EaseMyTrip has announced an exclusive partnership with PhonePe, a leading fintech platform, to launch a dedicated hotel segment.
This collaboration aims to integrate EaseMyTrip’s comprehensive travel services, including hotel deals, cab services, and special offers, directly into the PhonePe app, enhancing user access to travel solutions.
The announcement comes just a day after cofounder and CEO Nishant Pitti sold 24.65 crore shares of the company for INR 920 crore, reducing his stake from over 28% to 14%.
This move caused a sharp decline in EaseMyTrip’s shares, which hit a 20% lower circuit limit, trading at INR 32.78 apiece earlier in the day.
However, following the partnership news, the company’s shares rebounded, climbing 6.68% on the Bombay Stock Exchange by the end of trading session.
Rikant Pitti, co-founder of EaseMyTrip, expressed optimism about the partnership, stating, “By integrating our offerings with PhonePe, we are not only expanding our reach but also ensuring that users have access to the best deals and a seamless booking experience.”
He highlighted the potential for further service expansions in the future to enhance the travel experience for users.
Sonika Chandra, Chief Business Officer of Consumer Payments at PhonePe, echoed this sentiment, noting that with over 560 million users, the platform aims to provide the best travel booking experience in India, especially as domestic and international travel continues to grow among Indians.
EaseMyTrip, founded in 2008 by siblings Nishant, Rikant, and Prashant Pitti, has evolved from a traditional online travel agency into a diversified player in the travel tech space, venturing into insurtech and electric bus manufacturing.
The company recently reported a recovery in its financials, posting a net profit of INR 33.9 crore in Q1 FY25 after a net loss of INR 15 crore in Q4 FY24.
