Online travel aggregator EaseMyTrip aims 100pc growth this year
Online travel solutions provider EaseMyTrip is eyeing 100 percent growth this year on the back of demand recovery for tourism.
"Led by a surge in domestic travel, advance bookings have doubled this year compared to last year. In fact, bookings are up three times in the past few days compared to mid-May," Nishant Pitti, Co-founder and CEO, EaseMyTrip told PTI.
"We anticipate a huge pent-up demand for the travel and tourism sector post the vaccination drive across India, giving us strong revenue visibility for years to come. All in all, we are hopeful of more than 100 percent growth vis-a-vis last year," he added.
Pitti said the increased pace of vaccination in the country and the government's decision to provide free visas to the first five lakh tourists will boost India's inbound tourism and the economic activities and sectors that are dependent on it.
EaseMyTrip had reported a revenue of Rs 106.69 crore and a profit after tax of Rs 61 crore in the financial year 2020-21.
The founder said that the company witnessed a downfall in the ticket bookings initially during the second wave, but the past few weeks have hinted at a return to normalcy despite state-centric lockdowns.
"We aim to continue with the record growth in the airline ticketing vertical with increased revenue margins and market share," he said.
"With new avenues for growth from hotels and holiday sector and leveraging our existing base of customers for cross-selling, we anticipate increased wallet share from our customers, and will look at enhancing the revenues and profitability going forward," he added.
EaseMyTrip is also looking to expand overseas via its subsidiaries. It has set up small subsidiaries in London, Singapore, and Dubai — places with a huge Indian population.
Its lean revenue model has been the key driver in maintaining financial health. "One of the measures that EaseMyTrip implemented for cost-saving during this period was to use technology for processes that were human resource-intensive," Pitti said.
"The company, in fact, took this period as an opportunity to streamline its processes and added more people in the technology team," he added.