EaseMyTrip CEO Nishant Pitti Steps Down, Brother Rikant Pittie to Assume Control

-Nishant Piti, sold a 1.4% stake in the company for INR 78 Cr through an open market transaction on Tuesday. This move likely signals a partial exit or a financial restructuring on his part.

- In his resignation statement, Pitti expressed gratitude for his time with the company and requested to be relieved from his duties. 

-This decision was finalized during the company's board meeting held yesterday.

Nishant Pitti, the promoter and cofounder of Easy Trip Planners (the parent company of EaseMyTrip), has resigned from CEO position, citing personal reasons. In his resignation statement, Pitti expressed gratitude for his time with the company and requested to be relieved from his duties. 

In conjunction with Nishant Pitti's resignation from the CEO position, the board of Easy Trip Planners has appointed Rikant Pittie as the new CEO, effective January 1, 2025. This decision was finalized during the company's board meeting held yesterday.

Rikant Pittie, who is also a cofounder of the company, will now lead EaseMyTrip and guide its future growth and development. He brings nearly 15 years of experience in the travel, tourism, HR, and technology sectors, Entrackr reported.

In another instance, Nishant Piti, sold a 1.4% stake in the company for INR 78 Cr through an open market transaction on Tuesday, The Hindu BusinessLine reported. This move likely signals a partial exit or a financial restructuring on his part. The transaction represents a significant but modest portion of his holdings in the company.

EaseMyTrip’s Financial Playbook

Below are some key financial figures and growth metrics from their most recent performance:

Revenue: For the fiscal year 2022-2023, EaseMyTrip reported a revenue of INR 556 Cr, marking a notable 23.28% increase from the previous year's INR 451 Cr.

Net Profit: The company reported a net profit of INR 117 Cr in FY 2023, up from INR 99 Cr in FY 2022, reflecting an 18% growth in profits.

EBITDA: The EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for FY 2023 stood at INR 159 Cr, representing a 10% year-on-year growth.

Business Growth

Flight Bookings: EaseMyTrip saw significant growth in flight bookings, which is its primary revenue driver. The company recorded a 20% year-on-year increase in air ticket bookings in FY 2023.

Hotel Bookings: The company also expanded its hotel booking segment, with bookings growing by around 35% year-on-year in FY 2023. The growth was supported by increased domestic and international travel.

Holiday Packages: The holiday packages business also witnesses growth, contributing to a 20% growth in total revenue from non-air services.

Key Metrics & Growth

Customer Base: EaseMyTrip has been expanding its customer base, with over 5 million users accessing its platform. The company also claims a strong repeat customer rate, with many users returning for bookings.

Market Share: EaseMyTrip is one of the largest players in the Indian online travel space, though MakeMyTrip remains the dominant competitor. EaseMyTrip has focused on offering lower commissions and discounts, which have helped it gain market share.

Strategic Growth & Expansion

B2B Expansion: The company has expanded its B2B (business-to-business) services, collaborating with travel agents and providing them with tools to offer travel services to customers. This has been a key strategy for diversifying revenue streams.

International Growth: EaseMyTrip has also worked on expanding its international presence by targeting markets such as the Middle East and Southeast Asia. However, the company still sees its primary growth coming from the Indian market.