EaseMyTrip’s Nishant Pitti withdraws from GoAir bid
Pitti and SpiceJet chairman Ajay Singh jointly bid Rs 500-600 crore to acquire GoAir (now GoFirst), which was grounded in March.
Nishant Pitti, the Founder and CEO of online travel platform , has announced his decision to withdraw from the bidding process for GoAir in his personal capacity.
This strategic move is aimed at allowing Pitti to concentrate more effectively on other key initiatives and priorities that align with the long-term vision and growth objectives of EaseMyTrip.
"After careful consideration, I have decided to withdraw from the GoAir bid in my personal capacity," Pitti said in a statement. "This decision allows me to better focus on other strategic priorities and initiatives that align with our long-term vision and growth objectives."
"Our commitment to delivering exceptional value and service remains unwavering as we continue to navigate new opportunities and challenges," he added.
Pitti and SpiceJet chairman Ajay Singh jointly bid Rs 500-600 crore to acquire grounded GoAir (now GoFirst), a grounded airline in March.
However, the committee of creditors (CoC) requested Pitti to reconsider GoFirst's bid, resulting in a joint bid of Rs 1,650-1,700 crore, considering the total debt of Rs 6,521 crore owed to creditors and banks.
Founded in 2008 by Nishant Pitti, Rikant Pitti, and Prashant Pitti, Delhi-headquartered EaseMyTrip offers services such as hotel bookings, air tickets, holiday packages, bus bookings, and white-label services.
The company reported revenue in 2023–24 grew 31.5% YoY to Rs 590 crore, while profits declined by 23% YoY to Rs 103 crore, causing the latest quarter to slip into a loss due to a first write-off.
Edited by Megha Reddy