Delhi-based online travel startup EaseMyTrip has filed draft papers with the Indian capital markets regulator Sebi in bid to raise ₹510 crores in its Initial Public Offering (IPO), as reported by Inc42.
Startup founders’ Nishant Pitti and Rikant Pitti will both be selling shares worth ₹255 crores each through the offer-for-sale mechanism. The startup’s issue is being managed by Axis Capital and JM Financial. Through this IPO the startup is looking to enhance its visibility and brand and provide liquidity to its existing shareholders.
Earlier this year, EaseMyTrip expanded its footprint in the UK market by setting up a new workspace.
With this IPO, EaseMyTrip will join the likes of Online Travel Agency titans like MakeMyTrip and Yatra.com. While MakeMyTrip went public in 2010, Yatra.com did so in 2016.
EaseMyTrip was founded by Nishant Pitti and Rikant Pitti in 2008 as an online travel company catering to the offline travel market in India. Today, EaseMyTrip offers a comprehensive range of travel-related products and services from flight booking to holiday packages with the option of no convenience fee for the customers.
The company has a strong footprint in the Indian market with a turnover of ₹1956 crore in FY17-18. Its total ticket sale in the year 2018 was more than 50 percent and a customer base of more than 8 million.