Easy Trip Planners Ltd, which operates EaseMyTrip.com, said on Tuesday it has acquired a 55% stake in hotel booking platform cheQin for an undisclosed sum through the primary route.
"CheQin encourages travellers to pay directly at the hotel and maintains an approach that allows them to stay at cost-effective hotels. On the other hand, the company uses the cheQin application to give hoteliers access to real-time booking requests and the ability to manage their own bookings, Easy Trip said in an exchange filing.
“EaseMyTrip is focusing on the growth of its non-air segments. This acquisition is a step towards revolutionizing the hotel business. We sternly believe that cheQin provides unparalleled options in all segments and has the potential to scale and strengthen cross-selling,” said Nishant Pitti, co-founder and chief executive officer of EaseMyTrip.
cheQin claims to have over 60,000 properties, including three, four and five-star hotels, private stays, vacation rentals, beach resorts among others. More than 5,000 hotels in Singapore, Thailand, Indonesia, Vietnam, Malaysia, and the United Arab Emirates have recently signed agreements with cheQin.
“EaseMyTrip and cheQin would have strong synergies. The bargaining algorithm of cheQin would draw in customers faster than before. We believe that cheQin can do well for last-minute, bulk, long-term and short-term bookings. We expect to strengthen the market in the years to come the EaseMyTrip partnership,’’ Venu G Somineni, founder, CheQin, said.
Shares of EaseMyTrip ended Tuesday's session at Rs 53.45 apiece, down 1.7% on the Bombay Stock Exchange (BSE). The stock has risen 59.2% in the last one year.
The Indian online hospitality industry has been witnessing significant deal activity over the past few months as travel-hungry consumers are returning in large numbers after restrictions for two years, giving rise to revenge holiday booking and hence, more demand.
According to a report by Mint earlier this week, Flipkart-owned travel portal Cleartrip highlighted their hotels business to be the single biggest focus area after its relaunch seven months ago. The portal aims to expand its partner hotel network to 80,000 from 20,000 across 2–5-star hotel categories, this year, CEO Ayyapan R said in an interview.
In the mainline hospitality sector, American hospitality giant Radisson Hotel Group in November 2022 launched its new midscale brand, Park & Inn Suites for India in a master-franchise partnership with Treebo Hotels' parent, Ruptup Solutions Pvt. Ltd.
With the new brand, the group is looking to double its Indian footprint to nearly 150 hotels and resorts by 2025, with primary focus on Kerala, Karnataka and the Northeast.
