Online travel agency Yatra.com is enroute to Nasdaq Stock Market, agreeing to merge with Terrapin 3 Acquisition Corp, a US-based 'blank check' company, for $218 million. Yatra will trade on the Nasdaq Stock Market as "YTRA."
The combined company will be led by Yatra's Chief Executive and Co-Founder Dhruv Shringi. Terrapin 3, a 'blank check' company - companies formed for the sole purpose of making an acquisition - was founded in 2014.
Gurgaon-based Yatra.com has over four million customers and booked over 2.8 million air travel reservations and hotel stays worth more than $900 million during its fiscal year ended March 31 2016. Yatra.com is currently backed by private equity firms Norwest Equity Partners, Reliance Asset Venture Management, and Intel Capital, among others.
With this deal, Yatra.com plans to expand its domestic and international footprint with additional partnerships with hotels, airlines, car services, and tour agencies, Shringi said in a statement.
Nathan Leight, Chairman of Terrapin 3, noted that business and leisure travel are one of the fastest growing parts of the Indian economy. Yatra.com, with its hotel network and technology investments stands out from its competition, he said.
Travel portal Makemytrip.com also listed on Nasdaq in 2010.