Travel platform EaseMyTrip said it will invest in and acquire Gujarat’s GIFT city-based Nutana Aviation.
Nutana Aviation offers charter solutions to clients in India and abroad and leases charter aircraft within and outside India.
The company said the acquisition is a strategic decision which is in line with its continued diversification plans of developing a comprehensive travel ecosystem. EaseMyTrip is focused on growing inorganically and attain profits and wants to expand its footprints to international markets, it added.
As part of the deal, EaseMyTrip will hold a majority stake in Nutana aviation. After the investment by EaseMyTrip, Nutana Aviation will continue to run and operate as an independent entity.
“With India’s ever-growing demand for aircraft charters in the foreseeable future, we see Nutana shaping a reliable, robust, and profitable channel. We are extremely excited to see what the future holds for Nutana Aviation as a part of the EaseMyTrip brand,” said Nishant Pitti, CEO and co-founder of EaseMyTrip.
‘’It will not only support its organic growth into the travel industry but also support a number of opportunities related with booking charter and leasing air services immersed with technology across the globe,” Mr. Sanjay Mandavia, Founder of Nutana Aviation said.
The transaction is subject to closing conditions.
EaseMyTrip, established in 2008, is India’s second-largest online travel platform.
For Q2FY23, it reported a record gross booking revenue of ₹1,977.7 crore, the highest ever in any quarter. On a consolidated basis, the company reported revenue from operations of ₹108.5 crore in Q2FY23 compared with ₹56.65 crore a year ago. Net income surged 87.5% on year to ₹112.07 crore.
