EaseMyTrip touches market cap of a billion dollars
- The company’s stock was trading at around ₹714 in early trading hours on Friday.
- The development comes a day after
EaseMyTripexpanded its international footprint to the US, Philippines and Thailand.
- The company had doubled its net profit to ₹61.4 crore in the financial year 2021.
The company’s stock was trading at ₹714.15 at 9:38 a.m., on Friday. That’s when the company’s market cap crossed the ₹7,300 crore threshold.
Shares of the travel tech startup, which goes by the name Easy Trip Planners, were trading at ₹663.55 at 11:10 a.m., on Friday as its market cap dropped to ₹7,215 crore ($981 million).
AdvertisementThe development comes a day after EaseMyTrip expanded its international footprint in the United States, The Philippines and Thailand. The company has forayed into new countries anticipating a huge pent-up global travel demand in the coming months, the company said in its regulatory filings.
Aloke Bajpai, founder and chief executive of another travel tech startup ixigo, congratulated EaseMyTrip on achieving this benchmark. Like EaseMyTrip, rival ixigo is also planning to hit the public markets this year and has filed the preliminary papers for its ₹1,600 crore initial public offering (IPO).
Congratulations to @EaseMyTrip @nishantpitti @rikantpitti @ppitti for hitting $1 Bn market cap in the public market… https://t.co/Ow4gE1YSKW— Aloke Bajpai (@alokebajpai) 1631853920000
Earlier this month, Anand Rathi had issued a buy call on Easy Trip Planners with a target price of ₹550. At the time, the company’s stock was trading at ₹462.35.
Founded in 2008 by Nishant Pitti, Prashant Pitti and Rikant Pitti, EaseMyTrip offers deals on flight booking, hotels and holiday packages. The company has been one of the few bootstrapped startups to hit the public market and has been profitable as well.
The company even doubled its net profit to ₹61.4 crore in the financial year 2021, when the entire travel segment was brought down to its knees due to COVID-19. Its revenue, however, declined to ₹150 crore from ₹181 crore reported in FY20.
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