Rough waters in the macro-environment have rocked the boats of travel companies across the globe. They have had to navigate through the consequences of currency instability, the U.S.-China trade war, Brexit and Hong Kong protests.

Collective gross bookings of publicly reported online companies rose just 11% year over year in 1H19, compared to 21% in 1H18. Indian OTA Yatra was acquired by software and e-commerce services company Ebix, leaving nine publicly reported companies that delivered US$177.9 billion in gross bookings in the first half of the year.