EaseMyTrip’s India defence hits Maldives
Tourism directly contributes about a third of Maldives’ GDP; indirectly, according to some estimates, the figure may be much higher.
Online travel company EaseMyTrip on Friday reported a net loss of Rs 15 crore in the January-March quarter of the last fiscal year (FY24), as against a profit of Rs 45.6 crore in the previous quarter.
The net loss can be attributed to its one-time expense of Rs 72.4 crore which consisted of “advances to supplier written off” and trade receivables that were written off by the startup.
The revenue from operations by Nishant Pitti-led startup surged 41 per cent (year-on-year) to Rs 164 crore in Q4.
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“In Q4 FY24, we acquired a 50 per cent stake in Jeewani Hospitality to develop a luxurious 150-room Radisson Blu hotel in Ayodhya, expanding our portfolio with high-quality hospitality offerings to 1.5 lakh daily visitors,” Pitti said.
The company also launched a new subsidiary, EaseMyTrip Insurance Broker Pvt Ltd, marking its entry into the Rs 7.9 trillion insurance industry.
“These initiatives underpin our commitment to strengthening partnerships and enhancing customer satisfaction across the travel and financial services sectors,” Pitti added.
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