Easemytrip online travel company has filed Draft papers with SEBI for a Rs. 510 Cr IPO.
As per Draft papers filed the offer will include an offer for sale of Rs. 255 Cr by companies founders Nishant Pitti and Rikant Pitti.
History of Company
The brother Nishant and Rikant Pitti use to book air tickets for their fathers frequent biz trips, when the idea came to their mind. The duo lost their initial money within first 3 months and later got help from family and friends and one day an airline noticed multiple bookings coming from a single Email Id and offered Pitti brothers to become its Travel partner.
EaseMyTrip has a network of 42,000 travel agents, 1200 franchise outlets, 640 white-label solutions, and 1600 distributors
Their peer company Make my trip has already been listed on NASDAQ in 2010 which have also alleged Ease my trip for a Trade mark violation case in 2018.
MakeMyTrip in its plea said that in September 2018 the company noticed that EaseMyTrip website was appearing in the sponsored links section of the search engine, when a search was conducted for the mark “makemytrip”.
The purpose of this IPO is basically to achieve the benefits of listing the equity shares on stock exchanges.
“Our company expects that listing of the equity shares will enhance our visibility and brand and provide liquidity to its existing shareholders,” company said in a filing.
The issue is managed by Axis Capital and JM Financials.
The company was founded in 2008 as online travel agency with offices in Noida, Bengaluru and Mumbai with headquarter in New Delhi.
This would be the first online travel agency to be listed on Indian Share Market.