EaseMyTrip Expands into Insurance Market through New Subsidiary Launch; stocks skyrockets ~17%

11 Jan 2024 , 03:02 PM

EaseMyTrip.com, an online travel booking platform, announced on Wednesday the opening of its insurance business, EaseMyTrip Insurance Broker Pvt. Ltd.

The firm described it as a ‘strategic move’ to broaden its service range and enter the insurance sector by developing a tailored product to meet consumer demands.

The recently launched venture is anticipated to strengthen EaseMyTrip’s standing in the market and serve a Rs 7.9 trillion industry, leveraging EaseMyTrip’s existing user base of 20 million, as stated in a regulatory filing by the company.

The company’s entry into the insurance sector occurred shortly after gaining attention for temporarily halting flight reservations to the Maldives due to diplomatic tensions between India and the island nation.

Following this development, the company’s counter surged as much as 17% to an intraday high of Rs 52.80.

At around 2.59 PM, EaseMyTrip was trading 17.40% higher at Rs 51.95, against the previous close of Rs 44.25 on NSE.

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