Cordelia Cruises IPO Bets on India’s Untapped Cruise Market

India’s only domestic ocean cruise operator starts its IPO process this week, hoping to raise INR 5.85 billion ($62 million) to fund its next phase of growth, particularly the expansion of its fleet.

Shares of Waterways Leisure Tourism, the parent of Cordelia Cruises, are tentatively scheduled to list on Indian exchanges July 1.

India’s cruise market is tiny but growing quickly: It was INR 8.3 billion ($9 million) in fiscal 2025 declined further to INR 7.3 billion ($77 million) in fiscal 2026 due to geopolitical disruptions. The company expects INR 18.2 billion ($19 million)-INR 22.5 billion ($24 million) by fiscal 2031.

For now, Cordelia operates just one vessel, MV