Online travel solutions provider EaseMyTrip is eyeing 100 percent growth this year on the back of demand recovery for tourism. "Led by a surge in domestic travel, advance bookings…have doubled this year compared to last year.
In fact, bookings are up three times in the past few days compared to mid-May," Nishant Pitti, CEO and co-founder EaseMyTrip told news agency PTI.
"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.
Pitti said the increased pace of vaccination in the country and the government's decision to provide free visas to first five lakh tourists will boost the country's inbound tourism as well as the economic activities and sectors that are dependent on it.
EaseMyTrip had reported a revenue of Rs 106.69 crore and a profit after tax of Rs 61 crore in the financial year 2020-21.
Pitti said the company did witness a downfall in ticket bookings initially during the second wave, but the past few weeks have hinted at a return to normalcy despite state-centric lockdowns.
"We aim to continue with the record growth in the airline ticketing vertical with increased revenue margins and market share. With new avenues for growth from hotels and holiday sector and leveraging our existing base of customers for cross selling, we anticipate increased wallet share from our customers and will look at enhancing the revenues and profitability going forward," he added.
The company is also looking to expand overseas via its subsidiaries. EaseMyTrip has set up small subsidiaries in London, Singapore, and Dubai places with a huge Indian population.
Pitti said the company's lean revenue model has been a key driver in maintaining the financial health.
"One of the measures that EaseMyTrip implemented for cost-saving during this period was to use technology for processes that were human resource-intensive. The company in fact took this period as an opportunity to streamline its processes and added more people in the technology team," he added.
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