EaseMyTrip's Rikant Pitti, Leading a Rs. 8050 Crore Empire, Invests in Rs. 99.34 Crore Gurugram Property

EaseMyTrip Co-founder Rikant Pitti has bought a commercial property worth about Rs 99.34 crore in Gurugram.

According to documents seen by real estate data analytics firm CRE Matrix, the sale deed was executed on November 24, 2023 and Pitti paid a stamp duty of Rs 6.95 crore for the deal.

The 4,050 sq metre commercial property is located near Rajiv Chowk in Gurugram's Sector 32, according to reports.

Pitti last year bought a Lamborghini Urus Perfomante and shared pictures on his LinkedIn page, claiming it to be India’s first owner of the SUV.

In October last year, MakeMyTrip group CEO Rajesh Magow reportedly purchased a 6,428 sq ft apartment in DLF Magnolias for about Rs 33 crore.

Earlier this month, EaseMyTrip, headquartered in the national capital, opted to halt all flight bookings to the Maldives. This decision came in response to derogatory remarks made by now-suspended ministers against India and Prime Minister Narendra Modi, stemming from his recent visit to Lakshadweep.


"In solidarity with our nation, @EaseMyTrip has suspended all Maldives flight bookings #TravelUpdate #SupportingNation," the Co-founder and CEO, Nishant Pitti, wrote on X.

Established in 2008, EaseMyTrip was founded by Nishant Pitti, Rikant Pitti, and Prashant Pitti.

EaseMyTrip has halted all flight bookings to Maldives (Photo: IANS)

EaseMyTrip recorded its highest-ever Gross Booking Revenue in FY23, totalling Rs. 8,050.6 crore, while the company's Profit After Tax (PAT) reached Rs. 134.1 crore, an increase of 26.6% compared to the PAT of Rs. 105.9 crore from the previous year.

At the tender age of 16, while juggling his engineering studies, Rikant observed his father, a coal merchant, frequently flying for business trips.

However, he soon discovered a concerning fact – his father was being excessively charged for air travel, often by a staggering Rs. 1,500 more than the usual fare.


Driven by curiosity and a knack for problem-solving, Rikant took it upon himself to book tickets for his father, exploring various agents to find the best deals.

His skill and diligence soon had him booking tickets for his father's acquaintances and relatives, laying the foundation for what would become a significant venture.

Keeping this new endeavour hidden from his father, Rikant pursued his graduation at Kurukshetra University. With his elder brother being an IIT alumnus, the expectations were high for Rikant.


While Rikant had his own ambitions, his father's wish was for him to become a pilot or an engineer and work overseas.

Rikant's joined hands with his brothers, Nishant and Prashant, and in 2005, they established a modest travel agency called Duke Travels. Starting as a part-time venture without IATA recognition, the brothers worked hard to build their company.

They used bulk SMS to promote their services, a unique approach for their time. With an initial investment of about Rs. 50,000, the brothers transformed Duke Travels into EaseMyTrip.com when Rikant was just 20.


The transition from Duke Travels to EaseMyTrip was marked by their commitment to offering the lowest prices without any hidden fees, setting them apart in the market.

As their business began to take off, their father gradually started to recognise and appreciate Rikant's entrepreneurial endeavours.

In 2008 they secured the IATA license, allowing them to interact directly with airlines. This marked the inception of EaseMyTrip (EMT), a name that would soon become synonymous with hassle-free travel.

In the challenging landscape of online ticketing in India, EMT stands out for a remarkable reason: it is the only online travel agent to maintain profitability.

While the industry leader, Gurugram-based MakeMyTrip (MMT), faced a significant 68% drop in revenue, down to $163 million in the fiscal year 2021, and reported a loss of $56 million, EMT continued its profitable streak.

Despite the pandemic's impact reducing its revenue to Rs. 210 crore, EMT recorded an impressive profit of Rs. 61 crore, which, was nearly nine times the Rs. 6.6 crore reported in FY18. - TWL Bureau with inputs from IANS