SUMMARY
The traveltech startup is looking for avenues to increase its revenue in the non-air space which comprises 5% of the company’s business
In September EaseMyTrip’s market capitalisation crossed $1 Bn after its shares touched a record high of INR 717.65
On the day of publishing the story, EaseMyTrip’s shares on NSE traded at INR 500.35 when the market closed
Online travel portal EaseMyTrip is in talks with multiple businesses in the travel sector for acquisition. The NSE-listed company is looking for avenues to increase its revenue in the ‘non-air’ space, meaning it is looking to strengthen its business in the hotels, trains, bus, and holidays segment.
According to an Inc42 source, 95% of EaseMyTrip’s business revolves around air business i.e. flight tickets and the remaining 5% is related to non-air business, where the company has managed to remain profitable with double-digit growth.
While considering an in-organic growth (acquisition), EaseMyTrip is holding talks with multiple businesses for acquisitions, the person added.
Founded in 2008 by Nishant Pitti, Rikant Pitti and Prashant Pitti, EaseMyTrip offers deals on flight booking, hotels and holiday packages and charges zero convenience charge, which is one of its unique propositions for users.
The company filed its DRHP for a $72 Mn IPO with the market regulator SEBI late last year and eventually got listed in March this year.
A few weeks ago, the company’s market capitalisation reached $1 Bn after its share price touched a 52-week high of INR 717.65. At present, the company’s shares traded at INR 500.35 on NSE when the market closed on Friday. The company made its debut on the NSE at INR 212 per share.
Easy Trip Planners, the parent company of EaseMyTrip had registered a profit of INR 61.4 Cr for FY 2020-21, a 86% rise from INR 33 Cr it posted during FY 2019-20. Half of the profits were recorded in the fourth quarter when the first wave of the pandemic had gone down and the rise of the second wave wasn’t noticed until March. The company recorded a net profit of INR 30.5 Cr in the fourth quarter of the fiscal as opposed to a profit of INR 3.6 crore in the previous fiscal.
EaseMyTrip competes against the likes of IPO-bound ixigo, already listed MakeMyTrip and NASDAQ listed Yatra.
Update Note | June 4, 2022, 8:35 AM
The story has been updated to include the name of the third cofounder of EaseMyTrip.
