In an exclusive interview with CNET Malaysia today, Jit Foong Chan, chief operating officer, Asia Travel Network said the company will be adding airlines ticketing reservation service on its website, increase its e-partners from 1,000 to 10,000 within the next 3 months and to chalk up US$20 million in its second round of funding by April.
"Many people we spoke to, do not believe we will be able to meet our target. We, however, believe we have a solid business plan," said Jit.
According to Jit, the plan to add airline ticketing reservation itself is expected to help bring its revenues 10 to 20 times higher.
This, he added, is because the cost of its existing range of products sold on the net, for example, hotel rooms and car rentals are much cheaper compare to the cost for an airline ticket.
"We are talking in thousands of ringgit when it comes to the cost of the ticket compare to hundreds for rooms and car rentals," noted Jit.
The company, revealed Jit, set a mark up of 5 to 10 percent for each complete purchase transaction. This mark up will continue to be implemented for the airline ticketing reservation service which is set for a mid March launch.
To further bring in the revenues and achieve the set target, Asia Travel Network, added Jit, will focus its business this year in international shores like Singapore, Hong Kong, US, Australia and Europe.
It will also double its A&P budget from RM4 million to RM8 million for a marketing campaign to get the 10,000 e-partners.
According to Jit, currently 95 percent of its e-partners are located out of Malaysia. Some of the major Asia portals the company is speaking to include LycosAsia, Sina.com, HelloAsia, CalendarOne.
Currently, the rest of the world (ROW) is contributing close to 70 percent of its revenues with 10 percent coming from Hong Kong, 18 percent from Singapore and less than 5 percent from Malaysia.
"People in foreign countries are more receptive on using credit cards on the Internet, that is why we want to focus our business in foreign countries," said Jit.
With an aggressive business plan in place, the online travel reservation company, aims to go for a double listing either in Mesdaq, Sesdaq or Nasdaq in the 2H of the year but has yet to decide on which two stock exchanges they will go for.
Prior to the public listing exercise, Asia Travel Network, said Jit, will be working towards securing its second and final round of funds totalling US$20 million from another two to three venture capitalists. He, however, declined to mention their names.
Its first round of RM16 million investment, came from AsiaTech Ventures, Jardine Fleming JF Electra, Shun Tak Holdings and Dimensi Tuah, in June 1998.
Asia Travel Network has also hired Frank Woo as chief financial officer, a well respected corporate figure who is also formerly the director of China Motion Telecom in Hong Kong to prepare the company for the listings.
Frank was sentimental in starting up China Motion from a mere 20 people start-up to a 1,000 employee public listed company in Hong Kong.
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