SanKash, a travel fintech startup, plans to service 1 million customers by 2025 as tourism recovers from the coronavirus pandemic’s two-year impact. SanKash enables online and offline travel companies to provide their customers with innovative payment options.
The Gurgaon-based startup wants to double the current monthly activation rate, boost partner productivity by five times, and have a lending book worth ₹5,000 crores.
SanKash collaborates with both online and offline travel companies. It helps customers make travel decisions more quickly and spend more on their trips, which boosts sales. Additionally, it provides flexible, pay-over-time payment options that increase accessibility and affordability for travel.
“Post pandemic, there is a surge in all-inclusive travel wherein travellers want to spend for the travel, but instead of parting with the entire money in one go, prefer to make a staggered payment. This is where SanKash offers the “Fly Now, Pay Later” option to customers,” said Akash Dahiya, co-founder, SanKash.
Since March 2020, domestic and international travel has nearly stopped, making it one of the industries most severely affected by the pandemic. Travel is picking up again as things return to normal.
“As per Indian Tourism Statistics at a Glance 2021, 617.51 million Indians took international and domestic trips in the year 2020 with UAE and USA capturing a little over 42% of international Indian departures and Tamil Nadu with 23% of domestic tourist visits. However, with payment options restricted to debit cards, bank transfers and credit cards, nearly 35-40% middle class Indians are unable to realise their vacation dreams due to lack of enough money. Identifying this massive gap, SanKash brought forth the unique, concept-based alternative lending solution – ‘pay-in-parts’,” said Dahiya.
SanKash’s technology has been incorporated and applied by many small-town travel companies to increase sales conversions and power double-digit revenue growth.
“SanKash is the only player associated with Thomas Cook, SOTC, Veena World, Kesari, Balmer Lawrie, TBO and other medium/small players across 40 Indian cities,” said Dahiya.
The travel fintech and the BNPL aggregator observed a three times jump in volumes compared to the months before the 2020 implementation of COVID19, he added, as a result of trends in the travel industry such as revenge tourism and vengeance vacations.