MUMBAI, Nov 28 (Reuters) – Indian online travel agency EaseMyTrip is looking to step up acquisitions to bolster its non-air travel business, its co-founder said on Tuesday, as a pick up in demand sets it on course for a strong third quarter.<\/p>\n
“We are looking to acquire profitable, asset-light and tech-driven businesses in travel,” Prashant Pitti, co-founder of EaseMyTrip, said in an interview on Reuters’ Trading India chatroom.<\/p>\n
While the company has not earmarked funds for acquisitions, it has cash in the bank and the option to use equity as a tool for deals, Pitti added. The company last week said that its board would meet on Thursday to consider an acquisition.<\/p>\n
EaseMyTrip, like rivals MakeMyTrip (MMYT.O) and Yatra.com, is looking to cash in on the rebound in travel demand from pandemic’s lows, with a sharp pick up in airlines and hotel bookings.<\/p>\n
The portal earns up to 92% of its gross merchandise value from selling air tickets, and commands up to 22% share in the online travel agency market for air travel.<\/p>\n
“People have learnt to live in the moment post COVID and that means more spending on luxury travel. Our percentage of business-class flight, and four- and five-star hotel bookings have doubled post COVID,” Pitti said.<\/p>\n
The platform, listed on Indian stock exchanges as Easy Trip Planners (EASM.NS), has seen its shares jump over five-fold since listing in March last year. Last month, the company split its stock and issued bonus shares.<\/p>\n
The third quarter ending December “is shaping up very strongly,” Pitti said, adding that the company did total business of 5.55 billion Indian rupees ($67.90 million) between Oct. 5 and 23.<\/p>\n
Platforms like EaseMyTrip thrive on offering steep discounts to lure customers. Discounting reduced this fiscal year and is seen remaining stable in a range of 2.5%-3%, Pitti said, pointing to the strong demand.<\/p>\n
($1 = 81.7400 Indian rupees)<\/p>\n
Reporting by Savio Shetty in Mumbai; Writing by Chris Thomas; Editing by Dhanya Ann Thoppil<\/p>\n
Our Standards: The Thomson Reuters Trust Principles.<\/p>\n","protected":false},"excerpt":{"rendered":"
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