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EaseMyTrip’s Nishant Pitti Withdraws from GoAir Bid

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Nishant Pitti, Founder and CEO of online travel platform EaseMyTrip, has announced his decision to withdraw from the bidding process for the acquisition of GoAir, also known as GoFirst, in his personal capacity. This strategic move will allow Pitti to concentrate more effectively on key initiatives and priorities that align with the long-term vision and growth objectives of EaseMyTrip.

“After careful consideration, I have decided to withdraw from the GoAir bid in my personal capacity,” Pitti said in a statement. “This decision allows me to better focus on other strategic priorities and initiatives that align with our long-term vision and growth objectives. Our commitment to delivering exceptional value and service remains unwavering as we continue to navigate new opportunities and challenges,” he added.

Pitti, along with SpiceJet chairman Ajay Singh, had jointly bid Rs 500-600 crore to acquire the grounded airline GoAir in March. However, the committee of creditors (CoC) requested Pitti to reconsider the bid, which resulted in a revised joint bid of Rs 1,650-1,700 crore. This revision was necessitated by GoFirst’s significant debt, totaling Rs 6,521 crore owed to creditors and banks.

Founded in 2008 by Nishant Pitti, Rikant Pitti, and Prashant Pitti, EaseMyTrip, headquartered in Delhi, offers a wide range of services including hotel bookings, air tickets, holiday packages, bus bookings, and white-label services. The company has demonstrated robust growth, with revenue for the fiscal year 2023-24 increasing by 31.5% year-on-year to Rs 590 crore. However, profits declined by 23% year-on-year to Rs 103 crore, causing the latest quarter to slip into a loss due to a significant write-off.

Despite the financial challenges, EaseMyTrip remains committed to enhancing its service offerings and exploring new opportunities in the travel and tourism sector. Pitti’s withdrawal from the GoAir bid underscores a strategic shift to prioritize and strengthen the core business of EaseMyTrip.