In this exclusive interview with Cxolane , we delve into the remarkable career of Aditya Agarwal, the Chief Financial Officer of Cleartrip. With over a decade of experience in finance and corporate development, Aditya has held pivotal roles at prestigious firms such as Texas Pacific Group, Standard Chartered Bank, and Goldman Sachs. He shares his journey from his early life in Kolkata to navigating the challenges of the global financial crisis, and his instrumental role in Cleartrip’s strategic merger with Flipkart.
Let’s start by telling our viewers about your early life and career. What was an early project you are particularly proud of and an early defining career moment? Could you share some major milestones in your professional journey with us?
In an exclusive virtual interview, Aditya Agarwal, the CFO of Cleartrip, shared fascinating insights into his early life and illustrious career. Born in Kolkata, Aditya fondly recalls his childhood filled with cherished memories. He emphasized how his time in boarding school played a pivotal role in shaping his personality, instilling in him traits such as self-dependence and discipline. “It taught me essential life lessons like punctuality and time management,” he remarked.
Aditya’s professional journey is equally impressive. After graduating from IIM Ahmedabad, he ventured into the world of private equity, where he spent a decade honing his skills at renowned firms such as Texas Pacific Group, Standard Chartered Bank, and Goldman Sachs. His roles spanned various geographies and sectors, enriching his learning experience and contributing to his success. Reflecting on a significant career moment, Aditya highlighted the global financial crisis of 2008-2009. “I learned a lot during that time,” he shared, underscoring how navigating through such a challenging period profoundly shaped his career and equipped him with invaluable insights that he continues to apply today.
You have had a remarkable journey at Cleartrip, culminating in your role as CFO and Head of Corporate Strategy and M&A. Can you share your role in the successful merger and integration with the Flipkart Group, as well as any strategic initiatives or innovations you spearheaded?
Aditya Agarwal has had an extraordinary journey at Cleartrip, culminating in his current role as CFO and Head of Corporate Strategy and M&A. Reflecting on a pivotal moment in 2021, Aditya shared insights into the merger with Flipkart, a move that occurred at the height of the pandemic during the devastating second wave of COVID-19. The travel industry was among the hardest hit, with business plummeting to near-zero and customers grappling with travel restrictions and uncertainty.
In the midst of this chaos, Aditya stepped up to take on the additional responsibilities of CFO. His primary objective was to keep the company afloat during these tumultuous times and to secure a sustainable future for Cleartrip. “It was a very difficult period to survive and keep the company going. We had to make a lot of tough decisions,” he recalled. Aditya’s leadership was instrumental in navigating this crisis, ultimately leading to a successful merger with Flipkart. This partnership provided Cleartrip with the stability and resources needed to weather the storm and emerge stronger.
Under Aditya’s strategic direction, Cleartrip not only survived but also positioned itself for future growth. His efforts in managing the merger and integration process were pivotal, ensuring a seamless transition and fostering synergies between the two companies.
Domestic tourism in India has seen substantial growth, with states like Tamil Nadu and Uttar Pradesh leading the way, largely due to their rich cultural and religious heritage. How significant is the impact of religious tourism in these states, and to what extent have government initiatives influenced domestic tourism trends?
Aditya shared valuable insights into the significant growth of domestic tourism in India. “India is blessed with a large domestic market,” he noted, emphasizing the resilience this provides compared to destinations reliant on international tourists or transit traffic, which carry inherent risks due to external dependencies.
He pointed out that the domestic tourism sector in India benefits immensely from the government’s proactive stance. The government’s investment in infrastructure, from highways to railways and new airports, has significantly enhanced connectivity, a crucial yet often understated factor in the tourism industry. “Connectivity plays a silent but major role in tourism,” Aditya remarked, praising the government’s efforts in this domain.
The flourishing infrastructure has encouraged private sector involvement, leading to the development of new hotels and the emergence of innovative online travel platforms. This synergy between public and private sectors has bolstered the overall tourism ecosystem. Aditya also highlighted the surge in religious tourism over the past year, attributing it to the improved infrastructure and targeted promotional campaigns. “Religious tourism has taken off in a big way,” he observed, welcoming the steps taken to support and enhance this segment.
Aditya, artificial intelligence (AI) has been transforming various sectors, and the travel industry is no exception. How do you see AI influencing the travel industry in terms of enhancing customer experiences, optimizing operations, and driving innovation? Could you share some specific examples or initiatives where AI has made a significant impact?
Aditya shared his perspectives on the transformative potential of artificial intelligence (AI) within the travel industry. He acknowledged that while AI is still in its early stages, its promise and excitement are undeniable. “Every decade or so, a new technology emerges with the potential to massively impact every industry. I believe AI holds that potential,” Aditya stated.
He highlighted several areas where AI is already making significant inroads. One key application is in enhancing customer service. Leveraging large language models and natural language processing capabilities, AI can make customer service more scalable and intuitive. “AI allows us to address customer grievances in innovative ways, enabling us to develop better solutions,” Aditya explained. This means not just improving the booking process but also enhancing the entire customer journey, from pre-travel to post-travel experiences.
Aditya also pointed out AI’s potential in optimizing operations and addressing supplier-side challenges that have yet to be fully explored. “We can take care of not just the booking part of the journey but the entire travel experience, as well as solving supplier-side problems that have not yet been addressed,” he noted. Cleartrip is actively investing in AI, with the belief that its customers will soon experience the tangible benefits of this technology. Aditya is optimistic about AI’s future developments and its potential to revolutionize the travel sector further, driving innovation and enhancing both customer experiences and operational efficiencies.
Cleartrip recently launched the Out of Office (OOO) tool, tailored for small, medium, and large enterprises. Could you share more insights into when the tool was launched, its key functionalities, and what it aims to achieve for corporate travelers?
Cleartrip’s Out of Office (OOO) tool is specifically designed to cater to the needs of small, medium, and large enterprises. “We believe corporate business is a crucial pillar of our overall strategy,” Aditya remarked, underscoring the importance of this segment alongside their extensive consumer travel business.
Launched with considerable investment, the OOO tool represents Cleartrip’s commitment to providing the best corporate travel solution in the market. “It’s a product that we are very excited about,” Aditya stated. The development process involved extensive consultations with customers and industry experts to address the common challenges faced in corporate travel.
The OOO tool aims to offer a seamless experience for corporate customers, encompassing all stakeholders from the traveling employee to the corporate travel team managing the administration. “We have tried to provide an end-to-end solution that looks at all the stakeholders,” Aditya explained. Since its launch, the tool has gained significant traction and received positive feedback, with plans to scale it further in the coming months.
Cleartrip views travel not just as an expense but as an investment in well-being. By continuously analyzing trends and customer feedback, they strive to meet evolving needs effectively. One notable trend is the increasing growth of women travelers, which has outpaced overall platform growth. Cleartrip is curating solutions to better serve this demographic.
As someone deeply involved in the travel industry, we’re curious about your personal favorite travel destinations. Could you share your most cherished travel destination within India and outside India, and what makes these places so special to you? Also, for our viewers seeking travel inspiration, could you recommend five must-visit destinations, either within India or abroad, and why?
Within India, Aditya cherishes his trip to Kashmir, which he visited about nine years ago before joining Cleartrip. He described it as “heaven on earth” with its breathtaking natural beauty and serene environment. Aditya is thrilled to see Kashmir opening up more to tourists now, making it more accessible. Internationally, New Zealand tops his list due to its untouched, raw landscapes and well-preserved natural beauty, making it a pleasure to explore by car.
For must-visit destinations, he highlights Goa for its vibrant culture and stunning beaches, and the hill stations of Shimla, Manali, and Dehradun in northern India for their scenic beauty and adventure opportunities. Abroad, he recommends Thailand for its rich cultural heritage and London for its blend of history and modern attractions. Additionally, Aditya encourages travelers to explore emerging destinations like Lakshadweep, Vietnam, and Georgia. These places offer more authentic and less commercialized experiences, with Vietnam and Georgia particularly standing out for their beautiful landscapes and cultural richness. Aditya believes in discovering new paths and sharing these experiences to help others find hidden gems.
What legacy do you hope to leave behind at Cleartrip?
Reflecting on his journey at Cleartrip, Aditya Agarwal expressed immense pride in the company’s evolution and achievements. He highlighted that Cleartrip has consistently prioritized a customer-first approach, known for its innovative solutions and user-friendly interface. Even during the transition phases, these unique selling points (USPs) have been preserved and enhanced. Aditya envisions Cleartrip maintaining its trajectory of innovation in the travel industry, aspiring to be the top choice for travelers.