Comments
Gurgaon-based travel services provider Yatra Online Pvt Ltd has raised Rs 200 crore from Valiant Capital Management, Norwest Venture Partners and Intel Capital for expansion purpose.
“This round of funding will enable us to broaden our reach and brand awareness in tier two and tier three towns, which are experiencing tremendous growth in e-commerce,” the Yatra Chief Executive Officer, Mr Dhruv Shringi, said in a statement today.
In addition, the funds will be used to accelerate expansion in the hotels and holidays segments, Mr Shringi added.
Yatra currently provides reservation facility for more than 3,800 hotels across 336 cities in India and over 90,000 hotels around the world.
Last year, the company had picked up a majority stake in Delhi-based ticketing services provider Travel Services International for an undisclosed amount to strengthen its position in business to business (B2B) segment.
Yatra has in the past, received Rs 150-crore funding from investors such as Reliance ADA Group company Reliance Venture Asset Management, TV18 Group, Norwest Venture Partners and Intel Capital.
Commenting on the latest round of funding, the Intel Capital Asia-Pacific Managing Director, Mr Sudheer Kuppam, said: “This investment is aligned with Intel’s strategic objective of increasing broadband penetration in India through fostering entrepreneurship in compelling content and e-commerce opportunities.”
Meanwhile, Yatra registered a turnover of $500 million in 2010-11, Mr Shringi said.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.