IPO debut Ease my trip
One of the industries which have been badly affected by the Covid-19 pandemic is the travel and tourism industry. Nishant Pitti, Rikant Pitti, and Prashant Pitti, co-founders of travel company EaseMyTrip startup, also faced problems during the pandemic, and pandemic also raised a challenge for them. Travel booking services such as flights, hotels, etc., are offered by the company.
Prashant says, "We never raised any capital, so we had to be frugal about everything we did, and being bootstrapped also meant thinking of profitability. Until December 2020, we didn't think of an IPO. But the same month, we saw a 76 percent rise in our numbers, touching the pre-COVID levels."
In 2020, three brothers were ready to introduce an IPO ( Initial Public Offering), but it didn't occur. The company also proved that there lies an opportunity in the middle of every emergency or crisis. On March 8, 2021, EaseMyTrip made its stock market debut by holding on to its slant cost model and no convenience fee master plan.
The business made by EaseMyTrip in the financial year 2020 was ₹4,204 crore. Whereas EBITDA for the year 2020 and nine months of the year 2021 was ₹49.8 crores and ₹43.4 crores, respectively. At IPO, each share was sold at ₹187, and now within two months, shares are generating a profit of 23% for investors with ₹230.
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