ETW Staff – New Delhi
Yatra Online Travel has announced a INR 140 crore funding round led by new investors IDG Ventures and Vertex Venture Management. Yatra’s existing investors, including seed investor Norwest Venture Partners (NVP), also participated in this round.
The fresh capital will be used to accelerate the company’s growth plans by enabling Yatra to further strengthen its leadership position in the domestic hotels and holidays business, strategically invest in mobile technology, and strengthen its position as a market leading brand in the online travel industry.
“Over the years Yatra.com has witnessed consistent growth and has created a strong brand for itself in the industry. We are focused on expanding our reach in the market and further diversifying our business by growing the hotels and holiday packages business. This new investment will enable us to enhance our mobile technology, and also strengthen our execution capabilities,” said Dhruv Shringi, co-founder and CEO of Yatra.com.
Sudhir Sethi, founder, chairman and managing director of IDG Ventures India Advisors, said, “The investment in Yatra represents our strategy of selective growth investments in market leading technology companies. Driven by Dhruv’s exceptional leadership, the company has achieved market leadership in the domestic hotels and packages segment. This is a highly experienced and cohesive team that has demonstrated an outstanding track record and shown continued growth in the expanding online travel market in India. We are delighted to lead this round in Yatra and partner with the existing investors.”
Promod Haque, senior managing partner, Norwest Venture Partners (NVP) said, “NVP has continued to increase its investment in Yatra.com since 2006 when the company was founded. We are pleased to have witnessed the business go from a position of strength to a dominant player in the Indian market. The strength of Yatra.com’s management team combined with the company’s unparalleled focus on creating compelling value propositions for Indian travelers is the reason why we continue to back Yatra and believe so strongly in this growing sector.”
