Yahoo Finance EaseMyTrip to Acquire Three Indian Travel Companies
Indian online travel platform EaseMyTrip.com is reinforcing its non-air business by planning to acquire a 51% stake in three travel companies in India.
The companies are Guideline Travels, specializing in cruises; TripShope Travel Technologies, a travel and leisure solution provider in Kashmir; and Delhi-based Dook Travels, an integrated travel management company operating across various countries.
Nishant Pitti, co-founder of EaseMyTrip, said the acquisitions will enable the company to offer diverse services to larger markets, capitalize on growing inbound and outbound trips to and from India, and expand its international footprint.
The acquisition price was not disclosed.
EaseMyTrip.com has been actively expanding its non-air business since going public in India in 2021. In December last year, it acquired a 75% stake in Nutana Aviation Capital, which leases charter aircraft and provides charter services, and in January, it acquired a 55% stake in hotel booking marketplace cheQin.
A Mordor Intelligence report had earlier noted that EaseMyTrip is looking to capitalize on growing inbound and outbound trips to and from India while expanding its international footprint, particularly in international cities where Indians travel the most.
Earlier this year, Prashant Pitti, founder and wholetime director of EaseMyTrip, had emphasized the company’s focus on growing profitably: “Our thought process is not that we want to grow at every cost, we want to grow profitably. We do not want to burn today and earn tomorrow,” he said.
According to the investment advisory firm ICICI Securities, the online travel market in India is projected to grow annually at 12-13% between 2023 and 2027, with online air ticketing expected to grow at 15% during the same period.
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