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Yatra valued at $218 million, will list on NASDAQ
Jul 14.2016

https://www.tnooz.com/article/yatra-valued-at-218-million-wi…

Indian OTA Yatra.com will be listed on NASDAQ as part of a “business combination” with an investment firm which values Yatra at $218 million.

Terrapin 3 Acquisition Corporation, also listed on NASDAQ, is Yatra’s new partner. It raised more than $200 million via an IPO in 2014, specifically to merge or acquire a business.

Macquarie Capital, an investment unit of Australian conglomerate Macquarie Group, is also involved in the deal via a $20m investment in Terrapin.

Yatra’s existing shareholders – including Norwest Venture Partners, Vertex Ventures, IDG and Intel Capital – will own around one-third of the new business which will be run by the existing Yatra management team under chief executive and co-founder Dhruv Shringi.

The deal is being reported in the financial press either as a merger, a reverse merger or a straightforward acquisition.

The official statement said that “The transaction will provide capital and financial flexibility intended to further accelerate Yatra’s growth.

Yatra has been around since 2006. During its year to end-March 2016 its customers booked more than 2.8 million air tickets and hotel stays with total transaction value in excess of $900 million at current exchange rates. This is a 25% hike on the previous year, with Yatra also noting that 74% of its business comes from repeat clients.

Terrapin3’s chairman Nathan Leight talked about Yatra’s existing growth figures and India’s “urbanization and the rapid adoption of e-commerce and smartphone use by a population with increasing amounts of disposable income” as reasons behind the deal.

He also said that “the infrastructure required to compete in India as an online travel agent represents a significant barrier to market entry.”

The move is this year’s latest big deal in India’s online travel market – Ibibo Group raised $250 million this February, following on from China’s Ctrip buying a stake in India’s other NASDAQ-listed OTA, MakeMyTrip.

Terrapin3 was set up specifically to invest in a business – public or private companies in any industry. Its decision to chose an Indian OTA out of all the world’s potential M&A targets should be seen as a positive move, not only for India but also the wider online travel industry.

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https://skift.com/2016/07/14/indian-booking-site-yatra-to-go…

Indian booking site Yatra.com is going public via an unusual route for a mainstream company: it will be listed on NASDAQ and will trade under the name YTRA, following a reverse-merger with a listed company, Terrapin 3 Acquisition Corporation. The transaction is expected to close by October 2016, and both boards have approved the transaction. Terrapin 3 Acquisition Corporation is a special purpose vehicle formed for the purpose of creating a merger, acquisition or such transactions, and will effectively become Yatra.com. The last listing-via-merger in the Indian digital space was probably Ybrant digital (now Lycos).

The management team at Yatra will continue, led by co-founder and CEO Dhruv Shringi. It will become the second Indian OTA to list, following MakeMyTrip.

Yatra’s current shareholders will continue to hold 35% in the listed entity, and will be given a maximum of $80 million cash from the transaction for now, and up to $35 million 18 months from now, if certain targets are met.

The terms of the cash payout are as follows:

Terrapin 3 had raised $212.75 million from its IPO, held in a trust fund, and has another $20 million committed from MIHI LLC, an affiliate of Macquarie Capital. The first $100 million of total cash will be allocated to the balance sheet and be used to pay transaction expenses. Of the remaining money, 20% will be allocated to the balance sheet, while 80% will be allocated to Yatra’s current shareholders (at a maximum of $80 million)

In addition, existing shareholders of Yatra may receive additional consideration of up to $35 million upon the achievement of certain financial objectives during the 18 months after closing.

Investors in Yatra include Norwest Venture Partners, Intel Capital, TV18 Group and Reliance Venture Asset Management, IDG Ventures India and Vertex Venture Holdings with, prior to this acquisition, investor holding believed to be around 80% of Yatra. It raised about $20 million in 2014, and $14.5 million in 2012.

Speculation has been rife about Yatra being up for sale for now, and for a while there was murmurs about them being it talks with Paytm for an acquisition: that ends now, with this listing. Yatra claims to have 4 million users, and connects 60,000 hotels in India.

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Yatra sees drastic dip in offline bookings after banknote ban
Dec 14.2016

Indian OTA Yatra has identified an immediate offline-to-online shift in bookings after the government took some older banknotes out of circulation at short notice.

The so-called “demonitisation” was announced at the start of November, effectively giving notice that older 500 rupees ($7.40) and 1000 rupees ($14.80) notes were no longer legal tender. Holders were given a time limit to exchange old notes for new ones.

The controversial move was seen by some as an attempt to encourage Indian customers to use digital payment options.

Yatra’s winter survey was carried out after the announcement and found that “57.9% travellers [are] booking through the desktop” and “a drastic dip in booking through offline agents”.

Sharat Dhall, chief operating officer of Yatra’s B2C businesses, notes: “With demonetization, the trend of cashless transactions in travel will go up, and this will have significant medium to long term positives for online travel agents like us”.

Earlier this week via.com said that post-demonitization, it saw an increase in the take-up of its mobile and digital payment options.

And the biggest OTA in India, the combined MakeMyTrip and Ibibo Group business, has already said that offline-to-online represents a massive growth opportunity. Co-founder and India CEO Rajesh Magow said in an interview that its future “is not about moving existing online customers around the brands, it’s about moving offline customers to online.”

Mobile gets a lot of attention In India, but, perhaps surprisingly, 58% of the sample said that desktop was their preferred mode of booking.

Other insights of note from Yatra are a big increase in its customers’ interest in domestic travel, confirmation that most people look at finalizing their travel plans 15 days to 1 month in advance and a big business opportunity in that more than half the sample don’t bother with travel insurance.

Elsewhere, Yatra’s plans to list on NASDAQ came one step closer today when the shareholders the acquisition vehicle which took over Yatra earlier this year approved the deal.

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