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Cordelia Cruises operator Waterways Leisure Tourism is bringing India's first luxury cruise IPO to the market to raise over Rs 585 cr. The IPO will open on June 23 and the money will largely be used for lease payments related to its cruise vessels and future expansion plans.
Quick context: if you've ever seen those giant floating hotels sailing from Mumbai to Goa, Kochi or Lakshadweep, that's Cordelia. The company operates under the Cordelia Cruises brand and is currently India's only domestic ocean cruise operator.
Why this is interesting: Cruises are still a tiny part of India's tourism industry. For years, luxury cruises were seen as something only international travellers did. But rising incomes, growing interest in experiential travel, and better coastal tourism infrastructure are changing that.
Since launch, Cordelia has hosted over 5.4 lakh guests and sailed more than 2.25 lakh nautical miles. The company also plans to expand its fleet with two larger ships over the next few years.
How Cordelia plans to ride the wave: Cordelia entered the market in 2021 with a simple idea: make cruise holidays accessible to Indian travellers. Instead of focusing on international routes, it built itineraries around destinations like Goa, Lakshadweep, Kochi, Chennai and Visakhapatnam.
The company also customized food, entertainment and onboard experiences for Indian families, helping create demand in a market that barely existed a few years ago.
Zoom out: India aims to increase annual cruise passengers from around 5 lakh today to nearly 40 lakh by 2047 under its Cruise Bharat Mission. Cruise calls at Indian ports are also expected to rise significantly as coastal tourism infrastructure improves.
