Vijit Jain: 30% plus. Got it. My last question. If you can just tell me what the total investments in Quest2Travel and Savaari were in 2Q and in 3Q? And just on — thoughts on the convertible buyback.
Mohit Kabra: Yes. See, Q2T, we’ve already kind of reported the numbers. And as far as Savaari is concerned, this again is going to be a small ticket kind of investment more in the less than $10 million kind of a range. And coming to kind of use of proceeds from a repurchase point of view, I mean, we haven’t still been able to kind of get into any repurchases, particularly on the convertible bonds. They tend to be kind of there. The premium actually on the bonds has improved over the quarter. In fact, they are kind of trading at almost like double-digit premium, over 10% kind of a premium. And therefore, we haven’t pursued any repurchases of these bonds. We do not expect any redemptions to come in because of the bonds already trading at a premium and the put option being in February, which is like about 4 months away. So that’s where we are.
Vipul Garg: The next question is from the line of Gaurav Rateria of Morgan Stanley.
Gaurav Rateria: So the first question is just trying to understand typically, in September quarter, what is the likely advanced bookings that you see for December quarter? And is this year something different because of the event of Cricket World Cup around? Has the advanced booking been stronger than the usual September quarter that you see for the December quarter?
Rajesh Magow: Maybe I can take that, Gaurav. I won’t say it is — we have seen anything dramatically unusual, Gaurav, to be honest, only for certain pockets for certain dates for certain cities, thanks to this whole World Cup thing because of the sort of worry or concern around fares going up, et cetera. We’ve seen some sort of consumer — different consumer behavior on advanced purchase side. But on an overall basis, nothing unusual. The only other thing that I would like, which is very interesting that we’ve been sort of noticing over the last, I would say, quarter or 2, and that is thanks to our Book at 0 product on the hotel side is — and maybe to some extent as people have been sort of experiencing high rate, high fares now for some time because of the peak of demand, especially in the premium segment of hotels, there is some more awareness that is getting created in the marketplace in consumers’ mind to plan their travel a little bit more in advance and book their travel more in advance.
Book at 0 also gives you flexibility, specifically, I mean, this I’m talking about the hotel bookings. It also gives you flexibility on — if you are sort of even on the edge planning for your trip, you can still go ahead and book it and then cancel it without any sort of hit on your pocket. So — and that is also sort of shaping the consumer behavior to an extent. But future quarters, at least 3 or 4 quarters down the line will tell us whether there is any kind of a permanent shift on just the buying a bit of the Indian consumers or not, but not in this quarter. In the reported quarter, we didn’t see anything unusual.
Gaurav Rateria: Got it. Very clear. Second question is around your investment thesis in the intercity cabs. If you could highlight some bits of what’s the addressable market share? What’s the current online penetration? And how you’re thinking about this segment?
Mohit Kabra: Maybe I can share some color and Rajesh can add. So we’ve been identifying, like we have been calling out, ground transport overall has been an area of focus for the company. And as you know, we kind of have a leader in the bus ticketing space in terms of redBus, that brand kind of has a significant amount of leadership in the online bus ticketing space. And we have also dialed over the last couple of quarters. We have also been dialing up the entire rail ticket offering, trip info services, as that’s another kind of very good source of customer acquisition. And we believe when it comes to non-flight transport, the customer has a very easy option to choose between bus tickets or choosing to kind of commute by bus or kind of travel by rail or travel through intercity cabs.
So as a result, we’ve kind of been trying to dial up the service offerings on the rail ticket side as well as on the intercity cabs. Intercity cabs overall from a market sizing point of view, while there is no ready report, but our estimate is it would be close to about $3 billion kind of a market with very low online penetration. Online penetration is likely to be in the high single digits. So it’s a pretty good opportunity to get into and a meaningful opportunity to get into. And more importantly, like we have been calling out with this entire focus that the government has been having on infrastructure building now, while the civil aviation market has been seeing the benefit of the significant expansion on the airport side, and also we’ve been seeing new kind of supply coming in, particularly on the private bus side with the significant amount of highways that are getting laid and kind of created across the length and breadth of the country.
We believe intercity cabs market could also grow very significantly in view of this significant growth in the highway infrastructure. So that’s been an area that we’ve been kind of eying for some time. Savaari has been an existing supplier on the platform. And therefore, we thought it would be a logical kind of investment to look at. And we are glad that we’ve been able to kind of that this transaction has worked out, and it will help us accelerate our plans on the intercity offering side. This is clearly a space where there is a significant amount of scope for creating a much better kind of aggregation of the supply side and also creating a much better kind of shopping experience for the customers as well. So we believe with our expertise on the various kind of travel services and the online dispensation, we should be able to create a meaningful kind of impact in the intercity cabs market as well.
