Mumbai-listed online travel aggregator EaseMyTrip has invested Rs 33 crore (around $4 million) in Mumbai-based business-to-business travel tech platform E-Trav Tech Ltd in an all-cash deal.
As part of the transaction, EaseMyTrip picked up 55 crore fully paid-up equity shares of E-Trav, constituting about 4.94% of the aggregate post-allotment paid-up share capital on a fully diluted basis.
The transaction was completed on 30 March.
The primary objective of the investment is to strengthen EaseMyTrip’s B2B segment offerings, catering to the diverse requirements of its corporate clients, it said in a statement.
ETrav offers travel-related services, primarily APIs (application programming interfaces) to other travel platforms. It provides flight API, holiday packages, hotel API, bus API and visa applications.
“We are aiming at diversifying our portfolio in the non-air segments. After investing in hotels, we now intend to enhance our services for our corporate clientele, and investment with ETrav Tech will be pivotal in the same,” said Nishant Pitti, chief executive officer and co-founder of EaseMyTrip.
ETrav so far has remained bootstrapped and profitable with zero debt. Its revenue in the financial year through March 2023 stood at Rs 35 crore, up from Rs 14.6 crore in the fiscal year before. Its revenue in FY21 was Rs 6.5 crore.
"EaseMyTrip’s strategic focus on diversifying into non-air segments aligns perfectly with our vision for expansion and innovation. By combining the investment with our tech capabilities and B2B expertise, we aim to deliver unparalleled services to corporate clients," said Henil Ruparelia, managing director, Etrav Tech Ltd.
