Yatra Online Inc has announced that it has completed the transaction with Terrapin 3 Acquisition Corporation (TRTL), which will result in TRTL becoming a partially-owned subsidiary of Yatra. The combined company’s stock is listing on Nasdaq under the ticker symbol “YTRA” with effect from today.
As a part of this process, Yatra has raised over US$ 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 under the leadership of co-founder and CEO, Dhruv Shringi. The board of directors of Yatra will comprise of five members from Yatra and one new member from TRTL. Post this listing, Yatra becomes the third Indian internet company to be listed on Nasdaq, and the fourth Indian company overall, to do so.
Shringi said, “It is 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 itself as one of the leading brands and companies in the Indian internet space. We are thankful to our shareholders, customers and patrons for supporting us and helping us achieve this milestone. The additional capital raised will be used by us to further accelerate our growth, invest in mobile technology, and expand our multi-channel distribution network. With a well-established brand, a large loyal customer base and a strong balance sheet, we are a strong force to reckon with in the Indian travel market.”
Promod Haque, senior managing partner, Norwest Venture Partners, said, “Norwest has been associated with Yatra for over a decade and during that time we have seen the company grow from a two member startup to one of India’s leading internet companies – a household name synonymous with online travel, with over US$ 900 million in gross bookings per annum and over 2,000 staff. We are strong believers of the India consumption growth story and Yatra’s compelling business model. Coupled with a team laser focused on execution, we believe Yatra is well positioned for long-term growth.”
Nathan Leight, chairman, TRTL , said, “We are truly delighted to align our shareholders’ interests with Yatra’s accomplished team of management and distinguished venture and strategic investors. Dhruv Shringi and his team founded and created a company that millions of customers trust and return to for a wide range of travel services and experiences. We believe Yatra is uniquely positioned to benefit from the continued vibrant expansion of India, the world’s fastest growing major economy, and the rapid adoption of e-commerce and mobile technology by India’s flourishing consumer class.”
