The Enforcement Directorate (ED) has reportedly expanded its probe into the matter, putting cofounder Nishant Pitti of the online travel aggregator EaseMyTrip under suspicion, a month after the company formally denied any affiliation with the Mahadev app or any other betting platform.
Pitti is suspected of working with a group of operators who reportedly utilised the money made from the illicit betting business to manipulate the stock prices of 25 listed companies in which the promoters of those companies were involved, according to a media report.
In addition, during its raids last month, the ED allegedly retrieved INR 7 lakh from Pitti’s home, which is regarded as possible proceeds of crime (PoC). It is noteworthy that as part of the money laundering probe into the INR 20,000 Cr Mahadev betting case, the ED conducted raids at other Pitti-related venues last month.
Despite acknowledging in public that ED searched more than 50 places, including the Easemytrip location, the travel tech platform claimed to have “no direct or indirect association with the Mahadev Betting App or any other betting platform.”
But according to a recent media source, the ED made four accusations against Pitti in its submission to the adjudicating authority (AA).
ED’s Allegations on Pitti
Pitti was allegedly aware of the activities of the betting website Sky Exchange, which was connected to the Mahadev app, according to the investigating agency. Additionally, it claimed that Pitti’s company paid two shell corporations associated with the software.
The recovery of INR 7 lakh from Pitti’s home and his alleged interaction with an operator who conspired with promoters of listed firms to manipulate stocks are the two additional accusations. With eight earning members at home and more than INR 1,000 Cr in IT returns, Pitti has reportedly refuted the accusations once more and told a media outlet that the company’s declared cash in hand is more than INR 70 Lakh.
“The INR 7 lakh that was recovered is a small portion of our declared cash and is tiny in comparison to our income,” Pitti stated. In the meantime, digital information found on Prashant Bagri’s laptop establishes Pitti as a Sky Exchange agent, per the ED’s application. Bagri works with one of the main defendants in the lawsuit.
According to reports, ED further points out that Nischay Trading Private Ltd. and Silvertoss Shoppers Pvt. Ltd., which have been identified as entry-providing organisations, received payments from Easy Trip Planners Ltd. in 2021. The ED claims that Easy Trip Planners Ltd. and Pitti handled the proceeds of crime connected to Sky Exchange based on this evidence.
What wasMahadev App Scam?
The lavish wedding of Sourabh Chandrakar, one of the marketers of the Mahadev Online Betting app, in Dubai, which cost more than INR 200 Cr, brought attention to the Mahadev betting app scam in 2023. With 10 million users at its height, the app, which was operated by Chandrakar and Ravi Uppal, let users place real-time bets on sports like tennis, cricket, and football.
Later, a number of celebrities were engaged in the case, including Hina Khan, Huma Qureshi, Shraddha Kapoor, and Ranbir Kapoor. The Mahadev app online betting fraud was exposed by the ED during a crackdown that began months later.
Following investigations, the ED discovered that INR 1,100 Cr of the estimated INR 20,000 Cr in total profits of the crime had been transferred into the stock market using fictitious bank firms and dummy accounts.
The ED had previously claimed that Bhupesh Baghel, the former chief minister of Chhattisgarh, had accepted kickbacks from the Mahadev app’s developers totalling more than INR 500 Cr.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
Traveling is one of the activities that has proven more than one benefit to our body and mind because it refreshes both.
Who doesn’t like to travel? Traveling, any day, helps us learn and experience more than we do when we are restricted to our homes or lead a sedentary lifestyle. However, most often it was seen that people went confused or couldn’t muster courage enough to go on vacation due to all the complexities involved in it, which are aggravated by the lack of knowledge about the destination chosen and the updates about the appropriate fare to be carried. Furthermore, most people had to carry a considerable amount of cash during the trip, which also included enormous risks. Now, all of these don’t matter much anymore with the birth of EaseMyTrip. EaseMyTrip is a one-stop website built for the end-users so that they can freely travel anywhere without worrying much about anything during their trips. From booking flights to seeing sights, booking cabs during the trip and throughout it, and planning a complete holiday without breaking the banks, Easemytrip helps travelers rest assured.
Launched by Nishant Pitti, Rikant Pitti, and Prashant Pitti, EaseMyTrip was founded in 2008 as a disruptive idea of establishing an Indian internet travel firm. The firm, which is based in New Delhi, offers hotel reservations, airline tickets, vacation packages, bus reservations, and other white-label services.
Read more about EaseMyTrip, its Startup Story, History, Mission and Vision, Business model, Logo, Partnerships, IPO, Shareholding, Revenue, Financials, Acquisitions, Growth, Competitors, the Travel Industry, and more.
Also known as Easy Trip Planners, EaseMyTrip is a company that sells tickets, transportation, tour packages, and lodging. Located in New Delhi’s Patparganj Industrial Area, EasyMyTrip is an Indian internet travel agency. This travel agency has offices all across India and the world. It runs a travel website that offers discounts on flights, hotels, bus tickets, and vacation packages.
The firm provides a wide range of transportation products and services to meet the demands of travelers traveling inside the country as well as to and from other countries. It offers consumers a wide range of resources and information to help them plan, research, book, and purchase travel services and goods both inside India and in other countries. Products and services are available online through its websites and mobile applications. The company uses data and analytics to tailor the customer experience on the websites and mobile applications based on prior searches and purchases, which they think enhances customer engagement and the chance of purchase.
As more sectors migrate to digital channels, India’s online travel business is maturing. Gross reservations for online travel will rise in double digits, outpacing the total travel industry. The online travel business in India is quickly evolving as a result of the introduction of the internet and the rise of artificial reality (AR), as a rising number of Indians have resorted to the convenience of the web for better travel rates and lodgings. The rising penetration of foreign airline and hotel reservations given by online portals such as Cleartrip, MakeMyTrip, Yatra, and others will account for the majority of the growth in the Indian online travel sector.
Holiday packages are increasingly being offered in conjunction with travel and transportation options. The government’s regional airport development initiative promotes connection to smaller cities and villages, and it is the largest continuing development in India in terms of air accessibility and affordability. The growing tourism sector in India, as well as the increasing prevalence of internet usage and smartphone users in various nations, are driving the online travel market in India.
As to the Statista research tailored for India, the Travel & Tourism industry is anticipated to witness substantial growth, with a projected value of US$25.01 billion in 2025. With a projected CAGR of 8.07% (2025-2029), the market is expected to reach US$34.11 billion by 2029. This data, which comes from Statista, highlights the travel and tourism industry’s bright future as well as its critical position in the country’s economy.
EaseMyTrip – Founders and Team
EaseMyTrip Founders – Rikant Pitti, Nishant Pitti, and Prashant Pitti (Left to Right)
Nishant Pitti, Rikant Pitti, and Prashant are the co-founders of EaseMyTrip.
Nishant Pitti
Mr. Nishant founded the business intending to become a leader in the travel and tourism sectors, and he also serves as the Chairman of the company. After earning his bachelor’s degree in commerce from Delhi University, he went on to become a successful entrepreneur in the travel sector as well. His persistent goal to provide perfect services to Indian and international travelers led to the establishment of India’s premier travel agency. From 2012 to 2014, he served as honorary secretary of the Travel Agents Federation of India (TAFI). Mr. Nishant has dabbled in filmmaking, co-producing the Bollywood blockbuster ‘Madaari’.
Rikant Pitti
Easy Trip Planners Pvt. Ltd. was co-founded by Mr. Rikant Pitti, one of India’s brightest young entrepreneurs. As a seasoned investor with approximately eight years of experience, he has established himself in the online travel sector by bringing fresh perspectives to the travel & tourism business. Having earned a Bachelor of Technology (BTech) from Kurukshetra University, Mr. Rikant has made a significant contribution to the company’s growth. His thorough understanding of every aspect of the travel business, as well as its connection with e-commerce, has made this organization a household name among India’s discerning travelers. Rikant was the owner and operator of Duke Travel Agency while still in college. He serves as the CEO of the company.
Prashant Pitti
Easy Trip Planners Pvt. Ltd.’s adviser is Mr. Prashant Pitti, an experienced industrialist with a diverse background. He is known for his excellent marketing abilities and innovative ideas, and he has a remarkable knack for many areas of business. Mr. Prashant holds a BTech from IIT Madras. He has around three years of experience in the United States, where he worked as an assistant vice president in HSBC’s Risk Department in Chicago. EasyMyTrip.com has carved out a place for itself under his watchful eye. Prashant is convinced that technology, competent people, and a sophisticated management team can propel any business to new heights of success.
EaseMyTrip is working with “a qualified team of 501–1,000 well-trained staff who are contributing to the company’s constant growth,” as per its LinkedIn profile.
Prashant Pitti talks about The success story of EaseMyTrip
EaseMyTrip – Startup Story
Nishant Pitti, Prashant Pitti, and Rikant Pitti came up with the concept for EaseMyTrip as they were ordering plane tickets for their father’s regular business travels and saving money in the process. Initially operating as a travel agency out of their garage, the couple lost all of their money in the first three months. Later, referrals from family and friends were helpful, and a big turnaround occurred when an airline spotted many bookings originating from a single email account and approached the Pitti brothers to become its travel partners.
“My youngest brother Rikant decided to start EaseMyTrip while he was studying in school – in the 12th grade. I was in the US, working for a bank. Rikant and Nishant started this company. Then I quit my job and started to work in the company,” Prashant Pitti, whole-time Director of EaseMyTrip, told.
EaseMyTrip – Mission and Vision
At EaseMyTrip, the commitment to innovation is embodied by the dedicated in-house technology team, diligently crafting secure, advanced, and scalable technology infrastructure and software. This robust, technology-enabled foundation empowers to not only operate but also maintain an efficient and lean organization, perfectly tailored to the scale of operations.
Company believes that cutting-edge technology is integral to realizing the mission and vision, ensuring a seamless and unparalleled travel experience for the customers while driving the continued success of EaseMyTrip in the dynamic landscape of the travel industry.
EaseMyTrip Philanthropy
550 oxygen concentrators were imported for contributions during the COVID-19 Oxygen Crisis in India, and the firm also announced a thorough return policy that offered full reimbursements, including flight charges subtracted. During the Kerala floods, the company’s employees also donated a day’s income.
EaseMyTrip – Name, Tagline and Logo
EaseMyTrip makes traveling easy and convenient for its clients, which explains the name.
Tagline: Take it Easy
EaseMyTrip Logo
EaseMyTrip – Business Model
To cater to the offline travel industry in India, EaseMyTrip began operations in 2008 by focusing on the B2B2C (business to business to consumer) distribution channel and allowing travel agents access to its website to purchase domestic trip plane tickets. Following that, in 2011, the company began operations in the B2C (business to customer) distribution channel by utilizing its B2B2C channel and concentrating on the rising Indian middle-class population’s travel needs.
They were able to start operations in the B2E (business to enterprise) distribution channel in 2013 to offer end-to-end travel solutions to corporates, thanks to their presence in the B2B2C and B2C channels. They have a diverse consumer base and a large distribution network, thanks to their participation in three different distribution channels.
EaseMyTrip – Challenges Faced
EaseMyTrip partnered with Air Deccan, which offered tickets ranging from Rs 500 to Rs 700. However, they quickly ceased offering such low pricing since their profits were fast dwindling. EaseMyTrip was forced to recruit new travel agents and cut its commission rates as a result of this unfortunate turn of events. It collaborated with many other offline travel agents who the company with a cash advance. It then used this money to buy tickets in bulk from the airlines, resulting in a significant discount. It provided the majority of the early financial flow, and the brothers were able to generate a respectable profit.
EaseMyTrip – Partnerships
In 2018, it teamed up with the Indian Railway Catering and Tourism Corporation (IRCTC) to sell train tickets. In September 2019, EaseMyTrip collaborated with FoodForTravel. As part of the agreement, consumers were given free, ready-to-eat meals.
It has also worked on many films together, including the big-budget epic Manikarnika. The company was able to enhance its relationships with a variety of partners, such as hotels, buses, and airlines, and take advantage of numerous discounts as a result. With over 20,000 airline tickets sold every day, EaseMyTrip has gradually grown to become the third-largest online travel agency in our country as per news report of 2021. Some of the prominent EaseMyTrip partners and partnerships include:
Toffee Insurance – EaseMyTrip partnered with Toffee Insurance, which is hailed as one of the fastest-growing Insurtech providers to offer insurance solutions to its customers.
Flybig – Flybig is a regional airline company to sell tickets exclusively on its platform.
JustDial – EaseMyTrip entered into a partnership with JustDial, according to which all the air travel bookings will be completed via EaseMyTrip.
SpiceJet – SpiceJet is a budget airline company, that has partnered with SpiceJet to offer its customers hassle-free holiday bookings.
EaseMyTrip – Funding and Investors
EaseMyTrip has raised Rs 16.5 crore till date in one funding round.
Date
Stage
Amount
Investors
Feb 28, 2022
Post-IPO Equity
Rs 16.5 crore
Nomura Holdings
EaseMyTrip – Shareholding
EaseMyTrip’s shareholding pattern as of March 2019, sourced from Tracxn:
EaseMyTrip Shareholders
Percentage
Nishant Pitti
49.8%
Rikant Pitti
49.7%
Prashant Pitti
0.5%
Total
100.0%
EaseMyTrip Shareholding
EaseMyTrip – Mergers and Acquisitions
EaseMyTrip has acquired five companies to date.
Below are the details:
Company Name
Date
Amount
CheQIn
Jan 24, 2023
Rs 3 crore
Nutana Aviation Capital
Dec 1, 2022
–
Yolobus
Dec 16, 2021
–
Spree Hospitality
Nov 18, 2021
Rs 18.25 crore
Traviate
Oct 28, 2021
–
EaseMyTrip – Growth
EaseMyTrip is a leading online travel agency in India, which boasts a network of more than 61K+ travel agents, 1 Million+ Hotel partner networks, 400+ International & Domestic Airlines, and 11+ Million customers network online. EaseMyTrip announced that users would be able to book flight tickets via Whatsapp in January 2020, where they would be able to activate an autonomous interactive program just by sending a Whatsapp message and the bot will guide them through the end-to-end process.
EaseMyTrip has already gone for an IPO that was valued at Rs 510 crore and got listed on the domestic stock exchanges in 2021. The company was announced as the fastest-growing online travel agency in May 2021. It collaborated with some other companies like Airbnb, Yatra, and Oyo Rooms to form the Confederation of Hospitality, Technology, and Tourism Industry (CHATT), which is deemed to be an industry body for the tourism sector in India.
The Nishant Pitti-led company is a unicorn travel company, which entered the coveted club of unicorn startups of India on September 17, 2021, when its share prices touched a 52-week high of Rs 717.65.
Here go some major growth highlights of the brand:
EaseMyTrip boasts of operating with a lean and cost-effective model of operation
EaseMytrip is powered by advanced technologies and analytics capabilities
EaseMyTrip boasts a track record of delivering excellent performance with the help of an experienced management team
Apart from operating in India from offices in Delhi, Noida, Bangalore, and Mumbai, EaseMyTrip also operates abroad and has offices in Singapore, Dubai, London, USA, Thailand, New Zealand, and the Philippines
It company claims to have 11 Million+ customers network online
EasyMyTrip – Financials
EaseMyTrip has demonstrated consistent growth over the past five financial years, with notable increases in revenue and profitability.
Particulars
FY24
FY23
FY22
FY21
FY20
Revenue
INR 5,906 crore
INR 4,488 crore
INR 2,354 crore
INR 1,385 crore
INR 1,414 crore
Expenses
INR 3,375 crore
INR 2,375 crore
INR 1,987 crore
INR 716 crore
INR 903 crore
Profit/Loss
INR 1,031 crore
INR 1,342 crore
INR 1,059 crore
INR 610 crore
INR 330 crore
EaseMyTrip Financials
In FY24, EaseMyTrip’s revenue increased by 31.6% to INR 5,906 crore from INR 4,488 crore in FY23, while profit decreased by 23.2% to INR 1,031 crore from INR 1,342 crore.
EaseMyTrip Revenue Breakdown
Revenue Source
FY24
FY23
Revenue from Operations
INR 5,906 crore
INR 4,488 crore
Other Income
INR 185.1 crore
INR 153.7 crore
Total Revenue
INR 6,091 crore
INR 4,642 crore
The company’s revenue from operations grew by 31.6% in FY24, reaching INR 5,906 crore, up from INR 4,488 crore in FY23.
EaseMyTrip Profit/Loss
Profit Metrics
FY24
FY23
Gross Profit
INR 4,444 crore
INR 3,755 crore
Operating Profit
INR 2,070 crore
INR 1,768 crore
Net Profit/Loss
INR 1,031 crore
INR 1,342 crore
Net profit decreased by 23.2% in FY24, amounting to INR 1,031 crore compared to INR 1,342 crore in FY23.
EaseMyTrip Expenses Breakdown
Expense Type
FY24
FY23
Employee Benefit Expense
INR 821.5 crore
INR 524.4 crore
Finance Costs
INR 59.7 crore
INR 34.1 crore
Amortization & Depreciation
INR 71.6 crore
INR 29.0 crore
Other Expenses
INR 2,422.2 crore
INR 1,788.5 crore
Total Expenses
INR 3,375 crore
INR 2,375 crore
Total expenses rose by 42.1% in FY24 to INR 3,375 crore from INR 2,375 crore in FY23, primarily due to increased employee benefit expenses and other operational costs.
Quick Summary
Revenue Growth: 31.6% increase from INR 4,488 crore in FY23 to INR 5,906 crore in FY24.
Profitability: Net profit decreased by 23.2%, from INR 1,342 crore to INR 1,031 crore.
Expenses: Total expenses increased by 42.1%, driven by higher employee benefits and operational costs.
Business Outlook: EaseMyTrip continues to exhibit robust growth, leveraging increased internet adoption among businesses to enhance its market position.
EaseMyTrip – IPO
Though Easy Trip Planners went ahead with an IPO even amidst visible volatility in market conditions, it noticed a 13.5% listing gain on March 8, 2021, when it opened its IPO. By the time it went public in March of 2021, EaseMyTrip had been subscribed to 159.33 times. According to Prashant, EaseMyTrip was one of the first travel firms to go public, and since then, a slew of online companies have filed for an IPO.
It was subscribed a whopping 159 times, which makes the listing gain substandard. The stocks of EaseMyTrip are listed at Rs 212.25 on NSE, a 13.5% premium to its issue price, which was Rs 187 per share. On the other hand, the scrip got listed on the BSE at Rs 206, which was a 10.16% premium to its issue price.
EaseMyTrip – Advertisements and Social Media Campaigns
EaseMyTrip Campaign
EaseMyTrip is intentionally targeting the online booking-savvy customer demographic with this campaign. The campaign’s reach and resonance are increased by the brand’s use of Bollywood actors Varun Sharma and Vijay Raaz’s widespread appeal, which forges a strong bond with both the younger and older audience.
EaseMyTrip – Awards and Achievements
EaseMyTrip some of the prominent Awards and Recognistions are:
World Business Leader – The Bizz Awards 2020
Best Travel Booking Site – SATTE (2020)
Best Dealer Meet – Business World 2020
Best Travel Booking App/Website – Times Travel Awards (2019)
EaseMyTrip – Competitors
The top competitors in EaseMyTrip’s competitive set are:
Anticipating increased demand in the evolving landscape of safe and tech-driven travel, the company at that time thought of expanding its global footprint, present in the UAE, Singapore, the UK, the Philippines, Thailand, and the USA. With a strategic eye on the substantial pent-up global demand for travel and tourism, EaseMyTrip aims for a healthy business volume growth. Known for its no-convenience-fee model, the company aims to expand internationally and diversify into corporate travel and luxury tourism.
FAQs
What does EaseMyTrip do?
EaseMyTrip is an Indian company that sells tickets, transportation, tour packages, and lodging.
Is EaseMyTrip an Indian company?
Yes, EaseMyTrip is an Indian company.
Who are EaseMyTrip founders?
Nishant Pitti, Rikant Pitti, and Prashant Pitti are the owners of EaseMyTrip, which was founded in 2008.
Which companies do EaseMyTrip compete with?
The top competitors in EaseMyTrip’s competitive set are MakeMyTrip, Goibibo, cleartrip and Ease My Visa.
What is EaseMyTrip Business Model?
EaseMyTrip operates on a commission-based online travel agency (OTA) model, earning revenue from flight, hotel, and holiday package bookings. It differentiates itself with a zero convenience fee option, making it a cost-effective choice for travelers.
Travel tech giant EaseMyTrip’s cofounder, former CEO, and promoter, Nishant Pitti, sold off 1.41% of the company, or 5 Cr shares, in a block deal on December 31. After the transaction, Pitti still owns 12.80% of the business. According to NSE statistics, Pitti sold 4,99,52,163 shares for INR 15.68 each, for a total transaction value of INR 78.3 Cr.
According to the data, Arunaben Sanjaykumar Bhatiya paid INR 15.86 per share for 2.4 Cr of the company’s shares. Amid rumours that Pitti was selling his entire ownership in the company, shares of Easemytrip fell as much as 10% during intraday trading earlier in the day. Pitti was scheduled to sell his remaining 14.21% interest in EaseMyTrip in a block deal valued at INR 780 Cr, according to a media report.
Second Time Pitti Offloading Shares of EaseMyTrip
The fact that this is Pitti’s second share sale of this kind in recent months. The cofounder sold 24.65 Cr of the company’s shares for INR 920 Cr in several block deals in September of 2024. The company’s third bonus issue was approved by the board earlier this year in a 1:1 ratio. The board also authorised a preferential offer of equity shares this month, raising INR 234.03 Cr from seven investors. Despite all of this, the business keeps adding new products to its lineup. Through an equity share swap valued at INR 39.20 Cr, the travel major acquired a 49% stake in Planet Education Australia, an Australian supplier of study abroad consultant services, in November.
Nishant Pitti Leaves his Position as CEO of EaseMyTrip
The parent firm of online travel aggregator EaseMyTrip, Easy Trip Planners Ltd., said that Nishant Pitti has resigned with effect from January 1 for personal reasons. According to an exchange filing, Rikant Pitti, the company’s CFO and Nishant’s brother, has been cleared by the board of directors to take over as CEO with immediate effect. Nishant Pitti, Rikant Pitti, and Prashant Pitti launched EaseMyTrip, which is run by Easy Trip Planners, in 2008. In recent months, the firm has taken a number of noteworthy actions.
Co-founder Rikant Pitti was instrumental in the development and prosperity of EaseMyTrip in 2008. Having worked in the travel and tourist sector for more than 16 years, Rikant has a thorough awareness of consumer demands and market trends, which puts him in a strong position to guide the business into its next stage.
Expansion Plans of EaseMyTrip
The company’s plan to enter the hospitality industry was supported by the acquisition of the Australian brand. The business said earlier this year that it had partnered with the Jeewani Group and had set aside up to INR 100 Cr to construct a five-star hotel in Ayodhya. As part of its drive into medical tourism, EaseMyTrip said in September that its board had approved plans to purchase a 49% investment in Pflege Home Healthcare Centre LLC for INR 30 Cr and a 30% stake in Rollins International for INR 60 Cr. In the meantime, the company’s consolidated profit after tax (PAT) for the second quarter of FY25 decreased 42.8% from INR 46.9 Cr to INR 26.8 Cr.
