Mumbai, 19 Feb, 2024: EaseMyTrip.com, one of India’s largest online travel tech platforms announces the in-principal approval of the board by proposing its newest joint venture: a luxurious 5-star hotel in the prime location of Ayodhya, strategically situated near the iconic Shree Ram Mandir. This initiative represents a significant stride towards enriching the spiritual journey of pilgrims and tourists. The hotel’s prime location, less than 1 kilometer from the revered temple, promises guests an unparalleled blend of spirituality and luxury.
Ayodhya’s status as a premier destination underscores the importance of enhancing the visitor experience at pilgrimage sites. Religious tourism witnessed 1439 million tourists in 2022 and the places of religious tourism earned INR 1.34 lakh crore in the same year. The sector is expected to generate a revenue of 59 billion by 2028, creating 140 million temporary & permanent jobs by 2030.
EaseMyTrip, as one of the joint venture partners, is committing to invest up to INR 100 crores in Jeewani Hospitality Private Limited, the entity super heading the project under incorporation. This investment will represent 50% of the total paid-up share capital of the JV Company on a fully diluted basis through equity swap, once finalized. These details are outlined in the proposed JV transaction agreed upon by the involved parties.
Speaking on the historical occasion, Mr. Nishant Pitti, CEO & Co-Founder, EaseMyTrip said,
“We are delighted to announce our intend towards the newest Joint Venture, a lavish retreat that not only epitomizes luxury but also cultivates a tranquil ambiance amidst the dynamic religious ambiance of Ayodhya. With over 2.4 million visitors flocking to Ayodhya following the Pran Pratishtha of the Ram Temple, the city has emerged as a prime investment destination for businesses to offer hospitality options tailored to tourists and inviting guests to delve into a spiritually fulfilling journey while relishing in top-notch hospitality.”
Excited about the partnership, Mr. Dhruv Jeewani, Director Jeewani Hospitality, said, “We are incredibly enthusiastic about the proposed partnership with EaseMyTrip, which marks a significant milestone for Jeewani Hospitality. Our family is staying in Ayodhya for 60 years and we welcome EaseMyTrip to Ayodhya. By collaborating with one of India’s leading online travel platforms, we are poised to create a truly exceptional 5-star hotel experience near the revered Shree Ram Mandir in Ayodhya. Our vision is to offer guests not only luxurious amenities but also a deeply immersive spiritual journey, complementing the vibrant religious landscape of Ayodhya.’’
By leveraging EaseMyTrip’s travel expertise and Jeewani Hospitality’s commitment to excellence, the joint venture aims to set new luxury standards in Ayodhya. This initiative reflects EaseMyTrip’s strategic expansion and dedication to India’s tourism growth. The upscale property unveiling underscores EaseMyTrip’s commitment to delivering exceptional experiences for both leisure and business travelers.
About EaseMyTrip
EaseMyTrip (a public listed company at NSE and BSE) is India’s one of largest online travel platform in terms of air ticket bookings, based on the Crisil Report-Assessment of the OTA Industry in India, February 2021. Furthermore, growing at a CAGR of 59% during FY20-23 in profits, it is one of the fastest-growing internet companies. Bootstrapped and profitable since its inception, EaseMyTrip offers ‘End to End’ travel solutions including air tickets, hotels and holiday packages, rail & bus tickets as well as ancillary value-added services. EaseMyTrip offers its users the option of zero-convenience fees during bookings. EaseMyTrip provides its users with access to more than 400 international and domestic airlines, over 2+ million hotels as well as train/bus tickets and taxi rentals for major cities in India. Founded in 2008, EaseMyTrip has offices across various Indian cities, including Noida, Delhi and Gurugram, Bengaluru, and Mumbai. Its international offices (as subsidiary companies) are in the Philippines, Singapore, Thailand, the UAE, the UK, the USA and New Zealand.
About Jeewani Hospitality
Jeewani Group is a diversified business group operating in multiple states, functional in Coal trading, Contract Manufacturing and Animal Husbandry and now entering Hospitality. We are committed to value for money proposition & credited with several innovations over the last three decades. The sagacity to weave its business around consumer needs has conferred Jeewani Group with a distinct value and identity. Efficient capital structure, operational discipline and a widespread distribution network, have together attributed to enhance Jeewani group and enabled the organization to deliver value to consumers. The driving force at Jeewani Group is to understand profound changes in product technology and consumer needs to make our ventures the way consumer desires them to be. We believe that the only constant in the history of mankind is evolution and so it is our endeavour to give superior consumer experience and a superior value for consumer’s money.
