EaseMyTrip, the country’s second largest online travel booking portal, has acquired the brand and technology platform of bus and intercity travel ticket provider YoloBus for an undisclosed amount.
“The company enters into a definitive agreement subject to closing conditions to acquire the brand, technology, business expertise, data and team of Yolo Traveltech, operating as YoloBus,” EaseMyTrip said in a notification stock market.
This acquisition, the third by EaseMyTrip (the listed entity being Easy Trip Planners) this fiscal year, aims to strengthen the company’s presence in the non-air ticket reservation segment.
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Adjusted revenue (which includes discounts granted, complaints and returns) for the first half of FY22 was 150 crore, a 312% jump year-on-year on a low basis.
Gross revenue from bookings during the period was 1,252 crore. Almost 93 percent of its GMV or gross market value comes directly from consumers.
EaseMyTrip said, “This acquisition will add a new source of revenue,” and will also leverage YoloBus’ full stack technology platform, team, and data expertise.
Founded by Mukul Shah and Shailesh Gupta, YoloBus operates a lightweight Pan-Indian model in the intercity bus segment. Last year, he raised a Series A funding at a valuation of 84 crore from reputable investors such as Nexus Venture Partners and India Quotient.
The intercity travel segment (mostly on the country’s 250 major routes) is expected to represent a $ 45 billion business covering bus and train services.
According to Rikant Pittie, co-founder of EaseMyTrip, technology-based bus mobility is the future and the company expects phenomenal growth there.
“We are confident that its technology-backed mobility solutions will be of huge appeal to travelers and further strengthen our position in the segment,” he said in a statement released on the stock exchanges.
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Over the past few quarters, the portal – which competes with MakeMyTrip – has been quite aggressive on the acquisition front. In November, it acquired Spree Hospitality, a 1,200-key hotel management company. In October, EaseMyTrip made its first acquisition which was Traviate, a B2B travel marketplace.
EaseMyTrip stock closed at 577.75, down 1.24%, on BSE on Thursday.