EaseMyTrip zooms 14% amid Maldives row, discount offers on India travel

Shares of Easy Trip Planners, which operates the online travel portal EaseMyTrip, jumped more than 14 percent on January 11, continuing the uptrend that followed the Maldives row.

The Maldivian tourism body has called on EaseMyTrip to re-open flight bookings on its platform to the island nation even as the website offers discounts for travel within in India.

The Delhi-based travel aggregator suspended all flight booking to Maldives following the disparaging remarks made by now-suspended Maldivian ministers against India and Prime Minister Narendra Modi following his visit to Lakshadweep.

EaseMyTrip on January 10 announced discount codes NATIONFIRST and BHARATFIRST to its customers amid the row.

“Now use discount codes NATIONFIRST or BHARATFIRST @EaseMyTrip to avail better discounts,” CEO and co-founder Nishant Pitti posted on the X platform formerly Twitter,

The discounts came a day after the Maldives Association of Tour and Travel Operators (MATATO) called on EaseMyTrip to disregard the “regrettable” comments, saying they “did not reflect sentiments of Maldivians in general”.

The statement, addressed to Pitti, underlined the importance of Indian tourists, who topped foreign arrivals to the country post-Covid, for the Maldivian economy.

“In expressing our heartfelt gratitude for the enduring friendship and partnership that defines the relationship between the Maldives and India, we want you to know the bonds connecting our nations transcend politics. We consider our Indian counterparts… as cherished brothers and sisters,” it said.

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At 12.26 pm, Easy Trip Planners was trading 13.9 percent higher from the previous close at Rs 50.40.

In just the last five sessions, the stock has rallied 23 percent, outperforming benchmark Nifty 50, which has fallen marginally during the period.

The counter has risen 15 percent in past six months compared to 11 percent rise in Nifty.

Recently, EaseMyTrip also launched a subsidiary, EaseMyTrip Insurance Broker Private Limited. This is a strategic move by the company to diversify its service portfolio and tap into the insurance market by creating a specialised product to solve customer needs, it said.

“The new venture is expected to solidify EaseMyTrip’s position in the industry and cater to an Rs 7.9 lakh crore market with EaseMyTrip’s own 20 million userbase,” the company said in a release.

By entering into the insurance brokerage domain, the company aims to not only enhance its service portfolio but also set up new avenues to increase business operations and revenue.

EaseMyTrip Insurance Broker has been incorporated as a distinct entity under the umbrella brand. Pitti, the promoter of ETPL, assumes the role of Director in the new subsidiary.

Also Read | Reopen flight bookings, Indian market indispensable for us: Maldives travel body writes to EaseMyTrip CEO

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