Kolkata-based I-Nova Group yesterday announced the launch of a travel portal offering a range of services to both domestic and foreign travelers.

The company hopes to generate about Rs 200 crore in the next 18 months from the new venture branded as 'Travo'.

"The portal will provide affordable travel solutions such as ticket and hotel booking, passport, visa, foreign exchange, travel insurance and others," Travo Vice President Corporate Affairs Debmalya Banerjee said.

The online travel services market is currently estimated at Rs 9,000 crore.

"We hope to garner a turnover of Rs 200 crore from the portal in the next 18 months," Travo Chairman Jayanta Chakraborty said.

Besides the online service, the company is also looking at targeting customers with an extensive offline presence.

"By this year end, the plan is to have 50 franchisees across India, however we intent to multiply the number to about 5,000 franchisees by 2015 in India and abroad," Chakraborty said. The company also plans to tap the lucrative corporate travel segment.

With the new portal www.mytravo.com, the company will compete with the existing players such as Makemytrip.com and Yatra.com