Tuesday, May 28

Tag: Yatra

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...
Online Startups That Are Listed Under Stock Exchange
Market

Online Startups That Are Listed Under Stock Exchange

What is the stock exchange? In simple words, stock exchange refers to an organized market in which securities are bought and sold. If we go into the detailed description, the prices at which these securities are bought and sold are regulated by the forces of demand and supply. The stock exchange basically is an investment intermediary for corporations, governments, municipalities, and other incorporated bodies where they can raise capital by channeling savings of the investors in various productive ventures. The other purpose served by the stock exchange is that the investors can sell their securities to other investors for cash. These exchanges impose various rules and regulations on the firms and brokers that are involved with them. If a particular company is traded on an exchange,...
Cleartrip buys Saudi Arabia’s Flyin as its first overseas acquisition
ACQUISITION

Cleartrip buys Saudi Arabia’s Flyin as its first overseas acquisition

Online travel agency Cleartrip has sealed its first ever cross-border acquisition in Saudi Arabia's Travel Aggregator Flyin. The acquisition will help Cleartrip strengthen its presence and expand its client base in Saudi Arabian market. Though the financial details of the deal have not been disclosed by the travel firm, it has come six years after Cleartrip entered the Gulf Cooperation Council region in 2012. As informed by the company, the combined entity will account for 60% of market share in the Middle East, which will enable both the companies to strengthen their travel offerings to cater to a diverse customer base. Stuart Crighton, Founder and CEO of Cleartrip said, With its strong customer base and rich travel offerings, Flyin is the natural partner for us in the region. W...
Travel Co. Yatra’s Losses Fall, Revenue Up By 36%
News

Travel Co. Yatra’s Losses Fall, Revenue Up By 36%

India’s second largest online travel company, Yatra has reported improvements in revenue in its fourth-quarter. With both its businesses air ticketing and hotels and packages, the company is witnessing a steady and considerable growth as of 31st March 2018. The travel company has reportedly posted a loss of Rs 38.09 crore in the recent quarter, as compared with Rs 83.02 crore in the previous quarter. The revenue of the company has risen by over 36% amounting to Rs 328.57 crore compared to the fourth quarter of last fiscal. Dhruv Shringi, CEO of Yatra stated, “The macro factors in India continued to be favourable. Domestic air traffic was up 24% year-over-year in the March quarter. We expect to see sustained growth ahead over the mid to near-term as we see an expansion happening in the ...
Yatra to Raise $100 Mn Over 3 Year Period
FUNDING

Yatra to Raise $100 Mn Over 3 Year Period

Yatra, the online major travel company is set to gradually raise $100 Mn of funding over the next three years, as recent regulatory filings with the US Securities and Exchange Commission (SEC) reveal. The filings state, “Under this shelf registration process, we may offer ordinary shares, preference shares, various series of debt securities or even warrants to purchase ordinary shares, preference shares and debt securities, either individually or in units, in one or more offerings, up to a total dollar amount of $100 Mn.” According to the company’s group chief financial officer Alok Vaish explained that the company “don’t have immediate need of funds. We can raise money at any point of time over the next three-year kind of time frame. There is no specific description of offering righ...
Indian Online Travel Portal Yatra.com Listed on Nasdaq Today
News

Indian Online Travel Portal Yatra.com Listed on Nasdaq Today

Online travel firm Yatra Online Inc has been listed on the American stock exchange, Nasdaq, under the ticker symbol "YTRA" with effect from today. Yatra said it has completed the transaction with Terrapin 3 Acquisition Corporation (TRTL), which will result in TRTL becoming a partially owned subsidiary of Yatra. As a part of this process, Yatra has raised more than USD 92.5 million of primary capital from global investors, and the merged entity, 'Yatra Online Inc', will continue to be led by Yatra's management team, Yatra Online Inc said in a statement. Commenting on the development, Yatra Co-founder and CEO Dhruv Shringi said: "It's a matter of great pride for us to be one of the few Indian companies to be listed on Nasdaq". Over the course of the past decade, Yatra has established i...
Yatra Partners Taxi Aggregators to Offer Cab Service
News

Yatra Partners Taxi Aggregators to Offer Cab Service

Online travel solutions provider Yatra.com has joined hands with various taxi aggregators to offer cab services in 450 cities across the country, through its mob app. Under the collaboration, the customers can choose from a large range of cars including hatchbacks, sedans, SUV/MUVs and vans. They can take a cab for one-way, round-trip and multi-city trips, Yatra.com said in a release. "The company has built technology to simultaneously showcase the offerings of multiple cab aggregators, allowing the traveller the freedom to choose from a variety of service and price options. "At launch, we have aggregators offering both intra-city hourly cabs and inter-city taxi services," Yatra.com co-founder and Chief Information Officer Manish Amin said. Going forward, Yatra will be also tying u...
Online Hotels Aggregator Startup Stayzilla Raises $13 Million Funding
FUNDING

Online Hotels Aggregator Startup Stayzilla Raises $13 Million Funding

As per the mint report, Stayzilla has raised $13 million Series C funding from existing investors Matrix Partners and Nexus Ventures, according to documents filed with the Registrar of Companies. In report the funding round of online aggregator of budget hotels split into three tranches of $8.8 million (Rs.58.5 crore), $1.9 million (Rs.13 crore) and $2.4 million (Rs.16.3 crore), between November 2015 and March 2016.   About Stayzilla - Stayzilla was founded by Yogendra Vasupal, Sachit Singhi and Rupal Yogendra. The company which started off by offering travelers stay options in budget hotels, last year forayed into home stays, connecting travellers with homeowners with spare accommodation in their houses. Earlier, Stayzilla raised close to $20 million from Nexus Venture Partners...
After GOSF, Now WOSF – Women’s Online Shopping Festival is Here To Pamper You
News

After GOSF, Now WOSF – Women’s Online Shopping Festival is Here To Pamper You

Every woman needs to be treated in a special way and to do so, VelvetCase.com has conceptualised a festival titled Women's Online Shopping Festival (WOSF), wherein various lifestyle and fashion brands will be coming together to provide a shopping paradise to the modern women. Talking about the festival, VelvetCase.com's Founder and CEO, Kapil Hetamsaria said, "I am super-excited to see how an idea born over a dinner conversation a few months ago has snowballed into an event that has the potential of becoming a premier annual property driven by leading brands." Talking about the idea behind WOSF, Neha Kant, Founder of Clovia said, "We see women buyers as significant contributors to the growth of e-commerce and online purchase in India, this made us pop with the idea of WOSF." Meanwhi...