Twenty years after launching as a travel startup, Agoda is now eyeing India like a seasoned chess player contemplating their next winning move. With over 5 million properties in its global arsenal and India emerging as its fastest-growing battlefield for new listings, CEO Omri Morgenshtern isn’t just betting on the subcontinent—he’s going all-in. As the travel booking giant celebrates two decades of disrupting wanderlust worldwide, Morgenshtern’s bold prediction that India will rocket into Agoda’s top three markets within five years sounds less like corporate optimism and more like a travel industry prophecy waiting to unfold.The travel booking giant, which has transformed from “a travel company that does tech to a tech company that does travel” over the past decade, sees India not just as a market but as a growth engine that could propel it to new heights. With India emerging as the fastest-growing market for property onboarding, Agoda’s commitment to the subcontinent runs deep—extending from significant hiring initiatives to localized product development.
In an exclusive conversation with ETTravelWorld, Omri Morgenshtern, CEO of Agoda, painted an ambitious picture of India’s trajectory in the global travel ecosystem, positioning the country as the cornerstone of the platform’s future growth strategy.
India’s Meteoric Rise in Agoda’s Portfolio
When asked about India’s contribution to Agoda’s global business, Morgenshtern was unequivocal in his optimism. “India is one of our strongest markets, likely in the top five in terms of growth, and I’ll be amazed if it’s not top two or three in the next three to five years, given the momentum of travel in India,” he stated emphatically.
This confidence stems from fundamental economic drivers that set India apart. “Very few countries in the planet are growing GDP the same way India is. GDP is at 7%, travel is at 11%, but if you start going online mobile, you’re looking at 30-40%,” Morgenshtern explained, highlighting the multiplicative effect of digitization on travel growth.
The numbers paint a compelling picture. India has consistently been the market with the highest number of onboarded properties for Agoda over the past couple of years, a trend that continues unabated. “It’s still the fastest growing, and probably will be there in the next two or three years,” Morgenshtern confirmed, underlining the sustained nature of this growth trajectory.
Agoda’s commitment to India extends beyond market penetration to substantial human capital investment.The company has grown rapidly from initially onshoring customer support to recruiting and investing heavily in tech talent.
In a unique marketing approach that underscores its localization strategy, Agoda created innovative branding campaigns featuring Bollywood star Ayushmann Khurrana. This celebrity endorsement strategy reflects Agoda’s understanding of cultural nuances and its willingness to invest in brand building within the Indian market.
The Infrastructure Flywheel Effect
Morgenshtern’s analysis of India’s growth potential centers on what he terms a “flywheel effect”—a self-reinforcing cycle of infrastructure investment and travel demand. “You’re investing, everybody else is noticing that, so they’re trying to do things to attract Indian customers. But then they’re also learning about India, so they’re coming to India, and you start getting this ecosystem that is remarkable,” he explained.
Government investments in transportation infrastructure, combined with airline expansion and digital payment systems, have created an environment conducive to exponential travel growth. This infrastructure development, coupled with India’s entrepreneurial spirit and digital adoption, creates what Morgenshtern describes as “unique opportunities everywhere you go.”
Navigating the Complexity of the Indian Market
Despite the opportunities, Morgenshtern acknowledges the unique challenges of operating in India. “How is it to do business in India? It’s chaotic. It’s India. It’s big. It’s not one thing,” he candidly admitted. “India is not a country, it’s multiple countries, multiple cultures, multiple places.”
This complexity requires agility and strategic partnerships. “You need to be agile because India is agile. The pace that things evolve is remarkable,” Morgenshtern noted, emphasizing Agoda’s partnership-first approach. “We recognize that the fastest way to learn is partnerships, and also to teach. So there are win-wins.”
AI and Personalization: The Future of Travel Booking
Looking ahead, Morgenshtern envisions a travel experience transformed by artificial intelligence. Agoda’s recent launch of an AI Travel Planner, showcased through personalized video messages from Ayushmann Khurrana, represents just the beginning of this transformation.
“The vision is this super personalized concierge that knows you very well,” Morgenshtern explained, comparing it to advanced AI assistants from science fiction. “You’re looking for somebody that will be very proactive. It can say, ‘Hey, I see that you’re staying there, and I know that you’re with your kid that loves pizza, and there’s a great pizza place, new pizza place with great reviews, just next to your hotel. You want me to book it for you?'”
This proactive approach represents a fundamental shift from reactive booking platforms to anticipatory service providers. “This doesn’t exist today. The tech exists—we can do that technically speaking. The experience doesn’t exist. That’s where it’s going,” Morgenshtern predicted, timeline-wise anticipating this revolution within two to three years.
Emerging Travel Trends: Concert Economy and Experience-Driven Travel
Agoda’s data reveals fascinating insights into evolving travel patterns among Indian consumers. The “concert economy” has emerged as a significant driver, with events like Coldplay concerts generating 4-5x spikes in search volumes. “When those events are happening outside of India, say Thailand, we see the booking pattern. A lot of the people that attend the concert will be Indians that are flying over,” Morgenshtern observed.
This trend reflects a broader shift toward experience-driven travel. Agoda’s connected trip feature, which integrates flights, hotels, and experiences, has seen rapid adoption. “The percentage of what we call connected trips—travellers that will book more than one component from us—that number is increasing rapidly,” Morgenshtern reported.
Destination Trends: Vietnam’s Meteoric Rise and Japan’s Cultural Appeal
Indian travellers’ destination preferences are evolving in unexpected ways. Vietnam has emerged as a standout success story, jumping from eighth to third place in search rankings for Indian travellers. “They did the same thing that India hopefully does and will do more—easing visas, making it completely frictionless, and heavy investment in infrastructure,” Morgenshtern explained.
Japan represents another significant trend, with searches growing 60% year-over-year in Q1 2025. While traditionally Indians favored Southeast Asia or Middle East destinations, Japan is breaking the North Asia barrier. “Almost every other country, Japan will be number one or number two destination. Indians have started to discover Japan,” Morgenshtern noted, adding that the favorable yen exchange rate makes it an opportune time for Indian travellers.
Agoda’s data on repeat customer behavior provides valuable insights into destination satisfaction. When the company last conducted its survey in August 2024, Japan emerged as the top repeat visit destination globally. For Indian travellers specifically, Thailand, Vietnam, and Indonesia ranked in the top three for repeat visits, indicating high satisfaction levels and strong destination loyalty.
Future Roadmap: Deeper Localization and Connected Travel
Looking toward the future, Morgenshtern outlined Agoda’s strategic priorities for India. “I want to see our product in India be so localized that you wouldn’t be able to understand that it’s developed by a company that is not an Indian company,” he stated, emphasizing the importance of cultural integration.
The connected travel concept will expand beyond traditional flights and hotels to include buses and trains—transportation modes crucial for certain segments in India. “Doing the connected trip in India is not the same as doing the connected trip elsewhere. Buses and rails are very important for certain segments in India,” Morgenshtern explained.
As the travel industry navigates an increasingly complex global landscape, Agoda’s India-first strategy offers a compelling blueprint for sustainable growth in emerging markets—one built on technological innovation, cultural sensitivity, and strategic patience.
Morgenshtern’s closing thoughts capture this symbiotic relationship: “I think outbound is growing very fast. I think inbound is also growing, and will naturally get a lot of growth from the fact that outbound is so successful. It will be wonderful if we can move a lot of that also for domestic growth, which is very interesting as we become more and more Indian.”
