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EaseMyTrip acquires intercity mobility startup, YoloBus; third acquisition in a row

EaseMyTrip acquires intercity mobility startup, YoloBus; third acquisition in a row

This is after the travel platform acquired hospitality management firm, Spree Hospitality, last month. It has also entered into a non-binding agreement with Traviate Online Private Limited for the acquisition of the business.

EaseMy Trip acquires inter-city mobility startup, YoloBus EaseMy Trip acquires inter-city mobility startup, YoloBus

Online travel booking platform, EaseMyTrip has acquired inter-city mobility startup, YoloBus, strengthening EaseMyTrip’s presence in non-air segments and adding one more revenue stream to the firm. This is after the travel platform acquired hospitality management firm, Spree Hospitality, last month. It has also entered into a non-binding agreement with Traviate Online Private Limited for the acquisition of the business.
 
EaseMyTrip said in a statement that the YoloBus acquisition will provide access to a next-generation mobility platform that offers safe, clean, comfortable and connected buses for seamless intercity travel. The transaction has resulted in acquiring the brand name, technology, team, running business and data expertise, a next-generation premium intercity mobility platform.
 
Last year, YoloBus had successfully raised Series-A funding, at a valuation of Rs 84 crore, from marquee investors like Nexus Venture Partners & India Quotient. YoloBus follows an asset-light model and works with bus operators pan India and claims to help 300,000 people reach their destinations across 250 plus routes and connected major tier-1 cities to tier 2 & 3 cities.
 
“Tech-enabled bus mobility is the future, and we are expecting to witness a phenomenal growth in the coming period. We would like to thank Mukul Shah, Co-Founder of YoloBus for spearheading this deal from inception to closure,” Rikant Pittie, Co-Founder, EaseMyTrip said.
 
“We are thoroughly impressed by what YoloBus was set to build with Mukul's expertise of great market understanding, operations & execution. YoloBus has carved a niche for itself in the mobility sector and we are confident that its tech-backed mobility solutions will be a huge draw for travellers and will further strengthen EaseMyTrip’s position in the segment,” Pittie added.
 
EaseMyTrip reported a 330 per cent YOY increase in its profit at Rs 27.1 crore in September quarter (Q2,FY22), compared to Q2, FY21 (net profit of Rs 6.1 crore). With travel industry on a path to recovery post COVID second wave, EaseMyTrip said that its gross booking revenue (GBR) stood at Rs 895.1 crore generating strong and sustainable growth for its shareholders, investors and customers.
 
The air segment bookings were up by 2.5x (153%) YOY during Q2 FY22 whereas for the first half of the fiscal (H1FY22), the air ticket booking saw a 3x surge, indicating COVID’s second wave’s impact on the aviation industry wasn’t as severe as the first. In terms of hotel night booking, EaseMyTrip informed the exchanges that the same grew by 11x (961%) YoY for Q2 FY22.

 

Published on: Dec 16, 2021, 5:02 PM IST
Posted by: Bismah Malik, Dec 16, 2021, 4:56 PM IST