Monday, May 20

Tag: online travel

Yatra.com terminates $337 Million merger pact with Ebix
BUSINESS

Yatra.com terminates $337 Million merger pact with Ebix

Online travel company Yatra Online said it is terminating pending merger agreement with the US-based software firm Ebix Inc and has filed litigation seeking substantial damages from Ebix over breaches of the agreement. Ebix Inc had signed an agreement to acquire Yatra Online Inc, the parent company of online travel firm Yatra.com, for an enterprise value of USD 337.8 million (over Rs 2,300 crore) in 2019. The company, "has provided notice of termination of its pending merger agreement with Ebix Inc and filed litigation in the Court of Chancery of the State of Delaware over Ebix's breaches of the merger agreement," Yatra Online Inc said in a statement. Yatra Online Inc seeks to hold Ebix accountable for breaches of its representations, warranties and covenants in the merger agreem...
Airbnb lay off nearly 1,900 employees, about 25% workforce
News

Airbnb lay off nearly 1,900 employees, about 25% workforce

Airbnb, an online marketplace for homestays said it has laid off near 1900 employees, about 25 percent of the workforce of the company. In a note sent to Airbnb employees, Airbnb Co-Founder and CEO Brian Chesky said, "Out of our 7,500 Airbnb employees, nearly 1,900 teammates will have to leave Airbnb, comprising around 25% of our company. Since we cannot afford to do everything that we used to, these cuts had to be mapped to a more focused business. " These decisions are not a reflection of the work from people on these teams, and it does not mean everyone on these teams will be leaving us. Additionally, teams across all of Airbnb will be impacted. Many teams will be reduced in size based on how well they map to where Airbnb is headed, he added. Due to the Covid19, global travel ...
In a first, Indian Government is Planning To Regularize Online Travel Booking
INDIA

In a first, Indian Government is Planning To Regularize Online Travel Booking

India government in a first its kind of move will setup certain guidelines for Online travel aggregators like Air B&B, Makemytrip, Yatra and Oyo to be recognised by the Tourism Ministry in order to operate, a senior official said. For the first time, the ministry has prepared a set of guidelines by which it will approve and classify online travel aggregators (OTAs) ensuring reliability of their services. The scheme for approval/re-approval of OTAs will be rolled out online by the end of this month and all applications and fee payment will have to be made on it, the ministry official said. "The scheme will set standards towards accreditation and add value to the dependability and reliability to the aggregators in the online space operating in the organised tourism sector," he a...
Yatra Revenue Increased by 40.8%, INR 3,360.4 Million in FY17
ANALYSIS

Yatra Revenue Increased by 40.8%, INR 3,360.4 Million in FY17

Yatra, India's leading online travel company, today announced its unaudited financial and operating results for three months ended December 31, 2017. As per the results, yatra delivered good quarter of results with revenue less service cost growth at 45.6% year-over-year. Our multi-channel approach and the resultant symbiotic relationship between our corporate and consumer direct businesses continues to deliver well for us. We have taken great strides on our technology platform for both our retail and corporate customers. This is an exciting time for Yatra, as we believe the combination of strong economic growth and consumer demand at the macro level and our own unique approach at the company level will help us maintain a strong growth rate over the longer term.  Dhruv Shringi, Co-fo...
SAIF Partners Sold Its Entire Shares in Makemytrip, Received 16x Returns Around $400 Million
News

SAIF Partners Sold Its Entire Shares in Makemytrip, Received 16x Returns Around $400 Million

One of the leading Venture capitalist SAIF Partners has sold its entire 11 percent stake in MakeMyTrip and the transactions are estimated to be 400 Million, a largest cash exit in India’s venture capital industry. The news was first reported by economic times. Founded in 2000 by Deep Kalra, Keyur Joshi and Rajesh Magow, Makemytrip shares surged by over 50 percent following its merger with the Ibibo Group. The Nasdaq-listed company’s received about USD 25 million in travel company’s series B and series C round of funding between 2005 and 2008 and owned 41 percent stake in the company when it debuted in Nasdaq in 2010. This is an exceptional investment exit as venture capital firms in India are facing difficulties to generate cash from the investment as only few of the companies have o...
CCI Clears Acquisition of Ibibo Group By MakeMyTrip
ACQUISITION

CCI Clears Acquisition of Ibibo Group By MakeMyTrip

Fair trade regulator CCI has approved online travel portal MakeMyTrip's proposed acquisition of rival Ibibo group in an equity deal that would create one of the country's largest online travel firm. As per the deal announced in October last year, South Africa's Naspers and China's Tencent Holdings would sell Ibibo Group to MakeMyTrip in exchange for an issuance of new shares by the latter. The Competition Commission of India (CCI) has approved the deal, as per the latest update on the regulator's website. Post completion of the transaction, MakeMyTrip would own 100 per cent of Ibibo Group, and Naspers and Tencent will become largest shareholder in MakeMyTrip, owning a 40 per cent stake and will contribute proportionate working capital, MakeMyTrip had announced in October last year. ...
Online Travel Portal IXIGO Raises $10 Million Funding From Sequoia Capital India
FUNDING

Online Travel Portal IXIGO Raises $10 Million Funding From Sequoia Capital India

Ixigo, a Gurugram-based online search marketplace portal has raised $10 million funding from Sequoia Capital India. Started in 2007, Ixigo started operation in flights, hotels, trips, trains, buses and cabs booking, where users can choose best options across multiple service providers. It has a separate mobile application for all of them. Ixigo is backed by Indian investors lyk India's largest online travel agency (OTA) MakeMyTrip and smartphone maker Micromax, besides venture capital firm SAIF Partners. In August 2011, SAIF Partners and Make MyTrip picked up 76.6% in ixigo for $18.5 million, valuing the company at about $25 million. SAIF bought 56.7% while MakeMyTrip picked up 19.9% then. In June 2015, Micromax picked up a stake in the company by investing about $4 million. The i...