EaseMyTrip Cofounder Prashant Pitti Resigns As MD

Months after Nishant Pitti stepped down from the position of CEO, his brother and cofounder Prashant Pitti has resigned from the position of MD of travel tech company Easemytrip. 

In his resignation letter, Prashant Pitti said he wants to devote more time to supporting young startups, pursuing new business interests, and working on urban traffic and other public initiatives. 

“I wish to assure all stakeholders that I will continue to remain a promoter and a committed long-term shareholder of EaseMyTrip. As already communicated earlier, no promoter will be selling stock of the company,” he said in the resignation letter. 

In an exchange filing, the company also said that its board approved the appointment of Nishant as chairman-cum-MD, with effect from August 29. His appointment would be subject to approval of the shareholders. 

Additionally, EaseMyTrip said its promoters Nishant Pitti and Rikant Pittie have voluntarily decided to temporarily forgo their salaries. However, it didn’t mention the time period for this. 

Notably, Prashant is also the founder and MD of lendingtech platform Optimo Loan. In March last year, the startup raised $10 Mn in its seed funding round co-led by Blume and Omnivore, with an additional infusion from Prashant. 

The cofounder is also involved in a project to solve Bengaluru’s traffic problems. Last month, he announced a commitment of INR 1 Cr to find the choke points in the country’s startup capital using AI and Google Maps to resolve its traffic woes.

However, amid all these, EaseMyTrip’s business and shares have been on a downward spiral.

EaseMyTrip Touches Fresh All-Time Low 

The company’s consolidated net profit crashed 99% to INR 44.3 Lakh in Q1 FY26 from INR 33.9 Cr a year ago. Operating revenue also nosedived 25% YoY to INR 113.8 Cr during the quarter.

The company’s core airline business recorded a weak quarter, with its revenue declining over 46% YoY to INR 57 Cr.

The weak financial performance, coupled with the decline in the cumulative stake of promoters and cofounders Pitti brothers in the company, has resulted in a sharp decline in the company’s share prices. Together, the cofounders’ stake in the company stood at 47.72% at the end of June 2025 as against 64.30% a year ago. 

This has eroded investor confidence and the stock has been on a downward spiral. Shares of EaseMyTrip touched a fresh all-time low at INR 8.30 during the intraday trading on the BSE today. The stock has crashed over 47% year to date.

As a result, the market capitalisation of the company, which once stood at above $1 Bn, was at INR 3,029.50 Cr (about $365 Mn) at the end of the trading session today.