₹205.41 crFY 2021-22
Not reported
2,284LinkedIn · Jul 2026
21 yr2005
0none in 3 months

Travel agency operator

Travel agencies
₹217.88 crFY 2022-23
Not reported
183+8% 12 mo to Oct 2023recorded Oct 2023
77 yr1949
—No postings tracked

Operator of standalone hotel

Hotels
₹218.40 crFY 2024-25
+5%2024–2025
1-100% 12 mo to Oct 2024recorded Oct 2024
7 yr2019
0none in 3 months

Provider of infrastructure development services, primarily focusing on expressways and commercial operations

Road infrastructure operators
₹217.02 crFY 2024-25
+18%2024–2025
24-8% 12 mo to Sep 2024recorded Sep 2024
11 yr2015
0none in 3 months
50 of 896 companies shown here · the full list is on Radar
Fliar Radar

Explore all 896 travel and hospitality companies in Maharashtra on Radar

This page shows the top 50. Radar has the complete, filterable list with contacts and live company signals.

Open travel and hospitality in Maharashtra on Radar
  • Every company, not just 50All 896 travel and hospitality companies in Maharashtra, filterable by stage, funding, team size, revenue model and age.
  • Founders and decision-makersLeadership teams with roles and verified LinkedIn profiles, ready for outreach.
  • Live signalsFunding rounds, hiring, launches and M&A as they happen, with alerts on the companies you follow.
  • Save and exportBuild lists, compare companies side by side and export them from your Radar account.

Explore travel and hospitality companies in Maharashtra by what you are looking for

Find top travel and hospitality companies in Maharashtra, from hotels and tour operators to car rentals and adventure travel. Browse travel and hospitality startups in Maharashtra and companies that are hiring.

9 ways to explore travel and hospitality in Maharashtra

Hotels, resorts & hotel management companiesTravel agencies & tour operatorsCar rental & bus transport companiesAdventure tours, museums & theme parksCorporate travel management companiesAviation, chartered flights & aviation training

Hotels, resorts & hotel management companies

Hotel chains, standalone hotels, resorts and hotel management firms.

  1. Indian Hotels

    Owns and operates luxury hotels and resorts

    Hotels
    See in list
  2. Chalet Hotels

    Provider of hotel management services

    Real estate & infrastructure developers
    See in list
  3. Juniper Hotels

    Operator of luxury hotels

    Hotels
    See in list
  4. Deltacorp

    Operator of casino gaming, hospitality, and real estate businesses

    Hotels
    See in list
  5. Ginger Hotels

    Operates of hotel chains

    Hotels
    See in list
148 companies in MaharashtraAll 104 hotels companies in Maharashtra →

Travel agencies & tour operators

Holiday package providers, tour operators and travel agents.

  1. Veena World

    Travel agency offering affordable holiday tour packages and travel deals

    Travel agencies
    See in list
  2. Kesari Tours

    Tour operator providing end-to-end travel services

    Tour operators
    See in list
  3. SOTC India

    Provider of travel services

    Travel agencies
    See in list
  4. Trade-wings

    Travel agency operator

    Travel agencies
    See in list
  5. Classic Holidays

    Provider of luxury travel planning services and holiday solutions

    Travel agencies
    See in list
258 companies in MaharashtraAll 399 tour operators companies in India →

Car rental & bus transport companies

Self-drive, chauffeur car rentals and bus operators.

  1. Autoriders

    Self-drive car rental service

    Car rentals
    See in list
  2. Aarya Trans

    Provider of bus transport services

    Bus operators
    See in list
  3. Tirupati Travels

    Operator of corporate travel buses

    Bus operators
    See in list
  4. Jibz India

    Operator of aggregated platform providing fleet management services for taxi providers

    Car rentals
    Website
  5. Aarinstar Enterprises

    Company providing a range of transportation services, including car rental, outstation trips, and longer-duration bookings

    Car rentals
    Website
128 companies in MaharashtraAll 128 car rentals companies in India →

Adventure tours, museums & theme parks

Trekking, camping, museums, galleries and amusement parks.

  1. SMAAASH

    Chains providing entertainment activities including arcade games, bowling, and virtual reality

    Theme & amusement parks
    See in list
  2. Della Adventure

    Operator of amusement park

    Theme & amusement parks
    Website
  3. Indian Cinema Tours

    Operator of national museum of indian cinema

    Museums & galleries
    Website
  4. Bounceinc

    Operator of indoor trampoline park

    Theme & amusement parks
    Website
  5. Chiliad Procons

    Media company provides the development of amusement parks

    Theme & amusement parks
    Website
86 companies in Maharashtra

Corporate travel management companies

Business travel and expense management providers.

  1. SKIL Travel

    End-to-end hospitality solutions provider for travel management

    Tour operators
    Website
  2. Periplustravel

    Provider of bespoke high-end travel itineraries in India

    Corporate travel management services
    Website
  3. Trawealth

    Provider of comprehensive business travel and foreign exchange services

    Corporate travel management services
    Website
  4. AMSS Travel Street

    Provider of crew and corporate travel management services

    Corporate travel management services
    Website
  5. Quest2Travel

    Quest2Travel is a corporate travel company.

    Corporate travel management services
    Website
19 companies in Maharashtra

Aviation, chartered flights & aviation training

Chartered flights, airlines, pilot training and airport services.

  1. Akasa Air

    Provider of passenger airlines and aviation services

    Passenger airlines
    See in list
  2. AISATS

    Operator of air India airport

    Airport operators
    See in list
  3. Ghodawat Aviation

    Operator of helicopter charter

    Chartered flights
    See in list
  4. Kestrel Aviation

    An aviation management company providing specialized services and solutions in the airliner and corporate aviation sectors

    Chartered flight brokers
    See in list
  5. AMA

    Provider of airfield lighting solutions for the aviation sector

    Aviation ground handling services
    See in list
61 companies in Maharashtra

Travel and hospitality startups in Maharashtra

Newer travel and hospitality companies.

  1. Indian Cinema Tours

    Operator of national museum of indian cinema

    Museums & galleries
    Website
  2. Bucketlist

    Curates and facilitates exclusive social travel adventures for a select community. It designs and executes unique travel experiences, focusing on adventure, culture, and community building. The company handpicks participants, ensuring a cohesive group dynamic. Travel itineraries include curated activities and accommodations, aiming to provide a seamless and memorable journey. The focus is on creating "can't-do-it-yourself" experiences, leveraging local partnerships to offer authentic and immersive travel. All aspects of the trip, from logistics to on-site support, are managed to minimize trave

    Tour operators
    Website
  3. Method

    Contemporary art space showcasing emerging artists and collectibles

    Museums & galleries
    Website
  4. West Valley Villa

    Provider of luxurious homestays in private villas with stunning views

    Hotels
    Website
  5. Sunsha Global

    Company offering flight bookings, hotel reservations, and visa services

    Travel agencies
    Website
113 companies in Maharashtra

Travel and hospitality companies hiring in Maharashtra

Travel and hospitality companies with open roles; travel and hospitality jobs demand.

  1. Indian Hotels

    Owns and operates luxury hotels and resorts

    Hotels
    See in list
  2. Akasa Air

    Provider of passenger airlines and aviation services

    Passenger airlines
    See in list
  3. Transrail Lighting

    Developer of electricity transmission based utility projects

    Real estate & infrastructure developers
    See in list
  4. Veena World

    Travel agency offering affordable holiday tour packages and travel deals

    Travel agencies
    See in list
  5. Kesari Tours

    Tour operator providing end-to-end travel services

    Tour operators
    See in list
23 companies in Maharashtra

Listed travel and hospitality companies in Maharashtra

Publicly listed hotel, travel and hospitality companies.

  1. Indian Hotels

    Owns and operates luxury hotels and resorts

    Hotels
    See in list
  2. Transrail Lighting

    Developer of electricity transmission based utility projects

    Real estate & infrastructure developers
    See in list
  3. Travel Food Services

    Provider of food and beverages services at airports

    Aviation catering services
    See in list
  4. Chalet Hotels

    Provider of hotel management services

    Real estate & infrastructure developers
    See in list
  5. ORIX

    Provider of motor vehicles rentals and leasing services

    Car rentals
    See in list
27 companies in Maharashtra
Mobile reach

Top 10 travel and hospitality apps from Maharashtra

The most-installed Android apps published by travel and hospitality companies headquartered in Maharashtra — 4.0M installs between them. 41 companies on this page publish at least one app; each company (legal entity) appears once, with its most-installed app.

1 of 10
1

Akasa Air: Book Flight Tickets

by Akasa Air

Installs1.3M
Rating3.462K ratings
Installs, year on year+41%
Last updatedJun 2026
Legal entitySNV AVIATION PRIVATE LIMITEDCIN U63013MH2020PTC350653
View on Google Play ↗
Akasa Air: Book Flight Tickets screenshot 1Akasa Air: Book Flight Tickets screenshot 2Akasa Air: Book Flight Tickets screenshot 3Akasa Air: Book Flight Tickets screenshot 4Akasa Air: Book Flight Tickets screenshot 5Akasa Air: Book Flight Tickets screenshot 6
2

Club Mahindra

by Club Mahindra

Installs750K
Rating4.2636K ratings
Last updatedMay 2026
Legal entityMAHINDRA HOLIDAYS AND RESORTS INDIA LIMITEDdeclared on Google Play
View on Google Play ↗
Club Mahindra screenshot 1Club Mahindra screenshot 2Club Mahindra screenshot 3Club Mahindra screenshot 4Club Mahindra screenshot 5Club Mahindra screenshot 6
7

M2M FERRIES

by M2M Ferries

Installs147K
Rating—
Installs, year on year+48%
Last updatedApr 2026
Legal entityM2M FERRIES PRIVATE LIMITEDCIN U61200MH2019PTC328660
View on Google Play ↗
M2M FERRIES screenshot 1M2M FERRIES screenshot 2M2M FERRIES screenshot 3M2M FERRIES screenshot 4M2M FERRIES screenshot 5M2M FERRIES screenshot 6
8

OV - Book affordable rides

by Ovcab

Installs111K
Rating—
Installs, year on year+29%
Last updatedMay 2024
Legal entityOV CAB PRIVATE LIMITEDCIN U63000MH2019PTC329519
View on Google Play ↗
OV - Book affordable rides screenshot 1OV - Book affordable rides screenshot 2OV - Book affordable rides screenshot 3OV - Book affordable rides screenshot 4OV - Book affordable rides screenshot 5OV - Book affordable rides screenshot 6
9

Roomyys: Rent Room, Flat, PG,

by Roomyys

Installs77K
Rating—
Last updatedAug 2025
Legal entityROOMYYS PRIVATE LIMITEDCIN U74999MH2019PTC327202
View on Google Play ↗
Roomyys: Rent Room, Flat, PG, screenshot 1Roomyys: Rent Room, Flat, PG, screenshot 2Roomyys: Rent Room, Flat, PG, screenshot 3Roomyys: Rent Room, Flat, PG, screenshot 4Roomyys: Rent Room, Flat, PG, screenshot 5Roomyys: Rent Room, Flat, PG, screenshot 6
10

के.आर. कर्मी / KR - Karmi

by Konkan Railway

Installs46K
Rating—
Last updatedJan 2025
Legal entityKONKAN RAILWAY CORPORATION LIMITEDCIN U35201MH1990GOI223738
View on Google Play ↗
के.आर. कर्मी / KR - Karmi screenshot 1के.आर. कर्मी / KR - Karmi screenshot 2के.आर. कर्मी / KR - Karmi screenshot 3
The business behind the activity

Travel and hospitality financials in Maharashtra

Revenue, profit and growth from the filed annual accounts of 151 travel and hospitality companies in Maharashtra for FY24-25 — 189 of the 896 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 63% of the revenue, so medians describe the typical company better than totals.

combined revenue, FY24-25₹26,984.35 cr

151 companies filing accounts

combined net profit₹576.18 cr

2.1% aggregate margin

are profitable72%

108 of 151 companies

median revenue~₹20.6 cr

the typical company

median revenue growth+9%

into FY24-25

earned by the top five63%

revenue concentration

Six-year view

Combined revenue of filing companies

₹15,544.01 crFY19-20139 filers
₹7,894.23 crFY20-21144 filers
₹11,940.02 crFY21-22152 filers
₹21,640.65 crFY22-23156 filers
₹28,757.46 crFY23-24161 filers
₹26,984.35 crFY24-25151 filers

The number of companies filing changes each year; the three-year cohort below compares like with like.

Like-for-like

The same 132 companies over three years

+41%
FY22-23₹19,019.42 cr₹877.11 cr net
FY23-24₹24,003.27 cr₹561.04 cr net
FY24-25₹26,888.71 cr₹575.03 cr net

Companies with accounts for all three years, so growth is not an artefact of who filed.

Scale and profit

Bigger companies are far more often profitable

Under ₹1 cr2524% profitable
₹1–10 cr3077% profitable
₹10–100 cr6481% profitable
₹100–1,000 cr2685% profitable
Over ₹1,000 cr683% profitable

Companies by FY24-25 revenue. Bars show how many companies sit in each band.

Momentum

How fast revenue moved into FY24-25

Shrinking45
0–20%54
20–50%29
50–100%8
Doubled+7

143 companies with accounts for both years; median growth +9%.

Profitability

Profit is concentrated at the top

108profitable
43loss-making
2.1%aggregate margin
2.3%median margin

The aggregate margin is pulled up by a few large filers; the median shows the typical company.

Growth leaders · ₹10 cr+ revenue

Fastest growing, FY24-25

CompanyGrowthRevenue
Aman AviationAMAN AVIATION AND AEROSPACE SOLUTIONS PRIVATE LIMITED+524%₹188.45 cr
Baron GroupBARON AVIATION AND ALLIED SERVICES PRIVATE LIMITED+91%₹20.90 cr
Della VillasDELLA ENCLAVE PRIVATE LIMITED+83%
Ghodawat AviationGhodawat Enterprises Private Limited+74%₹634.59 cr
Jibz IndiaJIBZ INDIA SYSTEMS PRIVATE LIMITED+66%₹55.15 cr
WOW HolidaysWORLD OF WONDERS TRAVEL PRIVATE LIMITED
Profit leaders · ₹10 cr+ revenue

Highest net margins, FY24-25

CompanyMarginRevenue
SMAAASHSMAAASH ENTERTAINMENT PRIVATE LIMITED
RamsukhRAMSUKH DEVELOPERS PRIVATE LIMITED44.2%₹11.07 cr
MIHAN IndiaMIHAN INDIA LIMITED₹149.51 cr
DeltacorpDelta Corp Limited29.9%₹619.83 cr
Taj Air, IHCLTHE INDIAN HOTELS COMPANY LIMITED27.5%₹5,145.09 cr
Eastern International HotelsEASTERN INTERNATIONAL HOTELS LIMITED27.0%
Inside the industry

Sub-sectors compared, FY24-25

Sub-sectorCompaniesRevenueMedian revenueProfitableMargin
Chartered flights5₹5,965.95 cr~₹111.8 cr80%22.1%
Hotels36₹2,618.32 cr~₹13.4 cr56%15.7%
Car rentals14₹1,541.05 cr~₹13.5 cr64%3.1%
Travel agencies21₹954.21 cr~₹12.5 cr81%3.0%
Tour operators21₹544.22 cr~₹4.3 cr81%4.2%
Road infrastructure operators6₹525.99 cr~₹38.7 cr33%-10.2%
Hotel management services5₹170.29 cr~₹27.3 cr100%7.5%
Leaders

Largest travel and hospitality companies by revenue, FY24-25

Company · legal entityRevenueNet resultMarginGrowth
Taj Air, IHCLTHE INDIAN HOTELS COMPANY LIMITED₹5,145.09 cr₹1,413.23 cr27.5%+12%
Akasa AirSNV AVIATION PRIVATE LIMITED₹4,635.68 cr−₹1,983.42 cr-42.8%+47%
Konkan RailwayKONKAN RAILWAY CORPORATION LIMITED₹4,202.67 cr₹137.69 cr3.3%-11%
Chalet HotelsCHALET HOTELS LIMITED₹1,681.72 cr₹171.57 cr10.2%+19%
Travel Food ServicesTRAVEL FOOD SERVICES LIMITED₹1,304.78 cr₹299.91 cr23.0%+7%
ORIXORIX CORPORATION INDIA LIMITED₹1,180.81 cr₹41.21 cr3.5%+12%
Maha MetroMAHARASHTRA METRO RAIL CORPORATION LIMITED₹787.14 cr−₹369.44 cr-46.9%+7%
Ghodawat AviationGhodawat Enterprises Private Limited₹634.59 cr₹68.75 cr10.8%+74%
DeltacorpDelta Corp Limited₹619.83 cr₹185.31 cr29.9%-8%
Ginger HotelsROOTS CORPORATION LIMITED₹483.75 cr₹62.19 cr12.9%+29%
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Standalone annual accounts filed with the Ministry of Corporate Affairs. Brands that share one legal entity are shown together and counted once.

Industry landscape report

Travel and Hospitality Industry Landscape of India

The financials above are one chapter. The full travel and hospitality landscape of Maharashtra maps the whole industry — every segment, the capital behind it, the talent market and where the next opportunities are.

  • Market map of every sub-sector
  • Funding & company formation by year
  • Revenue, profit & financial strength
  • Digital footprint: traffic, apps, releases
  • Hiring, skills & pay
  • Founders & leaders
  • News & sentiment
  • Where demand runs ahead of supply
Read the travel and hospitality landscape of Maharashtra
For investors and data teams

Put this intelligence into your own tools

The figures on this page come from Fliar’s company, funding and MCA filings data. Use it through the Investor Intelligence API and MCA financials feeds, or explore every company, filing and investor in Radar.

Capital & corporate activity

Travel and hospitality funding and M&A across India

157 recorded equity rounds have gone to 6,511 travel and hospitality companies in India — how much, at which stage, into which sub-sectors, from whom, and how Maharashtra compares. Debt, IPO and grant rounds are excluded.

equity rounds, last 12 months4

US$19.35m

equity rounds, last 24 months15

US$183.58m

raised over five yearsUS$420.90m

54 rounds in India

M&A deals, Maharashtra47

last 24 months

Capital by year

Equity funding into travel and hospitality in India

amount rounds
$364m201810
$18m20197
$3.1m20205
$51m20219
$3.3m20226
$152m202312
$31m202415
$183m202510
$163k20262

Bars show US$ raised; the number under each year is equity rounds. 2026 is year to date. The peak year was 2018, with US$364.39m across 10 rounds.

The funding ladder · five years

Rounds and typical cheque by stage

AngelUS$2.12m10 rounds · median US$83k
SeedUS$24.19m31 rounds · median US$449k
Series AUS$194.51m6 rounds · median US$13.07m
Series BUS$180.09m5 rounds · median US$15.00m
Series CUS$20.00m1 rounds · median US$20.00m
Where the money went · five years

Most-funded sub-sectors

Passenger airlinesUS$214.94m9 rounds · 5 companies
HotelsUS$142.10m10 rounds · 7 companies
Real estate & infrastructure developersUS$16.80m1 rounds · 1 companies
Hotel suppliesUS$15.00m1 rounds · 1 companies
Tour operatorsUS$9.94m6 rounds · 5 companies
Travel agenciesUS$7.87m5 rounds · 4 companies
Hiking camping & adventure tour operatorsUS$6.02m4 rounds · 4 companies
Corporate activity · last 24 months

M&A in Maharashtra

44Acquisition
2Merger
1Announced

Most active acquirers

  1. Indian hotels16
  2. Chalet hotels3
  3. Horizon Aero Solutions Ltd2
  4. Adani Defense Systems and Technologies Ltd (ADSTL) & Prime Aero Services LLP2
  5. Ihcl2

Most acquired or merged

  1. Indamer6
  2. Go first4
  3. ANK Hotels3
  4. Pride hospitality3
  5. Seasons hotels2

Each deal appears in the events strip at the top of the page.

Go deeper in the travel and hospitality landscape reports:

Travel and Hospitality Industry Landscape of India

Travel and hospitality funding in Maharashtra

12 travel and hospitality companies in Maharashtra have recorded equity funding, US$377.11m in total. Totals and round dates describe the historical record; they are not current valuations.

Founders and momentum in Maharashtra

Meet the people behind travel and hospitality companies in Maharashtra. 214 of 896 companies list founders or leaders; where a public LinkedIn profile matches exactly, the expanded profile shows the photo, headline, location and education.

Explore Maharashtra travel and hospitality companies by sub-sector

The most common specialisations among travel and hospitality companies in Maharashtra. Open a company to see what it sells, who runs it and how far it has come.

Keep exploring travel and hospitality in India and nearby markets.

Coming soon