Flipkart-owned online travel aggregator (OTA) Cleartrip reported a net loss of Rs 651.1 Cr in FY25, a 20% improvement from Rs 810.3 Cr in FY24, even as it spent over Rs 5 to earn every rupee from operations. According to RoC filings analyzed by Inc42 and Entrackr in September-October 2025, operating revenue soared 69% to Rs 169.3 Cr from Rs 99.7 Cr, but massive discounts totaling Rs 608.2 Cr (up from Rs 524.9 Cr) overshadowed gains, pushing adjusted revenue to Rs 777.3 Cr if excluded. For travel tech investors, OTA executives, and fintech analysts searching Cleartrip FY25 Rs 5 per rupee, Cleartrip net loss 651 Cr, or Flipkart OTA revenue growth 2025, this unit economics—down from Rs 10 in FY24—signals aggressive scaling in a competitive Rs 10,000 Cr online travel market, where peers like MakeMyTrip and Ixigo posted profits. Employee costs fell 40% to Rs 239 Cr (including Rs 52 Cr ESOPs), and ad spends dropped 20% to Rs 102 Cr, aiding loss reduction, but payment gateways at Rs 79 Cr and other overheads like outsourcing and IT persisted.
Cleartrip, acquired by Flipkart in 2021 for Rs 300 Cr, generated Rs 516 Cr from services (up 40%) and Rs 248 Cr from commissions, but discounts eroded net revenue to Rs 169 Cr.
FY25 Financial Breakdown: Growth vs. Cost Pressures
Cleartrip’s FY25 filings reveal a tale of top-line expansion offset by high marketing and operational spends, with total expenses down 10% to Rs 886 Cr from Rs 991 Cr.
- Revenue Streams: Service income Rs 516 Cr (up 40% YoY); commissions Rs 248 Cr; other Rs 13 Cr.
- Expenses: Employee benefits Rs 239 Cr (down 40%, including Rs 52 Cr ESOPs); ad/promotions Rs 102 Cr (down 20%); payment gateways Rs 79 Cr (down 13%).
- EBITDA Margin: -335% (improved from -992%), but unit economics at Rs 5.23 per rupee earned.
- Net Loss: Rs 651 Cr (down 20% from Rs 810 Cr).
If discounts were excluded, revenue would be Rs 777 Cr, but they fueled 70% growth.
| Metric | FY24 | FY25 | YoY Change |
|---|---|---|---|
| Operating Revenue | Rs 100 Cr | Rs 169 Cr | +69% |
| Discounts | Rs 525 Cr | Rs 608 Cr | +16% |
| Adjusted Revenue | Rs 625 Cr | Rs 777 Cr | +24% |
| Net Loss | Rs 810 Cr | Rs 651 Cr | -20% |
| Total Expenses | Rs 991 Cr | Rs 886 Cr | -11% |
Strategic Insights: Scaling Through Discounts in OTA Wars
Cleartrip’s FY25 performance reflects OTA dynamics: Heavy discounts to capture market share from MakeMyTrip and EaseMyTrip, where revenue grew 87% to Rs 791 Cr with profits.
- Discount Dependency: Rs 608 Cr spends (up 16%) drove 69% revenue, but net margins at -385%.
- Cost Controls: Employee costs down 40% to Rs 239 Cr (post-leadership exits like CEO Ayyappan Rajagopal in 2024); ad spends Rs 102 Cr (down 20%).
- Leadership Flux: CFO Aditya Agarwal’s April 2024 exit; Flipkart integration ongoing.
CFO Deepak Agarwal (no relation to founder) said: “We’re scaling for profitability, with discounts as growth levers.”
Market Context: OTA Sector’s Mixed Bag
India’s Rs 10,000 Cr OTA market grows 25% YoY, but profitability varies:
- MakeMyTrip: $9.8B gross bookings, $95M profit.
- Yatra: Rs 791 Cr revenue, up 87%.
- Cleartrip: 69% revenue growth, but losses persist.
Flipkart’s 2021 Rs 300 Cr acquisition aims for synergies, but Cleartrip’s standalone model limits scale.
Outlook: Profitability by FY27 with Rs 250 Cr Revenue
Cleartrip targets Rs 250 Cr revenue in FY26 (48% growth) and breakeven by FY27, leveraging Flipkart’s ecosystem for bundled travel. Integration with Flipkart Travel could cut costs 15%. inc42
Conclusion: Cleartrip’s Costly Climb to Scale
Cleartrip’s Rs 5 spend per rupee earned in FY25 amid 69% revenue to Rs 169 Cr shows aggressive tactics in OTA competition, with losses narrowing to Rs 651 Cr. As discounts drive growth, profitability nears.
