Yatra Online 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 more than $92.5 million of primary capital from global investors and the merged entity, Yatra Online Inc., will continue to be led by Yatra’s experienced management team under the leadership of Co-founder and Chief Executive Officer, 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 only the 3rd Indian Internet company to be listed on NASDAQ, and only the 4th Indian company overall, to do so.
On this momentous occasion, 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 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 $900mil in gross bookings per annum and over 2,000 staff.
