Malaysian air tickets distributor startup, T-Commerce Gateway (TCG) has recorded a new sales record of RM2.4 million. The startup works directly with airlines to aggregate and share booking data with online travel agencies (OTA) and booking platforms such as CTrip.
Founder of Alpha Red Service and Platform Owner, KC Cheah said that the record sales performance underpins the leverage and robustness of our business model to the air travel industry independent of airlines or online travel agents.
The record performance was attributed to TCG’s resilient business model which has led to the improvement in the startup’s financial results.
TCG will leverage the continuation of domestic air travel in regions where the company has an established network allowing for a strong financial recovery.
Additionally, the startup will look to raise RM3 million on equity crowdfunding (ECF) to serve the demand on pitchIN.
“We foresee a strong recovery in 2021 with the markets gradually opening up, followed by a full recovery in global demand by 2023. The funds will mainly be for working capital as we broaden commercial partnerships with airlines and support fast-growing demand with the onboarding of more travel portal partners (mainly OTAs),” Cheah added.
TCG is connected to some of the top OTAs in China where the network platform receives over 20 million daily searches. Between the platform’s partner network, TCG has direct partnerships with 14 airlines and over 70 percent of the Chinese market covered.“After a positive fourth quarter in 2020, we are projecting US$18.77 million worth of gross booking value transactions in 2021,” Cheah concluded.
According to the Immigration Department of Malaysia, international borders remain close preventing any further tourist arrival into the country.
Exemptions are for resident diplomats, foreign spouses and dependents of Malaysian citizens, long-term pass holders, and expatriate employees working in essential industries and their dependents.