Industry landscapes
Industry report

Funding and advertised pay are reported in USD; filed accounts retain their stated source currency and basis.

Exchange-rate basis

Indicative conversions use ECB reference rates dated 2026-09-14, applied consistently across all periods. They are not historical exchange rates. Indian rupees may use crore (1 crore = 10 million); other currencies use K, M and B. CSV downloads, source documents and quoted news headlines retain their original currencies.

THE MUMBAI EDITION 2026

Mumbai’s
travel and hospitality industry,
in focus.

The companies, capital and talent shaping travel and hospitality in Mumbai. Find the leaders. Understand the segments. See where the activity is.

Snapshot: Funding in USD
Illustrated cover for Travel and Hospitality Industry Landscape of Mumbai
IN
COMPANIES · CAPITAL · TALENT

An industry ecosystem,
measured in context.

Travel and Hospitality illustration
MEET THE COMPANIES

Explore Mumbai’s travel and hospitality leaders

24 featured companies from the funding, hiring, revenue and team-size leaderboards.

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Travel and Hospitality company highlights in Mumbai, snapshot 2 September 2026
Company
Jet Airwaysjetairways.com$380.58M16,015
Akasa Airakasaair.com$188.2M6 roles4,257Financial figure available in RadarView in Radar
Chalet Hotelschalethotels.com$119.92M2,287$170.22MFYFY2025 filing
SMAAASHsmaaash.in$109.85M4 roles429
Ginger Hotelsgingerhotels.com$76.27M1,247
Lavasalavasa.com$65.21M26
Imagicaaimagicaaworld.com$57.07M542
Deltacorpdeltacorp.in$43.54M1,779$60.14MFYFY2025 filing
Chiliad Proconschiliadprocons.in7 roles
Club Mahindraclubmahindra.com4 roles3,704Financial figure available in RadarView in Radar
HSquare Livinghsquareliving.com4 roles
The Machanthemachan.com4 roles75
Bounceincbounceinc.in3 roles
Della Resortsdellaresorts.com3 roles883
AISATSaisats.in7,500Financial figure available in RadarView in Radar
IHCLihcltata.com3,048$514.52MFYFY2025 filing
Kingfisher Airlinesflykingfisher.com2,460
Konkan Railwaykonkanrailway.com$416.29MFYFY2025 filing
Riya Groupriya.travel1,525
SOTCsotc.in691
Taj Hotelstajhotels.com5,756Financial figure available in RadarView in Radar
TajSATStajsats.com51$108.05MFYFY2025 filing
Thomas Cookthomascook.in2,766$217.02MFYFY2025 filing
Travel Food Servicestravelfoodservices.com3,402$127.06MFYFY2025 filing
24 featured companies

Locked revenue figures are available in Radar; the eight company financial previews stay the same throughout this page. A dash means the figure is outside these featured lists. Revenue years vary by company; the figures are not a like-for-like revenue comparison. Compare annual accounts ↗

Company discovery

Recorded evidence only

Explore the live startup set in Radar

No company example met every recorded classification, independence and public-profile gate in this snapshot. The live directory may have newer qualifying companies.

Explore classified startups in Radar ↗
THE KEY SIGNALS

Travel and Hospitality industry KPIs in Mumbai

A few useful ratios bring the size of this ecosystem into perspective.

2 September 2026
Hiring participation7.0%

37 of 525 tracked companies have open roles.

Funding participation4.6%

24 of 525 tracked companies have a recorded round.

Top 3 funding share59.7%

Share of disclosed capital received by the three largest recorded recipients.

Median disclosed round$16.8M

Midpoint of 18 rounds with a disclosed amount.

Scale is concentrated. Opportunity is broader. The three largest funding recipients hold 59.7% of disclosed capital, while 95.4% of tracked companies have no recorded funding round.

Explore the segments →
CAPITAL & COMPANY FORMATION

How Mumbai travel and hospitality has grown

Recorded company formation and disclosed funding across the complete annual series shown.

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2016 — 2025

Disclosed funding by year

Sum of recorded funding rounds · USD

Mumbai travel and hospitality
$0$46.56M$93.13M$139.69M$186.26M2016: $4.13M20162017: $106.55M20172018: $21.64M20182019: $020192020: $41.22K20202021: $50M20212022: $020222023: $41.88M20232024: $119.92M20242025: $163.38M2025
View the numbers
Annual travel and hospitality funding and company formation in Mumbai
YearFunding (USD)FoundedRaising
2016$4.13M242
2017$106.55M263
2018$21.64M293
2019$0240
2020$41.22K231
2021$50M171
2022$0140
2023$41.88M132
2024$119.92M111
2025$163.38M42
WHERE CAPITAL SITS

Funding concentration

Share of all disclosed company funding.

  • Jet Airways33.0%
  • Akasa Air16.3%
  • Chalet Hotels10.4%
  • Other companies40.3%

Funding by stage

24 recorded rounds since 2016

NUMBER OF ROUNDS
Seed & Angel7 29.2%
Series A–B6 25.0%
Series C+ / PE7 29.2%
Grants, debt & other4 16.7%

Recent recorded rounds

Latest recorded rounds · USD
0 rounds

Swipe or scroll horizontally to browse.

Largest and notable recorded rounds

Each card is one recorded round
10 cards

Swipe or scroll horizontally to browse.

THE BUSINESS BEHIND THE ACTIVITY

Revenue, profitability & financial strength

Annual accounts for reporting companies linked to this landscape, on like-for-like currency and reporting bases.

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₹ crore · standalone

Display conversions use the dated reference rates above. Where a verified rate is unavailable, figures retain their source currency. Each reporting cohort keeps its currency and accounting basis separate.

FY2025 · annual statements grouped by reported fiscal year; exact entity periods remain on preview rows · 100 reporting entities from 133 eligible matches.

Revenue in covered accounts₹32,539.7 crore

Sum of reporting-entity revenue; not Mumbai market sales.

Net profit / loss₹1,069.6 crore

Combined result for the same cohort.

Aggregate net margin+3.3%

Combined net income ÷ combined revenue.

Median company revenue₹38.4 crore

The middle covered reporting entity.

Profitable entities+69.0%

69 of 100 covered entities.

Top-five concentration+61.3%

Share of covered revenue from the five largest entities.

Annual account trend

Reported cohort totals by year; coverage is stated for every period.

Bar height shows revenue. Changes in coverage can affect totals.

Profitability has two perspectives

FY2025 · 100 reporting entities

Open the company accounts

Up to eight fixed company previews show financial amounts. Search and sort the wider company list, then continue in Radar.

100 reporting entities
Continue your financial research in Radar

Explore full company accounts and filings.

View financials in Radar ↗
MUMBAI · INDUSTRY COHORTS

How does travel and hospitality compare?

Each pair uses the same year, currency and reporting basis. Cohort overlap is disclosed.

IndustryCovered / eligibleRevenue totalMedian revenueNet profit / lossAggregate marginProfitable shareOverlap

Available-account cohorts are not estimates of whole industries. Overlapping entities can occur in more than one cohort; do not add cohort totals.

Coverage, calculations & financial sources

Filed annual accounts for exact designated national identifiers. Every aggregate and peer pair uses one fiscal year, source currency and reporting basis; periods, coverage and overlap are explicit; 2026 partials are excluded.

The same up to eight reporting entities remain open across years, filters and sorts. Other company figures are available in Radar.

Source currencies and accounting bases stay separate. Missing accounts are excluded rather than treated as zero. Exact reporting periods appear on company previews. Annual totals can change with coverage and do not measure growth of a fixed company cohort.

DIGITAL FOOTPRINT

Web traffic, app reach and release cadence

How the Mumbai companies on this page show up online: the sites people visit, the apps they install, and how often those apps ship.

Busiest websites

10 of the 525 companies on this page carry a measured traffic record (1.9%); these are the largest of those, by monthly visits. The median among them is 572,606 visits.

Visits and authority are third-party web estimates, not company-reported figures.

Most-installed apps

32 of these companies (6.1%) publish at least one Android app — 49 apps in all, carrying 8.4M installs between them.

AppInstallsRatingStore category
Timezone Fun AppTimezone4.5MEntertainment
Akasa Air: Book Flight TicketsAkasa Air1.3M3.5Travel & Local
Club MahindraClub Mahindra749.6K4.3Travel & Local
Kesari ToursKesari Tours413.4KTravel & Local
Taj Hotels Resorts and PalacesTaj Hotels274.9K3.3Travel & Local
Thomas Cook HolidaysThomas Cook200.4KTravel & Local
NeetaBusNeeta Tours and Travels182.3K1Travel & Local
M2M FERRIESM2M Ferries146.5KTravel & Local
TC Pay | Payment SolutionsThomas Cook120.5K2Finance
Riya Connect For Travel AgentsRiya Group106.8K5Travel & Local

Installs are lifetime totals to date at the June 2026 store reading — a measure of reach, not of people using an app today.

App reach by segment

The busiest app inside each of this page’s own segments, with the quarterly release trend behind it (2023Q1–2026Q2).

SegmentAppsInstallsLeading appRelease trend
Passenger Airlines21.3MAkasa Air: Book Flight Tickets 1.3M
Travel Agencies111.3MClub Mahindra 749.6K
Hotels81.1MTaj Hotels Resorts and Palaces 274.9K
Tour Operators13757.2KKesari Tours 413.4K
Bus Operators2217.8KNeetaBus 182.3K
Car Rentals1190.1KCeoCabs Driver App 25.3K
Passenger Rail Operators264.6Kके.आर. कर्मी \/ KR - Karmi 46K
Online Travel236.5KNational Tourist(NT) 35.5K

A company can carry several segment tags, so these rows overlap and should not be added together. Trend lines are zero-based and share one quarter grid, so a flat line is a quiet segment, not a missing one.

Release cadence by quarter

New apps published, beside apps whose most recent update landed in that quarter — the second bar is how much of the shelf is still being maintained.

2023Q1: 22023Q1: 02023Q12023Q2: 12023Q2: 02023Q22024Q3: 12024Q3: 12024Q32025Q1: 12025Q1: 22025Q12025Q3: 22025Q3: 32025Q32025Q4: 12025Q4: 82025Q42026Q1: 12026Q1: 42026Q1

Darker bars are new releases, lighter bars apps updated. 25 of 49 apps carry a release date. The series ends at 2026Q1, the last quarter that closed before the June 2026 reading.

INSIDE THE INDUSTRY

The Mumbai travel and hospitality market map

Explore the segments behind the headline numbers.

Expand panel +

Where companies are building

Rank segments by scale, hiring or disclosed funding.

Segment data unavailable0

Companies can sit in several segments. Counts and funding overlap.

SEGMENT TO EXPLORE

Segment data unavailable

The largest measured segment in this report snapshot.

0companies
0%have hiring activity

0 companies hiring · $0 disclosed funding

Explore in Radar

How companies make money

Common revenue models; a company can use more than one.

THE COMPANIES IN MOTION

Who is listing, hiring leaders, launching and winning work

Recorded corporate activity linked to companies in this landscape.

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Recent corporate headlines 10 dated reports
Mergers & acquisitionschalethotels.com ↗

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

Funding roundsimagicaaworld.com ↗

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

Mergers & acquisitionsindamer.com ↗

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.

Mergers & acquisitionsihcltata.com ↗

In line with Accelerate 2030, we have expanded our brandscape with the recent acquisition of a controlling stake in Atmantan, marking our foray into the integrated wellness segment and entering into definitive agreements to acquire 51 per cent stake in Brij, a boutique experiential leisure offering.

Mergers & acquisitionstajhotels.com ↗

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.

IPO activitytransrail.in ↗

Transrail Lighting offered its shares at Rs 432 apiece, during its IPO in December last year. The company raised a total of Rs 838.91 crore via IPO

IPO activitysubahotels.com ↗

The stock debuted on October 7, 2025, after a successful IPO that saw participation from ace investor Ashish Kacholia.

Company announcementsakasaair.com ↗

Akasa Air India’s Akasa Air said it was introducing a fuel surcharge ranging between 199 and 1,300 Indian rupees on domestic and international flights.

Earningsclubmahindra.com ↗

the highlights of Q4FY26 according to the MHRIL release included inventory expansion by 213 keys to 6228 keys and acceleration in resort revenue to Rs 120 crore, up 11 percent YoY.

Earningstheleela.com ↗

In Q4 FY26, operating revenue increased 12 per cent to ₹4,844 million, while EBITDA rose 13 per cent to ₹2,657 million. Profit after tax for the quarter grew 46 per cent to ₹1,717 million.

Full recorded event mix

Top 10 categories among 1,108 recorded events in the 24-month window.

Company announcements
357
Earnings
311
IPO activity
79
Contracts
72
Mergers & acquisitions
66
Asset acquisitions
57
Lawsuit
49
Leadership moves
45
Regulatory
26
New products
22
7 activity cards

Swipe or scroll horizontally to browse.

Leadership moves

19 tracked people moves

Vimal Agarwal

Resignation Previously Chief Financial Officer

Rajiv Vimal

Appointment Chief Financial Officer

Suba Hotels ↗
Hakimuddin Kanorwala

Appointment Chief Finance Officer

Thomas Cook ↗
Deepti Sheth

Appointment President & Group Head – Human Resources

Akasa Air ↗
Aditi Roy

Appointment Head of Corporate Communications and Corporate Social Responsibility (CSR)

Akasa Air ↗
Neelu Khatri

Resignation Previously Leadership role at Akasa Air

Manoj Bhat

Appointment Chief Executive Officer

Akasa Air ↗
Praveen Iyer

Departure Previously Chief Commercial Officer

Product launches

Products, platforms and features in the recorded window

Suba Hotels ↗
Click Collection Aster, Jaipur

Hotel

Suba Hotels ↗
Comfort Inn Metropolis, Mumbai

Hotel

Thomas Cook ↗
Europe Summer 2026 portfolio

Travel Packages

Thomas Cook ↗
TACY

AI-generated digital avatar / Travel Assistant

Akasa Air ↗
Uppercase sustainable travel gear

Uniform garment

Akasa Air ↗
SkyBreathe®

Fuel management solution

Contract wins

20 recorded customer wins

AISATS ↗

Customer: Samsung Data Systems IndiaLogistics

Taj Hotels ↗

Customer: Gulshan Group

AISATS ↗

Customer: Uttar Pradesh governmentAviation Infrastructure

Customer: Power transmission and distribution

Thomas Cook ↗

Customer: ministry of tourismTourism

Taj Hotels ↗

Customer: GVK-Bhupal familyHospitality

Workforce actions

2 companies with reported reductions

AISATS ↗

4 rolespublic backlash

Jet Airways ↗

Scale not stated rolesfinancial woes

Regulatory events

31 recorded events

approved for acquisition

Thomas Cook ↗

in-principle approvalNCLT

Deltacorp ↗

tax demand notice issuedGST Department

secured stay order against notice for alleged non-payment of property tax duesHigh Court of Karnataka

Litigation

31 tracked suits

Company
Mumbai Metro One v Mumbai Metropolitan Region Development Authority

enforcement of arbitral awardCivil · Ongoing

Company
mumbai international airport v jet airways

Unpaid airport parking fees and other duesCivil · Settled

Earnings pulse

Reported company results in the recorded window.

21companies
296period observations
17.0%median reported growth

Median across 267 reported growth observations; companies may contribute multiple periods.

Mergers and acquisitions

Company-linked deal reports; status is preserved as recorded.

Acquirer → targetStatusDateValue / context
Chalet Hotelsseasons hotelsCompleted2026-04-25Not stated in snapshot
etihad airwaysJet Airways ↗Announced2026-04-24Not stated in snapshot
Taj HotelsBrij Hospitality Private LimitedCompleted2026-04-23Not stated in snapshot
adani enterprisesIndamer ↗2026-02-15Not stated in snapshot
Horizon Aero Solutions LtdIndamer ↗Completed2026-02-14Not stated in snapshot
IHCLatmantanAnnounced2026-02-06Not stated in snapshot

A discussion or rumour is not a completed transaction. An unstated value is not zero.

PEOPLE & OPPORTUNITY

The talent market

113 postings in the preceding 12 months. The full 142-posting snapshot covers 105 employers.

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Most advertised job titles

Building Operations, Facilities Services2
Team Leader For Hospitality Process For Us Based2
Mid Level Graphic Designer (Bastian Hospitality, Bandra)2
Assistant Project Manager (Hospitality Interiors)2
B2B Sales Lead Enterprise Gifting F&B & Hospitality1
Assistant Vice President : Hospitality Lead1
3 internship postings

1 tracked postings mention remote work.

The seniority mix

74 postings specify a level.

unspecified
68
manager
40
lead
21
senior
10
intern
3

Skills employers mention

Top skills across 142 tracked postings in the available jobs snapshot.

Hospitality
72
Customer Service
35
Sales
26
Communication
23
Project Management
10
Interpersonal Skills
10
Communication Skills
10
Problem Solving
9
Marketing
9
Organizational Skills
8
THE PEOPLE BUILDING THE FIELD

Founders and leaders

215 founders and chief executives across 172 companies.

Expand panel +
12 profiles

Swipe or scroll horizontally to browse.

Education networks

17 profiles with education records.

London School of Economics and Political Science
3
IIM Bangalore
3
Cornell University
3
University of Oxford
1
Singapore Management University (SMU)
1
University of California (Los Angeles)
1
Harvard University
1
Wharton School
1

Prior employers

1 profiles with prior-work records.

Profiles cover recorded founders and leaders; contact details remain in Radar.

NEWS INTELLIGENCE

How this industry appears in the news

166,295 articles in the measured 12-month window.

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166,295articles in the measured year
44,990articles in 2026Q1
69.8%positive tone in the latest complete year

News volume trends

Travel and Hospitality coverage tagged Mumbai · articles per complete quarter

013,59027,17940,76954,3582021Q2: 24,7242021Q22021Q3: 23,7532021Q4: 20,7832022Q1: 26,2352022Q2: 29,9512022Q22022Q3: 33,5682022Q4: 33,8202023Q1: 38,2212023Q2: 35,6502023Q22023Q3: 32,6492023Q4: 36,5002024Q1: 33,1512024Q2: 34,7942024Q22024Q3: 38,9012024Q4: 42,7472025Q1: 47,2682025Q2: 38,9452025Q22025Q3: 45,0302025Q4: 37,6502026Q1: 44,9902026Q1
View quarterly article counts
QuarterArticles
2021Q224,724
2021Q323,753
2021Q420,783
2022Q126,235
2022Q229,951
2022Q333,568
2022Q433,820
2023Q138,221
2023Q235,650
2023Q332,649
2023Q436,500
2024Q133,151
2024Q234,794
2024Q338,901
2024Q442,747
2025Q147,268
2025Q238,945
2025Q345,030
2025Q437,650
2026Q144,990

Article volume measures coverage, not market sales.

Tone of coverage over time

2021
47,032 positive · 1,585 neutral · 25,114 negative
2022
83,116 positive · 2,587 neutral · 37,630 negative
2023
102,121 positive · 2,015 neutral · 38,600 negative
2024
107,103 positive · 2,272 neutral · 39,937 negative
2025
117,635 positive · 4,744 neutral · 46,176 negative

Leading coverage topics

Travel and Hospitality coverage tagged Mumbai · ranked by full-period article count.

Geopolitical Disputes And Contested Areas300,692 articles in the full recorded period
108,120 recent · 81,399 prior
International And Transnational Geographic Entities300,672 articles in the full recorded period
108,111 recent · 81,398 prior
Administrative And Political Subdivisions300,616 articles in the full recorded period
108,088 recent · 81,387 prior
International Sports Competitions114,481 articles in the full recorded period
27,919 recent · 27,446 prior
International Political Relations73,819 articles in the full recorded period
23,133 recent · 15,446 prior
New Product Launches And Innovations60,478 articles in the full recorded period
18,129 recent · 14,084 prior
Political Party Dynamics57,171 articles in the full recorded period
12,172 recent · 11,741 prior
Cricket Test Matches56,681 articles in the full recorded period
13,678 recent · 12,253 prior
Strategic Partnerships And Collaborations52,404 articles in the full recorded period
16,086 recent · 11,921 prior
Trade Policies And Agreements47,093 articles in the full recorded period
22,867 recent · 11,782 prior

Recent and prior counts use the source comparison windows.

Topics gaining and losing attention

India comparison coverage

KeywordRecentPriorChange
tariff negotiations11,6435,726103%
bilateral trade4,6142,44789%
trade dispute mechanisms4,5212,217104%
trade barrier reduction4,4972,45383%
trade facilitation commitments4,3322,20397%
countries4,1931,860125%
free trade deals4,0822,44767%
multilateral diplomacy3,9312,72944%
diplomatic strategies3,8452,36263%
bilateral trade imbalance3,2812,06159%
odi cricket6,1399,974-38%
limited overs cricket5,8899,671-39%
odi tactics5,7449,114-37%
odi series5,3468,641-38%
odi rankings5,1028,341-39%

Event and signal lenses

India comparison coverage

All complete annual cohorts shown
Rising

Regulatory Risk

1,942,357 classified articles

territories, disputed islands, test cricket

43.1% critical · 27.6% positive
Rising

Funding Momentum

260,144 classified articles

pre-ipo valuation, ipo prospectus, ipo pricing

48.3% critical · 45.8% positive
Rising

Growth

539,936 classified articles

gdp growth rate, economic output growth, economic growth statistics

46.7% critical · 50.4% positive

Travel and Hospitality coverage tagged Mumbai. Topic labels describe recorded classifications and can include broad context.

UNDERSTAND THE LANDSCAPE

Travel and Hospitality in Mumbai: key questions

Clear definitions for making better comparisons.

What does this landscape measure?

It measures the tracked company ecosystem, recorded funding, hiring and other available evidence. It is not a market-size estimate.

Can segment counts be added together?

No. A company can belong to several segments, so segment counts and funding can overlap.

What does a missing figure mean?

A dash or unavailable panel means the current reviewed source snapshot does not support that figure.

Company ecosystem snapshot: 2 September 2026. Funding is recorded in USD; filed accounts retain their stated currency and reporting basis. Each section identifies its own coverage. The news and research behind these sections is explorable in Prism.

Canonical landscape ↗
Coming soon