MAM
EaseMyTrip acquires ETrav Tech Ltd
Mumbai: EaseMyTrip.com, an online travel tech platforms, has announced making a strategic investment in ETrav Tech Ltd consisting of 4.94 per cent (post allotment) paid-up equity share capital of ETrav Tech Ltd. As a part of the brand’s expansion strategy to diversify its portfolio, the acquisition translated as a cash deal.
ETrav Tech Ltd offers a diverse array of travel-related services, ranging from Flight API, and holiday packages to Hotel API, white label, Bus API, and visa applications. The primary objective of this strategic investment is to acquire a minority interest and strengthen EaseMyTrip’s B2B segment offerings, catering to the diverse requirements of its corporate clients.
EaseMyTrip CEO and co-founder Nishant Pitti said, “We are aiming at diversifying our portfolio in the non-air segments. After investing in hotels, we now intend to enhance our services for our corporate clientele, and investment with ETrav Tech Ltd will be pivotal in the same. Leveraging their tech capabilities and expertise in dealing with B2B clients, we are confident to service our corporate clients better with improved offerings. Strategic decisions like these mark a milestone in our journey and fortify our commitment to providing seamless travel experiences for our customers, backed by innovation and technology.”
Etrav Tech Ltd MD Henil Ruparelia responded, “We are delighted to collaborate with EaseMyTrip, a prominent player in the travel industry. Their strategic focus on diversifying into non-air segments aligns perfectly with our vision for expansion and innovation. By combining EaseMyTrip’s investment with our tech capabilities and B2B expertise, we aim to deliver unparalleled services to corporate clients. This collaboration underscores our commitment to providing seamless travel experiences, driven by technology and customer-centricity. We believe that our combined strengths will enable us to create value-added solutions for corporate travelers, further solidifying our position in the market. We are excited about the opportunities this partnership brings and look forward to achieving mutual success and growth.”
Brands
Flipkart completes reverse flip to India ahead of IPO
Walmart-owned e-commerce giant shifts domicile from Singapore to Bengaluru
MUMBAI: Flipkart has completed its restructuring to move its parent company from Singapore back to India, marking a key milestone as the Walmart-owned marketplace prepares for a potential initial public offering on Indian stock exchanges, ET reported, citing people aware of the matter.
The move, often referred to as a “reverse flip”, relocates the company’s legal home to India and aligns its corporate structure more closely with its largest market. It also clears an important regulatory step for Flipkart as it explores listing plans.
As part of the restructuring, several Singapore-based entities have been merged into Flipkart Internet Private Limited, which will now serve as the main holding company for the entire group.
The consolidation brings a number of major businesses directly under the Indian parent company. These include fashion platform Myntra, logistics arm Ekart, travel booking platform Cleartrip, healthcare marketplace Flipkart Health, and fintech venture Super.money.
Under the new structure, global investors including Walmart, Microsoft, SoftBank, and the Canada Pension Plan Investment Board will hold their stakes directly in the Indian entity rather than through an overseas holding company.
The redomiciliation required approval from the Indian government because Chinese technology company Tencent owns around a 5 to 6 per cent stake in Flipkart. Under Press Note 3, investments from countries sharing a land border with India require prior government clearance.
Flipkart had already secured approval from the National Company Law Tribunal in December. With the latest clearance from the central government, the company has now obtained all the regulatory approvals needed to complete the relocation, ET reported earlier.
Flipkart had originally shifted its holding structure to Singapore in 2011 to tap global capital more easily. However, as India’s capital markets have matured, several start-ups have begun returning their domiciles to the country ahead of public listings. Companies such as Razorpay, Groww, and Meesho have taken similar steps.
The company is now expected to move ahead with its IPO preparations and has begun early discussions with merchant bankers. According to people familiar with the matter, Flipkart could file its draft prospectus later this year, setting the stage for what may become one of the most closely watched listings in India’s e-commerce sector.
Flipkart has been majority-owned by Walmart since 2018, when the US retail giant acquired a 77 per cent stake in the company for $16 billion in one of the largest e-commerce deals globally.
