Travel and tourism was one of the main industries affected due to the pandemic. With many travel-centric start-ups going for months without raising finance, EaseMyTrip was in a similar position. However, it has recently made its stock market debut leveraging its lean cost model and no convenience strategy.
The start-up was founded in 2008 by Nishant Pitti and Rikant Pitti, who are also brothers. The platform offers travel and booking services such as hotels, flights, visa processing, etc., all of which came to a standstill during the pandemic. The brothers and co-founders were initially set out to launch the company’s IPO by 2020, however, that did not materialize.
The owners diluted 25 percent of their stake in the company, and issued shares worth Rs 510 crore, eventually putting in a demand worth Rs 44,881 crore, given that it was oversubscribed by 159 times. The company was valued at Rs 2,040 crore during the IPO.