By Malvika Gurung
Investing.com -- Listed on the Indian exchanges in March 2021, the online travel company Easy Trip Planners Ltd (NS: EASM ) has announced to have acquired a 100% stake in the hospitality management company Spree Hotels & Real Estate Private Limited, which would aid in scaling up the holidays and hotels segment of the former, adding a new revenue stream for the company.
While EaseMyTrip did not disclose the amount of acquisition, it did highlight that customers could avail exclusive deals and offers while booking for Spree Hospitality on its platform.
The New-Delhi based online travel platform believes that acquiring Spree Hospitality would open up the avenue for it to successfully tap the recovering hospitality sector, along with scaling up their business, with an outlook to expand Spree’s properties to over 200 over the next 5 years.
Spree Hospitality is EaseMyTrip’s second acquisition in under a month. Late last month, the online travel platform signed a non-binding agreement to acquire India’s first B2B travel marketplace Traviate.
On November 3, EaseMyTrip reported its earnings results for the September-ending quarter, with its net profit jumping four times, or over 330% to Rs 27.1 crore on a YoY basis, while its gross booking revenue surged 164% YoY and 151% sequentially to Rs 895.1 crore.
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