homebusiness Newscompanies NewsEaseMyTrip aims to outpace market growth rate, focus on profitability
EaseMyTrip aims to outpace market growth rate, focus on profitability
EaseMyTrip.com aspires to grow faster than the market while keeping focus on profitability.
EaseMyTrip.com, operated by Easy Trip Planners, wants to focus on enhancing profitability in the current fiscal year. The travel-tech platform is targeting a compound annual growth rate (CAGR) that's double the market's expected 10-15%, according to Co-founder Prashant Pitti.
“We are in a market that is going to grow at a CAGR of more than 14-15% on an annual basis for the next 10 years. At EaseMyTrip, we are striving to grow at double the pace of the market," he stated.
Pitti said the company’s gross merchandise volume (GMV) was about ₹8,000 crore last year. The focus this year will be more on profitability while continuing to expand the GMV, albeit not at an exponential pace like before.
GMV for travel portals refers to the total value of all travel-related bookings and services sold through the platform over a specific period. This typically includes the value of airline tickets, hotel bookings, holiday packages, and other travel services before deducting any discounts or returns.
Pitti also talked about the exclusive subscription programme launched by the company that invites high-net-worth individuals (HNIs) and CEOs to explore specialised services.
The new EaseMyTrip Platinum, Gold, and Silver Cards are designed to make travel more luxurious and convenient. The decision to launch these subscription plans was driven by strong consumer demand, Pitti said.
Also Read | India sees 10 lakh flyers over Diwali weekend, travel portals witness sharp uptick in demandThe company's net profit shot up nearly 67%% over the last year to ₹471.78 crore in the second quarter of the financial year 2024. Revenue from operations came in at ₹1,416.94 crore, a growth of over 30% from ₹1,084.99 crore a year ago.
The Delhi-based company has a market capitalisation of ₹7,138 crore and it competes with other travel majors such as Thomas Cook, Yatra Online and MakeMyTrip.
(Edited by : Shweta Mungre)
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