The Headline
Between February 16–18, 2026, a consortium of buyers — Arthkumbh Ventures LLP (₹37 Cr), Jainam Broking (₹14.7 Cr), Craft Emerging Market Fund Citadel (₹13.5 Cr), and others — absorbed 6.91 crore shares of Easy Trip Planners (EaseMyTrip) through bulk deals worth approximately ₹65 crore. The stock surged 40%+ over three days, from ₹6.61 to ₹10.57, on the back of this buying and a simultaneous announcement to raise ₹500 crore in fresh capital.[1][2][3]
On the surface, this looks like institutional conviction in a battered travel-tech company. Underneath, it is the latest chapter in Nishant Pitti’s 18-month exit from the company he co-founded — and the questions it raises about pledged shares, deal timing, and the identities of the buyers are far more significant than the headline numbers suggest.
Nishant Pitti’s Divestment Arc
Phase 1: The ₹920 Crore Exit (Sep 2024)
In September 2024, Nishant Pitti — co-founder, CEO, and 28.13% holder of EaseMyTrip — sold 24.65 crore shares at ₹37.22–₹38.28 per share, raising ₹920 crore in a single day. His holding halved from 28.13% to 14.22%. The stock crashed 15% on the sell day to ₹34.70. Buyers included Core4 Marcom (5 Cr shares) and Craft Emerging Market Fund PCC – Citadel Capital Fund (1.05 Cr shares). This was the first sign of a systematic exit.[4]
Phase 2: The “Small Portion” (Dec 2024)
On December 31, 2024, Pitti sold another 4.99 crore shares at ₹15.68, raising ₹78.3 crore. His holding dropped from 14.22% to 12.80%. Moneycontrol had reported he planned to sell his entire remaining 14.21% stake for ₹780 crore — but only 1.41% was actually sold. Arunaben Sanjaykumar Bhatiya bought 2.4 crore shares as the identified buyer. Craft EMF Citadel, Multitude Growth Funds, Nexpact, and Eminence Global Fund were all expected participants.[5][6][7][8][9]
Days later, on January 2, 2025, Pitti resigned as CEO of EaseMyTrip, replaced by his brother Rikant Pittie. In a post on X, he reassured investors: “I have thoughtfully limited my share sale and confirm there will be no further sales from my side”.[10]
Phase 3: The Pledge Escalation (2025)
Rather than selling, Pitti began pledging his shares to Motilal Oswal Financial Services (MOFSL). In June 2025, he pledged 9 crore shares (2.54% of total equity) for “personal use”. He briefly freed up 10 crore shares from an earlier pledge, but by December 2025, had pledged a massive 18.94 crore shares to MOFSL — representing approximately 5.35% of total equity. Meanwhile, co-founder Prashant Pitti also pledged 9 crore shares to MOFSL in June 2025.[11][12][13]
Combined promoter pledges stood at approximately 27.94 crore shares (7.9% of total equity) as of December 2025 — all to a single entity, Motilal Oswal.
Phase 4: The February 2026 Deals
The stock, which had been at ₹15.68 during the December 2024 sell, eroded steadily through 2025, falling to ₹6.61 by February 13, 2026. Then, on the same day as dismal Q3 FY26 results (PAT plunged 90% YoY to ₹3.4 crore), the board announced plans to raise up to ₹500 crore through equity issuance. The stock began rallying.[14][15][16]
The February Deal: Transaction-by-Transaction
| Date | Participant | Side | Shares | Price | Value (₹ Cr) |
|---|---|---|---|---|---|
| 16 Feb | Craft EMF Citadel | BUY | 2,00,00,000 | ₹6.77 | 13.5 |
| 16 Feb | Mansukh Securities | BUY | 78,00,000 | ₹7.68 | 6.0 |
| 17 Feb | Arthkumbh Ventures LLP | BUY | 3,92,88,523 | ₹9.41 | 37.0[3] |
| 17 Feb | Jainam Broking Ltd | BUY | 1,55,99,999 | ₹9.43 | 14.7 |
| 17 Feb | Share India Securities | BUY (net) | 1,70,000 | ₹9.39 | 0.2[3] |
| 17 Feb | Mansukh Securities | SELL | 38,00,000 | ₹9.15 | 3.5 |
| 18 Feb | Jaliyan Commodity | SELL | 89,47,934 | ₹9.92 | 8.9 |
| 18 Feb | Mansukh Securities | SELL | 11,78,934 | ₹9.97 | 1.2 |
| 18 Feb | HRTI | BUY | 2,42,336 | ₹9.93 | 0.2 |
Net absorption: ~6.91 crore shares, ~₹65 crore.
Deconstructing the ₹6.77 Entry Price
Craft EMF Citadel’s ₹6.77 entry on February 16 has been widely cited as a “deep discount” — the stock was trading at ₹9.41 the very next day. The reality is more nuanced.
EaseMyTrip closed at approximately ₹6.61 on February 13 (the last trading day before). The ₹500 crore capital raise was announced that same evening. On February 16 (Monday), the stock opened higher and rallied 12% intraday to ₹7.44. Craft’s bulk deal at ₹6.77 represents a 2.4% premium to the February 13 close — entirely consistent with a pre-negotiated block priced off the previous close, executed before or during the early stages of the news-driven rally.[14][2]
The perceived “28% discount” to the February 17 price of ₹9.41 is not a discount at all — it’s the result of a 40%+ rally occurring after the deal was struck. The rally was driven by the ₹500 crore raise announcement and the visibility of bulk deal buying itself, creating a reflexive feedback loop: news drove buying, buying drove price, price drove more buying.
The real question is not why Craft got ₹6.77 — but whether Craft had advance knowledge of the ₹500 crore raise announcement before purchasing on February 16. The board approval happened on February 13, and the bulk deal occurred on the next trading day. If this was a pre-arranged purchase contingent on the capital raise announcement, it raises serious questions about information symmetry.[17]
Who Are the Buyers?
Arthkumbh Ventures LLP — The ₹37 Crore Mystery
Arthkumbh Ventures LLP is registered with the RoC-Ahmedabad (LLPIN: ACR-2295). Beyond this, virtually no public information exists — no website, no disclosed fund strategy, no identifiable portfolio. An Ahmedabad-based LLP deploying ₹37 crore into a single penny stock in one shot is highly unusual.[18]
Three possibilities exist:
- Genuinely bullish contrarian fund: An Ahmedabad-based family office or proprietary fund making a deep-value bet on EaseMyTrip’s turnaround potential. The ₹500 Cr raise announcement, if executed as a QIP to institutional investors at a premium, could validate the thesis.
- Promoter-linked entity: Given the opacity around LLP ownership in India and the proximity of the deal to promoter-related events, a connection to the Pitti family or their associates cannot be ruled out without seeing the LLP’s beneficial ownership structure.
- Facilitator/conduit: Acting on behalf of a larger institutional investor that prefers not to appear directly in bulk deal data. This is common in Indian markets.
Craft EMF Citadel — The Repeat Buyer
Craft Emerging Market Fund PCC – Citadel Capital Fund is a Mauritius-domiciled fund that has been an active participant in Indian SME IPOs, with 44+ investments. Critically, Craft has been a repeat buyer of Nishant Pitti’s EaseMyTrip shares across three separate exits:[19]
| Date | Shares Bought | Price | Value | Source |
|---|---|---|---|---|
| Sep 2024 | 1,05,00,000 | ₹37.95 | ₹39.8 Cr | Nishant’s ₹920 Cr sell[4] |
| Dec 2024 | Expected participant | ₹15.60 | Unknown | Per Moneycontrol report[8] |
| Feb 2026 | 2,00,00,000 | ₹6.77 | ₹13.5 Cr | Current deal |
If Craft held its September 2024 position (1.05 Cr shares at ₹37.95), those shares are now worth approximately ₹9.8 Cr at ₹9.30 — an 82% loss. Yet Craft bought 2 crore more shares at ₹6.77. This is either extraordinary conviction in a deep turnaround thesis, or Craft is acting as an ongoing facilitation counterparty for the Pitti exits — absorbing shares at each price level as part of a pre-arranged relationship.
The fact that Craft simultaneously sold shares of CKK Retail and Ratnaveer Precision (both SME counters) during the same week in the bulk deal data suggests active portfolio management, not a passive facilitation role. This leans toward the “deep averaging down” interpretation.
Jainam Broking & Mansukh Securities — The Ahmedabad Axis
Jainam Broking Limited (₹14.7 Cr buy) is a well-known Ahmedabad-based brokerage with proprietary trading and institutional facilitation capabilities. Mansukh Securities (both bought and sold) is also an intermediary. Their presence suggests institutional facilitation rather than directional conviction — they’re likely executing on behalf of clients or providing market-making services.
Jaliyan Commodity — The Rajkot Shell
The most concerning participant is Jaliyan Commodity (referred to as “Jaliyan Commodity” in bulk deal data), which sold 89.47 lakh shares at ₹9.92 on February 18 — an ₹8.9 crore transaction. Jaliyan Commodities Private Limited (CIN: U65999GJ2006PTC049019) is a Rajkot-based private company with ₹8 lakh paid-up capital, last AGM held in September 2016, and last financials filed for March 2016. Its directors are Nayan Amratlal Kanabar, Rajesh Kanabar, and Gita Nayan Kanabar.[20]
A Rajkot-based company with ₹8 lakh in paid-up capital, no updated financials for 10 years, handling ₹8.9 crore in share transactions, is a classic shell entity profile. The questions are: who gave Jaliyan these shares to sell? Were they acting as a conduit for a larger seller (Nishant Pitti? MOFSL liquidating pledged shares?)?
The Pledge Time Bomb
The most significant and underreported dimension of this story is the pledge overhang.
| Promoter | Shares Pledged | Pledged To | Date | Est. Pledge Value at ₹6.61 |
|---|---|---|---|---|
| Nishant Pitti | 18.94 Cr | Motilal Oswal[13] | Dec 2025 | ₹125 Cr |
| Prashant Pitti | 9.00 Cr | Motilal Oswal[11] | Jun 2025 | ₹60 Cr |
| Total | 27.94 Cr | ₹185 Cr |
Nishant holds approximately 45.36 crore shares (12.80% of total equity). Of these, 18.94 crore are pledged — meaning 41.8% of his personal holding is encumbered. Together with Prashant’s pledge, the promoter group has pledged 26.1% of their aggregate holding, per Screener data.[5][21]
If MOFSL disbursed loans when the stock was trading at ₹10–₹15 (2025 levels), the Loan-to-Value (LTV) ratio at ₹6.61 (February 13 close) would be extremely stretched. At 50% LTV on a ₹15 stock, the loan per share would be ₹7.50. With the stock at ₹6.61, the loan exceeds the collateral value — margin call territory.
This raises a critical hypothesis: the February bulk deal buying may not be purely voluntary. If MOFSL issued margin calls on the pledged shares and began liquidating, the consortium buyers (Arthkumbh, Craft, Jainam) could be absorbing shares being force-sold by the lender. This would explain:
- The urgency of the deal (coinciding with the ₹500 Cr raise to signal confidence)
- The identity of Jaliyan Commodity as a conduit seller
- The pre-arranged nature of the buying (multiple entities ready to absorb on the same day)
- The 40% rally — which served to rescue the LTV ratio for the remaining pledged shares
The ₹500 Crore Raise: Catalyst or Cover?
The timing of the ₹500 crore equity raise announcement is the hinge of the entire story.
| Date | Event | Stock Price |
|---|---|---|
| Feb 13 | Q3 FY26 results: PAT ₹3.4 Cr (−90% YoY)[16] | ₹6.61 |
| Feb 13 | Board approves ₹500 Cr raise in principle[17] | ₹6.61 |
| Feb 16 | First trading day post-announcement; Craft buys at ₹6.77 | ₹7.44 (close) |
| Feb 17 | Arthkumbh (₹37 Cr), Jainam (₹14.7 Cr) buy in bulk[3] | ₹9.50 (high) |
| Feb 18 | Jaliyan sells; stock hits ₹10.57 intraday | ₹10.57 (high) |
The ₹500 crore raise served multiple functions simultaneously:
- Signal function: Announcing a large capital raise signals that the board (and by extension, key promoters) believes the company is worth investing in at current prices. This countered the narrative of a sinking ship.
- Price catalyst: The announcement triggered a 40%+ rally in 3 days, creating the price environment needed for bulk deal sellers to exit at better prices than the ₹6.61 low.
- Pledge rescue: The rally from ₹6.61 to ₹9.50 improves the LTV ratio on pledged shares from dangerously stressed to manageable — giving MOFSL and the Pitti family breathing room.
- Dilution base: If the ₹500 Cr raise is executed at ₹9–₹10 (post-rally prices), it translates to ~50–55 crore new shares — a significant dilution of existing holders, but potentially a lifeline for the company’s operations.
Nishant Pitti himself endorsed the raise: “The proposed capital raise of up to ₹500 Cr is about being ready. It gives us the flexibility to invest at the right time…”.[14]
EaseMyTrip Fundamentals: Does the Business Justify ₹65 Crore of Buying?
The business metrics paint a mixed picture.
| Metric | Q3 FY26 | Q3 FY25 | Change |
|---|---|---|---|
| Revenue from Operations | ₹151.7 Cr | ₹150.5 Cr | +0.3%[15] |
| Gross Booking Revenue | ₹2,213 Cr | — | —[22] |
| EBITDA | ₹13.9 Cr | — | +15.2% QoQ[22] |
| PAT | ₹3.4 Cr | ₹34.0 Cr | −90%[16] |
| Hotel & Holiday Growth | +84% YoY | — | —[23] |
| Dubai Operations Growth | +133% YoY | — | —[22] |
| Expenses | ₹153 Cr | ₹107.5 Cr | +42%[15] |
| Promoter Holding | 47.72% | 50.39% | −2.67pp[24] |
Revenue is flat, PAT collapsed 90%, and expenses grew 42% — driven by employee costs (+27%) and service costs. The non-air segments (hotels, holidays) are growing strongly at 84% YoY, but the core air ticketing business (-1% YoY) is stagnating. At a market cap of approximately ₹3,300 crore, the stock trades at roughly negative PE (-186x as of Feb 2026).[25][15]
The ₹500 crore raise, if executed, would be larger than the company’s entire annual revenue (~₹590 Cr in FY25) — signaling either ambitious expansion plans or a desperate need for capital to fund losses.
Shareholding: The Ownership Puzzle
| Category | Dec 2025 | Sep 2025 | Change |
|---|---|---|---|
| Promoters | 47.72%[24] | 47.72%[26] | Flat |
| Mutual Funds | 0.18% | 0.18% | Flat |
| Insurance | 2.30% | — | — |
| FIIs | 0.44%[27] | 0.50% | −0.06pp |
| Retail & Others | 49.35%[24] | 49.30% | +0.05pp |
The shareholding structure reveals a striking feature: nearly half the company is owned by retail investors (49.35%), while institutional ownership (MF + FII combined) is a meager 0.62%. There is virtually no institutional safety net. The 2.30% insurance holding (likely LIC or similar) is the only meaningful institutional presence.
This means the February bulk deals — at ₹65 Cr — represent an unusually significant event for a stock where institutional presence is near-zero. The buyers (Arthkumbh, Craft, Jainam) are absorbing shares that retail investors or promoters would otherwise struggle to sell at these volumes.
The Value Destruction Spiral
| Event | Date | Price | % of IPO Price |
|---|---|---|---|
| IPO Listing | Mar 2021 | ₹625 | 100%[28] |
| Phase 1 Sell (Nishant) | Sep 2024 | ₹34.70 | 5.5%[4] |
| Phase 2 Sell (Nishant) | Dec 2024 | ₹15.87 | 2.5%[5] |
| Feb 2026 Low | Feb 13, 2026 | ₹6.61 | 1.1%[2] |
The stock has lost 98.9% of its value from IPO listing price. It has also lost 82% from Nishant’s September 2024 sell price and 58% from his December 2024 sell price. An IPO investor who put in ₹1 lakh in 2021 holds ₹1,060 today.
Nishant Pitti, by contrast, extracted approximately ₹998 crore (₹920 Cr + ₹78 Cr) from his first two sells — executed while the stock was still at relatively elevated levels. The timing of his exits, in retrospect, was remarkably prescient.
The Four Hypotheses
Hypothesis 1: Voluntary Promoter Sell → Domestic Consortium Absorption
Under this reading, Nishant Pitti (or another promoter entity) is voluntarily selling shares via intermediaries (Jaliyan Commodity as conduit), and the Arthkumbh-Craft-Jainam consortium is absorbing at negotiated prices. The ₹500 Cr raise announcement was independently timed and the rally was a happy coincidence. Craft is averaging down on its existing position with genuine turnaround conviction.
Plausibility: Medium. The repeat participation of Craft across three exits and the opacity of Arthkumbh support this, but Nishant’s “no more sales” promise and the use of Jaliyan as conduit add complexity.
Hypothesis 2: MOFSL Margin Call → Forced Liquidation
MOFSL, holding 18.94 crore shares as pledge collateral against loans to Nishant Pitti, triggered margin calls as the stock fell below LTV thresholds. The February bulk deals represent MOFSL liquidating pledged shares through a pre-arranged consortium. The ₹500 Cr raise was announced simultaneously to stabilise the stock and prevent a cascade.
Plausibility: High. The pledge math supports this strongly — at ₹6.61, pledged share value is dangerously close to or below loan values. The coordinated timing of the raise announcement with the bulk deals is consistent with crisis management.
Hypothesis 3: Pre-Arranged Block for ₹500 Cr Raise Participants
The consortium buyers are prospective participants in the upcoming ₹500 crore QIP/preferential allotment. By buying in the open market first via bulk deals (at ₹6.77–₹9.41), they establish positions before the formal allotment at what would likely be a higher price. This is a common playbook: buy in market, signal interest, then participate in the raise at a premium.
Plausibility: Medium-High. This would explain Arthkumbh’s ₹37 Cr bet — if they’re anchoring for the QIP, the bulk deal is a pre-positioning trade. However, this carries insider trading risks if the buyers had advance knowledge of the raise terms.
Hypothesis 4: Price Manipulation via Circular Trading
The buying, combined with the ₹500 Cr announcement, was designed to inflate the stock price artificially — allowing: (a) better terms for the upcoming equity raise, (b) improved LTV on pledged shares, and (c) a higher exit price for residual promoter selling. The involvement of opaque entities (Arthkumbh, Jaliyan) and the use of Craft (a repeat counterparty) supports coordinated activity.
Plausibility: Low-Medium. While the timeline is suspicious, there’s no direct evidence of circular trading. The entities are buying, not buying-and-selling-to-each-other. The price rally, while sharp, was also driven by genuine market interest in the ₹500 Cr raise news.
Craft EMF Citadel: Pattern Across the Pitti Sells
Craft Emerging Market Fund PCC — Citadel Capital Fund deserves special attention as the only entity that has been present across all three Nishant Pitti exit events:
| Event | Craft’s Role | Shares | Price | P&L (if held to Feb 2026) |
|---|---|---|---|---|
| Sep 2024 | Buyer | 1,05,00,000 | ₹37.95 | −82% (₹39.8 Cr → ₹9.8 Cr)[4] |
| Dec 2024 | Expected buyer | Unknown | ₹15.60 | −40% (if bought)[8] |
| Feb 2026 | Buyer | 2,00,00,000 | ₹6.77 | +37% (at ₹9.30 CMP) |
If Craft held all positions, its aggregate EaseMyTrip bet looks like: ~₹53 Cr invested, ~₹29 Cr current value — a net loss of approximately ₹24 crore. The only way this makes sense as a rational investment is if Craft believes EaseMyTrip’s intrinsic value is significantly higher than ₹9.30, or if Craft is acting as a permanent facilitation counterparty for the Pitti family’s exits with some form of off-market compensation arrangement.
Notably, Craft is also one of the most active participants in Indian SME IPOs (44+ investments) and appeared as a buyer and seller in other stocks during the same week (Biopol Chemicals — buy; CKK Retail, Ratnaveer Precision — sell). This suggests an active portfolio approach rather than a one-off arrangement.[19]
The Bigger Picture: What This Tells About Indian Promoter Exits
The EaseMyTrip saga is a case study in how Indian promoters monetise their holdings through a multi-year, multi-instrument playbook:
- Phase 1 — Block deals at highs: Extract maximum value while stock is elevated (₹920 Cr at ₹37+)
- Phase 2 — Smaller sells with reassurance: Gradual reduction with public promises of commitment (₹78 Cr + “no more sales”)
- Phase 3 — Pledge monetisation: Borrow against shares instead of selling, using NBFC financing (MOFSL)
- Phase 4 — News-driven rally + bulk absorption: Time positive announcements (₹500 Cr raise) to coincide with share distribution, creating cover for exits
- Throughout — Opaque intermediaries: Use LLPs (Arthkumbh), shell companies (Jaliyan), and Mauritius funds (Craft) to obscure the flow of shares
The total value extracted by Nishant Pitti across all phases: ~₹998 crore in direct sales + unknown loan proceeds from pledged shares — all from a company that now reports ₹3.4 crore quarterly profit and trades at ₹9.30.
For retail investors (who own 49.35% of the company), the lesson is stark: bulk deal data alone doesn’t tell you who’s really selling. The visible buyers are the story; the invisible sellers are the reality.
Disclaimer:
This article is based on publicly available information, including exchange bulk-deal disclosures, company filings, and media reports. Any analysis, interpretations, or hypotheses presented are the author’s independent views and are intended to highlight patterns and raise questions, not to assert undisclosed facts or allege misconduct by any individual or entity. References to possible motives, relationships, or scenarios are speculative in nature unless explicitly supported by public disclosures. The article does not claim the existence of insider trading, forced selling, pledge invocation, or coordinated activity, and no such conclusions should be inferred. Readers are advised to independently verify all information and treat this content as analytical commentary, not as investment advice or a statement of fact.
Sources used
- Business Today — “Easy Trip Planners shares zoom nearly 44% in two days; relief rally or trend reversal?” (Feb 16, 2026).
- Business Today (AMP mirror of same article) — same story, updated Feb 17, 2026.
- Business Standard — “Easy Trip Planners shares zoom 11% in trade; up over 40% in three days …” (Feb 17, 2026).
- Angel One — “Easy Trip Planners Share Price Jump 40% in 3 Days After Bulk Deal Buying” (Feb 17, 2026).
- Upstox News — “EaseMyTrip plans to raise ₹500 crore …” (Feb 15, 2026).
- The Hindu BusinessLine — “EaseMyTrip plans strategic capital raise up to ₹500 crore …” (Feb 15, 2026).
- Economic Times (HospitalityWorld / ET Travel) — “EaseMyTrip plans strategic capital raise up to Rs 500 crore …” (Feb 15, 2026).
- Moneycontrol — “EaseMyTrip reports profit of Rs 3 crore, total income of Rs 161 crore in Q3 FY26 …” (Feb 13, 2026).
- Entrackr — “EaseMyTrip posts Rs 151 Cr revenue in Q3 FY26; profit plunges 90%” (Feb 13, 2026).
- Screener — Easy Trip Planners Ltd page (promoter holding/pledge note used as reference).
- Economic Times (company page) — Jaliyan Commodities Private Limited (company identifiers / filing & capital details referenced).
- Choice India — EaseMyTrip shareholding pattern page.
- MarketsMojo — EaseMyTrip shareholding pattern snapshot (FII % reference).
- Wikipedia — EaseMyTrip basic company background (used lightly for context).
- Inc42 — “EaseMyTrip Q3: Net Profit Plunges 90% YoY To ₹3.4 Cr” (Feb 13, 2026).
- Free Press Journal — “EaseMyTrip Promoter Nishant Pitti Pledges 18.94 Crore Shares To MOFSL” (Dec 15, 2025).
- Inc42 — “EaseMyTrip’s Nishant Pitti Pledges Shares for Personal Use” (Jul 3, 2025).
- Entrackr — “EaseMyTrip co-founder Prashant Pitti pledges shares …” (Jul 3, 2025).
- Moneycontrol — “EaseMyTrip’s co-founder to sell remaining stake for Rs 780 crore” (Dec 29, 2024).
- Business Standard — “Promoter Nishant Pitti sells 1.4% stake in Easy Trip Planners for Rs …” (Dec 30, 2024).
- IndiaFilings — “ARTHKUMBH VENTURES LLP | ACR-2295” (LLP registration reference).
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