A subsidiary of $2.4 billion Essel Group, Pan India Paryatan has maintain its brand image for leisure and entertainment for the visitors over the past two decades. The Group's mission is to redefine the traditional means of entertainment and above all meet the fast changing consumer needs for active entertainment.
In an interaction with Entrepreneur India, Shirish Deshpande, CEO, Pan India Paryatan Pvt Ltd, shares his thoughts on how Pan India Paryatan is planning to scale up its business going ahead:
Tell us about Pan India Paryatan and its growth over the years as the part of Essel group of companies.
Pan India Paryatan, the holding company of EsselWorld and Water Kingdom, is growing around 10 per cent to 12 per cent year-on-year since last 5 years in terms of revenue as well as visitation. Pioneers in the entertainment and leisure industry, it was Essel World that pulled people out of the staid environment of conventional pleasure trips and unfolded before them the exciting new scenario of a complete leisure destination. A sprawling complex on the coastal Gorai village in northwest Mumbai, Essel World is a refreshing gateway to a whole new world of excitement and fun. With the introduction of Water Kingdom in the second phase of PIPPL's expansion, this 'Island of Fun' has become a complete destination by itself.
How has the amusement park market grown over the past few years?
In India, the amusement park market did not grow as expected when compared with the foreign countries especially, western part of the world. The attributes could be - as the rides and attractions require high precision engineering, the availability of the same in Indian market and imputing becomes very expensive. Also, the biggest hindrance is the price of the land in Indian continent. For example - If you go for an A or B city, then the cost of land will be very high whereas, if you decide to go for C cities, the visitation will not be high although the land may be available cheaply.
How has been the effect of economy slowdown on the market? What best practices have been adopted by Pan India Paryatan to keep it going?
Slowdown always affects a consumer's purchasing capacity. As amusement park is not a necessity but leisure, hence this activity comes if one has excess money. During the slowdown time, we maintained our business by precisely adapting the right pricing policies.
What are the key challenges that the sector faces today to attract more visitors?
Availability of the land and infrastructure support by the government is the biggest challenge.
How do you work on adding new rides and features to keep visitors' interest alive?
On regular intervals, we keep on adding various attractions considering the needs and demands of our consumers. In last five years, we have added more than five international rides and attractions in Essel World and Water Kingdom.
Why we haven't seen any investment from foreign companies in this space? When can this happen?
I think, one major reason for this is availability of land in India because the renowned or leading brands of the world require a huge space.
Tell us about the revenue split coming from ticket sales and others.
We get around 75 per cent revenue from ticketing and 25 per cent revenue from other sources.
What growth you are expecting of Pan India Paryatan in the next three years? What growth strategies you have devised? Are you planning to expand to other parts of the country?
We are expecting 15 per cent year-on-year growth on revenue. Our growth strategy is delivering the right product at right price. Currently, we have no plans to expand to the other parts of the country.