Nishant Pitti steps down as EaseMyTrip CEO, brother Rikant takes the helm

Nishant Pitti has stepped down as the CEO of EaseMyTrip citing personal reasons. Rikant Pittie, the company’s CFO and co-founder, has been as a result, appointed as the new CEO, taking over the leadership role immediately, the company announced via a Wednesday exchange filing. Rikant Pittie is also the younger brother of ex-CEO Nishant Pitti and co-founder Prashant Pitti.

Rikant Pittie has 15 years of experience across the travel, tourism, HR, and technology sectors. Rikant has also featured in Fortune India’s 40 Under 40 in 2022. As the CFO, he drew an annual salary of ₹96 lakh. Currently, he serves as the vice-chairman of the CII Delhi State Council for 2024-2025.

Rikant joined the Easy Trip Planners’ board in August 2011. Aside from Ease Trip, Rikant also is involved in several privately held businesses, including Easy Builders, Bhoomika Fabricators, Spree Hotels, Yolobus, Moneyleader Finance, Travelluxe EMT, and Vehide.com.

Nishant Pitti reportedly sold a 1.41% stake in Easy Trip Planners on December 31, offloading 4.99 crore shares worth ₹78.32 crore in a block trade. This reduced his ownership in the company to 12.8%. While he had previously announced plans to divest his remaining 14% stake through block deals, only 1.4% was successfully sold yesterday. Following the announcement, the company’s shares fell by almost 7%, closing at ₹15.86 on the NSE.

Founded in 2008, Easy Trip Planners, the operator of EaseMyTrip.com, provides travel products and services, including airline, rail, and bus tickets, holiday packages, hotels, taxis, travel insurance and visa processing.

In the second quarter of this fiscal, the company reported a 45.17% decline in consolidated net profit, which dropped to ₹25.87 crore from ₹47.18 crore in the same period last year. However, revenue from operations rose by 2.1% year-on-year, reaching ₹144.67 crore in the second quarter.