With MakeMyTrip-Goibibo dominating the Online Travel Agency (OTA) space, Nasdaq-listed online travel portal Yatra has closed a debt funding of  Rs 100 crore ($15.4 million) from Innoven Capital. The funds will be utilized to meet the working capital required by Yatra to grow further and expand its offerings across geographies. “After having raised US$92 million through our Nasdaq listing in December 2016, this debt funding provides us additional capital for our growth needs,” said Alok Vaish, Yatra’s Group CFO, in a statement.

This round is InnoVen Capital India‘s second round of financing in the company, as InnoVen had previously invested $4 million venture debt facility to Yatra in 2013.

Last year, Yatra had become second OTA to get listed after MakeMyTrip, and it trades under the name YTRA, following a reverse-merger with a listed company, called “Terrapin 3 Acquisition Corporation”.

Yatra’s Financial highlights

  • Yatra posted overall YoY revenue growth of 15.3% YoY for the quarter ended June 2017 (Q1-FY18).
  • Its Hotels and Packages business increased by 38.8% YoY to Rs 43.84 crore for the period, from Rs 31.58 crore in the same period last year.  
  • Mobile traffic incoming to Yatra’s website grew significantly during Q1FY18 and during this quarter, 73% of all traffic came from mobile devices.
  • The air/flight ticket booking business generated revenues of Rs 106.32 crore, up 25.6% YoY from Rs 84.6 crore revenue in the same quarter last year.
  • The company claims that organic mobile app downloads crossed the 10 million mark in Q1FY18; during the quarter, it added over 1 million new installs.

OTA segment in India

In the OTA space, Yatra primary competitor is MakeMyTrip. MakeMyTrip and GoIbibo group had announced a merger deal in October last year, which is considered as one of the largest consolidations in the OTA space. MakeMyTrip also raised $330 million in May, by private placement of shares and issuing fresh stock to existing investors Ctrip and Naspers.

There are other small and big players as well, including State-run IRCTC, which allows quite a many travel services and bookings. Internet giant Google has also entered the space in the country with Google Flights. It recently tied-up with travel portal Cleartrip to expand the reach of the application in the country.