Yatra Online has acquired corporate travel specialist Globe All India Services (Globe Travels) for just over $15 million.
The acquisition boosts Yatra’s position in the corporate travel sector in India and adds approximately 360 corporate customers to the Indian online travel agency. Globe Travels has annual gross bookings of about $90 million.
The deal also adds meetings, conference and exhibitions expertise, furthering Yatra’s recent expansion in the area.
According to a statement, there is little overlap in the customer base of the two companies and “high cross-sell potential” of hotels and Yatra’s expense management platform.
With Globe Travels’ business predominantly offline, Yatra also hopes to drive efficiency by offering its corporate self-booking platform to Globe Travels’ customers.
Dhruv Shringi, co-founder and CEO of Yatra, said, “This acquisition aligns with our strategy to deepen our presence in key verticals and markets while further strengthening our corporate travel and MICE [meetings, incentives, conferences and exhibitions] capabilities.”
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The online travel agency and corporate travel specialist recently reported revenue of $12.6 million for the three months ended June 30, a decline of 5% year over year. But its adjusted EBITDA took a much bigger hit – down more than 43% year over year to $800,000.
The company said it saw “challenges in the B2C segment,” but its corporate travel division had “robust growth across all key metrics.”
Yatra reported it secured 34 new corporate customer accounts and that it is exploring potential mergers and acquisitions to further strengthen its corporate travel segment.
