With hybrid and other flexible work models becoming a defining feature of India’s corporate landscape, business travel is emerging as more indispensable than ever.
A Deloitte report projects the corporate travel market to grow at a 10.1% CAGR, doubling to US$20.8 billion by FY2030.
Meanwhile, India’s overall travel market is expected to reach US$97 billion, expanding at roughly 9% annually.
Corporate Travel Management Companies (TMCs) are increasingly central to this shift, driving the industry toward greater innovation, cost efficiency, and sustainability.
Invezz spoke with Vinod Kumar Sah, chief technology officer and co-founder of CoTrav, a corporate travel management platform, to understand how the sector is evolving—particularly as AI adoption accelerates across the travel ecosystem—and how CoTrav is positioning itself for the next phase of growth.
Excerpts:
Vinod Kumar Sah
Growth drivers at CoTrav and evolution of the corporate travel sector in India
Invezz: What is driving growth at CoTrav, and what does it say about the corporate travel sector?
CoTrav’s growth is driven by a tech-first concierge model that combines a unified bookings platform (flights, hotels, cabs, trains, visas/FRRO) with human relationship managers and MICE capabilities.
This hybrid approach targets both operational efficiency and high-touch service.
The website emphasises 24/7 dedicated relationship managers, integrated booking flows and enterprise features that deliver visibility and policy control for finance/HR teams, exactly the value propositions buyers are prioritising today.
Industry context amplifies this: corporate travel is rebounding and professionalising, with business travel spending at the global scale running into the trillions and India’s market expanding rapidly (multiple industry trackers show strong CAGR and a large addressable market).
This environment favours platforms that reduce fragmentation and provide measurable cost/transparency benefits, the precise space CoTrav occupies.
How CoTrav seeks to stand out
Invezz: The corporate travel management sector is getting increasingly more crowded. How do you seek to set yourself apart and differentiate yourself from your competition?
Yes, the corporate travel management space is becoming more crowded, but we have always set ourselves apart by tackling the real operational gaps that companies face each day.
We do this not by adding another transactional portal.
CoTrav stands out because we act as a technology-enabled concierge, combining automation, streamlined workflows, and 24/7 human support.
Unlike pure OTAs or traditional offline agents, our hybrid model gives businesses complete control and personalized service all in one place.
A single platform manages flights, hotels, cabs, trains, and even MICE, while dedicated relationship managers ensure smooth execution,
policy compliance, and quick solutions.
This combination reduces friction for procurement, finance, and travelers.
Our biggest strength is in compliance and financial governance.
CoTrav is designed with policy mapping, TDS/GST-ready billing, automated bill checks, maker-checker approvals, HRMS/finance integrations, and flexible MIS with real-time analytics.
These features address audit, reconciliation, and approval challenges that many competitors miss, allowing organizations to run fully cashless, paperless, and compliant travel programs while saving up to 20% in overall costs.
We also pay close attention to the SME and mid-market segment, which is often overlooked as these companies usually lack enterprise-level tools.
Our model provides the same controls, visibility, and accountability that large corporations expect, but at prices that are friendly to SMEs.
This creates a strong market opportunity and better unit economics, especially as larger TMCs focus only on big enterprise deals.
In essence, we do not just provide bookings; we deliver order, visibility, and governance in a fragmented ecosystem through technology, transparency, and a focus on people.
That is what sets CoTrav apart in the market.
Outlook on how AI is changing the travel management industry
Invezz: What is your outlook on how AI will change the travel management industry?
AI is poised to change the travel management industry and accelerate our current progress.
Corporate travel is no longer just about making bookings.
It now includes compliance, transparency, and effective coordination among travelers, managers, and finance teams.
AI improves each of these areas. We see AI driving three major shifts.
First, automation will become smarter.
Routine tasks like approvals, bill verification, policy checks, and reconciliation will move from manual oversight to AI-driven predictions and actions.
This supports our vision of a cashless, paperless, compliance-ready environment.
Second, AI will transform analytics from simple reporting to real-time decision-making.
Our platform already provides flexible Management Information Systems and integrates well with HR and finance systems.
AI can help clients forecast travel spending, optimize routes, enforce policies in real-time, and identify issues before they result in audits.
Finally, AI will improve personalization on a larger scale. CoTrav’s tech-enabled concierge model combines automation with human support.
AI enhances this approach by predicting traveler preferences, offering smarter recommendations, and allowing our relationship managers to focus on complex needs while AI handles repetitive tasks.
In summary, AI will not take over travel management companies; it will raise the standard.
Organizations will expect faster, more intuitive, and more compliant systems powered by automation and analytics.
CoTrav is already preparing for this future, and we see AI as a catalyst that will make corporate travel more seamless, transparent, and efficient.
SMEs, mid-market segments remain untapped
Invezz: What are the relatively untapped opportunities in the sector in terms of markets as well as types of clients?
Despite the growth of corporate travel management, several markets and client segments remain underserved and offer significant opportunities.
One of the largest untapped areas is the SME and mid-market segment.
While large travel management companies focus mostly on enterprises with a turnover above ₹10,000 crore, many mid-sized companies deal with fragmented vendors, manual processes, and compliance issues.
These organizations need strong controls, GST/TDS-ready billing, and automated approvals, but at prices suitable for SMEs.
CoTrav’s tech-enabled concierge model is well placed to meet this demand.
Another opportunity exists in industries with frequent and bulk travel, such as healthcare, manufacturing, real estate, logistics, and retail.
Teams in these sectors often travel between sites and rely heavily on ground transport.
These industries still work with unorganized local vendors and face challenges with billing, verification, and policy compliance, making them ideal
candidates for a streamlined, cashless, paperless platform.
Looking ahead, as CoTrav improves its technology, strengthens data security, and prepares for global expansion, international mid-market companies looking for travel partners in India represent another new opportunity.
In summary, the best untapped opportunities lie in SME and mid-market corporations, high-volume travel sectors, multi-category travel needs, and global businesses that require India-focused travel management.
These segments are highly fragmented, making them a perfect fit for CoTrav’s integrated, compliance-first model.
Fundraising plans and liquidity status
Invezz: You have not raised any funding so far. What is your liquidity status, and do you plan to raise funds going forward?
CoTrav has been completely bootstrapped since inception and continues to operate profitably, which has allowed us to build a financially strong and stable foundation.
Our liquidity position remains healthy and well-managed. While we do not require external capital for current operations, we have planned a fundraiser in FY 2027 to support the next phase of our growth.
This will enable us to accelerate our expansion, strengthen our technology capabilities and widen our presence in key markets where we see increasing demand.
Plans for 2026: expanding regional footprint, evaluating international foray
Invezz: What are your plans for CoTrav for 2026 in terms of milestones that you aim to hit?
Our roadmap for 2026 focuses on strengthening CoTrav’s regional footprint and expanding the company’s presence across key markets.
We are already operational in Bangalore, Chennai, Mumbai, and Hyderabad, and the next phase involves enhancing our on-ground capabilities in
these regions to support our growing client base more effectively.
We are also evaluating opportunities to expand into one or two international destinations.
In parallel, we are investing in improving the working, functionality and usability of our technology platform.
Strengthening the overall tech experience will be a major priority, ensuring a more seamless, intuitive, and powerful solution for our customers.
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