- Traviate enables peer-to-peer transactions between hotels, online travel agencies, travel agents, and others.
- The acquisition would result in better profitability which would translate into cost savings for customers.
- The company had doubled its net profit to 61.4 crore in fiscal 2021.
Online travel platform
This is the first acquisition of EaseMyTrip.
Traviate – founded in 2016 by Pranita Baveja – enables peer-to-peer (P2P) transactions between hotels, online travel agencies, travel agents and others. The company has more than 1.2 million hotels listed on its platform and claims to have enabled more than 200,000 transactions since its inception.
The five-year-old startup claims that 70% of the hotel’s inventory is sold through business-to-business (B2B) channels.
The acquisition would help EaseMyTrip grow its hotel and vacation business, and also translate into better profitability which translates into cost savings for customers. “There is a synergy between EaseMyTrip and Traviate where we leverage cutting edge technology to build a lightweight and efficient infrastructure,” said Rikant Pittie, co-founder of EaseMyTrip.
EaseMyTrip – which has a market capitalization of 5,345 crore as of October 28 – aims to further strengthen its B2B offerings with this acquisition.
Founded in 2008 by Nishant Pitti, Prashant Pitti and Rikant Pitti, EaseMyTrip offers deals on booking flights, hotels and vacation packages. The company was one of the few startups to hit the public market and was profitable as well.
The company even doubled its net profit to 61.4 crore in fiscal 2021, when the entire travel segment was brought to its knees due to COVID-19. Its revenue, however, declined to 150 crore from the 181 crore reported in FY20.
EaseMyTrip shares have jumped 134% since its IPO in March 2021. It also reached a market cap of 7,300 crore ($ 1 billion) in September, as its shares traded at 714 yen.
The company provides users with access to over 400 international and domestic airlines, over one million hotels, as well as train / bus tickets and taxi rentals for major Indian cities. It has opened offices in India, Philippines, Singapore, Thailand, United Arab Emirates, United Kingdom and United States.
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