What the business is
EaseMyTrip is a listed Indian online travel aggregator; Rollins International is a healthcare company operating clinic and food brands under RHA Holding.
The bet
Owning healthcare assets — 30% of Rollins International plus Pflege's Dubai medical-tourism operation — could turn a travel platform into a treatment channel
Starting capital
₹60 Cr share swap for 30% of Rollins; board also approved ₹30 Cr for Pflege (₹20 Cr share purchase + ₹10 Cr fresh subscription).
How it started
In September 2024 the two signed definitive agreements: EMT would take 30% of Rollins via a share swap worth ₹60 Cr. Rollins, a subsidiary of RHA Holding, runs clinic chain The Wellness Co and healthy-food brand PureFoods; EMT's board also approved a stake in Pflege Home Healthcare, which routes patients to treatment, primarily in Dubai.
What happened
In April 2025 EMT issued and allotted 3.29 crore fully paid-up equity shares to Rollins, then filed with the NSE and BSE to list the new shares and waited on approvals. In January, then-CEO Nishant Pitti had called the healthcare buys 'necessary to meet the evolving needs of travellers seeking wellness and medical solutions'. By then Pitti had announced his exit (early January) after selling 5 crore shares for ₹78.3 crore in a December block deal; in June 2025 he released 10 crore shares pledged with Motilal Oswal Financial Services.
How it ended up
On June 25, 2025 EMT told the exchanges Rollins had pulled out, nine months after signing. Rollins' letter said that 'upon evaluation of our long-term strategic direction and evolving vision', proceeding 'may not be fully aligned with our goals moving forward'. Inc42 called it a hurdle in EMT's medical-tourism ambitions.
What has to be true
Medical tourism plugged straight into EMT's core inventory: treatment trips generate exactly the flights and hotels it already sells.
Equity, not cash: the ₹60 Cr consideration was EMT's own shares, preserving cash while giving Rollins upside in the acquirer.
Pflege added the operational piece — a facilitator already routing patients to treatment in Dubai.
Rollins came with operating brands (The Wellness Co clinics, PureFoods), not just a concept on a slide.
What can be applied
In a share-swap deal the target can walk even after the shares are allotted — until regulatory approvals land, a minority-stake bet on a private company stays reversible by both sides.
Aftermath
As of June 25, 2025 the Rollins leg was dead nine months after signing, with the 3.29 crore shares EMT had allotted filed for NSE and BSE listing and approvals still pending when the target walked. EMT's medical-tourism push had been planned to rest partly on Pflege, whose transaction the board approved as ₹20 Cr of share purchases plus ₹10 Cr of fresh subscription. The company was also between CEOs, with Pitti stepping down in early January 2025.
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