EaseMyTrip acquires majority stake in cheQin through primary route
The company that runs EaseMyTrip.com, Easy Trip Planners Ltd, announced on Tuesday that it had purchased a 55% share in cheQin through the principal channel for an unknown sum. Travelers can engage in live negotiations with lodgings using cheQin.
The business promotes direct payment at the hotel and maintains a customer-centric strategy that enables guests to stay at the most affordable hotels, revolutionising the entire hotel booking process.
In contrast, the business gives hoteliers access to real-time booking inquiries and the opportunity to manage their own bookings through the “cheQin” application, according to Easy Trip in an exchange filing.
Today, cheQin offers more than 60,000 highly rated accommodations, including 3-, 4-, and 5-star hotels, as well as private homes, holiday rentals, beach resorts, and affordable lodging. These properties are easily accessible to travellers through the web and applications for Android and iOS.
Recently, cheQin and more than 5,000 hotels in Singapore, Thailand, Indonesia, Vietnam, Malaysia, and the United Arab Emirates inked contracts and established ties.
With this acquisition, EaseMyTrip is now well-positioned to provide its clients a wide slection of cutting-edge hotel booking options at the most affordable rates. Booking hotel rooms in advance, for extended stays, and for large groups can all be advantageous to customers. Through this transaction, CheQin has access to EaseMyTrip’s vast network of 45,000+ travel agencies and 11+ million clients.
“EaseMyTrip’s non-air segment expansion is its primary goal. This purchase is a step toward completely changing the hotel industry. EaseMyTrip will expand its hotel booking experience with the aid of technology through cheQin, a novel app in the hotel business. According to Nishant Pitti, CEO and co-founder of EaseMyTrip, “cheQin offers unmatched possibilities in every segment and has the ability to grow and deepen cross-selling.
“The powerful cheQin negotiating algorithm would quickly attract a huge number of clients. For last-minute, bulk, long-term, and short-term reservations, we firmly believe that cheQin can perform miracles. With the help of our relationship with EaseMyTrip, we anticipate strengthening the market over the next years, according to CheQin founder Venu G Somineni.
Easy Trip Planners Ltd
The Indian online travel service EaseMyTrip was established by Nishant Pitti, Rikant Pitti, and Prashant Pitti in 2008. The organisation, which has its corporate office in New Delhi, provides white-label services in addition to its hotel and flight bookings and vacation packages. There are EaseMyTrip offices abroad in Thailand, Singapore, the UAE, and Singapore.
As the first online travel agency to be listed on the Indian stock market, it submitted an initial public offering (IPO) application to the Securities and Exchange Board of India (SEBI) in 2019 for 510 crore ($72.13 million). Axis Bank and JM Financial handled the situation. It became available for subscription on March 8 and went public on March 19 in the stock market. Over 159 times were subscribed to the IPO.
Aditya Birla Sunlife Insurance Company, Tata Trustee Company, Nomura, Sundaram Mutual Fund, Nippon Life India Trustee Company, and Bajaj Allianz Life Insurance Company were some of its core investors.
With a loss of booking revenue of 50% due to COVID-19, the company had an 86% profit in 2020–2021 once the company’s IPO was issued. In the year 2021, EaseMyTrip purchased YoloBus, a platform for intercity travel.
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