in

EaseMyTrip’s Nishant Pitti pulls out of GoAir offering

News

Nishant Pitti, founder and CEO of online travel platform EaseMyTrip, announced his decision to withdraw from the acquisition bid for GoAir, also known as GoFirst, as a personal one. This strategic move will allow Pitti to focus more effectively on key initiatives and priorities that align with EaseMyTrip’s long-term vision and growth goals.

«After careful consideration, I have decided to withdraw from the GoAir offer as a personal matter,» Pitti said in a statement. “This decision allows me to better focus on other strategic priorities and initiatives that are aligned with our long-term vision and growth goals. Our commitment to delivering exceptional value and service remains unwavering as we continually navigate new opportunities and challenges,” he added.

Pitti, along with SpiceJet chairman Ajay Singh, jointly offered Rs 500-600 crore to acquire defunct airline GoAir in March. However, the Committee of Creditors (CoC) asked Pitti to reconsider the offer, leading to a revised joint offer of Rs 1,650-1,700 crore. This review was prompted by GoFirst’s significant debt totaling Rs 6,521 crore owed to lenders and banks.

Founded in 2008 by Nishant Pitti, Rikant Pitti and Prashant Pitti, Delhi-based EaseMyTrip offers a wide range of services including hotel bookings, air tickets, holiday packages, bus bookings and white-label services. The company has shown strong growth, with FY 2023-24 revenue up 31.5% year-on-year to Rs 590 crore. However, profits fell 23% year-on-year to Rs 103 crore, causing the latest quarter to slip into a loss due to a significant write-down.

Despite financial challenges, EaseMyTrip remains committed to improving its service offerings and exploring new opportunities in the travel and tourism industry. Pitti’s exit from the GoAir offering underscores a strategic shift to prioritize and strengthen EaseMyTrip’s core business.

Recommended Article
MyPickup raises INR 1.5 million in a seed round led by Inflection Point Ventures

Follow Startup Story

What do you think?

Deja una respuesta

Tu dirección de correo electrónico no será publicada. Los campos obligatorios están marcados con *

GIPHY App Key not set. Please check settings

Princess Beatrice becomes ‘increasingly key’ to The Firm amid cancer battles facing King Charles and Kate Middleton, royal commentator says

Anthony Martial’s Manchester United career is over after he was left out of the FA Cup final squad… Frenchman’s contract expires after NINE years at Old Trafford