PRINCETON, NJ, Aug. 22, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- TripBorn, Inc. ("TripBorn" or the "Company") (OTC: TRRB), a leading Indian online travel agency and e-commerce platform, today provided a summary of results of operations for the first quarter of fiscal year 2019. The Company tracks a series of key operational metrics to gauge operational success. Among these metrics, the Company believes gross revenues (as measured by the total transactional value of all tickets and services sold and subject to commission) and net revenues (the net commissions earned by TripBorn through the processing of gross revenues) are important for measuring the Company’s growth and operations. Internet travel searches using the TripBorn portal and travel agent logins are also tracked as key measurements of internet activity, which is highly correlated with gross and net revenues.
Below is a summary of these four key metrics, for the three months ending June 30, 2018:
| Operational Metric | Q1 2017 | Q1 2018 | Change (%) | |||
| Gross Transaction Revenues | $8,903,079 | $13,720,529 | 54.11 | % | ||
| Net Transaction Revenues | $108,542 | $101,783 | -6.23 | % | ||
| Search Count | 4,000,000 | 5,400,000 | 35.00 | % | ||
| Average Daily Logins | 1,150 | 3,360 | 192.17 | % | ||
“We are pleased to report strong operational improvement in the first quarter of 2018,” commented Deepak Sharma, Chief Executive Officer of TripBorn. “We have been highly focused on increasing traffic through the expansion of our agent network across our existing operational footprint in India today. Our strong growth in this agent network has led to a 192% increase in agent logins, and a 35% increase in travel searches. We saw a 54% increase in gross transactional values for the first quarter ended June 30, 2018 versus the same period last year which directly correlates to more agents completing more searches using our online travel services. We have also been working diligently to ensure we maintain and improve our commission structures across our agent network. This can be clearly seen by our first quarter revenues, which were extremely strong despite the unfavorable effects of foreign currency exchange rates in the comparable periods.
“I want to take this opportunity to recognize all the hard work our team has invested as they contribute to the current and future success of TripBorn. Our goal is to become a leader in mass market online travel and e-commerce services in India,” concluded Deepak Sharma.
About TripBorn
TripBorn is an online travel agency, sometimes referred to as an OTA, that offers travel reservations and related travel services to travel agents in India through the Company’s website, www.tripborn.com. Currently, TripBorn operates as a business to business, or B2B, online travel agency that serves travel agents and travel companies based in India in booking travel services and products for their customers. Through the Company’s internet-based platform, travel agents can search and book domestic and international air tickets, hotels, vacation packages, rail tickets and bus tickets, as well as ancillary travel-related services and e-commerce money transfer products. TripBorn serves approximately 6,534 agents across India.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov.
CONTACT: Investor Contacts: Crescendo Communications T: 212-671-1020 x304 trrb@crescendo-ir.com