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EaseMyTrip has announced it will acquire a majority stake in Gujarat’s GIFT city-based Nutana Aviation, which offers charter solutions to clients in India and abroad. The travel platform will acquire 75 per cent of the company, which leases charter aircraft, enabling operators to run efficiently, besides providing charter booking services to clients within and outside India.
“We hereby inform the exchanges that the company is entering into a definitive agreement, subject to closing conditions, to acquire 75 per cent stake in Nutana Aviation Capital IFSC Pvt Ltd. In a growing global charter market, Nutana Aviation will carry out the business of renting and booking charter aircraft,” it said.
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EaseMyTrip net profit up 125 per cent in Q1
For EasyMyTrip, in Q1FY23, the air segment booking was up by 212 per cent; and hotel nights booking grew by 409 per centWith this acquisition, the company is focused on growing inorganically. It will ensure that the company caters to and expands its footprint in international markets. Post-investment by EaseMyTrip, Nutana Aviation will continue to run and operate as an independent entity.
Sanjay Mandavia, Founder of Nutana Aviation, said, ‘’The joint venture with EaseMyTrip will not only support its organic growth in the travel industry, but will also support a number of opportunities related to booking charter and leasing air services, immersed in technology across the globe. ’’
Speaking to BusinessLine, Prashant Pitti, co-founder of EaseMyTrip, said: “Given India’s growing demand for aircraft charters in the foreseeable future, we see Nutana shaping up as a reliable, robust, and profitable channel. We look forward to what the future holds for Nutana Aviation as part of the EaseMyTrip brand.”
He expects demand will come from corporate travel: “We see a brilliant opportunity in this segment. By the end of this fiscal, we will sell and lease-back three aircraft, and in the next fiscal will invest in 10 aircraft. We believe that this segment will have the potential to contribute up to Rs 10 crore in the next financial year.”
He said ticketing for the charter services will be done exclusively on EaseMyTrip. The company will also gain a commission on ticket sales.
The transaction would take a month to complete, said Pitti.
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