MAM
EaseMyTrip takes flight with charter deal
MUMBAI: EaseMyTrip.com, one of India’s leading online travel platforms, is spreading its wings. The board has given in-principle approval to acquire a 49 per cent stake in Big Charter, a key player in India’s charter aviation sector.
This sky-high ambition marks EaseMyTrip’s first major foray into the rapidly expanding charter and non-scheduled aviation market, enabling the company to offer more bespoke, premium and flexible air travel options.
India’s charter aviation industry, currently valued at approximately $650.5 million, is projected to soar to $1.14 billion by 2033. This growth is expected to be fuelled by increasing demand for regional connectivity, corporate travel and private flying. Globally, the sector is experiencing exceptional turbulence—the good kind—with projections indicating a market value exceeding $33 billion by 2033.
The proposed acquisition strengthens EaseMyTrip’s position as a comprehensive travel provider, enabling the company to capitalize on high-margin segments. As corporate clients, high-net-worth individuals and event travellers increasingly charter their own course through the skies, EaseMyTrip is positioning itself to cash in on the trend.
By integrating its cutting-edge technology into Big Charter’s existing operations, the company aims to make the booking process smoother than a first-class landing.
Big Charter has established itself as a leader in regional connectivity, serving clients across India. In FY 2023-24, the company generated Rs 128.75 crore (approximately $15.5 million) in revenue, with significant growth potential as demand for regional and charter services continues to climb.
EaseMyTrip chairman & founder Nishant Pitti said: “This partnership is a crucial step toward making charter air travel more accessible across India. By combining EaseMyTrip’s cutting-edge technology with Big Charter’s established expertise, we are poised to revolutionise the way air travel is experienced. The integration of their non-scheduled operator permit (NSOP) operations will allow us to cater to a wider range of premium customers, further solidifying our commitment to driving the growth of India’s charter aviation market.”
Big Charter director Sanjay Mandavia is equally pleased about the deal. “Partnering with EaseMyTrip marks a transformative moment for us. Leveraging EaseMyTrip’s technological expertise and vast customer base will accelerate our growth, expand our reach, and enhance the efficiency of our services,” he notes. “Together, we are positioned to offer a more accessible and seamless travel experience, strengthening our mission to provide affordable, reliable, and high-quality travel options across India.”
With this strategic acquisition, EaseMyTrip is set to become a formidable player in the Indian charter aviation market, offering an expansive suite of travel services. This move not only positions the company for long-term growth but also contributes to bringing accessible and flexible air travel options to more people across the country—ensuring that the sky is certainly not the limit.
Brands
Microsoft faces worst quarter since 2008 financial crisis
Cloud giant battles soaring AI costs and fierce competition from nimble startups.
MUMBAI: When the tech titan starts looking a little wobbly, even the Magnificent Seven can feel the tremors because Microsoft is currently starring in its own sequel, “Clouds and Doubts.” Microsoft is on track for its worst quarterly performance since the 2008 global financial crisis, according to Bloomberg, as investors grow increasingly uneasy about rising capital expenditure and intensifying competition from nimble AI firms. The company has been pouring money into AI infrastructure, yet markets are questioning when these hefty investments will finally deliver stronger revenue growth.
At the same time, investors are shifting away from traditional software stocks amid fears that AI startups such as Anthropic and OpenAI are developing autonomous agents capable of replacing established products, including those from Microsoft. Jonathan Cofsky, portfolio manager at Janus Henderson Investors, noted growing concern that customers may bypass Microsoft and deal directly with AI vendors, potentially disrupting its core business and putting pressure on pricing and margins.
Microsoft’s stock has tumbled 25 per cent in the first quarter, putting it on course for its largest drop since a 27 per cent fall in the fourth quarter of 2008. It has also emerged as the weakest performer among the so-called Magnificent Seven technology stocks, while a broader index tracking the group has fallen 14 per cent over the same period. The shares slipped a further 1.7 per cent after markets opened on Friday, marking a potential fourth consecutive session of declines.
Cofsky pointed out that Microsoft has become more capital intensive and that improved investor confidence will hinge on assurances that software growth will not slow materially. Despite the sell-off, the stock is now trading at less than 20 times projected earnings over the next 12 months, its lowest valuation level since June 2016. Its valuation remains slightly above that of the S&P 500 Index, although it has recently traded at a discount to the broader benchmark for the first time since 2015.
Bloomberg data shows Microsoft’s capital expenditure, including leases, is expected to surge to $146 billion in fiscal 2026, up around 66 per cent from $88 billion in fiscal 2025. Spending is projected to climb further to $170 billion in fiscal 2027 and $191 billion in fiscal 2028, based on average estimates. Investors are growing cautious about such levels of spending without clearer signs of stronger growth.
Microsoft’s Azure cloud division has reported a slight slowdown in growth compared with the previous quarter, while its Copilot AI product has seen limited user traction, prompting internal changes aimed at improving performance. Ben Reitzes, an analyst at Melius Research, warned in a March note that Microsoft’s upside in Azure could be constrained as the company works to address challenges related to its AI models and Copilot offering, adding that these issues are unlikely to be resolved in the short term.
Of the 67 analysts covering Microsoft, 63 maintain buy ratings, three hold ratings and one a sell rating. The average 12-month price target of $592 implies a potential upside of more than 64 per cent, the highest on record based on data going back to 2009. The stock is also trading below its 200-day moving average by the widest margin since 2009.
Reitzes suggested the dominance of buy ratings may indicate complacency among analysts, while highlighting risks in Microsoft’s productivity and business processes segment as well as its More Personal Computing division. In contrast, Tal Liani of Bank of America reinstated coverage with a buy rating, citing durable multi-year growth prospects across cloud and AI. Jake Seltz, portfolio manager at Allspring Global Investments, maintained that Microsoft retains strong long-term value and that its AI strategy is likely to be validated over time, viewing near-term concerns as a potential opportunity for longer-term investors.
The report highlights a growing divergence in market sentiment, with optimism around long-term AI potential weighed against immediate execution risks and investor uncertainty. In the world of big tech, even the mightiest clouds can have silver linings but right now, Microsoft’s investors are scanning the horizon for clearer skies.
