Paris-based HomeExchange, a home-sharing network, will tap into the Indian market, and aims to integrate up to 5,000 homes in its network, the company said on Tuesday.
The global platform has announced an annual membership fee of Rs 7,500 per year for India, which is the lowest compared to its existing markets. In comparison, the annual membership in the US is $220 (about Rs 19,000).
The model is expected to draw millennials and Gen Z travellers, who prioritise experiential travel, as well as families desiring comfortable, home-like accommodations at affordable prices.
"Currently, our top five markets are France, Spain, the US, Italy, and Canada,' Emmanuel Arnaud, CEO, HomeExchange told Business Standard in a virtual interview.
"We think that within five years, India can be in our top five markets and have around 3,000 to 5,000 homes in the first year," Arnaud said.
At present, HomeExchange does not have a presence in Asia. With over 200,000 members in 155 countries, each member generates approximately $200 in revenue for the company annually. This makes its global revenue around $40 million.
Going forward, Arnaud expects the company's global revenue to quadruple in the next five years, with India expected to contribute at least $10 million to its revenue.
It will establish its office in Delhi-NCR to oversee local operations, community engagement, and partnerships with tourism boards and sustainability-focused organisations.
The expansion plan in India is divided into two phases.
The first phase will capture India's outbound travel market with a focus on metro cities like Mumbai, Bengaluru, Chennai, and Delhi NCR, and the second phase is to establish itself in popular tourist destinations such as Goa, Jaipur, and Shimla for inbound travel.
"It's not just where you stay, but how you connect with people and cultures in a transformative way," Charles-Edouard Girard, co-founder of HomeExchange, said in a press release.
-- Roshni Shekhar/Business Standard