Following the sale of half of his stake for INR 920 crore by cofounder and CEO Nishant Pitti, online travel aggregator Easemytrip has announced a partnership with PhonePe to exclusively feature its hotels on the fintech app.
In͏͏ a͏͏ filing͏͏ on͏͏ Thursday,͏͏ the͏͏ travel͏͏ tech͏͏ major͏͏ stated͏͏ that͏͏ it͏͏ has͏͏ entered͏͏ into͏͏ an͏͏ exclusive͏͏ partnership͏͏ with͏͏ PhonePe͏͏ to͏͏ launch͏͏ its͏͏ “hotels͏͏ segment”͏͏ on͏͏ the͏͏ fintech͏͏ platform.
Enhanced͏͏ Travel͏͏ Services͏͏ for͏͏ PhonePe Users:
Under͏͏ this͏͏ agreement,͏͏ PhonePe͏͏ users͏͏ will͏͏ have͏͏ access͏͏ to͏͏ services͏͏ offered͏͏ by͏͏ EaseMyTrip,͏͏ including͏͏ hotel͏͏ deals,͏͏ special͏͏ offers,͏͏ cab͏͏ services,͏͏ and͏͏ more.
The͏͏ collaboration͏͏ aims͏͏ to͏͏ leverage͏͏ EaseMyTrip’s͏͏ extensive͏͏ offerings͏͏ in͏͏ the͏͏ travel͏͏ tech͏͏ space͏͏ alongside͏͏ PhonePe’s͏͏ user͏͏ base͏͏ to͏͏ enhance͏͏ accessibility͏͏ and͏͏ attract͏͏ more͏͏ users.
Continue͏͏ Exploring:͏͏ PhonePe’s͏͏ Pincode͏͏ streamlines͏͏ e-commerce͏͏ strategy,͏͏ exits͏͏ non-food͏͏ categories͏͏ on͏͏ ONDC͏͏ network
Promising͏͏ Growth͏͏ Ahead:
“Integrating͏͏ these͏͏ segments͏͏ with͏͏ PhonePe͏͏ allows͏͏ us͏͏ to͏͏ expand͏͏ our͏͏ reach͏͏ while͏͏ providing͏͏ users͏͏ with͏͏ the͏͏ best͏͏ deals͏͏ and͏͏ a͏͏ seamless͏͏ booking͏͏ experience.͏͏ We͏͏ are͏͏ excited͏͏ to͏͏ grow͏͏ this͏͏ partnership͏͏ and͏͏ introduce͏͏ more͏͏ services͏͏ on͏͏ the͏͏ PhonePe͏͏ platform͏͏ to͏͏ enhance͏͏ our͏͏ customers’͏͏ travel͏͏ experiences,”͏͏ said͏͏ EaseMyTrip͏͏ cofounder͏͏ Rikant͏͏ Pittie.
Commenting͏͏ on͏͏ the͏͏ partnership,͏͏ PhonePe’s͏͏ Chief͏͏ Business͏͏ Officer͏͏ of͏͏ Consumer͏͏ Payments,͏͏ Sonika͏͏ Chandra,͏͏ said,͏͏ “As͏͏ Indians͏͏ increasingly͏͏ travel͏͏ for͏͏ leisure͏͏ both͏͏ domestically͏͏ and͏͏ abroad,͏͏ this͏͏ collaboration͏͏ is͏͏ part͏͏ of͏͏ our͏͏ strategy͏͏ to͏͏ offer͏͏ our͏͏ 560+͏͏ million͏͏ users͏͏ the͏͏ best͏͏ travel͏͏ booking͏͏ experience͏͏ available͏͏ in͏͏ India.”
Following͏͏ the͏͏ announcement,͏͏ shares͏͏ of͏͏ the͏͏ travel͏͏ tech͏͏ major͏͏ were͏͏ trading͏͏ up͏͏ by͏͏ 5.83%͏͏ on͏͏ the͏͏ BSE͏͏ at͏͏ 1:25͏͏ PM.
This͏͏ follows͏͏ a͏͏ day͏͏ when͏͏ EaseMyTrip͏͏ shares͏͏ hit͏͏ the͏͏ 20%͏͏ lower͏͏ circuit͏͏ and͏͏ fell͏͏ to͏͏ INR͏͏ 32.78͏͏ each͏͏ on͏͏ the͏͏ BSE͏͏ during͏͏ early͏͏ trading͏͏ hours.
Continue͏͏ Exploring:͏͏ EaseMyTrip’s͏͏ CheQin.ai͏͏ unveils͏͏ AI-driven͏͏ upgrades͏͏ to͏͏ transform͏͏ hotel͏͏ booking͏͏ experience
This͏͏ circuit͏͏ hit͏͏ followed͏͏ cofounder͏͏ and͏͏ CEO͏͏ Nishant͏͏ Pitti’s͏͏ sale͏͏ of͏͏ 24.65͏͏ crore͏͏ shares͏͏ of͏͏ the͏͏ travel͏͏ tech͏͏ startup͏͏ through͏͏ multiple͏͏ block͏͏ deals͏͏ for͏͏ INR͏͏ 920͏͏ crore,͏͏ reducing͏͏ his͏͏ stake͏͏ to͏͏ 14%͏͏ from͏͏ over͏͏ 28%͏͏ at͏͏ the͏͏ end͏͏ of͏͏ the͏͏ June͏͏ quarter.
Founded͏͏ in͏͏ 2008͏͏ by͏͏ siblings͏͏ Nishant,͏͏ Rikant,͏͏ and͏͏ Prashant͏͏ Pitti,͏͏ EaseMyTrip͏͏ started͏͏ as͏͏ an͏͏ online͏͏ travel͏͏ agency͏͏ and͏͏ has͏͏ since͏͏ diversified͏͏ into͏͏ insurtech͏͏ and͏͏ electric͏͏ bus͏͏ manufacturing.
Financial͏͏ Recovery:͏͏ A͏͏ Positive͏͏ Turn͏͏ for͏͏ EaseMyTrip in͏͏ Q1͏͏ FY25
Following͏͏ a͏͏ net͏͏ loss͏͏ of͏͏ INR͏͏ 15͏͏ crore͏͏ in͏͏ Q4͏͏ FY24,͏͏ the͏͏ listed͏͏ online͏͏ travel͏͏ aggregator͏͏ bounced͏͏ back͏͏ in͏͏ Q1͏͏ FY25,͏͏ recording͏͏ a͏͏ net͏͏ profit͏͏ of͏͏ INR͏͏ 33.9͏͏ crore.
