As a part of this agreement, PhonePe users will be able to avail services offered by EaseMyTrip such as hotel deals, special offers, cab services, among others
The collaboration will look to leverage EaseMyTrip's comprehensive offerings in the travel tech space and PhonePe's user base to streamline ease of access and attract more users
This comes a day after cofounder and CEO Nishant Pitti sold 24.65 Cr shares of the travel tech startup via multiple block deals for INR 920 Cr
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A day after its cofounder and CEO Nishant Pitti offloaded half of his stake for INR 920 Cr, online travel aggregator (OTA) EaseMyTrip has now partnered with PhonePe to “exclusively” list its hotels on fintech app.
In an exchange filing on Thursday (September 26), the travel tech major said that it has entered into an exclusive partnership with PhonePe for launching its “hotels segment” on the fintech platform.
As a part of this agreement, PhonePe users will be able to avail services offered by EaseMyTrip such as hotel deals, special offers, cab services, among others.
The collaboration will look to leverage EaseMyTrip’s comprehensive offerings in the travel tech space and PhonePe’s user base to streamline ease of access and attract more users.
“By integrating these segment(s) with PhonePe, we are not only expanding our reach but also ensuring that users have access to the best deals and a seamless booking experience. We look forward to growing this partnership and introducing more services on the PhonePe platform to enrich the travel experience for our customers.” said EaseMyTrip cofounder Rikant Pittie.
OnCommenting on the partnership, chief business officer (CBO) of consumer payments at PhonePe Sonika Chandra said, “Indians are increasingly travelling for leisure both domestically and abroad and this is part of our strategy to provide our 560+ Mn users with the best travel booking experience available in India”.
Following the announcement the shares of traveltech major were trading 5.83% up on the BSE at 1:25 PM.
This comes a day after EaseMyTrip shares the 20% lower circuit and nosedived to INR 32.78 apiece on the BSE in early trading hours.
This circuit hit came on the back of cofounder and CEO Nishant Pitti selling 24.65 Cr shares of the travel tech startup via multiple block deals for INR 920 Cr, bringing down his stake to 14% from over 28% at the end of the June quarter.
Founded in 2008 by siblings Nishant Pitti, Rikant Pitti and Prashant Pitti, EaseMyTrip began its journey as an online travel agency but has since diversified its business to foray into insurtech and electric bus manufacturing as well.
After reporting a net loss of INR 15 Cr in Q4 FY24, the listed online travel aggregator returned to the black in Q1 FY25 and posted a net profit of INR 33.9 Cr.
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