EaseMyTrip expands portfolio: Launches insurtech arm, EaseMyTrip Insurance Broker
Shares of EaseMyTrip's parent company, Easy Trip Planner, surged 15.7% to an intraday high of Rs 51.2 apiece on the NSE on Thursday, January 11.
- Republic Business
- 2 min read
EaseMyTrip Insurance Broker: Online travel aggregator EaseMyTrip has decided to foray into India's burgeoning insurance market. The company announced the launch of its new subsidiary, EaseMyTrip Insurance Broker Private Limited, aimed at offering insurance brokerage services to its 20 million strong user base.
Creating specialised solutions for customer needs
EaseMyTrip Insurance Broker, a distinct entity under the parent company, will be led by Nishant Pitti, the co-founder, and CEO of EaseMyTrip. The move follows the company's recent acquisition of a non-controlling stake in Eco Hotels and Resorts, signaling its commitment to diversifying its product portfolio and expanding its presence in related industries.
The insurtech venture is a culmination of long-term plans that surfaced during EaseMyTrip's annual general meeting in August 2022, where amendments to the charter paved the way for the company to venture into the general insurance arena. After receiving an in-principle nod from its board in May last year, the company has been actively pursuing its entry into the insurance space.
Tapping into a lucrative market
The decision to foray into insurance aligns with EaseMyTrip's broader expansion plans. With a reported 66 per cent YoY growth in consolidated net profit in the second quarter of FY24, the company aims to leverage its strong financial standing to create alternative revenue streams. As the fifth-largest life insurance market in the world's emerging insurance markets, India presents a significant opportunity for EaseMyTrip to make an impact in the insurance sector.
Nishant Pitti, CEO, and Co-Founder of EaseMyTrip said, “We are elated to announce the launch of EaseMyTrip Insurance Broker Private Limited. This new subsidiary is a major step forward for us as we diversify our services and enter the insurance market. With our strong standing for excellence and customer satisfaction, we are confident that we will make a lasting impact on our existing and new customers.”
Shares of EaseMyTrip's parent company, Easy Trip Planner surged 15.7% to an intraday high of Rs 51.2 apiece on the NSE on Thursday, January 11.
Published By : Sankunni K
Published On: 11 January 2024 at 12:34 IST