Highlights
EaseMyTrip Appoints New CEO
EaseMyTrip has announced the appointment of Rikant Pittie as the new Chief Executive Officer (CEO), effective immediately. This decision was made during the company’s board meeting on January 1, 2024. Rikant, who has previously held roles as Chief Financial Officer (CFO) and Executive Director, will now take on the responsibilities of CEO and will continue to serve as part of the Key Managerial Personnel.
About Rikant Pittie
Rikant Pittie is a co-founder and a key promoter of EaseMyTrip, bringing with him nearly 15 years of experience in various sectors including travel, tourism, human resources, and technology.
Transition in Leadership
This leadership change comes after the resignation of Nishant Pitti, who stepped down from his CEO position for personal reasons. In his resignation letter to the board, Nishant expressed gratitude for his time with the company and requested to be released from his duties.
On Tuesday, media reports suggested that Nishant Pitti may sell his remaining 14.21% stake in the online travel platform via a block deal. The transaction is expected to be valued at approximately Rs 780 crore.
Financial Performance
EaseMyTrip reported stagnant growth in Q2 FY25, with revenue (after service costs) slightly increasing to Rs 131 crore, compared to Rs 130.7 crore in Q2 FY24. According to IFRS, revenue from operations was noted at Rs 145 crore, while profits experienced a decline of 42.6%, falling to Rs 27 crore from Rs 47 crore in Q2 FY24.