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<ul><li>The ₹510 crore IPO of EaseMyTrip is now open for public subscription.</li><li>The best thing about the travel aggregator is the cost-conscious model that sets it aside from other travel aggregators in India.</li><li>Being bootstrapped, the management of the company has tended to be extremely cost-conscious, and this has enabled them to be profitable since inception, said a Ventura report.</li><li>According to Choice Broking, Easy Trip has been profitable since its inception and is the only profitable company among the key OTAs.</li><li>The ICICI Direct report highlighted that taking cognisance of the huge growth opportunities for EaseMyTrip and a lean cost of operations would aid the flow of profitability to the bottom line.</li></ul>From the Indian government-run companies RailTel and IRFC to the most successful IPO of 2021 MTAR Technologies — the IPO bonanza doesn’t seem to be ending soon. Next in the line is the bootstrapped online travel aggregator, EaseMyTrip, making its way to the public markets. The ₹510 crore IPO of EaseMyTrip is now open for public subscription. The company is an exception among a large pool of internet companies, which have tried to get listed — EaseMyTrip has bootstrapped its way to the public markets. The online travel agency (OTA) offers a range of products and services for end-to-end travel solutions, from airline tickets to rail tickets and bus tickets to taxis, holiday packages, hotels, and much more. The best thing about the travel aggregator is the cost-conscious model that sets it aside from other travel aggregators in India. “Being bootstrapped, the management of the company has tended to be extremely cost conscious and this has enabled them to be profitable since inception. Their primary driver of business is that they do not charge a convenience fee and this is what sets them apart from their peers like Make My Trip, Yatra and ClearTrip,” said Ventura in an IPO note. And that’s why nearly every analyst on the street has a ‘subscribe’ rating on the IPO. Street’s view on EaseMyTrip’s ₹510 crore IPO: Subscribe <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Broking House </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Direct </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BP Equities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Choice Broking </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GEPL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hem Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ventura Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr></tbody></table> Here's what makes the IPO hot! Lean, cost-efficient operations set it aside from peers According to an ICICI Direct report, EaseMyTrip, owned by Easy Trip Planners Ltd (ETP), had the lowest number of employees among India's key online travel agencies as of March 31, 2020. The company has developed a streamlined, efficient and lean organisation structure relative to the size of its business operations. The advanced technology infrastructure and operating systems focused on optimal human resource allocation, minimising operational and systematic errors and enhancing customer satisfaction have resulted in reducing administration costs while increasing employee productivity and operating efficiencies. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Easy Trip Planners </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MakeMyTrip </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yatra Online </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Customer Promotion Expense as a % of Gross Booking Revenue </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.00% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.93% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.74% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employee Expense as a % of Gross Booking Revenue </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.72% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.13% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.08% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Other Operating Expense as a % of Gross booking revenue </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.27% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.60% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.01% </td></tr></tbody></table>*Source: Ventura “We believe this has enabled ETP to maintain healthy profitability in the past few years,” the report added. Highest growth rate in terms of gross booking revenue and operating revenues among the Key Indian OTA’s According to Choice Broking, Easy Trip has been profitable since its inception and is the only profitable company among the key OTAs with a positive return on equity (RoE) and return on capital employed (RoCE). The company’s profit had grown from ₹3 lakh in 2018 to ₹32.9 crores in 2020. <div type="image" title="EaseMyTrip" msid="81387653" hostid="261"></div> As per the red herring prospectus, in terms of annual growth in operating revenues during FY 2018 to FY2020, Easy Trip recorded the fastest growth at a compound annual growth rate (CAGR) of approximately 19%, among key online travel agencies in India like MakeMyTrip Limited and Yatra Online. The sector is poised to grow According to Ventura, the company has increased its market share from 3.1% in FY18 to 4.6% in FY20 and has been ranked second among key OTAs in India based on booking volumes. The online penetration, defined as a share of bookings done online through websites of the service providers or through online travel agencies (OTAs), of the Indian travel industry accounted for 56-58% in FY20. The analysts further expect the share of online penetration to 67-68% in FY23, supported by growth in online transactions due to the Covid-19 pandemic. Justified valuations The ICICI Direct report highlighted that taking cognisance of the huge growth opportunities for EaseMyTrip and a lean cost of operations that would aid the flow of profitability to the bottom line — “it is an attractive issue.” According to Choice Broking, the company is available at a P/E of 65.3x on FY20 numbers — “which is reasonably priced”. The price-to-earnings (P/E) ratio shows the price that the market is willing to pay for a stock based on its earnings. Higher the P/E, the more expensive the stock. 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Here is why analysts maintain a bullish mood for the ₹510 crore IPO of bootstrapped online travel aggregator EaseMyTrip

<ul><li>Online <keyword id="3972628" type="PERSON" weightage="20" keywordseo="travel-aggregators">travel aggregators</keyword> in India work in a system where they have a virtual wallet with preloaded money for bookings. So airlines have refunded money into these ‘wallets’.</li><li>Currently, <keyword id="5030468" type="UNKNOWN" weightage="20" keywordseo="EaseMyTrip">EaseMyTrip</keyword> claims to be the only company who has been refunding money to the customers bank accounts.</li><li>The <keyword id="6354692" type="UNKNOWN" weightage="20" keywordseo="Travel">travel</keyword> and tourism industry has been the worst hit due to <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword>. Even the most avid travellers have declared 2020 a no travel year. </li></ul>The Ministry of Civil Aviation in India announced on April 16 that airlines will have to give a full refund for cancelled tickets, due to the coronavirus lockdown. While passengers across the country heaved a sigh of relief, travel aggregators knew this was a double whammy for them. Why? Online travel aggregators in India work in a system where they have a virtual wallet with airlines where they have preloaded money for bookings. So when airlines refund the tickets it comes into this wallet, which can’t be used for refunds or transfer of money into accounts. But for travel aggregators to issue refunds it will have to come out of their pockets, and its airline credit is not transferred. “So our wallet balance with airlines will be blocked till the time we start getting fresh bookings and we have to use our cash flow to refund to customers, whenever fresh bookings will start we would be able to utilize that agency wallet to book tickets for our customers,” Nishant Pitti, Co-founder and CEO, EaseMyTrip told Business Insider. Currently, EaseMyTrip claims to be the only company who has been refunding money to the customers’ bank account even if airlines are providing amounts in EMT’s virtual wallet only. “We have been receiving money on our virtual wallet from airlines which is of no use for the time being. But still we are paying money to customers' bank accounts from our own expense,” said Pitti. Before Covid19, the company used to process 30,000 air tickets on a daily basis. 2020 – a dark year for the travel and tourism industry And it’s not the story of EaseMyTrip alone. As 2020 began, Indian travel aggregators were in a conundrum like never before. As the news about the deadly coronavirus spread from China’s Wuhan, people began cancelling their tickets. Travel aggregators began to dread the imminent future – bookings would slow down. But then worse things were in store, flights across the world were suspended and bookings stopped completely. The travel and tourism industry has been the worst hit due to coronavirus. Even the most avid travellers have declared 2020 a no travel year. “The year 2020 could be a complete washout for the travel and tourism industry in India too if we don’t take immediate steps – not just to contain the impact of virus on lives but also its devastating impact on businesses that support millions of livelihoods,” MakeMyTrip founder Deep Kalra wrote in <a href="https://theprint.in/opinion/india-tourism-sector-life-support-liquidity-covid-crisis-makemytrip/410590/">an article</a>. The travel and tourism sector in India is expected to lose ₹5 lakh crore and see job cuts for over 4 crore people, according to <a href="https://economictimes.indiatimes.com/news/economy/indicators/indias-tourism-sector-may-lose-rs-5-lakh-cr-4-5-cr-jobs-could-be-cut-due-to-covid-19/articleshow/74968781.cms?from=mdr">Confederation of Indian Industry (CII).</a> The industry body also estimates that “branded hotel groups are set to lose as much as ₹1.1 lakh crore, online travel agencies ₹4,312 crore, tour operators (inbound and domestic) ₹25,000 crore, adventure tour operators ₹nearly 19,000 crore and cruise tourism ₹419 crore.” See Also: <a href="https://www.businessinsider.in/india/news/india-likely-to-announce-second-stimulus-package-on-friday-indicated-top-government-officials/articleshow/75462880.cms">India likely to announce second stimulus package on Friday, says top government officials</a> <a href="https://www.businessinsider.in/india/news/finally-millions-of-indias-stranded-migrants-can-get-a-transport-home-but-conditions-apply/articleshow/75453118.cms">Finally, millions of India’s stranded migrants can get a transport home — but conditions apply</a>

Double whammy for India’s travel aggregators – bookings have stopped but refunds come out of their own pockets

<ul><li>According to a survey released by consulting firm Deloitte, 54% of people surveyed feel safe to <keyword id="6354692" type="UNKNOWN" weightage="20" keywordseo="Travel">travel</keyword> in June, as compared to 50% in the previous wave.</li><li>An OTA executive says people are doing “revenge travel” which is evident from significant increase in queries and bookings.</li><li>A recent ‘Back to travel’ research conducted by Booking.com found out that around 68% of Indian travellers who couldn’t travel in 2020 are extensively yearning to travel this year.</li></ul>Samaira Jain, a freelance content writer based in Delhi, feels that her life has become extremely “monotonous”. The pandemic, the lockdowns and restrictions it has induced have put on hold her dreams and plans of travelling to her favourite destinations. She wants her “normal life” back. Delhi is gradually limping back to normalcy, as lockdown relaxation kicked in from May 31. Jain, along with her family, has decided to visit <keyword id="6357787" type="LOCATION" weightage="20" keywordseo="shimla">Shimla</keyword> — in the neighbouring state of <keyword id="6358126" type="CITY" weightage="20" keywordseo="Himachal-Pradesh">Himachal Pradesh</keyword> — after the lockdown. She sounds very excited and seems ready to embrace the beauty of the Himalayan foothills. “Our lives have become so monotonous, we have started feeling depressed. In order to change our mind we decided to travel and take some days off,” says Jain. India’s ramped up vaccination drive also seems to have given people a sense of confidence. Diyara Doshi, who is a teacher in a private school in Mumbai, echoes Jain’s views in a sense. Along with her husband, she is planning a getaway for a weekend in Lonavala, a hill station around 90 kilometres away from the capital of Maharashtra. Doshi and her husband got themselves fully vaccinated so that they can plan their leisure trip on a weekend. “We have taken both doses of the <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">COVID-19</keyword> vaccine, so we are now a little safe to travel,” says Doshi. As the second wave of COVID-19 pandemic stormed the country, heavy restrictions were imposed including strict lockdowns and travel restrictions. Decline in active daily cases lead many states to lift lockdown restrictions and open up for tourists once again trying to get back to pre-pandemic levels. On June 14, a beeline made by tourists was seen on the Kalka-Shimla Highway, near Parwanoo in Himachal Pradesh, choked with cars. It clearly shows that people are choosing to throng to hill stations despite fear of infection still being around. <div type="image" title="Heavy traffic jam at Kalka-Shimla Highway" msid="83867566" hostid="261"></div> According to a survey released in May by consulting firm Deloitte, 54% of people surveyed feel safe to travel in June, as compared to 50% in the previous wave. The survey also says that the intent to travel for leisure in these three months (June to August) will see an upward trend as compared to previous waves, partly because of COVID-19 vaccination boosting people’s confidence to return to normalcy. Ishaan Bilala, an analyst at consulting firm KPMG, wants to go on a short vacation in Tosh near Kasol in Himachal Pradesh. He is looking forward to booking a comfortable hotel with a “surreal view”, where he and his friends can take a small break from their work and enjoy themselves without worrying about COVID-19. “We know that COVID has not ended, and with rumours of a third wave already around the corner, we thought we should take one trip at least before cases hike again,” says Bilala. A recent ‘Back to travel’ research conducted by online accommodation aggregator Booking.com found that around 68% of Indian travellers who couldn’t travel in 2020 are extensively yearning to travel this year, while 70% travellers are planning to travel in the near future. The survey further reveals that around 72% feel that travelling this year is more important to them than it was before the outbreak of the pandemic. With lockdown restrictions being lifted in various states, the <a href="https://www.business-standard.com/article/economy-policy/air-traveller-numbers-treble-from-may-low-as-states-get-into-unlock-mode-121062500033_1.html">average number</a> of people taking flights per day rose from 42,000 in May to 1,25,000 from the third week of June. Travel bookings surge in the month of June “Within a week since restrictions began to ease, we have seen a jump of nearly 200% in hotel bookings for the month of June as compared to April — with the majority of states where lockdown restrictions have been relaxed considerably,” says Vipul Prakash, chief operating officer (COO) of online travel aggregator (OTA) <keyword id="54613" type="COMPANY" weightage="20" keywordseo="makemytrip">MakeMyTrip</keyword>. Rajiv Subramanian, vice president of Cleartrip tells Business Insider that there is a large pent up demand for travel. According to him, routes between Mumbai, Bangalore and Delhi dominate the top sectors for flight bookings in the last few weeks of June. “In terms of hotel bookings, we have seen a growth in booking in states with hill stations such as Himachal Pradesh, Uttarakhand and Jammu &amp; Kashmir. Areas in and around Mumbai are the leading areas of hotel bookings.” Travel bookings in month of April and May had seen a huge dip The number of domestic passengers travelling via air in the month of April fell by 27% and this further dropped by over 60% in the month of May as COVID-19 cases were shooting up in the country, as per the Directorate General of Civil Aviaion (DGCA). “Starting April, there was a decline in demand due to the rising COVID-19 cases across the country. Now with the incoming of <keyword id="79555" type="TECHNOLOGY" weightage="20" keywordseo="Vaccines">vaccines</keyword>, there are many reasons to be optimistic as travel intent climbs up again. With travel being an integral part of people’s lives, a few destinations have seen a 50% rise in hotel bookings in the month of June as compared to April and May,” says Sabina Chopra, co founder and COO of OTA platform <keyword id="6362992" type="UNKNOWN" weightage="20" keywordseo="yatra">Yatra</keyword>.com. The first three months of 2021 when COVID situation in the country seemed slightly improving, people had once again started to venture out of their homes. “First three months of the year saw a good number of travellers making leisure travel, with the next two being heavily impacted due to COVID-19,” says Nishant Pitti, chief executive officer (CEO) and cofounder of OTA site <keyword id="5030468" type="UNKNOWN" weightage="20" keywordseo="EaseMyTrip">EaseMyTrip</keyword>. Number of travellers searching for travel and accommodation sees an uptick Not only have the number of people who travelled have gone up but also the number of tourists who are seeking to or planning to travel has also surged in the past few weeks. “The number of people searching for places/queries for trips have increased multifold in the past few weeks. We have witnessed a booking increase of 40% from the lows in May that indicates the tendency of people for revenge travel has already kicked in with a significant increase in queries and bookings,” adds Pitti. The number of domestic tourists visiting India during 2019 was 2321 million as compared to 1853 million in 2018, with a growth of 25.3%, reveals India’s Ministry of Tourism statistics. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/microsoft-airtel-tiktok-just-dial-byjus-and-other-companies-are-calling-out-interns-for-different-roles/articleshow/83168022.cms">Microsoft, Airtel, BYJU’S, IIT-Bombay and more — here is a list of companies looking for interns</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/these-are-the-hottest-jobs-in-the-cyber-security-industry-right-now-with-a-salary-package-of-up-to-23-lakh-per-annum/articleshow/82629876.cms">These are the hottest jobs in the cyber security industry right now, with a salary package of up to ₹23 lakh per annum</a>

Indians are making big plans of ‘revenge travel’ as COVID-19 restrictions get lifted in many states

<ul><li>The company had seen its IPO being oversubscribed by 159.33 times the offer value.</li><li><keyword id="5030468" type="UNKNOWN" weightage="20" keywordseo="EaseMyTrip">EaseMyTrip</keyword>’s IPO comes at a time when the fears of another lockdown are surging in the country, which could potentially affect travel.</li><li>However, ahead of its IPO, EaseMyTrip seemed optimistic about the travel industry.</li></ul>Easy Trip Planners Ltd, the parent company of online travel aggregator platform EaseMyTrip, which made its debut in the stock market today, saw its share price list at ₹212.25 at 9.50 am, 13.5% higher than the IPO issued price of ₹186-187 per share. However, within minutes of trading the share price fell to ₹204 at 10.13 am. Since its listing, the company’s market value rose to ₹2,305 crore. In the grey market, the shares of the company were trading at ₹160-165, as per <a href="https://www.livemint.com/market/ipo/easy-trip-planners-ipo-grey-market-premium-listing-gains-allocation-dates-in-10-points-11615094894205.html">reports.</a> However, the grey market is not an official measure of the market premium. The company had seen its IPO being oversubscribed by 159.33 times the offer value, with its QIB portion being subscribed 78 times, HNI 384.26 times and retail 70.78 times. EaseMyTrip’s IPO comes at a time when the fears of another lockdown are surging in the country, which could potentially affect travel. With the rising number of COVID-19 cases, several states have issued advisory while many cities are now subject to lockdowns or night curfews. However, ahead of its IPO, EaseMyTrip seemed optimistic about the travel industry. “In our third quarter of 2020, we have already recovered 70% of where we were during the same period last year,” Prashant Pitti, director at Easy Trip Planners (the parent company of EMT) told Business Insider in an interview. The company is an exception among a large pool of internet companies, which have tried to get listed – EaseMyTrip has bootstrapped its way to the public markets. Founded in 2008, the company is India’s second largest travel aggregator. EMT claims to have achieved profitability and calls itself “the only profitable company among key OTAs (online travel aggregators) in India”. According to a CRISIL report, as of FY20, EMT had a market share of 5% in India. However, the company believes that it would have gained market share in the last year. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/delhi-high-court-brings-up-civil-prison-for-violation-directs-future-group-to-recall-approvals-granted-to-future-retail-reliance-deal/articleshow/81570521.cms">Kishore Biyani vs Amazon – Delhi High Court brings up ‘civil prison’ for violation by Future Group, asks for recall of approvals granted to Future Retail-Reliance deal</a> <a href="https://www.businessinsider.in/business/corporates/news/accenture-announces-one-time-bonus-for-all-employees-as-the-tech-giant-sees-robust-revenue-growth/articleshow/81572548.cms">Accenture announces one-time bonus for all employees as the tech giant sees robust revenue growth</a>

EaseMyTrip lists at 13.5% premium – but gives up some of the listing gains soon after

<ul><li>A threshold relaxation of ₹7 lakh per financial year from <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> has been given only for overseas spending using international debit or credit cards. </li><li>TCS shall be applicable at 20% on forex cards and cash exchanges without any threshold limit unless a specific clarification is issued by the relevant authorities. </li><li>Individuals <keyword id="648371" type="General" weightage="20" keywordseo="travelling-abroad" source="Orion">travelling abroad</keyword> separately or as a family may separately spend amounts up to ₹7 lakh per financial year on credit and debit cards. Group tours are set to cost more.</li></ul>Tax collected at source (TCS), and not the IT giant, was trending earlier in May after the Finance Ministry issued a notification stating that international credit cards would also be covered under the liberalised remittance scheme (LRS) – meaning a TCS of 20% would <a href="https://www.businessinsider.in/personal-finance/news/credit-card-now-under-lrs-ambit-20-tcs-to-be-charged-on-spends-using-international-credit-cards/articleshow/100323990.cms">apply to credit cards as well</a>. After facing a backlash, on May 19, another clarification was issued stating that payments made using international credit and debit cards up to ₹7 lakh shall be excluded from LRS. Hence no TCS shall be applicable on payments made by international credit and debit cards up to ₹7 lakh in a financial year. Any payment beyond ₹7 lakh shall attract TCS at the rate of 20%. However, confusion still prevails, and there is uncertainty on how this will impact foreign travel. People are wondering if there are ways to minimise the impact. We spoke to experts to find out. TCS to apply on forex card, cash exchanges without threshold limit “No specific clarification has been provided on the threshold limits for applicability of TCS on forex cards and cash exchanges, it is assumed that new TCS rules shall apply on forex card and cash exchanges,” says Kunal Savani, partner at law firm Cyril Amarchand Mangaldas. Hence, TCS shall be applicable at 20% on forex cards and cash exchanges without any threshold limit unless a specific clarification is issued by the relevant authorities. Says Suresh Surana, founder of RSM India, an audit, tax and consulting firm, “Assuming that a forex card would generate foreign exchange liability, the same would be covered under the scope of LRS, and TCS under section 206C(1G) would be applicable on the same without the threshold limit of ₹7 lakh as applicable in case of international credit, and debit cards.” TCS @20% applicable on entire amount when booking foreign tours “In case of overseas tours the Finance Act has amended section 206C(1G) of the Income-tax Act, 1961 thereby making TCS applicable on such overseas tours at the rate of 20%. No threshold limit has been provided, and hence a 20% TCS shall be applicable on the whole amount,” says Savani. The tour provider shall collect TCS at 20% in addition to the tour cost. This was introduced in Budget 2023, and has not been amended. It should be noted that the threshold relaxation of ₹7 lakh per financial year (FY) from TCS has been given only for overseas spending using international debit or credit cards. “This relaxation shall not be available for any remittances made from India for tour booking; and TCS on tour operators shall continue to be levied from ₹1,” says Vivek Jalan, partner, Tax Connect Advisory, a professional services firm. For example, if two people are going on a tour, and if the total cost is ₹5 lakh, then this will come under LRS, and the ₹7 lakh exemption will not be applicable. However, if they spend ₹5 lakh overseas on shopping, with international credit or debit cards, then the exemption will be applicable. Exemption applicable on a cumulative basis on all credit, debit cards “The exemption of ₹7 lakh applies to payments made through credit/debit cards only, and not to forex cards. From a reading of the press release, it appears that it is a combined limit applicable to payments made through credit, and debit cards taken together,” says Riaz Thingna, partner, tax, Grant Thornton Bharat, an assurance, tax and advisory firm. So, let us say that when travelling abroad with family in a certain financial year, someone spends ₹5 lakh on a credit card, and ₹5 lakh on a debit card. The first spend of ₹5 lakh from the credit card will not attract TCS as it is below the threshold of ₹7 lakh. The next spend of ₹5 lakh from the debit card will attract TCS in the following manner – there will be no TCS on ₹2 lakh, but a TCS @ 20% will apply on the balance ₹3 lakh. “However, if one uses a forex card, TCS @ 20% will be applicable on the amount of the foreign exchange credited to the forex cards without any exemption limit,” says Riaz. Minimise the impact of TCS on a foreign vacation When booking a tour package, there is no way one can minimise the impact of TCS when travelling abroad. “However, one may book in components, such as flights, hotels, etc., instead of booking a whole tour package,” says Nishant Pitti, chief executive officer and co-founder of EaseMyTrip. If the booking is done through a credit or debit card, one can get the benefit of the exemption limit. Also, LRS is available to all resident individuals including minors. Further, effective 1 July 2023, these new regulations would be applicable on all aggregate card spends above ₹7 lakh in a financial year, calculated separately for each resident individual. “Therefore, individuals travelling as a family/individuals travelling together, may separately spend amounts up to ₹7 lakh per financial year on credit cards, debit cards, while travelling abroad. In that case, TCS would not be applicable since it is below the threshold limit for each individual,” says Rajesh Srinivasan, partner at Deloitte India. If the total spend is exceeding ₹7 lakh, one may use credit or debit cards of different family members for booking to not pay any TCS. How to claim tax credit on TCS From July 1, 2023, Reserve Bank of India (RBI)- authorised banks would need to collect TCS. They would need to file quarterly returns, and provide necessary details including PAN of the Indian resident individual, and the amount remitted under LRS. TCS amount collected by the authorised bank would not be a sunk cost, and can be set-off against the tax payable on the individual’s total income (or) claimed as a tax refund in India. “Once quarterly TCS returns are filed by the authorised bank, the TCS amounts would reflect in Form 26AS of the Indian resident individual. Form 26AS refers to taxpayer’s records as available to the income-tax office, and contains details of taxable amounts remitted, and corresponding TDS and TCS,” says Srinivasan. TDS refers to tax deducted at source. He says that, therefore, no separate records need to be maintained by the Indian resident individual to claim tax credit later. Based on the Form 26AS (available in the individual’s login on the income-tax portal), the Indian resident individual can claim TCS as a tax credit or tax refund, while filing his/her income-tax return for the financial year. Also, the Indian government recently announced that it intends to automate the process of granting immediate TCS credit in case of salaried taxpayers. “The government proposes to link, and grant 20% TCS as credit against the monthly TDS due on the salary income of taxpayers. Procedures, and further announcements in this regard are expected in the coming weeks,” says Srinivasan. However, there is something that one needs to keep in mind. “The foreign exchange spend should be in proportion to the earnings. A person who spends say ₹10 lakh on a personal foreign tour in a fiscal year cannot declare an income of say just ₹12 lakh, or for that matter ₹15 lakh, all other things being constant,” says Jalan. TCS will make foreign tour packages more expensive upfront. However, the good news is that you can avoid TCS on your expenditures abroad, and get a tax credit easily in case you pay any TCS. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/ott-releases-to-watch-for-june-2023/articleshow/100643939.cms">OTT releases to watch for June, 2023</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/icc-top-brass-seeks-pcb-assurances-that-it-will-send-team-to-india-for-odi-world-cup/articleshow/100643947.cms">ICC top brass seeks PCB assurances that it will send team to India for ODI World Cup</a>

New TCS regulations may pinch your wallet while travelling abroad. Here’s how you can minimise the impact

<ul><li><keyword id="790242" type="COMPANY" weightage="20" keywordseo="WhatsApp">WhatsApp</keyword>, which was subject to controversies in India over its updated privacy policy, emphasized that its voice and video calls are end-to-end encrypted.</li><li>WhatsApp’s latest update comes as the COVID-19 pandemic has pushed the importance of services like Zoom.</li><li>The company also said that it will soon expand it to include group calls. However, the company didn’t specify the number of people that can be included in a group call.</li></ul>Facebook-owned messaging platform Whatsapp has launched voice and video calling from desktop. WhatsApp’s latest update comes as the COVID-19 pandemic has pushed the importance of services like Zoom, to hold meetings, group calls between employees during work from home. “To make desktop calling more useful, we made sure it works seamlessly for both portrait and landscape orientation, appears in a resizable standalone window on your computer screen, and is set to be always on top so you never lose your video chats in a browser tab or stack of open windows,” said the company in a blog. WhatsApp, which was subject to controversies in India over its updated privacy policy, emphasized that its voice and video calls on desktop are end-to-end encrypted. The company also said that it will soon expand it to include group calls. However, the company didn’t specify the number of people that can be included in a group call. On WhatsApp mobile app, the group call feature extends to up to eight people. “We’re starting with one-to-one calls on the WhatsApp desktop app so we make sure we can give you a reliable and high-quality experience. We will be expanding this feature to include group voice and video calls in the future,” said WhatsApp. WhatsApp had <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-says-your-privacy-wont-be-affected-if-you-dont-use-these-features/articleshow/80225748.cms">announced</a> its privacy policy update in January, this year, soon after which it faced a lot of backlash from users and was also hit with a lawsuit in the Delhi High Court. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/this-spam-blocker-may-add-a-layer-of-anonymity-to-your-social-media-presence-while-twitter-and-facebook-are-under-pressure-to-verify-their-users/articleshow/81327239.cms">This spam blocker may add a layer of anonymity to your social media presence while Twitter and Facebook are under pressure to verify their users</a> <a href="https://www.businessinsider.in/business/startups/news/bootstrapped-online-travel-aggregator-easemytrip-makes-its-way-to-the-public-markets/articleshow/81326200.cms">INTERVIEW: Bootstrapped online travel aggregator EaseMyTrip makes its way to the public markets</a>

WhatsApp is a little late, but joins the Zoom party – launches voice and video calling from desktop, group calls to follow

<ul><li>The investment was led by the startup’s existing investors Inventus India and Jetty Ventures.</li><li>This takes <keyword id="7937433" type="UNKNOWN" weightage="20" keywordseo="Euler-Motors">Euler Motors</keyword>’ total fundraise, so far, to ₹65 crore.</li><li>The company already has over 250 electric three-wheelers, which have been deployed by startups like BigBasket, EcomExpress and Udaan in Delhi-NCR.</li></ul><keyword id="381751" type="ORGANIZATION" weightage="20" keywordseo="Electric-vehicle">Electric vehicle</keyword> startup Euler Motors has raised ₹30 crore as a part of its series A fundraise. This takes its total fundraise, so far, to ₹65 crore. The investment was led by the startup’s existing investors Inventus India and Jetty Ventures, and also saw participation from another existing investor Sujeet Kumar, co-founder of online B2B trade platform Udaan. Meanwhile new investors Srinivas Anumolu &amp; K Ganesh from Growth Story too joined in on this round. Founded in 2018, the startup is also looking to launch new electric three-wheelers this year. The company already has over 250 electric three-wheelers, which have been deployed by startups like BigBasket, EcomExpress and Udaan in Delhi-NCR. With the latest investment the company plans to build a new production facility as well as expand its charging and servicing infrastructure. “The new investment has come at a time when the company has demonstrated extreme resilience during the pandemic and is now all set for the next phase of growth. I am delighted that our existing investors trust our vision and execution; and have chosen to continue to invest in Euler Motors,” Saurav Kumar, founder and chief executive officer of Euler Motors said in a statement. Kumar is no new face in the Indian startup ecosystem. In 2012, Kumar along with two others had founded the technology start-up Cube26, which had made news for its funding from Tiger Global Management and Flipkart. The startup was later acquired by Vijay Shekhar Sharma’s Paytm. With Euler Motors, Kumar is now betting on India’s burgeoning <keyword id="186291" type="ORGANIZATION" weightage="20" keywordseo="EV">EV</keyword> market, which has the likes of Mukesh Ambani’s Reliance and Elon Musk’s Tesla making their presence felt. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/bootstrapped-online-travel-aggregator-easemytrip-makes-its-way-to-the-public-markets/articleshow/81326200.cms">INTERVIEW: Bootstrapped online travel aggregator EaseMyTrip makes its way to the public markets</a> <a href="https://www.businessinsider.in/tech/news/indias-supreme-court-observes-that-ott-platforms-are-showing-pornography-and-proposes-screening-of-online-content/articleshow/81328555.cms">India's Supreme Court observes that OTT platforms are showing pornography and proposes screening of online content</a> <a href="https://www.businessinsider.in/tech/apps/news/this-spam-blocker-may-add-a-layer-of-anonymity-to-your-social-media-presence-while-twitter-and-facebook-are-under-pressure-to-verify-their-users/articleshow/81327239.cms">This spam blocker may add a layer of anonymity to your social media presence while Twitter and Facebook are under pressure to verify their users</a>

Ahead of its electric three-wheeler launch, EV startup Euler Motors raises ₹30 crore

Before Elon Musk-led Tesla finally makes its India entry, ride-hailing platform Ola on Monday announced world's largest two-wheeler manufacturing facility called Ola FutureFactory that will have annual production capacity of one crore vehicles and will be operational by 2022. The factory will generate 10,000 direct employment, along with additional jobs being created by Ola vendors and suppliers. According to <keyword id="1543567" type="PERSON" weightage="20" keywordseo="Bhavish-Aggarwal">Bhavish Aggarwal</keyword>, Chairman and Group CEO, the Phase 1 will be ready with initial annual capacity of two million around June this year. Built over 500 acres in Krishnagiri district in Tamil Nadu, the facility will roll out one scooter every two seconds at full capacity, Aggarwal told mediapersons. "It will have 10 production lines running at full capacity. It will be the most advanced two-wheeler factory with 3,000 AI-powered robots built on Industry 4.0 principles," he said. It will be an integrated manufacturing facility, addressing all needs from battery to finished goods. <keyword id="4393078" type="COMPANY" weightage="20" keywordseo="Ola-Electric">Ola Electric</keyword> has also released first teaser visuals of the much-anticipated <keyword id="433124" type="PERSON" weightage="20" keywordseo="electric-scooter">electric scooter</keyword>. The announcement came as Tesla made its official to enter the country and chose Karnataka over Tamil Nadu to firm up its roll-out plans. Ola Electric last year acquired the Netherlands-based Etergo BV, an innovative electric scooter company known for its award-winning AppScooter for an undisclosed sum, and announced its foray into the premium electric two-wheeler market, both globally and nationally. "With electric, digitally connected capabilities, two-wheelers will further emerge as the most preferred urban mobility paradigm around the world and empower every consumer. We look forward to building the best global capabilities in engineering, design, and manufacturing for these products to be made here in India," Aggarwal had said. With European design, strong engineering collaboration and Indian manufacturing and supply chain, Ola Electric said it aims to transform the over 100 million-strong global two-wheeler market, including more than 20-million Indian two-wheeler market, into a clean energy, digital future. The company has plans to set up extensive charging and swapping networks around the country. Ola Electric is also working with India's leading power distribution companies towards developing a conducive EV ecosystem through the establishment of battery swapping and charging stations in New Delhi. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/oyo-vs-zo-zostel-claims-victory-while-the-ritesh-agarwal-led-firm-says-theres-still-room-to-win/articleshow/81386851.cms">OYO vs Zo – Zostel claims victory while the Ritesh Agarwal-led firm says there’s still room to win</a> <a href="https://www.businessinsider.in/stock-market/news/the-510-crore-ipo-of-easemytrip-is-now-open-for-public-subscription-/articleshow/81387576.cms">Here is why analysts maintain a bullish mood for the ₹510 crore IPO of bootstrapped online travel aggregator EaseMyTrip</a> <a href="https://www.businessinsider.in/india/news/google-ceo-sundar-pichai-announces-a-series-of-initiatives-on-womens-day/articleshow/81388483.cms">Google announces a series of initiatives on Women’s day – a $25 million fund, support for one million female entrepreneurs in India and a new feature on Google Maps</a>

Bhavish Aggarwal-led Ola showcases its first electric scooter — aims to operate 1 crore bikes by 2022

<ul><li>Walmart-owned e-commerce giant <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> is exploring an initial public offering (IPO) in the US through a merger with a special purpose acquisition company (<keyword id="1817616" type="ORGANIZATION" weightage="20" keywordseo="SPAC">SPAC</keyword>).</li><li>SPAC companies are generally formed as “blank cheque” firms with the specific purpose to raise capital through a market debut to acquire another company.</li><li>Indian renewable energy company ReNew Power had recently announced its merger with a similar SPAC, while according to reports grocery startup Grofers is exploring the same.</li></ul>Walmart-owned e-commerce giant Flipkart is exploring an initial public offering (IPO) in the US through a merger with a special purpose acquisition company (SPAC), according to a report by <a href="https://www.bloomberg.com/news/articles/2021-03-04/india-s-flipkart-said-to-mull-u-s-listing-with-spac-as-option?utm_source=google&amp;utm_medium=bd&amp;cmpId=google">Bloomberg. </a> The listing in the US markets could give the online retailer a $35 billion valuation. Flipkart’s last reported valuation was $24.9 billion, when it received funding from <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> in July, 2020. What is a SPAC? SPAC companies are generally formed as “blank cheque” firms with the specific purpose to raise capital through a market debut to acquire another company. When a deal is formed through SPAC, the companies have two years to complete the acquisition. If the deal fails to go through, the SPAC will have to return all money to the investors. Through a SPAC deal, companies don’t have to go through the traditional paperwork hassles needed for an IPO. The reason why a SPAC is better than an IPO is best described by Don Butler, managing director at venture capital fund Thomvest Ventures. “An IPO is basically a company looking for money, while a SPAC is money looking for a company,” he recently <a href="https://news.crunchbase.com/news/spac-vs-traditional-ipo-investors-see-benefits-of-blank-check-companies/">said</a>. There are many advantages of opting for a SPAC deal, first the company would get direct expertise from a company that has been in the business of taking firms to the public markets, and SPACS also acquires companies at a premium, giving more value to the initial investors in the company. Flipkart isn’t alone Flipkart, if the deal goes through, will join the long list of companies in the US that have successfully taken the <a href="https://www.businessinsider.in/stock-market/news/spacs-are-trying-to-stand-out-in-a-sea-of-blank-check-listings-heres-what-4-high-profile-backers-are-doing-to-make-their-ipos-more-attractive-to-investors-/articleshow/81316539.cms">SPAC route </a>in the last year. Even Indian companies -- like the renewable energy firm Renew Power -- have announced their merger with a blank cheque company for a listing in the US. In fact, Renew Power’s SPAC is being backed by the Sri Lankan-American investor Chamath Palihapitiya, who has played a major role in the SPAC boom in the US. <div type="twitter" handle="chamath" handlename="Chamath Palihapitiya" image="http://pbs.twimg.com/profile_images/1257066367892639744/Yh-QS3we_normal.jpg" favoritecount="3910" retweetcount="482" status="Excited to do the PIPE in ReNew Power as they merge with $RMGBRenew is India’s largest clean energy company with… https://t.co/4OHuaItQdh" createdat="1614177684000" id="1364586229585506304"></div> Softbank-backed grocery startup Grofers is aso looking for a listing in the US through a SPAC, as <a href="https://www.bloomberg.com/news/articles/2021-02-11/softbank-backed-grofers-said-to-weigh-listing-via-u-s-spac-deal?srnd=technology-vp&amp;sref=zNmRQ0gk">reports suggest</a>. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/bootstrapped-online-travel-aggregator-easemytrip-makes-its-way-to-the-public-markets/articleshow/81326200.cms">INTERVIEW: Bootstrapped online travel aggregator EaseMyTrip makes its way to the public markets</a> <a href="https://www.businessinsider.in/tech/news/indias-supreme-court-observes-that-ott-platforms-are-showing-pornography-and-proposes-screening-of-online-content/articleshow/81328555.cms">India's Supreme Court observes that OTT platforms are showing pornography and proposes screening of online content</a> <a href="https://www.businessinsider.in/tech/apps/news/this-spam-blocker-may-add-a-layer-of-anonymity-to-your-social-media-presence-while-twitter-and-facebook-are-under-pressure-to-verify-their-users/articleshow/81327239.cms">This spam blocker may add a layer of anonymity to your social media presence while Twitter and Facebook are under pressure to verify their users</a>

Flipkart is reportedly looking to list in US via a blank cheque firm

<ul><li>The <keyword id="30334" type="ORGANIZATION" weightage="20" keywordseo="acquisition">acquisition</keyword> talks come as Tata is set to be working on its own Super App for which it has reportedly signed a deal with grocery retail platform BigBasket for a 68% stake.</li><li>The news of the possible acquisition drove JD’s stocks to ₹943, up by 7%.</li><li>In October 2020, JD had said that it was set to launch its own B2B (business to business) marketplace called JD Mart.</li></ul>The salt-to-aviation conglomerate <keyword id="6355725" type="ORGANIZATION" weightage="20" keywordseo="tata-group">Tata Group</keyword> is in talks with <keyword id="6436290" type="UNKNOWN" weightage="20" keywordseo="just-dial">Just Dial</keyword>, the 24-year old local discovery platform, as a part of its digital push, reported <a href="https://economictimes.indiatimes.com/tech/technology/tata-digital-in-initial-talks-with-just-dial-for-e-commerce-play/articleshow/81383870.cms">ET</a>. The report said that the group is in early talks with Just Dial regarding its latest e-commerce bet – JD Mart. The acquisition talks come as Tata is set to be working on its own Super App, for which it has already <a href="https://www.timesnownews.com/business-economy/companies/article/tata-group-to-buy-68-stake-in-e-grocer-bigbasket/721028">reportedly</a> signed a deal with grocery retail platform BigBasket for a 68% stake. Similarly, it could enter into a strategic alliance with Just Dial as well. The news of the possible acquisition drove Just Dial Ltd’s stocks to ₹943, up by 7.38% at 1.50 pm on Monday. In October 2020, Just Dial had said that it was set to launch its own B2B (business to business) marketplace called JD Mart. The potential and excitement for Just Dial’s new platform comes with the fact that the company already has a strong foothold in the market and a loyal user base. According to a report by financial services firm UBS, the company will be able to leverage its already existing 140 million quarterly unique users and 100,000 paid B2B subscribers to sell JD Mart. “We think Just Dial has developed a superior platform on the backdrop of an interactive user interface along with robust depth and breadth of B2B product offerings. JD's core strength is its large sales force (9,000), which should aid monetizing the new platform,” said the UBS report from October, 2020. JD Mart finds competition from the country’s oldest e-commerce platform IndiaMart, which has had an unchallenged run for 24 years. Interestingly, Tata was <a href="https://www.livemint.com/companies/start-ups/tatas-in-talks-to-buy-stake-in-indiamart-report-11602742923779.html">reportedly</a> in talks with IndiaMart as well earlier. However, in an exchange filing IndiaMart had categorically denied that it had not had any discussions with Tata Group. Meanwhile, JD Mart is making space for itself. The company, which had set aside ₹110 crore for marketing and advertising of JD Mart, has signed up to be a ‘Co-Presenting Sponsor’ of the Indian Premier League-14 (IPL 2021), which will be held in the months of April and May. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/oyo-vs-zo-zostel-claims-victory-while-the-ritesh-agarwal-led-firm-says-theres-still-room-to-win/articleshow/81386851.cms">OYO vs Zo – Zostel claims victory while the Ritesh Agarwal-led firm says there’s still room to win</a> <a href="https://www.businessinsider.in/stock-market/news/the-510-crore-ipo-of-easemytrip-is-now-open-for-public-subscription-/articleshow/81387576.cms">Here is why analysts maintain a bullish mood for the ₹510 crore IPO of bootstrapped online travel aggregator EaseMyTrip</a> <a href="https://www.businessinsider.in/india/news/google-ceo-sundar-pichai-announces-a-series-of-initiatives-on-womens-day/articleshow/81388483.cms">Google announces a series of initiatives on Women’s day – a $25 million fund, support for one million female entrepreneurs in India and a new feature on Google Maps</a>

Tata dials up another acquisition talk – with India’s discovery platform Just Dial, whose  stock is up by 7%

<ul><li>On the occasion of women’s day, <keyword id="10924" type="PERSON" weightage="20" keywordseo="Ambani">Ambani</keyword> has launched a social media and networking platform for women called Her Circle.</li><li>The platform will also connect women to experts across health, wellness, education, entrepreneurship, finance, philanthropy, mentorship and leadership.</li><li>On her own, Ambani runs multiple other ventures that bring her credibility apart from her family name.</li></ul><keyword id="7024" type="PERSON" weightage="20" keywordseo="Nita-Ambani">Nita Ambani</keyword> has another project in hand. The wife of Asia’s richest man Mukesh Ambani has gone on to make her name for herself through her various ventures in education, philanthropy, and of course, cricket. On the occasion of women’s day, Ambani has launched a social media and networking platform for women called Her Circle. According to a statement from the company, Her Circle will be a content, social media and goal fulfilment community. “I am delighted that we can create such a circle of support and solidarity for millions of women through HerCircle.in, a digital platform that invites every woman to join and make her own. With the Digital Revolution enabling 24x7 global networking and collaboration, Her Circle welcomes ideas and initiatives of women from all cultures, communities and countries. We make sisterhood and equality our touchpoints on this platform,” she said in a statement. The platform will also connect women to experts across health, wellness, education, entrepreneurship, finance, philanthropy, mentorship and leadership. But Ambani is not new to pulling the strings in business. While she is not actively involved in the running of <keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword> Industries’ core businesses, Ambani runs multiple other ventures that bring her credibility apart from her family name. Dhirubhai International School Nita Ambani was a school teacher and a dancer before she married Mukesh Ambani. And her love for teaching led her to establish a school in honour of her famous father in law, Dhirubhai Ambani. In 2003, she launched and became the founder and chairperson of Dhirubhai Ambani International School which has two branches in Mumbai. Mumbai Indians Nita Ambani is the co-owner of the Indian Premier League cricket team Mumbai Indians. The team has won the IPL four times and was also the first franchise to cross $100 million in brand value. Ambani is almost always seen at the Mumbai Indian matches, cheering for her team. But she is also involved in managing the team, along with her son Akash. A member of the prestigious Metropolitan Museum of Art In November 2019, Ambani joined New York’s prestigious Metropolitan Museum of Art as an honorary trustee. She will also be a member of The Met's International Council. In 2017, she was honoured by the museum at The Met Winter Party. International Olympic Committee Cricket is not the only sport that Nita Ambani is involved with. In 2017, she was elected as a member of the International Olympic Committee. She is also the founder and chairperson of Football Sports Development, which runs the Indian Super League football tournament. She is also a member of the Olympic Channel, an OTT service which is run by the IOC. <keyword id="6360465" type="ORGANIZATION" weightage="20" keywordseo="reliance-foundation">Reliance Foundation</keyword> Nita Ambani is the chairperson and founder of the philanthropic organisation Reliance Foundation, which is the corporate social responsibility (CSR) arm of the Reliance Industries. In 2019-20, the foundation spent ₹1,022 crore for various initiatives across rural transformation, health, education, sports for development, disaster response, arts, culture and heritage and urban renewal. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/oyo-vs-zo-zostel-claims-victory-while-the-ritesh-agarwal-led-firm-says-theres-still-room-to-win/articleshow/81386851.cms">OYO vs Zo – Zostel claims victory while the Ritesh Agarwal-led firm says there’s still room to win</a> <a href="https://www.businessinsider.in/stock-market/news/the-510-crore-ipo-of-easemytrip-is-now-open-for-public-subscription-/articleshow/81387576.cms">Here is why analysts maintain a bullish mood for the ₹510 crore IPO of bootstrapped online travel aggregator EaseMyTrip</a> <a href="https://www.businessinsider.in/india/news/google-ceo-sundar-pichai-announces-a-series-of-initiatives-on-womens-day/articleshow/81388483.cms">Google announces a series of initiatives on Women’s day – a $25 million fund, support for one million female entrepreneurs in India and a new feature on Google Maps</a>

Nita Ambani’s latest venture is a social media and networking platform for women – here’s a look at the organisations she runs as a part of Asia’s richest family

You Searched For "easemytrip travel aggregator" and got 11 results

Here is why analysts maintain a bullish mood for the ₹510 crore IPO of bootstrapped online travel aggregator EaseMyTrip

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Flipkart is reportedly looking to list in US via a blank cheque firm

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Tata dials up another acquisition talk – with India’s discovery platform Just Dial, whose stock is up by 7%

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Nita Ambani’s latest venture is a social media and networking platform for women – here’s a look at the organisations she runs as a part of Asia’s richest family

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