EaseMyTrip forays into hospitality with a plan to open ₹100-crore 5 star hotel in Ayodhya

EaseMyTrip is set to enter the hospitality business with the board of the online travel aggregator approving the proposal to open a five-star hotel in Ayodhya, close to the vicinity of Ram Temple, which was inaugurated on January 22.

The company said in a statement, "The Board of Directors (“Board”) of Easy Trip Planners Limited (“Company”) in its meeting held today, i.e., on February 11, 2024, has, inter alia considered and in-principally approved the proposal to open a 5-star hotel in Ayodhya which is less then 1Km from Shree Ram Mandir through an investment of an amount of up to ₹100 crores in Jeewani Hospitality Private Limited, a company under incorporation for 50% of the aggregate share capital of the said company on a fully diluted basis through swap i.e., fresh issuance of the Company’s own equity shares on preferential basis."

Meanwhile, EaseMyTrip reported a 9.6 increase in net profit at ₹45.6 crore in the December quarter of FY24 up from ₹41.69 crore during the same period a year ago on the back of robust growth in travel demand.