EaseMyTrip’s immediate problem is not the ₹59.6 crore worth of Nishant Pitti’s shares attached by the Enforcement Directorate. The bigger issue is what the ED says happened before that.
The agency alleges that money linked to illegal betting was routed into Indian equities through Mauritius-based AG Dynamic Funds, and that Easy Trip Planners’ share price was pushed up before the fund bought about 1.515 crore shares worth ₹59.6 crore. Pitti denies wrongdoing, and these remain allegations.
Investors should watch the other side of the trade. At roughly ₹39.3 a share, who sold those 1.515 crore shares to AG Dynamic? If they came from ordinary market sellers, that is one thing. If a promoter, related party or coordinated counterparty was selling, the economics look very different.
AG Dynamic later became Multitude Growth Funds. In December 2024, Multitude was reported as a possible buyer in a proposed Pitti block sale. Public information does not establish that it bought those shares. Still, the board should explain whether there was any prior relationship.
The governance question gets harder when promoter sales are added up. EaseMyTrip’s 2021 IPO raised ₹510 crore entirely through an offer for sale. Across the IPO and later disclosed sales, Nishant and Rikant Pitti have monetised about ₹2,175 crore.
EaseMyTrip’s market value is now around ₹2,300 crore. It has approved a rights issue of up to ₹500 crore. Promoters have therefore taken out cash roughly equal to its market value, while the business is asking shareholders for fresh equity.
The timing is poor. FY26 revenue fell to about ₹536 crore and profit before exceptional items and tax was only ₹76 lakh. Q1 FY27 revenue improved, but the company still lost about ₹11.7 crore. Hotels and packages have overtaken air-ticket revenue, yet neither segment made meaningful money that quarter.
The travel market is not weak. MakeMyTrip and ixigo are growing. EaseMyTrip’s old economics are the problem.
That is why the ED case cannot sit in a separate legal box. Distrust becomes expensive when it needs ₹500 crore from shareholders.
Let’s go through what else is happening in Indian startup world - Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.
“Taiyyari Jeet Ki”: Ola Electric To Seek Board Nod For Rights Issue
Ola Electric is gearing up for another fundraise through a proposed rights issue.
The EV maker will seek board approval for the issue at its September 28 meeting.
Read more here
“Sudhar Jaa Re Baba”: FSSAI Penalizes Amazon, Flipkart, and Instamart
FSSAI has penalized Amazon, Flipkart and Swiggy Instamart over food safety and regulatory lapses.
The action comes amid tighter scrutiny of quick commerce and ecommerce platforms.
Read more here
“Le Deke Settle Karte Hai”: BYJU’S Settles Rights Issue Dispute
BYJU’S has reportedly settled its long-running rights issue dispute with Aakash.
The settlement was informed to the Bengaluru bench of the NCLT.
Read more here
“Waqt Rehte Nikal Lo”: RPS Ventures Offloads Meesho Stake
RPS Ventures has offloaded nearly 3.9 Cr Meesho shares for about ₹900 Cr.
The sale cuts its stake by over 71%, following exits by other early investors.
Read more here
“Maamla Legal Hai”: Meta Sued For ₹1,000 Cr By Blink Digital
Blink Digital has sued Meta for about ₹1,000 Cr over disabled ad accounts.
The agency has approached the Bombay High Court, alleging multiple Meta Business Manager accounts were disabled.
Read more here
“Saathi Haath Badhana”: Offgrid Energy Signs MoU With Keele University
Offgrid Energy Labs has signed an MoU with the UK’s Keele University.
The partnership will deploy its patented ZincGel® long-duration energy storage technology on campus.
Read more here
“Kuch Daring Karna Hai”: Jaro Education Plans To Increase AI Programs
Jaro Education plans to raise AI programs to 25-30% of its portfolio.
The move comes as the company expands its executive education offerings.
Read more here
“Ek Se Bhale Do”: Nykaa and L’Oréal’s Venture Fund BOLD Join Hands
Nykaa and L’Oréal’s BOLD venture fund have partnered to invest in Indian beauty startups.
The duo will back emerging beauty and personal care brands.
Read more here
“Kuch Naya Ho Jaaye”: Gupshup Launches Agentic AI Solution
Gupshup has launched an Agentic AI solution that supports customers through the property-buying journey using WhatsApp and voice.
It connects with property, inventory and CRM systems while collecting details such as budget, location, property type and purchase timeline.
Read more here
“Hum Saath Saath Hai”: Mygate Launches Community-Based Carpooling
Mygate has launched a community-based carpooling feature.
It lets residents find and coordinate shared rides with neighbours.
Read more here
“Purana Saal Naya Maal”: Procol Unveils Agentic AI Command Centre
Procol has unveiled an agentic AI command centre for procurement teams.
It lets users initiate end-to-end workflows through plain-language requests.
Read more here
“Pocket Mein Rocket”: Nawgati Surpasses 3.5 Million Users
Fuel-tech platform Nawgati has crossed 3.5 Mn users on its app, which provides real-time information about fuel-station queues, availability and pricing.
Its Aaveg platform uses deep learning and real-time analytics for station operations and fleet management.
Read more here
“Naari Shakti Zindabad”: iThrive Appoints Saloni Kulkarni
Functional medicine company iThrive has appointed Saloni Kulkarni to its Board of Directors.
Kulkarni joined the company as a functional nutritionist in 2021 and subsequently took on additional responsibilities, including serving as head of Client Services.
Read more here
Agentic AI startup Ema has raised $77 Mn (over ₹738 Cr) in a Series B led by Creaegis. The round takes its total funding to about $140 Mn.
Read more here
IPO-bound Moneyview has raised ₹327.5 Cr from anchor investors. The company’s ₹1,092 Cr IPO opens on September 24 at a ₹5,985 Cr valuation.
Read more here
Lab-grown diamond jewellery brand ONYA has raised ₹12.5 Cr in a pre-Series A round led by Divisa Family Office.
Read more here
MyRx has raised an undisclosed seed round led by SteerX VC. The primary healthcare startup will use the funds to expand its clinical infrastructure.
Read more here
Footwear startup Nuvah has raised ₹4 Cr in a pre-seed round from investors including Amit Jain and Shantanu Deshpande.
Read more here
AI coding startup ByteAsk has raised $1 Mn in a pre-seed round led by Y Combinator and Entrepreneur First.
Read more here
On-demand convenience platform TimBuckDo has raised undisclosed bridge funding at a ₹120 Cr pre-money valuation.
Read more here
Zelio’s board has approved a preferential issue to raise up to ₹167.95 Cr. The fundraise will include equity shares and convertible warrants.
Read more here
