Yatra Online has acquired Globe All India Services (Globe Travels), a corporate travel specialist, in a deal valued at just over $15 million. This acquisition enhances Yatra’s footprint in the corporate travel sector in India and adds around 360 corporate clients to its portfolio. Globe Travels, which generates annual gross bookings of approximately $90 million, also brings expertise in meetings, conferences, and exhibitions (MICE) to Yatra.
The acquisition is expected to create synergies between the two companies, with minimal overlap in their customer bases and significant potential for cross-selling hotels and Yatra’s expense management services. Yatra plans to integrate its corporate self-booking platform with Globe Travels’ largely offline business to improve efficiency.
Dhruv Shringi, co-founder and CEO of Yatra, stated, “This acquisition supports our strategy to deepen our presence in key verticals and markets while enhancing our corporate travel and MICE capabilities.”
Despite recently reporting a 5% decline in revenue to $12.6 million for the quarter ending June 30, Yatra’s adjusted EBITDA fell more sharply by over 43% year-over-year to $800,000. The company noted challenges in its B2C segment but highlighted robust growth in its corporate travel division.
Yatra has also announced the addition of 34 new corporate customer accounts and is actively seeking further mergers and acquisitions to bolster its corporate travel segment.
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