Through this acquisition Yatra will gain Globe Travel’s robust portfolio of approximately 360 corporate customers and annual gross bookings of approximately USD 90 million
Yatra Online Limited, one of India’s corporate travel services providers announced that it has entered into a definitive agreement to acquire 100% of Globe All India Services Limited (Globe Travels), a premier Corporate Travel Services provider for INR 1280 million in cash.
Yatra will gain Globe Travel’s robust portfolio of approximately 360 corporate customers and annual gross bookings of approximately USD 90 million further solidifying Yatra’s position as the leader in the corporate travel sector and marking a significant expansion of its corporate customer footprint in India.
Through this acquisition, Yatra adds 360 Globe customers to its current base of over 850 corporate clients, significantly expanding its leadership position and market share in the Corporate Travel segment in India (an estimated 40% expansion based on number of customers). This increased market leadership also enhances Yatra’s positioning with suppliers, allowing the Company to secure more favourable terms and deliver greater value to its clients.
Moreover, adding Globe Travels’ strong capabilities to Yatra’s recent organic MICE expansion will make Yatra one of the largest players in India in this fast-growing segment.
Furthermore, Yatra gains access to a new and diverse set of clients through this acquisition with minimal overlap in the corporate customer base thereby further diversifying its client portfolio across industries. This acquisition will enable Yatra to leverage cross-selling opportunities for hotels and its expense management platform, and to provide comprehensive travel solutions tailored to the unique needs of these customers.
With annual gross bookings of USD 90 million and Adjusted EBITDA margins of over 20%, this acquisition is expected to be immediately accretive to Yatra’s financials, with further potential for margin expansion as synergies are realised. Given that most of the Globe Travel’s business is currently offline, this acquisition presents a strategic opportunity to integrate our Corporate Self Booking Platform into Globe Travel’s customer base, thereby enhancing synergies and driving further value creation. Moreover, Globe Travel’s corporate clients will benefit from increased efficiencies and reduced costs through Yatra’s digital platform.
Dhruv Shringi, co-founder and CEO of Yatra stated, “This acquisition aligns with our strategy to deepen our presence in key verticals and markets while further strengthening our corporate travel and MICE capabilities. Globe Travels’ expertise in corporate travel and MICE and outstanding service record complement Yatra’s existing offerings, allowing us to provide an even more comprehensive and tailored travel experience to our clients across India.”
