The Board of Directors of the listed company has considered and approved its plan to enter into a Non-binding Agreement Offering with Traviat Online Pvt Ltd. Ltd for the acquisition, according to a filing on Thursday. The deal will add a new revenue stream, “fast-track” EaseMyTrip’s expansion into the B2B hotel and holiday space and result in higher cost efficiency.
The deal is expected to be completed in three months, “subject to the finalization of definitive agreements, customary closing conditions and other necessary approvals”.
Established in 2016, Traviate is India’s first B2B travel marketplace. It has an inventory of over 1.2 million hotels and has enabled over two lakh transactions. Seventy percent of the company’s hotel inventory is sold through the B2B channel, which includes travel agents, hotels, tour operators, destination management companies and other players in the travel ecosystem connecting and transacting with each other.
EaseMyTrip co-founder Rikant Pitti said the two companies have a synergy as it leverages “state-of-the-art” technology to build a lean and efficient infrastructure. “We are thrilled with this development and look forward to making Traviat our ideal partner to strengthen our portfolio in the B2B hotel and holiday space,” he added.
Shares of EaseMyTrip rose 4.99% to Rs 492.00 on the BSE on Thursday, while the benchmark Sensex closed 1.89% lower at 59,984.70 points.