Two overseas firms received Rs 90 Cr from EaseMyTrip; enters medical tourism space
To get into the medical tourism business, online travel aggregator (OTA) platform EaseMyTrip has purchased a 30% stake in Rollins International and a 49% stake in Pflege Home Healthcare.
According to the company’s disclosure obtained from the National Stock Exchange, the board of directors at EaseMyTrip has approved the acquisition of Rollins International (30%) and Pflege Home Healthcare (49%), at a consideration of Rs 60 crore and Rs 30 crore, respectively.
As per the documents, Rollins and Pflege will receive consideration of Rs 90 crore in the form of an equity swap, which entails the issuance of EaseMyTrip shares.
“The acquisition is a strategic expansion into the rapidly growing medical tourism sector and align with EaseMyTrip’s mission to offer holistic travel solutions by integrating wellness and healthcare services into its service portfolio as medical tourism.” the company added in the disclosure.
Pflege Healthcare is a medical tourism company based in the United Arab Emirates that connects top medical facilities and major hotel chains to provide access to treatments for patients from around the world.
A division of Singapore-based RHA Holding, Rollins International specializes in consumer goods, healthcare, and wellness initiatives. Products include allergen-free nutritional supplements, gluten- and lactose-free food items, and wellness therapies and treatments.
The plan to manufacture electric buses was also approved by the board of EaseMyTrip earlier this month. The company has added more companies to its portfolio over the years by acquiring businesses in the travel and hospitality industries, such as Dook Travels, TripShope Travel Technologies, and Guideline Travels Holidays.
Revenue for the Nishant Pitti-led company fell 6.8% on a quarter-over-quarter basis to Rs 152.6 crore in the first quarter of the current fiscal year from Rs 164 crore in Q4 FY24. EasyMyTrips’s profits decreased by 13% to Rs 33.92 crore during the same period due to a slight decline in scale.
