SummaryEaseMyTrip is acquiring a 49% stake in Australia-based study abroad consultant services provider Planet Education Australia via an equity share swap worth INR 39.20 Cr
EaseMyTrip said that the acquisition would allow it to expand its horizons into the international study tourism segment.
The company’s board also approved the acquisition of a 50% stake in Jeewani Hospitality Private Limited for INR 100 Cr via a share swap to set up a five-star hotel in Ayodhya.
Continuing its business diversification spree, online travel aggregator (OTA) Easemytrip
(EMT) said it is acquiring a 49% stake in Australia-based study abroad consultant services provider Planet Education Australia via an equity share swap worth INR 39.20 Cr.
The company, in an exchange filing, said it would acquire the stake in Planet Education by purchasing shares from its existing shareholders by issuing fully paid-up equity shares of EaseMyTrip.
In a statement, EaseMyTrip said that the acquisition would allow it to expand its horizons into the international study tourism segment. It plans to leverage Planet Education’s 25 year experience in the international education space.
Founded in 1999, Planet Education offers services like counselling, university placements and visa assistance to students looking to foray abroad for further studies. The company has connections with over 350 universities across Australia, the US, the UK, Canada, Singapore, Ireland, and New Zealand.
“Our acquisition in Planet Education is a strategic step to enter the burgeoning international study tourism, allowing us to offer a seamless, end-to-end experience that integrates both education and travel services for our customers,” EaseMyTrip CEO and cofounder Nishant Pitti said. .
Besides its entrance in the study abroad market, EaseMyTrip said in the exchange filing that its board approved the acquisition of a 50% stake in Jeewani Hospitality Private Limited for INR 100 Cr via a share swap.
The acquisition is part of EaseMyTrip’s plans to enter the hospitality spaceEarlier this year, the company said it tied up with the Jeewani Group and set aside up to INR 100 Cr for building a new five-star hotel in Ayodhya.
In September this year, EaseMyTrip also said that its board approved its plans to pick up a 30% stake in Rollins International for INR 60 Cr and a 49% stake in Pflege Home Healthcare Center LLC for INR 30 Cr. as part of its medical tourism push,
Meanwhile, the company’s consolidated profit after tax (PAT) declined 42.8% to INR 26.8 Cr in the second quarter (Q2) of the financial year 2024-25 (FY25) from INR 46.9 Cr in the year-ago quarter.
Revenue from operations rose 2.1% to INR 144.6 Cr in Q2 FY25 from INR 141.6 Cr in the September quarter last year.
The revenue for the bread and butter online flight booking vertical saw a dip during the quarter. The segment’s revenue declined 22.5% to INR 9.25 Cr from INR 11.94 Cr a year ago.