EaseMyTrip Co-Founder Nishant Pitti Resigns from CEO Role, Rikant Pitti To Take Charge

Shortly after selling 1.41% stakes in online travel aggregator EaseMyTrip, cofounder Nishant Pitti stepped down as CEO.

Pitti, together with his brothers Rikant and Prashant Pitti, started Easemytrip in 2008 as an online travel agency, but the company has now expanded into insurtech and electric bus manufacture.

Pitti has served as CEO of the company from its founding. According to a regulatory filing, Rikant will succeed him and further boost EaseMyTrip’s standing in the sector.

As of 10:16 a.m. today (January 2), EaseMyTrip shares were down roughly 1.5% to INR 15.49 per share on the BSE, down from the previous closing of INR 15.72.

Related: EaseMyTrip Clocks 31% Rise in Profits, PAT Rs 33.9 crore in Q1FY25

Pitti has been dissolving his ownership in the corporation, handing up his part in 2024. On December 31, he sold 4,99,52,163 shares at INR 15.68 each, for a total of INR 78.3 Cr, according to NSE data, causing the price to plunge 10% on reports that Pitti was selling his entire position in the company.

Prior to that, Nishant sold 24.65 crore shares of the firm in various block agreements for INR 920 crore in September, causing the company’s shares to fall 20% on the BSE.

This development comes at a time when many businesses in various phases of growth have experienced significant leadership exits in 2024 due to sectoral problems or operational setbacks. Also, as firms prepare for prospective public listings in 2025, leadership changes are projected to speed even further.

According to Inc42’s compilation of leadership exits over the last year, around 15 cofounders and CEOs have hung up their hats.

For example, Harsha Shah, Cofounder of Reliance-owned retail technology platform Fynd, left the company in November without explaining why.

Additionally, Chandan Singh of Adda247 resigned after nearly two years after being promoted to cofounder of the edtech business.