SUMMARY
Traveltech major EaseMyTrip is looking to invest INR 33 Cr ($3.9 Mn) in B2B travel Portal E-Trav Tech Limited to acquire a 4.94% stake
Mumbai-based E-Trav Tech Limited provides travel API to businesses which allow travel companies to offer competitive travel deals and content from global travel suppliers.
With this, the listed startup will be extending its acquisition spree, which has seen it buy stakes in multiple businesses across travel segments
Traveltech major easemytrip
is looking to invest INR 33 Cr ($3.9 Mn) in B2B travel Portal E-Trav Tech Limited to acquire a 4.94% stake.
In an exchange filing on Thursday (March 28), the online travel aggregator said its board approved the proposed investment during its board meeting today.
Mumbai-based E-Trav Tech Limited provides travel API to businesses which allow travel companies to offer competitive travel deals and content from global travel suppliers. Its services include flight APIs, holiday packages, hotel API, bus API, and visa services, among others.
The decision was made by the startup to strengthen its B2B segment offerings, catering to the diverse requirements of its corporate clients.
“We are aiming at diversifying our portfolio in the non-air segments. After investing in hotels, we now intend to enhance our services for our corporate clientele, and investment with ETrav Tech Limited will be pivotal in the same. Leveraging their tech capabilities and expertise in dealing with B2B clients, we are confident to service our corporate clients better with improved offerings. Strategic decisions like these mark a milestone in our journey and fortify our commitment to providing seamless travel experiences for our customers, backed by innovation and technology,” EaseMyTrip’s CEO and cofounder Nishant Pitti said in a statement.
Founded in 2008 by Rikant Pittie, Nishant Pitti and Prashant Pitti, EaseMyTrip offers travel solutions such as air tickets, hotels and holiday packages, rail and bus tickets, and ancillary value-added services.
The listed startup has been on an acquisition spree over the last few years and has bought stakes in multiple businesses across travel segments.
Fuelled by post-pandemic growth, it acquired a 75% stake in aviation asset financing firm Nutana Aviation Capital in December 2022.
Following this, it acquired a 55% stake in hotel booking marketplace cheQin, and 51% stakes in three Indian travel companies – Guideline Travels Holidays, TripShope Travel Technologies and Dook Travels, in 2023.
In December last year, it acquired a non-controlling stake of about 13% in Eco Hotels and Resorts Limited in a share swap deal to enter the hotel and hospitality industry. It also announced its plans to invest INR 100 Cr to set up its maiden hotel in the city of Ayodhya.
Earlier this year, it also announced the launch of a new subsidiary, EaseMyTrip Insurance Broker Private Limited, to enter the insurance space.
The company’s acquisition spree is fuelled by its healthy financial growth. It reported a 9.6% increase in consolidated net profit to INR 45.6 Cr in Q3 FY24 from INR 41.6 Cr in the year-ago quarter. Operating revenue rose 18.1% year-on-year to INR 160.7 Cr in the quarter ended December 2023.
Update: The copy has been edited to add details from EaseMyTrip’s press statement.
