EaseMyTrip

EaseMyTrip is an Indian online travel company, founded in 2008 by Nishant Pitti, Rikant Pitti, and Prashant Pitti. Headquartered in New Delhi, the company provides hotel bookings, air tickets, holiday packages, bus bookings, and white-label services. EaseMyTrip has overseas offices in Singapore, UAE, Maldives, and Thailand[2] with country-specific websites for UAE, UK and Thailand.

EaseMyTrip
ISININE07O001018
IndustryOnline travel
Founded2008
FoundersNishant Pitti, Rikant Pitti, Prashant Pitti
Headquarters
New Delhi
,
India
Area served
Worldwide
ProductsBooking flights, hotels, holidays, buses, trains and cars
Revenue₹2,400 crore (FY17-18)[1]
Websiteeasemytrip.com

History

The idea for EaseMyTrip came when the brothers, Nishant Pitti and Rikant Pitti used to book air tickets for their father's frequent business trips, and saved money in the booking process. Initially based out of their home garage as a travel agency, the duo lost all of the initial investment within the first three months.[3]

Later on, references from family and friends helped and a major turnaround came when an airline noticed multiple bookings coming from a single email account and contacted the Pitti brothers to become its travel partner.[4]

Nandan Jha joined as the COO in 2017[5]

In 2019, EaseMyTrip had a network of more than 42,000 travel agents, 1,200 franchise outlets, 640 white-label solutions, and around 1,600 distributors.[2]

In January 2020, EaseMyTrip announced it will allow users to book flight tickets via WhatsApp. Users can activate the autonomous interactive program by sending a message and the booking bot will guide users through the end-to-end process.[6]

In March 2021, EaseMyTrip went public.[7]

In May 2021, it was reported to be the fastest growing online travel agency.[8][9]

In June 2021, EaseMyTrip collaborated with Oyo Rooms, Airbnb, and Yatra to form the Confederation of Hospitality, Technology and Tourism Industry (CHATT), an industry body for the tourism sector of India.[10]

In September 2021, it became a unicorn after its market capitalization crossed $1 billion.[11] In December 2021, the organization hired Vijay Raaz and Varun Sharma as their brand ambassadors.[12]

EaseMyTrip has acquired Spree Hospital, a hospital management company established in 2011 by Keshab Baljee for an undisclosed amount.[13] Spree Hospitality was the company's second acquisition. The officials of the EaseMyTrip stated that the acquisition will not only increase the company's revenue but will also enhance the company's portfolio.[14]

In the year 2019, EaseMyTrip expanded its operations to international markets such as UAE, UK, US, Philippines, Singapore, and Thailand and reported a consolidated revenue of ₹59.78 crore.[15][16][17] In 2022, the company had a 23% drop in net profit by the end of financial year in 2022 to ₹23 crore, as compared to ₹30 crore in 2021.[18]

The company announced the acquisition of travel marketplace Traviate in October 2021.[19] In the same year, the company launched another feature where if a person can show a waiting ticket in a train, they would get a discount from Easemytrip on flights.[20]

Recently, a consumer technology firm from Pune called udChalo filed a trademark infringement case against EaseMyTrip.[21] Previously, MakeMyTrip also moved to Delhi High Court against the company and Google both for Trademark violation.[22]

IPO and Acquisitions

In 2019, it filed for a ₹510 crore ($72.13 million) initial public offering (IPO) with the Securities and Exchange Board of India (SEBI),[23][24] making them the first online travel agency to be listed on the Indian share market.[25] The issue was managed by Axis Bank and JM Financial.[26] It opened for subscription on 8 March 2021 and was listed on the stock market on 19 March 2021.[7] The IPO was subscribed over 159 times.[27]

HSBC Global Investment Funds, Tata Trustee Company, Aditya Birla Sunlife Insurance Company, Nomura, Sundaram Mutual Fund, Nippon Life India Trustee Company, and Bajaj Allianz Life Insurance Company were its anchor investors.[28] After the company's IPO launched, the company observed a profit of 86% in 2020-2021 with a loss of booking revenue of 50% because of COVID-19.[29]

EaseMyTrip acquired YoloBus which is an intercity mobility platform in 2021 in the non-air segment.[30]

Philanthropy

In 2018, the employees of the company contributed a day's salary for the relief measures of Kerala floods.[31]

During the second wave of the COVID-19 oxygen crisis in India, the company donated 550 oxygen concentrators[32] and launched a refund policy that promised full refund for ticket cancellations, including the costs deducted by the airlines.[33]

Recognition
  • Best Travel Booking Site - SATTE (2020)[34]
  • Best Travel Booking App/Website - Times Travel Awards (2019)[35]
  • Enterprise Excellence of the Year - 24MRC Network (2016)[36]
  • Best Online Travel Company of the Year - Worldwide Achievers Business Leadership Awards (2013)[37]

References
  1. "EaseMyTrip achieves a turnover of Rs 2400 crore in FY17-18". Moneycontrol. Retrieved 3 June 2019.
  2. "EaseMyTrip looks to raise up to Rs 750cr via IPO; books Axis Capital, JM Financial as bankers". Moneycontrol. Retrieved 3 June 2019.
  3. Modi, Ajay (12 January 2017). "Aggressive EaseMyTrip flies into top league". Business Standard India. Retrieved 3 June 2019.
  4. "EaseMyTrip faces cash flow issues as forward bookings drop, refunds continue". cnbctv18.com. Retrieved 9 October 2020.
  5. "Nandan Jha joins EaseMyTrip as COO". afaqs.com. 23 November 2017. Retrieved 3 June 2019.
  6. Naik, Amit Raja (23 January 2020). "EaseMyTrip To Allow Users To Book Flight Tickets On WhatsApp". Inc42 Media. Archived from the original on 1 October 2020. Retrieved 23 September 2020.
  7. "EaseMyTrip IPO is set to open on Monday — price band for the issue set at ₹186 to ₹187 per share". Business Insider. Retrieved 3 March 2021.
  8. Chengappa, Sangeetha. "EaseMyTrip clocks 47% CAGR from FY 2018-20". @businessline. Retrieved 15 September 2021.
  9. Kundu, Rhik (15 June 2021). "EaseMyTrip reports eight-fold increase in Q4 profit". mint. Retrieved 15 September 2021.
  10. "Oyo, Airbnb, EaseMyTrip, Yatra join hands; form industry body for tourism sector". Business Today. Retrieved 15 September 2021.
  11. Chakraborty, Chiranjivi. "Travel portal Ease My Trip joins India's burgeoning unicorn list. Is it a good time to lap up the stock?". The Economic Times. Retrieved 25 September 2021.
  12. Livemint (29 December 2021). "EaseMyTrip appoints Vijay Raaz and Varun Sharma as brand ambassadors". mint. Retrieved 14 July 2022.
  13. Chaturvedi, Anumeha. "EaseMyTrip acquires Spree Hospitality, a 1200 keys hospitality management company". The Economic Times. Retrieved 25 November 2021.
  14. Chaturvedi, Anumeha. "EaseMyTrip acquires Spree Hospitality, a 1200 keys hospitality management company". The Economic Times. Retrieved 13 December 2021.
  15. "EaseMyTrip's Q2 profit jumps by 330% YOY; air segment, hotel bookings rise". Business Today. Retrieved 25 November 2021.
  16. Kundu, Rhik (2 November 2021). "EaseMyTrip net profit surges over 300% to ₹27.13 crore". mint. Retrieved 25 November 2021.
  17. Chaturvedi, Anumeha. "EaseMyTrip expands international presence to Philippines, Thailand, and the USA". The Economic Times. Retrieved 25 November 2021.
  18. Bureau, BL New Delhi (26 May 2022). "EaseMyTrip Q4 net profit drops 23 per cent". www.thehindubusinessline.com. Retrieved 23 July 2022.
  19. "EaseMyTrip to buy travel marketplace Traviate in first ever acquisition". The Economic Times. Retrieved 25 November 2021.
  20. Market, Capital (29 September 2021). "EaseMyTrip launches industry-first option for waitlisted train bookings". Business Standard India. Retrieved 23 July 2022.
  21. "UdChalo files infringement case against EasyMyTrip and other online travel agents in Delhi HC - ET BrandEquity".
  22. "MakeMyTrip files suit against EaseMyTrip over trademark violation".
  23. "EaseMyTrip files papers for Rs 510 crore IPO". The Economic Times. 15 December 2019. Retrieved 23 December 2019.
  24. "EaseMyTrip Files Draft Papers For IPO, Looks To Raise $72 Mn". Inc42 Media. 15 December 2019. Retrieved 23 December 2019.
  25. www.ETtech.com. "EaseMyTrip plans to raise Rs 700 crore from public issue - ETtech". The Economic Times. Retrieved 11 December 2019.
  26. "EaseMyTrip's IPO Plans May Go Live Soon To Raise INR 700 Cr". Inc42 Media. 11 December 2019. Retrieved 11 December 2019.
  27. "Easy Trip Planners IPO subscribed over 159 times on last day". The Economic Times. Retrieved 16 March 2021.
  28. "Easy Trip Planners IPO opens for subscription: Check issue price, GMP, other details; should you subscribe?". www.businesstoday.in. Retrieved 9 March 2021.
  29. www.ETTravelWorld.com. "Even as booking revenue drops by half, EaseMyTrip reports 86% growth in profits - ET TravelWorld". ETTravelWorld.com. Retrieved 15 September 2021.
  30. Chaturvedi, Anumeha. "EaseMyTrip acquires the YoloBus brand to expand its non-air business". The Economic Times. Retrieved 14 July 2022.
  31. News Desk (21 August 2018). "EaseMyTrip employees donate their one day salary for Kerala relief fund". HW English. Retrieved 15 September 2021.
  32. www.ETTravelWorld.com. "EaseMyTrip donates 550 imported oxygen concentrators - ET TravelWorld". ETTravelWorld.com. Retrieved 15 September 2021.
  33. "Get full refund on domestic air ticket cancellations! EaseMyTrip offers free full-refund medical policy". The Financial Express. 19 July 2021. Retrieved 15 September 2021.
  34. SATTE 2020 Winners
  35. "EaseMyTrip Teams Up with 20th IIFA Awards as Travel Partner". Indian Television Dot Com. 13 September 2019. Retrieved 9 March 2021.
  36. "24MRC Network felicitated the winners of 2016 Leaders Awards (Enterprise Edition)". @businessline. Retrieved 24 May 2021.
  37. "Business Leadership Award Winner". www.businesswireindia.com. Retrieved 24 May 2021.
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