The coronavirus pandemic turned down the travel and tourism sector. In order to combat the worsening effect of the pandemic, Omio has raised financial funds of around $100M to ease the business structure.
Many investors of Omio participated in the stage funding event and there are some new names expected to be on the investor’s list. From the start in 2013 till now, the company has gained around $400M profit. According to the CEO of Kinnevik, Georgi Ganev, Omio has shown a commendable response to the worsening situation created due to the coronavirus pandemic.
Ganev further mentioned that the management team of Omio has dealt very well with the crisis and the business model has well captured the diversity of the market.
Due to the pandemic, international traveling and tourism have been restricted in many countries across the world. Some travel tours are ongoing but with strict precautions and social distancing. According to a report released by Omio, the company is on its path of gradual recovery due to trip booking following the summer season.
The reason for a better business status even in the pandemic is that the company offers different modes of transport that make it a lot more convenient for the customers. People can either choose flights, buses, or ferry routes, as per their journey demand and convenience. Omio’s bookings can be done across 37 countries and further expansion strategies are being made.
According to the head reports, even if the pandemic crises will last for a couple of years, the company has enough funds to deal with any kind of situation. It is not only the funds but also the strategic planning of how to utilize the funds adequately.
The customers’ behavior regarding traveling and precautions have also changed due to the pandemic risk. In accordance with this situation, Omio has created a hub of information called Open Travel Index. This informational hub will provide the customers with all the details that they require knowing about destinations, flights and necessary precautions to be taken for traveling.
Omio is expecting the governmental organizations to develop necessary strategies to combat the pandemic crises so the travel agencies do not shut down.