14 July 2016, India :
Online travel portal Yatra is merging with NASDAQ listed Terrapin 3 Acquisition Corporation (TRTL) that values Yatra at an enterprise value of $218 million.The combined company will continue to be led by Yatra’s experienced management team under the leadership of chief executive and co-founder Dhruv Shringi.
“We are excited to partner with TRTL in a transaction that we believe will enable Yatra to continue its growth as a new public company,” said Yatra co-founder and CEO, Dhruv Shringi.
“We look forward to expanding our already extensive network of domestic and international partnerships with hotels, airlines, car services and tour package promoters, as well as strengthening our brand presence and technology platform,” he said.
Yatra is one of the fastest growing consumer travel platforms and online travel agents in India with more than 4 million customers. It’s customers booked more than 2.8 million air travel reservation and hotel stays with total transaction value worth more than $900 million during fiscal year ended March 2016 at a growth of 25 per cent.
Deutsche Bank Securities Inc. is acting as TRTL’s capital markets advisor. Greenberg Traurig LLP and Ellenoff Grossman & Schole LLP are representing TRTL. Goodwin Procter LLP is representing Yatra.