Bootstrap to IPO - How EaseMyTrip Never Saw Losses? Prashant Pitti | Raj Shamani | FO 83
Raj Shamani's Figuring Out
The Pain Point of a Travel Agent
Incham Hineh Bahme is the founder and CEO of travel agency Chub. The company has created a software for travel agents called 'Chub' It was used to help people book tickets on their platform. Incham: "You just need that two sane people or insane people to say it's okay"
Order my first book 'Build, Don't Talk' here: https://amzn.eu/d/eCfijRu
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In today’s episode of Figuring Out, Raj is in conversation with Mr. Prashant Pitti, Co-founder of EaseMyTrip.com. He hails from Delhi and has completed his graduation from IIT, Madras. EaseMyTrip is among very few consumer-startups in the world that bootstrapped all the way till IPO & later even became a unicorn!
Prashant shares that despite being profitable for 14 odd years, Easemytrip never got validation from the media or the startup ecosystem. He explains how EMT has remained profitable even during the pandemic whereas its 7 competition brands have still not seen any profits!
Prashant reveals why they never got any funding and shares his thoughts on how a bootstrap company can make money and grow with about 93% of repeat customer rate!
Prashant elucidates how India is a relationship driven country and how he personally managed to bring his company at rank 2 with his 2 brothers without facing any sibling rivalries. He has explained how Indian customer is different, how customer loyalty can be built and sustained throughout the journey of entrepreneurship.
To learn more about building a brand, scaling a business, watch the video till the end!
Follow Prashant Pitti On:
Instagram: https://www.instagram.com/prashantpitti/
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Timestamps:
00:00 - Introduction
02:05 - Hard part about being a bootstrap startup
06:00 - Why EaseMyTrip didn't take funding?
07:45 - Why EaseMyTrip don't promote their biggest USP?
10:03 - How they earn money without convenience fees?
11:32 - How EMT survived without funding?
15:09 - How EMT solves customer problems?
17:28 - Secrets behind the growth of EMT
19:57 - 130 CR Refund
24:03 - How to deal with tough time?
28:06 - How to survive in competition?
33:28- Top 3 principles to follow for startups
37:27 - Top 3 mistakes he made
39:52 - Growth Vs. Profitability
43:12 - Personal wealth creation
44:53 - Achievers and their patterns
48:14 - Luck and its importance
49:19 - Long term thinking in a business
51:55 - High customer retention
1:00:23 - Problem with hiring
1:07:50 - What's different about Indian customers?
1:14:59 - Business in Dubai
1:16:55 - Merits of living in India
1:19:52 - Building business within the family
1:30:35 - Safety for tourists in India
1:33:24 - Conclusion
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My gear for shooting this video:
Canon EOS 200D II 24.1MP DSLR Camera: https://amzn.to/3GuiPFK
Canon EF50MM F/1.8 STM Lens: https://amzn.to/3WZOSoi
Canon EF-S 18-55mm f/3.5-5.6: https://amzn.to/3ZpKBMy
Yunteng Aluminium Tripod (Vct-690, Black): https://amzn.to/3ItEzV0
Zoom H6 All Black (2020 Version): https://amzn.to/3irUCIf
Shure SM7B Cardioid Vocal Dynamic Microphone: https://amzn.to/3GPimiM
Shure MV7 USB Podcast Microphone: https://amzn.to/3Xjy63d
GODOX SL150II 150W LED Video Light: https://amzn.to/3XeN0aL
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About Raj Shamani
Raj Shamani is an Entrepreneur at heart that explains his expertise in Business Content Creation & Public Speaking. He has delivered 200+ speeches in 26+ countries. Besides that, Raj is also an Angel Investor interested in crazy minds who are creating a sensation in the Fintech, FMCG, & passion economy space.
To Know More,
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Instagram @RajShamani
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