With a strong third quarter, EaseMyTrip will increase acquisitions
- ByStartupStory | December 1, 2022
According to its co-founder, EaseMyTrip, an Indian online travel firm, is looking to increase acquisitions to strengthen its non-air travel sector as demand has picked up, positioning it for a successful third quarter.
In an interview, Prashant Pitti, co-founder of EaseMyTrip, stated, “We are looking to buy lucrative, asset-light, and tech-driven enterprises in travel.” Despite not having set aside money for acquisitions, the company has cash on hand and the ability to use equity as a dealmaking tool, according to Pitti. Last week, the business announced that its board would convene on Thursday to discuss an acquisition.
With a substantial increase in airline and hotel bookings, EaseMyTrip, like its rivals MakeMyTrip and Yatra.com, is attempting to capitalise on the rebound in travel demand from the pandemic’s lows.
The portal sells airline tickets for up to 92% of its gross merchandise value and holds up to 22% of the market for online travel agencies for air travel. Our percentage of business-class flight, and four- and five-star hotel bookings have doubled post-COVID, according to Pitti. “People have learned to live in the moment post-COVID, and that means more spending on luxury travel,” Pitti said.
Since going public in March of last year, the platform, known as Easy Trip Planners on Indian stock exchanges, has experienced a fivefold increase in share price. The business split its stock and distributed bonus shares last month.
According to Pitti, the third quarter, which ends in December, “is shaping up extremely strongly.” Between October 5 and 23, the company generated a total of 5.55 billion Indian rupees ($67.90 million) in revenue. Platforms like EaseMyTrip flourish by luring clients with substantial discounts. Pitti noted the high demand and noted that discounting was down this fiscal year and was expected to remain stable in the range of 2.5%-3%.
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