India’s largest online travel operator has taken over the travel services provider Air Travel Bureau in an estimated deal of over $20 millions.
Yatra CEO’s statement
Dhruv Shringi, the chief executive of Yatra stated “With this acquisition, we believe that we are now the largest corporate travel services in India by gross bookings”.
He also added “This acquisition will allow us to deliver best-in-class experiences to an even wider set of travellers, through our web and mobile platforms, and enhance our reach to cross-sell our product suite, including hotels, to this new customer base.”
The transaction process
The company will pay about $8 million at the time of the first closing, which is expected to take place in mid-August, acquiring the majority of TB shares in the process.
The rest of the payment will be made during the second closing, which is expected to occur in the second quarter of 2018.
Statement by Sunil Narain
“We are excited for ATB to join the Yatra family and for our teams to work together to further enhance the offerings we provide to our customers and partners by leveraging Yatra’s technology platform and large hotel network,” Sunil Narain, quoted CEO of ATB.
Yatra’s Investments & Revenues
Yatra entered into a reverse merger deal with Terrapin 3 Acquisition Corp(TRTL) with a transaction of $218 million.
For the ended March 31, 2017, Yatra, posted revenue of Rs 939.35 crore, up 12.1% over fiscal 2016. Losses, over the same period, trebled to Rs 593.69 crore, or Rs 237.89 per diluted share, driven by a combination of personnel, sales and marketing expenses.