Corporate Profile

Yatra Online Limited is based in Gurugram, India and is India's leading corporate travel services provider with over 700 large corporate customers and one of India's leading online travel companies and operates the website https://www.yatra.com/. The company provides information, pricing, availability, and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises. With approximately 94,000 hotels and homestays contracted in approximately 1,400 cities across India as well as more than 2 million hotels around the world, the company is India's largest platform for domestic hotels. The company recently launched a freight forwarding business called Yatra Freight to further expand its corporate service offerings.

Our India Board

Rohit Bhasin Independent Director

Chartered Accountant (qualified 1984) with around 37 years of post qualification experience in leading organisations such as Standard Chartered Bank, AIG Inc, and PricewaterhouseCoopers (PwC).

Was a senior partner in the Deals Practice of PwC and India Head of the Valuation and Strategy team and a member of PwC India’s Leadership Team.

Independent Director and Chairman, Audit Committee on Star Health and Allied Insurance Limited, India’s largest health insurance company.

Independent Director and Chairman, Nomination & Remuneration Committee of Tanla Solutions Limited

Neelam Dhawan Non-Executive Director

Ms. Neelam Dhawan has been an Additional Independent Director of ICICI Bank Ltd., since January 12, 2018. She also leads the IBM India Advisory board. Ms. Neelam Dhawan, has been lauded by leading business journals like Fortune, Forbes and Business Today as one of the Most Powerful Women in Business and has played an integral role in shaping the IT Industry in India.

In her previous positions, Ms. Dhawan has headed both Microsoft and Hewlett Packard, in India, been a member of NASSCOM's Executive Council from 2009 to 2017.

Ms. Dhawan has also served as VP, Global Industries, Strategic Alliances & Inside Sales APAC & Japan, Hewlett Packard, Singapore during 2017-18. She has also been a member of the Global Supervisory Board of Royal Philips, Netherlands since 2012.

She holds an MBA from the Faculty of Management Studies (FMS), Delhi, India.

Deepa Misra Harris Independent Director

A unique luxury hospitality and brand specialist with proficiency in Branding, Marketing, Sales and Public Relations. Deepa has a proven track record of delivering double digit growth and escalating brands to leadership positions. With over 30 years of experience in the high-end hospitality category, she has been a significant success driver for India's original luxury brand, The Taj Group of Hotels.

In mid-2015 she founded BrandsWeLove, a Branding & Marketing Consultancy, with a mandate to empower clients and brands to achieve their fullest potential and to shape emotionally connected, highly immersive experiential brands.

She is currently an Independent Director on the boards of PVR Limited, Jubilant Foodworks Ltd , ADF Foods Ltd, TCPL Packaging Limited, Prozone Intu Properties Ltd and Taj Safaris.

Ajay Narayan Jha Independent Director

Ajay Narayan Jha was a member of the Indian Administrative Service (1982 Batch). In a distinguished career spanning 37 years, he served in different capacities in the Government of Manipur and Government of India. He was Union Finance Secretary and Expenditure Secretary (2017-2019) in the Ministry of Finance, from where he retired from service.

He is MA in History from St. Stephen’s College, Delhi University, Masters in Economic Policy Management from McGill University, Montreal, Canada and M.Phil in Public Administration from Indian Institute of Public Administration, New Delhi.

Murlidhara Lakshmikantha Kadaba Non-Executive Director

Murlidhara Kadaba (Murli) is the CMD of Moonbeam Capital, a Proprietary VC Firm focused on luxury, UHNI, Real Estate and e-com Ventures. Murli has over 25 years of banking experience, with proven expertise in general management, marketing and product development across consumer banking, wealth management, consumer lending and payment products. Before becoming an entrepreneur, he served as the Group President and CEO of Financial Services in Reliance.

Prior to this, Mr. Kadaba worked for American Express for eight years where he was the country manager for India and area countries. He was responsible for launching Amex's Consumer banking franchise and several credit cards in India. Amongst others, Mr. Kadaba is currently serving as a Board Member of Big Tree (bookmyshow.com), yatra.com and HomeShop18.

Murli is an alumnus of XLRI, Jamshedpur and is a Graduate in Mechanical Engineering from SJCE, Mysore.

Dhruv Shringi Whole-time Director and CEO

Dhruv Shringi is the Co-Founder & CEO Yatra Online Pvt. Ltd. Dhruv leads the company's business initiatives across continents.

Dhruv in a very short span of time, by making innovations in the field of travel and tourism, has made his unique identity in the online travel industry. He has contributed actively in rejuvenating the methods of the industry. Since its successful launch in January 2006, Dhruv, has lead Yatra.com to grow from a 3 member organisation to a 1,400 people strong organisation - thus making Yatra.com the leading travel brand in the country. In 2011, Dhruv was listed by Fortune magazine amongst the top 40 CEO's in India and he also served as the Vice Chairman of the Internet and Mobile Association of India from April' 2011 to June' 2013.

Financial Documents

Financial Statements FY21

Financial Statements FY20

Financial Statements FY19

Summary Financials of Group Company

Policies

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FAQs About the IPO of Yatra India Limited in India

Why is Yatra Online, Inc. (“Yatra Online”) undertaking an IPO of its operating subsidiary, Yatra India Limited (“Yatra India”), in India? Why undertake an IPO in Indian now? What is the process and timing for the IPO of Yatra India? Where are you in the process? When will you finalize the price and amount of shares offered to Indian investors? When should we expect a final decision to be made? Will you be providing additional updates and, if so, how frequently? What filings will Yatra India make in connection with the IPO and will they be accessible to investors outside of India? Post-IPO what filings will Yatra India make and will they be accessible to investors outside of India? Does Yatra Online need to issue equity to raise cash in order to fund its operations? Will Yatra Online shareholders be able to trade shares on both the Nasdaq and Indian stock exchange once this is consummated? Will U.S. holders be able to trade their existing shares for shares listed in India? Will the shares of Yatra Online be delisted from Nasdaq if the IPO of Yatra India in India is successful? I am invested in Yatra Online, Inc. stock. What happens to my shares following Yatra India IPO in India? Will Yatra India’s IPO in India dilute my current investment? Does your current structure allow you to do this in an efficient manner? Does the IPO of Yatra India require the approval of Yatra Online shareholders? How will the IPO of Yatra India impact Yatra Online following its completion? Will Yatra Online be able to raise additional capital following the Indian IPO? How will the Indian IPO impact Yatra Online’s potential buy and sell-side M&A? Will there be any limitations on Yatra India’s ability to raise capital in the future? Will there be differences in the financial reporting of Yatra Online and Yatra India? Will Yatra India also use International Financial Reporting Standards (IFRS)?

Why is Yatra Online, Inc. (“Yatra Online”) undertaking an IPO of its operating subsidiary, Yatra India Limited (“Yatra India”), in India?

We believe that the IPO in India of Yatra Online’s operating subsidiary, Yatra India, will provide Yatra Online with important benefits and opportunities not currently accessible to the consolidated company.

More specifically, we expect that the IPO in India of Yatra India will enable the consolidated company to:

  • Access domestic Indian institutional and retail investors who are currently excluded from investing in Yatra Online through its Nasdaq listing due to regulatory constraints.
  • Expand the potential shareholder base of the consolidated company with the additional exposure to Indian capital markets and increase Yatra Online’s visibility to a larger pool of equity analysts.
  • Raise capital at a potentially higher valuation thereby reducing balance sheet risk while seeking to minimize the dilutive impact and improve liquidity.

The Indian capital markets were among the best performing markets globally in 2021, with companies trading at a significant premium to long term revenue and P/E multiples.

We believe the IPO in India of Yatra India should enable all shareholders to participate in the upside potential of India’s leading online travel agency, whether they are holders of Yatra Online ordinary shares listed on Nasdaq or Yatra India shares listed in India.

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Why undertake an IPO in Indian now?

Over the last 15 years, we have grown our business to become India's leading online travel agency and we are confident that the strength of our brand should increase investor interest. We are now reaching an inflection point, as India’s travel industry continues to grow and business and leisure travel rebounds from the pandemic.

The IPO of Yatra India in India would provide us additional capital, which we believe will enable us to accelerate our growth initiatives, capture significant opportunities as we emerge from the pandemic and create value for our investors over the long-term.

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What is the process and timing for the IPO of Yatra India? Where are you in the process?

We have filed a draft ‘red herring’ prospectus (“DRHP”), with the Indian regulatory authority Securities and Exchange Board of India (“SEBI”), and have begun engaging with potential investors in accordance with SEBI’s rules and regulations. SEBI will review the DRHP and provide comments similar to the IPO process in the United States with the U.S. Securities and Exchange Commission (“SEC”).

The timing of particular filings, pricing and closing will depend on a number of factors, including market conditions in India. Assuming we receive the necessary approvals and market conditions remain favorable, investors can expect the following in terms of timing:

  • Late-March 2022 – File draft ‘red herring’ prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for review and comment process expected to take 2-3 months
  • Late March / Early April 2022 – Engage with potential investors and analysts as permitted under SEBI’s rules and regulations
  • Early / Mid-April 2022 – Conduct management roadshow
  • Early May 2022 – Clear final comments from SEBI
  • Late May / Early June 2022 – Offering declared effective
  • June / July 2022 – File final prospectus and close offering

Note that Yatra India will have a year to complete the IPO once the offering is declared effective by SEBI. We anticipate that the process to be completed by the third calendar quarter of 2022, subject to market conditions.

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When will you finalize the price and amount of shares offered to Indian investors? When should we expect a final decision to be made?

We have only just begun the IPO process and, as noted above, have a number of milestones to reach before we will have the final price and amount of shares to be offered to Indian investors.

We recently filed a DRHP and have begun engaging with potential investors in accordance with SEBI rules and regulations. Once we have obtained the regulatory approvals we need, the registration statement will become effective and we will have up to one year to price and close the IPO.

Although timing of pricing and closing will depend on market conditions, we currently expect to price and close the IPO in India by the third calendar quarter of 2022.

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Will you be providing additional updates and, if so, how frequently?

We will provide customary updates regarding material developments, including with respect to effectiveness, pricing and closing of the Indian IPO, as necessary and appropriate.

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What filings will Yatra India make in connection with the IPO and will they be accessible to investors outside of India?

As part of the IPO process, Yatra India has recently filed a DRHP with SEBI.

As we move through this process, we will update and finalize the prospectus and make any additional required filings with the Registrar of Companies (RoC) as well as with SEBI.

All of these documents are, or will be publicly available and accessible, on our investor relations page: https://investors.yatra.com.

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Post-IPO what filings will Yatra India make and will they be accessible to investors outside of India?

As a publicly listed company in India, Yatra India will be required to file periodic financial reports and other disclosures. All filings will be publicly available and accessible on the company’s investor relations page https://investors.yatra.com.

Why did Yatra Online file a 20-F/A?

Yatra Online filed a 20-F/A to align its U.S. disclosure with the disclosure in India. The 20-F/A amends the 20-F originally filed with the SEC on July 29, 2021 by Yatra Online to reflect material updates to Yatra Online’s business in connection with the Indian IPO and file the required certifications and consents pursuant to applicable securities laws.

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Does Yatra Online need to issue equity to raise cash in order to fund its operations?

As of DATE, we are adequately capitalized with ample liquidity to run our business.

As previously mentioned, we are pursuing the IPO of Yatra India in India to provide additional resources to accelerate our growth initiatives and reduce balance sheet risk.

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Will Yatra Online shareholders be able to trade shares on both the Nasdaq and Indian stock exchange once this is consummated? Will U.S. holders be able to trade their existing shares for shares listed in India?

The Nasdaq-listed shares are shares of the parent company, Yatra Online and the India-listed shares will be shares of the subsidiary, Yatra India. They will not be interchangeable—the Nasdaq-listed shares will continue trading solely on Nasdaq, and the India-listed shares will be traded solely on the Indian stock exchange.

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Will the shares of Yatra Online be delisted from Nasdaq if the IPO of Yatra India in India is successful?

No. Yatra Online’s ordinary shares will continue to be listed on Nasdaq, separate from the shares of Yatra India listed on the Indian stock exchange.

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I am invested in Yatra Online, Inc. stock. What happens to my shares following Yatra India IPO in India?

Following the IPO of Yatra India in India, shares of Yatra Online in the U.S. will continue to trade on Nasdaq under the stock symbol YTRA.

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Will Yatra India’s IPO in India dilute my current investment?

We are committed to minimizing dilution for shareholders of Yatra Online, Inc. We will be sharing more details on the level of dilution and pricing as we get further along in the process.

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Does your current structure allow you to do this in an efficient manner?

Yes, our current structure allows us to proceed with an IPO of Yatra India in an efficient way that we believe is beneficial to our stakeholders.

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Does the IPO of Yatra India require the approval of Yatra Online shareholders?

No, the IPO of Yatra India does not require the approval of Yatra Online shareholders.

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How will the IPO of Yatra India impact Yatra Online following its completion?

The IPO of Yatra India enables the consolidated company to access domestic Indian institutional and retail investors who are currently excluded from investing in Yatra Online through its Nasdaq listing due to regulatory constraints in India.

In addition, it will expand the potential shareholder base of the consolidated company to add the Indian capital markets and increase its visibility to a larger pool of equity analysts.

Further, it will enable the consolidated company to raise capital at a potentially higher valuation, thereby reducing balance sheet risk while seeking to minimize the dilutive impact and improve liquidity.

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Will Yatra Online be able to raise additional capital following the Indian IPO?

The India IPO is expected to provide the consolidated company access to Indian institutional and retail investors who are currently excluded from investing in Yatra Online through its Nasdaq listing due to regulatory constraints. The India IPO will also open the door for investments from potential strategic partners based in India, who have previously declined to invest in an overseas listed entity subject to India’s roundtrip related tax laws and other Nasdaq disclosure requirements.

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How will the Indian IPO impact Yatra Online’s potential buy and sell-side M&A?

In addition to raising capital, the IPO of Yatra India provides currency for future equity funded acquisitions in India. Any potential transactions, following the IPO in India, will require approval from Yatra Online and Yatra India shareholders.

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Will there be any limitations on Yatra India’s ability to raise capital in the future?

Yes. Yatra India will not be able to raise additional capital without the approval of Yatra Online’s shareholders if as a result of that capital raise Yatra India would be deconsolidated from Yatra Online.

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Will there be differences in the financial reporting of Yatra Online and Yatra India?

Both Yatra Online and Yatra India will file financial reports and related disclosures in accordance with the regulatory requirements imposed in both India and the U.S. Due to the variations in these regulatory requirements, financial disclosures in India may look different than in the U.S.

Yatra Online’s reporting will reflect its partial ownership of Yatra India and Yatra India will report as a standalone company.

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Will Yatra India also use International Financial Reporting Standards (IFRS)?

No, Yatra India will report under Indian Accounting Standards which is closely aligned with IFRS.

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Contact Us

For Investor Queries and Grievance Redressal

Manish Hemrajani
Head of Investor Relations

Address
Gulf Adiba, 4th Floor,
Plot No. 272, Phase II, 
Udyog Vihar, Sector 20, 
Gurugram, Haryana 122008, 
India

Phone

Email
investors@yatra.com