Online travel platform EaseMyTrip is betting on inorganic growth opportunities and will acquire more companies in the travel segment to expand its footprint, chief operating officer Lokendra Saini said.
“We are in discussions with players in the travel space. We are clear that engagements we will work on are going to be in and around travel, whether in technology, supply, or fulfilment side. We will be focusing on travel ecosystem,” he added. “We’re very optimistic about closing some deals very soon.”
On 24 January, Easy Trip Planners Ltd, which operates EaseMyTrip.com, said it acquired a 55% stake in cheQin for an undisclosed sum via the primary route. On cheQin, travellers can negotiate with hoteliers in real time.
In December, EaseMyTrip acquired a 75% stake in aviation asset financing and leasing company Nutana Aviation Capital, which offers charter solutions to customers both in India and abroad.
“Our business is three times more than the pre-pandemic period. We are growing in the fights space, holidays, cruise, charters, hotels etc. Our international business is growing manifold. We are, therefore, optimistic about profitability in the March quarter,” he said.
The firm is yet to announce its earnings for the December quarter. It reported a net profit of ₹28.22 crore in July-September, against ₹27.13 crore in a year ago, up 4%. Its net profit margin stood at 25.2% in the September quarter compared to 45.4% in the year-ago.
The company reported an earnings before interest, taxes, depreciation, and amortization of ₹40.24 crore in Q2 FY23 against ₹36.89 crore in Q2 FY22, up 9.1%. EBITDA margin fell to 35.9% in Q2 FY23 from 61.7% in the year-ago quarter.
EaseMyTrip recently ventured into franchise business. With EaseMyTrip Franchise, its focus is to provide a “meet-and-greet experience” to the customers. “Franchise is one of the most critical elements when it comes to on-ground presence of the brand. EaseMyTrip is clear that retail presence in India and abroad will add a lot of value to the brand.”
We have set a very ambitious target for this month for us. I may not be able to share exact number that we have planned to open for the year but that’s definitely in high three digits,” Saini said.
For the year 2023, the portal’s focus will be on improving technology of their product via organic or inorganic growth, Saini said, adding that the company is on the lookout for other travel players from non-technology side also who are creating an enabler ecosystem or adding more value to the users through a unique propositions that they are offering.