Nasdaq-listed Yatra Online Inc, which operates online travel site Yatra.com through its India unit, reported higher revenues for the quarter ended 30 September driven by growth in the hotel segment.
Revenues rose 33% year over year to Rs 257.5 crore from Rs 193.6 crore in the year-ago period.
However, its loss widened to Rs 77.7 crore in the quarter from Rs 41.2 crore a year ago.
Revenues excluding service cost increased 46.1% y-o-y to Rs 168.9 crore, the company said in a filing to the U.S. Securities and Exchange Commission.
Revenues excluding service cost from hotels and packages increased 42.3% to Rs 32 crore from the year-ago period.
Air ticketing revenues less service cost stood at Rs 120 crore, up 40.3% y-o-y from Rs 85 crore.
“The acquisition of Air Travel Bureau (ATB), one of India’s largest independent corporate travel companies, during the quarter enabled us to create India’s largest corporate travel platform with over 660 customers. ATB continues to operate as an independent entity and we expect further growth and improved operating leverage once the ATB business is integrated,” said Yatra’s co-founder and chief executive Dhruv Shringi.
In July this year, Yatra agreed to acquire corporate travel services provider ATB.
Yatra agreed to pay about $8 million upfront to buy a majority stake in ATB by August this year. It said it will acquire the remaining stake in the April-June quarter of 2018 by making the final payment.
The total deal value was between $22.5 million and $27.5 million, it previously said in a filing to the U.S. Securities and Exchange Commission. The company will be financing the acquisition through a combination of debt and cash.
Yatra was founded in 2006 by former Ebookers Group (UK) executives Shringi, Manish Amin and Sabina Chopra. Amin is chief information officer and Chopra is executive vice president of operations.
The company is backed by a string of venture capital, private equity and strategic investors. In October last year, it sold a small stake to Reliance Industries Ltd as part of a deal linked to an existing partnership where Reliance pre-installed the Yatra mobile app in its Lyf-branded 4G handsets.
In July 2016, Yatra had signed a reverse-merger agreement with US-based special purpose acquisition company Terrapin 3 Acquisition Corp, which was listed on the Nasdaq, paving the way for a back-door listing of the second Indian online travel services provider in the US.
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