EaseMyTrip.com, an Indian online travel agency, has confirmed an investment in the B2B travel portal ETrav Tech, acquiring a 4.94% stake in the company for INR 330 million ($4 million). ETrav Tech specializes in providing travel APIs to businesses, allowing access to competitive deals from global travel suppliers. This investment is aimed at enhancing EaseMyTrip’s services for corporate clients by leveraging ETrav Tech’s technological expertise.
EaseMyTrip has been actively diversifying its business in recent years through acquisitions in various travel segments. The company reported a 9.6% increase in consolidated net profit and an 18% increase in operating revenue for the period ending December 2023. Earlier this year, EaseMyTrip ventured into the insurance sector by establishing EaseMyTrip Insurance Broker to tap into the lucrative insurance market and cater to customer needs through specialized products.
In its pursuit of strengthening non-air business segments, EaseMyTrip acquired controlling stakes in several Indian travel companies last year, including Guideline Travels, TripShope Travel Technologies, and Dook Travels. The company also acquired a 55% stake in hotel booking marketplace cheQin and a 75% stake in Nutana Aviation Capital, which leases charter aircraft and provides charter services. Additionally, EaseMyTrip acquired a non-controlling stake in Eco Hotels and Resorts to boost its presence in the hotel industry.
In December 2022, EaseMyTrip announced a joint venture investment of up to INR 1 billion ($12 million) in a five-star hotel project in Ayodhya in collaboration with Jeewani Hospitality, aligning with its strategy to broaden its offerings beyond traditional travel services. The company has also partnered with Punjab National Bank to launch a co-branded travel credit card catering to mass and premium customer segments. However, the company faced backlash earlier this year after suspending all flight bookings to the Maldives following the #BoycottMaldives movement in India due to a diplomatic dispute between the two countries.
EaseMyTrip’s investment in ETrav Tech marks its entry into the B2B travel market, further diversifying its business beyond air travel. By acquiring companies that are profitable, tech-driven, asset-light, and disruptive, the company aims to grow its non-air business segments. With a strong foothold in the travel industry and a growing user base, EaseMyTrip’s strategic investments and expansions are expected to solidify its position and cater to a wide range of customer needs in the travel and insurance sectors.
