Online Travel Platform EaseMyTrip to acquire a majority stake of 51% in three Indian Travel companies, namely- Guideline Travels Holidays India, TripShope Travel Technologies and Dook Travels; to expand its operations in Indian as well as Global marketplaces.
The deal size remains undisclosed.
EaseMyTrip has planned to raise funds through the issue of equity shares in order to support the growth of the company and its businesses.
Nishant Pitti, Co-Founder and CEO of EaseMyTrip said, “These three companies have a strong track record and a wealth of experience in their respective areas. Together, with these remarkable travel companies, we extend and embrace to a diverse spectrum of exceptional services catering to larger markets. Together, we are poised to ignite the wanderlust of countless explorers, crafting unforgettable journeys that resonate with every soul and paint the world with the colors of adventure and discovery.’’
Guideline Travels is a Mumbai-based travel company which focuses on B2B and B2C services such as cruise sales, group tours, outbound tours, customized travel, MICE (meetings, incentive, conferences and exhibitions) services, as well as destination wedding planning.
“Our partnership with EaseMyTrip gives us a big thrust to bring a bouquet of cruise products to our B2B as well B2C clients. Partnership with EaseMyTrip opens up our horizons and will allow us to bring to fruition our vision hence propelling Guideline Travels to new heights.”- Pradeep Saboo, Director of Guideline Travels.
Kashmir-based TripShope Travel Technologies offers Travel & Leisure solutions such as, lowest rate domestic and international flights, holidays, hotels, car rentals, cruises, travel insurance, coach tours, and more.
Adil Sathu, Founder and COO of Tripshope said, “This is going to be a quantum leap in the travel, tourism and employment generation of Jammu and Kashmir.”
“The brand equity of EaseMyTrip is also going to help us expand in Jammu and Kashmir, apart from other parts of the country”, he further added.
“Tourism for CIS destinations is poised to grow exponentially for the next several years because of increasing air connectivity, simplification of visa process and cordial bilateral relations with India. We together shall be able to leverage our positions as market leader in CIS destinations through our extensive agent network, strong hold in airlines and EaseMyTrip’s extensive customer name and brand value,’’ said Sandeep Gupta, Director at Dook Travels.
Dook Travels is a Delhi-based International Travel Management Company, operating in CIS countries. It offers various travel-related services including tours, hotels, flights and customized packages.
Co-founded in 2008 by Nishant Pitti, Rikant Pitti, and Prashant Pitti, EaseMyTrip is an Indian Travel Company which provides affordable flight tickets, bus tickets, hotels, holiday packages and other travel services. The company has gained popularity for its easily accessible and affordable travel services; and in 2021, it was recognized as an unicorn after its market capitalization crossed USD 1 billion.
EaseMyTrip's collaboration with the Indian Railway Catering and Tourism Corporation (IRCTC) provides users with the option to book train tickets along with other travel services.
As per the Economic Times, the company reported its highest-ever Gross Booking Revenue in the FY23 of INR 8,050.6 crore, growing by 116.7% YoY and a growth of 68.6% in Adjusted Revenue in the FY23, from INR 400.4 crore in the FY22 to INR 674.9 crore in the FY23.
According to Growjo, EaseMyTrip's current estimated annual revenue is USD 148.9 Million per annum and has around 695 employees with an estimated revenue of USD 214,304 per employee.
To achieve its goals, EaseMyTrip has planned on prioritizing its expansion through the acquisition of companies to emerge as the leading travel company in the Travel Industry.
References:
https://www.easemytrip.com/about-us.html https://growjo.com/company/EaseMyTrip.com https://guidelinetravels.com/about-us/
http://www.tripshopeonline.com/static.jsp?pagetype=about_us https://www.dookinternational.com/
https://travel.economictimes.indiatimes.com/amp/news/research-and-statistics/figures /easemytrip-clocks-highest-ever-gross-booking-revenue-in-fy23-with-over-100-yoy-gro wth/100527683
https://www.cnbctv18.com/business/companies/easemytrip-to-acquire-51-stake-in-thre e-travel-tech-companies-17389961.htm