Tag Archives: Nishant Pitti

EaseMyTrip resumes bookings to the Maldives amid diplomatic developments

EaseMyTrip.com has announced the resumption of bookings to the Maldives after careful consideration looking at improved bilateral ties between both the governments, and following a constructive discussion with the Ministry of Tourism of Maldives.

Nishant Pitti, Co-Founder & CEO, EaseMyTrip, said, “Basis positive developments in mending India-Maldives bilateral ties, by both governments, we are resuming bookings to the Maldives. This decision comes after careful consideration and follows a constructive dialogue with the Ministry of Tourism of Maldives delegation during their recent visit to India and our office. Being a nation-first company we are always in alignment with our government and support their vision. It is a progressive step towards the renewed friendship and mutual goals of enhancing tourism.’’

EaseMyTrips invests INR 90cr, forays into Medical Tourism

 

Online travel aggregator EaseMyTrip has acquired a 30% stake in Rollins International and a 49% stake in Pflege Home Healthcare, marking its entry into the medical tourism market. The acquisitions, valued at INR 60 crore and INR 30 crore respectively, were approved by the company’s board and will be settled through an equity swap.

According to the filings from the National Stock Exchange, EaseMyTrip will issue its shares to pay the INR 90 crore total consideration. The company sees the acquisition as a strategic move into medical tourism, aiming to expand its travel services by integrating wellness and healthcare into its offerings.

Pflege Home Healthcare, based in the UAE, facilitates international medical treatments through partnerships with top medical institutions and luxury hotels. Rollins International, a subsidiary of Singapore’s RHA Holding, focuses on wellness products, gluten-free foods, health supplements, and therapies.

EaseMyTrip, led by Nishant Pitti, recently approved the manufacturing of electric buses and continues to grow through acquisitions. Despite expanding its portfolio, the company saw a 6.8% decrease in revenue to INR 152.6 crore in Q1 FY24, while profits dropped 13% to INR 33.92 crore.

EaseMyTrip opens office in Gurugram

EaseMyTrip.com has opened its new office in Gurugram, Haryana. This strategic move highlights a key milestone in the brand’s expansion journey.

Located in the prime region of Institutional Area, Sector 32, Gurugram, the new office resonates with EaseMyTrip’s commitment to its customers for offering exceptional services. The new office will support the company’s integral operations.

Nishant Pitti, CEO & Co-founder of EaseMyTrip, said, “We are thrilled to open doors to a new office in the Millennium City of India, Gurugram. This is an opportunity for us to expand our presence. We welcome talent from all walks of life to join our company and support us in our larger vision of transforming the travel and tourism industry with our high-end offerings and exceptional team.”

With offices in Delhi, Mumbai, Bengaluru, and Noida, EaseMyTrip has a strong presence across the country. The brand also has a significant overseas presence with offices (as subsidiary companies) in the Philippines, Singapore, Thailand, the USA, London, New Zealand, and the UAE. The new office in Gurugram is part of its larger vision to expand its footprints and bridge the market gaps with its travel booking services.

 

GoAir bid fails: EaseMyTrip CEO backs out

 

Following the deregistration of 54 aircraft of Go First by the Director General of Civil Aviation (DGCA), Nishant Pitti, the co-founder & CEO, EaseMyTrip, announced his withdrawal from the bid for the beleaguered airline on May 25. Pitti, a key bidder for Go First, cited the need to refocus on strategic priorities and initiatives aligned with the long-term vision and growth objectives of EaseMyTrip as the reason for his decision.
Pitti, who was leading a consortium with SpiceJet MD Ajay Singh to revive the defunct airline, had submitted a bid through Busy Bee Aviation Pvt Ltd (BBAPL). BBAPL is a joint venture between Pitti and Ajay Singh, with Singh holding a significant stake in SpiceJet. Pitti’s withdrawal coincided with EaseMyTrip reporting a net loss of INR 15 crore in the January-March 2024 quarter, attributed to write-offs related to Go First’s dues amounting to INR 74 crore.
With Pitti stepping back, the future of Ajay Singh’s pursuit of Go First and the fate of BBAPL are uncertain. However, a second bid by Sharjah-based Sky One remains in contention. Go First, previously owned by the Wadia group, is entangled in a legal dispute with P&W at the Singapore Court of Arbitration, seeking compensation of about INR 8,000 crore due to alleged engine failures that led to the airline’s grounding.

Busy Bee Airways reviews legal decision before finalising Go First bid

 

Following the Delhi High Court’s decision to allow lessors to reclaim 54 aircraft leased to bankrupt Go First, Nishant Pitti, representing joint bidder Busy Bee Airways, stated on Friday that they would review the court order and consider adjustments to their proposed offer for the airline accordingly.

Busy Bee Airways, in collaboration with SpiceJet’s Ajay Singh, has submitted a bid for Go First as part of the insolvency resolution process. Nishant Pitti, who is the majority shareholder in Busy Bee Airways and also the co-founder and CEO of travel portal EaseMyTrip, shared this update.

The court’s directive on Friday instructed the Directorate General of Civil Aviation (DGCA) to promptly process the applications submitted by various lessors seeking deregistration of the 54 aircraft leased to Go First, enabling them to reclaim their assets from the financially distressed airline.

In a statement shared on X on behalf of Busy Bee Airways, Pitti mentioned, “We will review the details of the order once we receive the official document.” He further added that upon assessing the court order, they would evaluate their position and make any necessary adjustments to their proposed offer for Go First.

Pitti reiterated their commitment to navigating the process in accordance with legal requirements and their strategic objectives. Go First ceased operations on May 3, 2023, following which its plea for voluntary insolvency resolution proceedings was accepted by the National Company Law Tribunal (NCLT) on May 10 last year.

The court’s directive mandates the DGCA to expedite the deregistration process for the leased aircraft within five working days, underscoring the urgency of the situation for the lessors involved.

EaseMyTrip acquires minority stake in ETrav Tech

EaseMyTrip has invested about USD 4 million in ETrav Tech, giving it a 4.94% stake in the company and boosting its effort to grow its non-air segments.

ETrav Tech is a B2B company serving travel agents with content such as air tickets, hotel bookings, holiday packages, visa services, travel insurance, car rentals and bus tickets. The company said it currently serves more than 30,000 travel agents, 600 distributors and 700 clients that use its API or white label services.

“We are aiming at diversifying our portfolio in the non-air segments. After investing in hotels, we now intend to enhance our services for our corporate clientele and investment with ETrav Tech Limited will be pivotal in the same,” said Nishant Pitti, Co-founder and CEO, EaseMyTrip.

“Leveraging their tech capabilities and expertise in dealing with B2B clients, we are confident to service our corporate clients better with improved offerings. Strategic decisions like these mark a milestone in our journey and fortify our commitment to providing seamless travel experiences for our customers, backed by innovation and technology.”

Henil Ruparelia, MD, ETrav Tech, said, “We are delighted to collaborate with EaseMyTrip, a prominent player in the travel industry. Their strategic focus on diversifying into non-air segments aligns perfectly with our vision for expansion and innovation. By combining EaseMyTrip’s investment with our tech capabilities and B2B expertise, we aim to deliver unparalleled services to corporate clients. … We are excited about the opportunities this partnership brings and look forward to achieving mutual success and growth.” (Source: Phocus Wire)