Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by EaseMyTrip.
The epidemic has taken a toll on India's online tourism sector. Despite this, the foundations for long-term growth continue to be strong. As the market consolidates, the pandemic is a huge issue, but it also presents an acquisition opportunity for larger firms.
Nishant Pittie, Rikant Pittie, and Prashant Pittie launched EaseMyTrip, an Indian internet travel firm, in 2008. The firm, which is based in New Delhi, offers hotel reservations, airline tickets, vacation packages, bus reservations, and white-label services.
EaseMyTrip - Company Highlights
| Startup Name | EaseMyTrip |
|---|---|
| Headquarters | New Delhi, India |
| Industry | Travel |
| Products | Booking flights, hotels, holidays, buses, trains and cabs |
| Founders | Nishant Pittie, Rikant Pittie, and Prashant Pittie |
| Founded | 2008 |
| Area Served | Worldwide |
| CEO | Nishant Pittie |
| Website | www.easemytrip.com |
EaseMyTrip - Latest News
EaseMyTrip - About
EaseMyTrip - Travel Industry
EaseMyTrip - Founders And Team
EaseMyTrip - Startup Story
EaseMyTrip - Mission and Vision
EaseMyTrip - Logo
EaseMyTrip - Business Model and Revenue Model
EaseMyTrip - Employees
EaseMyTrip - Philanthropy
EaseMyTrip - Partnerships
EaseMyTrip - Growth
EaseMyTrip - Competitors
EaseMyTrip - Acquisitions
EaseMyTrip - Challenges Faced
EaseMyTrip - Awards and Recognitions
EaseMyTrip - Future Plans
EaseMyTrip - FAQs
EaseMyTrip - Latest News
23 October 2021 - EaseMyTrip is eyeing to strengthen its non-air businesses and is, therefore, planning to acquire some of the businesses from the hotels, trains, buses, and holidays segments.
17 September 2021- Easy Trip Planners Ltd, the company that runs the travel portal EaseMyTrip, hit the $1 billion milestones in intraday trading on September 17th. Approximately $955 million (approximately Rs 7,000 crore) was the company's market capitalization at the end of the trading day. The company's stock price jumped only days after it revealed ambitions to grow globally, including in the Philippines, Thailand, and the United States.
According to an interview with Rikant Pittie from EaseMyTrip, as the travel sector continues to recover from the grip of Covid-19, the firm will also strive to grow into other foreign markets.
EaseMyTrip - About
Also known as Easy Trip Planners, EaseMyTrip is a company that sells tickets, transportation, tour packages, and lodging. Located in New Delhi's Patparganj Industrial Area, EasyMyTrip is an Indian internet travel agency. This travel agency has offices all across India and the world. It runs a travel website that offers discounts on flights, hotels, bus tickets, and vacation packages.
The firm provides a wide range of transportation products and services to meet the demands of travelers traveling inside the country as well as to and from other countries. It offers consumers a wide range of resources and information to help them plan, research, book, and purchase travel services and goods both inside India and to other countries. Products and services are available online through its websites and mobile applications. The company uses data and analytics to tailor the customer experience on the websites and mobile applications based on prior searches and purchases, which they think enhances customer engagement and chance of purchase.
Ashwini
EaseMyTrip - Travel Industry
As more sectors migrate to digital channels, India's online travel business is maturing. Gross reservations for online travel will rise in double digits, outpacing the total travel industry. The online travel business in India is quickly evolving as a result of the introduction of the internet and the rise of artificial reality (AR), as a rising number of Indians have resorted to the convenience of the web for better travel rates and lodgings. The rising penetration of foreign airline and hotel reservations given by online portals such as Cleartrip, MakeMyTrip, Yatra, and others will account for the majority of the growth in the Indian online travel sector.
Holiday packages are increasingly being offered in conjunction with travel and transportation options. The government's regional airport development initiative promotes connection to smaller cities and villages, and it is the largest continuing development in India in terms of air accessibility and affordability. The growing tourism sector in India, as well as the increasing prevalence of internet usage and smartphone users in various nations, are driving the online travel market in India.
EaseMyTrip - Founders And Team
Nishant Pittie, Rikant Pittie, and Prashant Pittie established EaseMyTrip in 2008.
Nishant Pittie
Mr. Nishant founded the business intending to become a leader in the travel and tourist sector. After earning his bachelor's degree in commerce from Delhi University, he went on to become a successful entrepreneur in the travel sector as well. His persistent goal to provide perfect services to Indian and international travelers led to the establishment of India's premier travel agency. From 2012 to 2014, he served as honorary secretary of the Travel Agents Federation of India (TAFI). Mr. Nishant has dabbled in filmmaking, co-producing the Bollywood blockbuster ‘Madaari'.
Rikant Pittie
Easy Trip Planners Pvt. Ltd. was co-founded by Mr. Rikant Pittie, one of India's brightest young entrepreneurs. As a seasoned investor with six years of experience, he has established himself in the online travel sector by bringing fresh perspectives to the travel & tourism business. Having earned a Bachelor of Technology (B.Tech.) from Kurukshetra University, Mr. Rikant has made a significant contribution to the company's growth. His thorough understanding of every aspect of the travel business, as well as its connection with e-commerce, has made this organization a household name among India's discerning travelers. Rikant was the owner and operator of Duke Travel Agency while still in college.
Prashant Pittie
Easy Trip Planners Pvt. Ltd.'s adviser is Mr. Prashant Pittie, an experienced industrialist with a diverse background. He is known for his excellent marketing abilities and innovative ideas, and he has a remarkable knack for many areas of business. Mr. Prashant holds a B.Tech. from IIT Madras. He has three years of experience in the United States, where he worked as an assistant vice president in HSBC's Risk Department in Chicago. EasyMyTrip.com has carved out a place for itself under his watchful eye. Prashant is convinced that technology, competent people, and a sophisticated management team can propel any business to new heights of success.
EaseMyTrip - Startup Story
Nishant Pittie, Prashant Pittie, and Rikant Pittie came up with the concept for EaseMyTrip as they were ordering plane tickets for their father's regular business travels and saving money in the process. Initially operating as a travel agency out of their garage, the couple lost all of their money in the first three months. Later, referrals from family and friends were helpful, and a big turnaround occurred when an airline spotted many bookings originating from a single email account and approached the Pittie brothers to become its travel partners.
“My youngest brother Rikant decided to start EaseMyTrip while he was studying in school -- in the 12th grade. I was in the US, working for a bank. Rikant and Nishant started this company. Then I quit my job and started to work in the company," Prashant Pittie, whole-time Director of EaseMyTrip, told.
EaseMyTrip - Mission and Vision
"We have a dedicated in-house technology team focused on developing secure, advanced, and scalable technology infrastructure and software. Our technology-enabled infrastructure and systems have enabled us to operate and maintain an efficient and lean organization related to the size of our operations."
EaseMyTrip - Logo
EaseMyTrip makes traveling easy and convenient for its clients, which explains the name.
EaseMyTrip - Business Model and Revenue Model
To cater to the offline travel industry in India, EaseMyTrip began operations in 2008 by focusing on the B2B2C (business to business to consumer) distribution channel and allowing travel agents access to its website to purchase domestic trip planes tickets. Following that, in 2011, the company began operations in the B2C (business to customer) distribution channel by utilizing its B2B2C channel and concentrating on the rising Indian middle-class population's travel needs.
They were able to start operations in the B2E (business to enterprise) distribution channel in 2013 to offer end-to-end travel solutions to corporates, thanks to their presence in the B2B2C and B2C channels. They have a diverse consumer base and a large distribution network thanks to their participation in three different distribution channels.
Shubham Kumar
EaseMyTrip - Employees
- Nishant Pittie - CEO & Co-Founder
- Rikant Pittie - Co-Founder & C.O.O
- Prashant Pittie - Co-Founder & Director
- Arjun Bahri - Sr. Vice President
- Himanshu Manocha - Vice President Hotel Operations
- Nikhil Kumar - Assistant Vice President
- Nutan Gupta - President
- Vipin Shah - Vice President - Hotels, Bus, Cabs, Visa
- Adil Sathu - Branch Director - J&k Branch
EaseMyTrip - Philanthropy
550 oxygen concentrators were imported for contributions during the COVID 19 Oxygen Crisis in India, and the firm also announced a thorough return policy that offered full reimbursements, including flight charges subtracted. During the Kerala floods, the company's employees also donated a day's income.
EaseMyTrip - Partnerships
It engaged with the coal sector for a short time between 2015 and 2017. Coal worth 2.2 million dollars was purchased for resale by the company. In 2018, they teamed up with the Indian Railway Catering and Tourism Corporation (IRCTC) to sell train tickets. In September of this year, EaseMyTrip collaborated with FoodForTravel. As part of the agreement, consumers were given free ready-to-eat meals.
They've also worked on many films together, including the big-budget epic Manikarnika. They were able to enhance their relationships with a variety of partners, such as hotels, buses, and airlines, and take advantage of numerous discounts as a result. With over 20,000 airline tickets sold every day, it has gradually grown to become the third-largest online travel agency in our country.
EaseMyTrip - Growth
Because of vaccination efforts and increased knowledge about the COVID-19 virus, the travel sector is steadily recovering globally. EaseMyTrip, a travel aggregator, witnessed a considerable increase in revenues in this quarter compared to the previous one, which was wracked by the second COVID-19 wave.
By the time it went public in March of 2021, EaseMyTrip had been subscribed to 159.33 times. According to Prashant, EaseMyTrip was one of the first travel firms to go public, and since then, a slew of online companies have filed for an IPO.
According to the co-founder, EaseMyTrip grew at a rate of 47 percent each year from FY18 to FY21. On projected income and sales objectives for the following year, he adds, “We are projecting at least a 70-80 percent increase from FY21 numbers.”
With new trends in internet travel driving growth, EaseMyTrip's profitability has increased during the epidemic. Because of the unpredictability around the removing and reinstalling of restrictions, individuals are planning trips more quickly.
EaseMyTrip's market capitalization has successfully crossed the $1 billion mark on September 17, 2021, where the share price of the company was recorded at a 52-week high of INR 717.65.
EaseMyTrip successfully runs 95% of its business around air businesses, which includes flight tickets and the remaining 5% comes from its non-air businesses. Now, the company has also seen quite a growth, in double-digits, even in the 5% non-air businesses that it indulges in! This is why the company is planning to focus more on its non-air businesses in order to beef up its presence in the hotels, trains and holidays segment. EaseMyTrip will begin its expansion with the help of some acquisitions, as per the reports dated October 22, 2021.
EaseMyTrip - Competitors
The top competitors in EaseMyTrip's competitive set are:
- MakeMyTrip
- Ease My Visa
- Kosytrip
- DPauls
- WOW Air Fare
- Global Currency Travel & Tours
- OYO
- Trafalgar Tours
- Rennies BCD Travel
- Thomas Cook India
- Riya Travel and Tours
EaseMyTrip - Acquisitions
EaseMyTrip has acquired 2 companies to date, and both came in 2021. Spree Hospitality was the last company acquired by EaseMyTrip on November 18, 2021, for Rs 18.25 crore ($2.45 mn). The acquisition of Spree Hotels & Real Estate Pvt Ltd would help the company expand its footprint in hotel and holiday businesses. The company previously acquired B2B travel marketplace, Traviate on October 28, 2021.
| Acquiree Name | Date | Price |
|---|---|---|
| Spree Hospitality | November 18, 2021 | $2.45 mn |
| Traviate | October 28, 2021 | - |
EaseMyTrip - Challenges Faced
EaseMyTrip has partnered with Air Deccan, which offered tickets ranging from 500 to 700 rupees. However, they quickly ceased offering such low pricing since their profits were fast dwindling. EaseMyTrip was forced to recruit new travel agents and cut their commission rates as a result of this unfortunate turn of events. They collaborated with many other offline travel agents who provided them with a cash advance. They would use this money to buy tickets in bulk from the airlines, resulting in a significant discount. It provided the majority of the early financial flow, and the brothers were able to generate a respectable profit.
Yash Gupta
EaseMyTrip - Awards and Recognitions
- World Business Leader - The Bizz Awards 2020
- Best Travel Booking Site - SATTE (2020)
- Best Dealer Meet – Business World 2020
- Best Travel Booking App/Website - Times Travel Awards (2019)
- Best Travel Booking App/Website Award in the Times Travel Awards 2019
- Best Travel Planner by Ravishing Wedding Awards 2019
- International Achievement Awards 2019
- Customer-Centric Business Award by Business Television India - Business Leader of the Year 2019.
- Vistara Gold Partner 2018-19
- Best Travel Planner by Ravishing Wedding Awards 2018
- World’s Greatest Brands & Leaders 2017-18
- Best Travel Planner by Ravishing Wedding Awards 2017
- Asia’s Greatest Leader and Asia’s Greatest Brand Awards 2017
- Most Outstanding Online Travel Company 2016 by TnH Awards 2017
- Enterprise Excellence of the Year (Tourism & Hospitality)– by 24MRC Network Leaders Awards
- Best Destination Management Company in Thailand
- Top Contributors Awards 2015-16
- Most Promising Brand for Travel & Tourism in India by Business Leaders Awards 2015
- Most Outstanding Online Company-B2B by TnH magazine at its Travel & Tourism Awards 2014
- Best Online Travel Agency by India Travel Awards 2014
- Best Online Travel Company of the Year- Business Leadership Awards 2013
- Franchisor of Year in Travel- Franchise Awards 2010
EaseMyTrip - Future Plans
The firm has already established its footprint in the UAE, Singapore, and the UK, so this is the next step in our worldwide development plan. It intends to expand its air ticketing business in three additional nations (the Philippines, Thailand, and the United States), and it expects a surge in global travel and tourist demand in the coming months. As part of this next phase of growth, the company aims to develop a localized travel search engine in each worldwide subsidiary, allowing consumers in the region to take advantage of EaseMyTrip's value-based offerings. The UAE-specific search engine is already operational, with plans to launch two more websites by December 2021.
"These subsidiaries will continue to function as low-cost centres, with a few of skilled individuals employed within the different nations to interact with local partners, local airlines, and local payment gateways. We will compete in these areas on the basis of pricing, since we will be able to sell tickets at a significantly lower cost," says Rikant Pittie.
Rather than expanding into new areas, the firm intends to concentrate on its hotel and vacation package operations. It will seek to increase sales and profitability by cross-selling to its current client base. Aside from using our extensive agent network for holiday bookings, the corporation aims to use it to supplement its hotel and holiday operations.
EaseMyTrip - FAQs
What does EaseMyTrip do?
EaseMyTrip is an Indian company that sells tickets, transportation, tour packages, and lodging.
Is EaseMyTrip an Indian company?
Yes, EaseMyTrip is an Indian company.
When was EaseMyTrip founded?
Nishant Pittie, Rikant Pittie, and Prashant Pittie established EaseMyTrip in 2008.
Which companies do EaseMyTrip compete with?
The top competitors in EaseMyTrip's competitive set are MakeMyTrip, Ease My Visa, Kosytrip, DPauls, WOW Air Fare, Global Currency Travel & Tours, OYO, Trafalgar Tours, Rennies BCD Travel, Thomas Cook India, and Riya Travel and Tours.
Author: Sarika Anand
Source : https://startuptalky.com/easemytrip-success-story/
Date : 2021-11-19T07:23:00.000Z