Online Travel Platform EaseMyTrip Invests INR 18.25 Crore in Spree Hospitality
EaseMyTrip, an online travel platform, has invested INR 18.25 crore for Spree Hotels & Real Estate Pvt Ltd (Spree Hospitality) to strengthen its presence in the hotel and vacation industries.
In the previous month, EaseMyTrip has made two acquisitions. The Delhi-based firm agreed to buy Traviate, a B2B travel platform, on a non-binding basis in October.
Customers who book through EaseMyTrip will receive exclusive discounts and incentives on Spree Hospitality, according to a statement from the travel company.
The company said that the Bengaluru-based hospitality firm will launch a new income vertical for EaseMyTrip and aggressively expand its hotel and vacation portfolios.
It underlined that Spree Hospitality would be able to identify new property sites and offer dynamic pricing alternatives more effectively thanks to EaseMyTrip's significant experience and data on the expanding travel market.
Keshav Baljee, a co-promoter of Royal Orchid Hotels, a publicly traded company, created Spree in 2011. Over the years, it has broadened its portfolio to include hotels, corporate guest residences, and residential clubs.
According to the statement, the firm is debt-free and employs an asset-light approach.
Spree Hospitality has a 1,220 operational key presence spanning hotels in Delhi, Goa, Pune, Mumbai, Chennai, Manali, Hyderabad, Dehradun, Amritsar, Kochi, Coimbatore, and Benguluru, among other cities.
Prashant Pitti, cofounder of EaseMyTrip, commented on the acquisition, “There is a synergy between EaseMyTrip and Spree Hospitality where we leverage the asset-light model to build a lean and efficient infrastructure. We will enable Spree to expand to 200 properties in the next 5 years becoming one of the biggest names in the Indian hospitality sector.”
In October, the firm is in purchase negotiations with a number of enterprises in the travel sector, and it is searching for ways to expand its income in the 'non-air' arena.
Easy Trip Planners, which operates the online travel platform EaseMyTrip, reported a quadrupling of its consolidated net profit for the July-September quarter of FY22 earlier this month. It recorded a net profit of INR 27.13 Cr for the quarter, up from INR 6.16 Cr in the previous fiscal quarter.
Profits have increased due to a more than 300 % increase in income from the air sector. During the period under review, air transit revenue was INR 44.96 Cr, compared to INR 10.27 Cr in the second quarter of FY21.
The year-on-year revenue increase was mostly due to the economies and the travel and hotel sector's opening up. The same period in the previous fiscal year was severely hit by covid-19 lockdowns and limitations.
EaseMyTrip, founded in 2008 by Nishant Pitti and Rikant Pitti, will be placed on local stock exchanges in March 2021. The present market value of the firm is around INR 5,800 Cr.
In the previous month, EaseMyTrip has made two acquisitions. The Delhi-based firm agreed to buy Traviate, a B2B travel platform, on a non-binding basis in October.
Customers who book through EaseMyTrip will receive exclusive discounts and incentives on Spree Hospitality, according to a statement from the travel company.
The company said that the Bengaluru-based hospitality firm will launch a new income vertical for EaseMyTrip and aggressively expand its hotel and vacation portfolios.
It underlined that Spree Hospitality would be able to identify new property sites and offer dynamic pricing alternatives more effectively thanks to EaseMyTrip's significant experience and data on the expanding travel market.
Keshav Baljee, a co-promoter of Royal Orchid Hotels, a publicly traded company, created Spree in 2011. Over the years, it has broadened its portfolio to include hotels, corporate guest residences, and residential clubs.
According to the statement, the firm is debt-free and employs an asset-light approach.
Spree Hospitality has a 1,220 operational key presence spanning hotels in Delhi, Goa, Pune, Mumbai, Chennai, Manali, Hyderabad, Dehradun, Amritsar, Kochi, Coimbatore, and Benguluru, among other cities.
Prashant Pitti, cofounder of EaseMyTrip, commented on the acquisition, “There is a synergy between EaseMyTrip and Spree Hospitality where we leverage the asset-light model to build a lean and efficient infrastructure. We will enable Spree to expand to 200 properties in the next 5 years becoming one of the biggest names in the Indian hospitality sector.”
In October, the firm is in purchase negotiations with a number of enterprises in the travel sector, and it is searching for ways to expand its income in the 'non-air' arena.
Easy Trip Planners, which operates the online travel platform EaseMyTrip, reported a quadrupling of its consolidated net profit for the July-September quarter of FY22 earlier this month. It recorded a net profit of INR 27.13 Cr for the quarter, up from INR 6.16 Cr in the previous fiscal quarter.
Profits have increased due to a more than 300 % increase in income from the air sector. During the period under review, air transit revenue was INR 44.96 Cr, compared to INR 10.27 Cr in the second quarter of FY21.
The year-on-year revenue increase was mostly due to the economies and the travel and hotel sector's opening up. The same period in the previous fiscal year was severely hit by covid-19 lockdowns and limitations.
EaseMyTrip, founded in 2008 by Nishant Pitti and Rikant Pitti, will be placed on local stock exchanges in March 2021. The present market value of the firm is around INR 5,800 Cr.
