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EaseMyTrip Cofounder Nishant Pitti Offloads 1.4% Stake in the Company

• ByStartupStory     |    January 2, 2025

Nishant Pitti, the cofounder, CEO, and promoter of EaseMyTrip, has sold a 1.41% stake in the travel-tech company. The transaction, conducted via a block deal on December 31, involved the sale of 5 crore shares and brought Pitti’s total stake in the company down to 12.80%.

According to data from the National Stock Exchange (NSE), Pitti sold 4,99,52,163 shares at ₹15.68 per share, amounting to a total of ₹78.3 crore. In a separate transaction, Arunaben Sanjaykumar Bhatiya purchased 2.4 crore shares of EaseMyTrip at ₹15.86 apiece.

Earlier in the day, EaseMyTrip shares saw a significant dip, falling as much as 10% during intraday trading amid reports that Pitti was planning to sell his entire 14.21% stake in the company. A Moneycontrol report stated that the block deal could potentially be worth ₹780 crore. Despite this, the stock recovered some losses and ended the trading day 6.9% lower at ₹15.87 on the BSE.

This marks the second stake sale by Pitti in recent months. In September 2024, he sold 24.65 crore shares via multiple block deals, garnering ₹920 crore.

EaseMyTrip continues to pursue growth initiatives in various sectors. In November, the company acquired a 49% stake in Planet Education Australia, an overseas education consultancy, through an equity share swap worth ₹39.20 crore. This acquisition aligns with EaseMyTrip’s broader strategy to expand into the hospitality sector. Earlier in 2024, the company partnered with the Jeewani Group and earmarked ₹100 crore to construct a five-star hotel in Ayodhya.

In September, EaseMyTrip announced plans to acquire a 30% stake in Rollins International for ₹60 crore and a 49% stake in Pflege Home Healthcare Center LLC for ₹30 crore as part of its push into the medical tourism space.

Despite these expansion efforts, EaseMyTrip reported a consolidated profit after tax (PAT) of ₹26.8 crore for Q2 FY25, a 42.8% decline from ₹46.9 crore in the same period last year.

Earlier this year, the company’s board approved its third bonus issue in a 1:1 ratio. Additionally, it approved raising ₹234.03 crore through a preferential issue of equity shares to seven investors.

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