Yatra Expands Corporate Travel Footprint with Acquisition of Globe Travels
Skift Take
Yatra’s acquisition of a corporate travel company highlights its shift towards the more profitable business travel market, especially as competition heats up in the consumer travel space. With consumer revenue dropping, Yatra is doubling down on corporate clients.
Yatra Online on Monday announced that it has agreed to acquire Globe All India Services (Globe Travels), a corporate travel services provider, for INR 1.28 billion ($15.25 million) in cash.
Yatra had earmarked up to $20 million from its India IPO proceeds for such acquisitions, which the company has earlier hinted could be a single acquisition or multiple deals.
This acquisition will add Globe Travels’ portfolio of 360 corporate customers and annual gross bookings of approximately $90 million to Yatra's assets, the online travel company said in a statement.
Through this acquisition, Yatra expects to expand its corporate customer base in India and strengthen its market position.
Yatra
