EaseMyTrip co-founder Nishant Pitti to exit firm with Rs 780 cr stake sale

Nishant Pitti's exit signals the completion of his divestment from the travel-tech company, leaving EaseMyTrip in the hands of institutional investors and other stakeholders

Nishant Pitti, co-founder of EaseMyTrip, is set to sell his remaining 14 per cent stake in the company for Rs 780 crore through a block deal scheduled for December 31, according to several media reports. The deal involves 50 million shares priced at Rs 15.6 per unit.

 

Prominent institutional investors, including CRAFT Emerging Market Fund PCC’s Citadel Capital Fund, Elite Capital Fund, Multitude Growth Funds Limited, Nexpact Limited, and Eminence Global Fund, are reportedly participating in the transaction.

 

Complete exit from EaseMyTrip

This sale will mark Pitti’s full exit from EaseMyTrip, operated by the listed entity Easy Trip Planners. In September 2023, he sold a similar 14 per cent stake for Rs 920 crore at prices ranging from Rs 37.11 to Rs 38.28 per unit.

 

EaseMyTrip Q2FY25 net profit falls 45 per cent

In the July-September quarter (Q2) of financial year 2024-25 (FY25), the online travel agency saw a 45.2 per cent decline in consolidated profit to around Rs 26 crore, compared to the same period last year. The company, however, saw a marginal 2.1 per cent increase in net sales for the quarter year-on-year.

 

“The company is investing Rs 200 crore for research and development (R&D), product development, and establishing a manufacturing plant over the next 2-3 years, targeting the rapidly growing Indian electric bus market, which is projected to grow at a compound annual growth rate (CAGR) of 24 per cent from 2024 to 2030,” the company had said in a statement.

 

Market reaction

Following reports of the block deal, Easy Trip Planners' shares dropped sharply. On Tuesday, the stock slumped 9.9 per cent on the BSE, hitting an intraday low of Rs 15.36. By 10:22 am, the shares were trading down 8.09 per cent at Rs 15.67. Trading volumes surged, with 17.15 million shares changing hands on the BSE and 143.3 million shares on the NSE.

 

As of 11:00 am, the stock partially recovered but remained down 6.5 per cent at Rs 15.93 per share on the BSE.

 

Pitti's exit signals the completion of his divestment from the travel-tech company, leaving EaseMyTrip in the hands of institutional investors and other stakeholders.