The company is also hoping to expand overseas via subsidiaries. They have set up small subsidiaries in places with a large Indian population, including London, Singapore, and Dubai.
EaseMyTrip expects 100 percent growth this year as tourism demand recovers. A surge in domestic travel prompted a double-digit increase in advance bookings this year compared to last.
Bookings are up three times in the past few days compared to mid-May,” said Nishant Pitti, CEO and co-founder of EaseMyTrip.
“We anticipate a huge pent-up demand for the travel and tourism sector post the vaccination drive across India, giving us strong revenue visibility for years to come. All in all, we are hopeful of more than 100 percent growth vis-a-vis last year,” Pitti said.
As a result of increasing vaccination rates in the country and the government’s decision to grant free visas to the first five lakh tourists, Pitti said the inbound tourism sector as well as other vital economic sectors will benefit.
In the financial year 2020-21, EaseMyTrip reported revenue of Rs 106.69 crore and profit of Rs 61 crore.
Although the company experienced a drop in bookings initially during the second wave, Pitti said the past few weeks have shown a return to normality despite state-centric lockdowns.
“We plan to continue the record growth of the airline ticketing vertical at a higher profit margin and market share. We anticipate increased wallet share from our customers and will look at enhancing revenue and profitability going forward with new avenues for growth from hotels and holidays,” he said.
Additionally, the company plans to expand overseas via its subsidiaries. Small subsidiaries have been set up in London, Singapore, and Dubai, places with a large Indian population.
The company’s lean revenue model has been a key factor in maintaining its financial health, Pitti said.
EaseMyTrip implemented a number of cost-saving measures during this time, including the use of technology for processes that were labor-intensive. The company actually used this time to streamline its processes and hire more techies.” he said.