24 July 2017, India:
One of India’s leading online travel company Yatra has acquired corporate travel service provider company Air Travel Bureau (ATB) for an undisclosed amount.
Dhruv Shringi, Co-Founder and Chief Executive Officer, Yatra Online, Inc. said, “This acquisition significantly strengthens our position in the large and growing corporate travel market in India. We believe that as a combined entity, we are now the largest corporate travel services platform in India by Gross Bookings.”
“This acquisition will allow us to deliver best-in-class experiences to an even wider set of travelers, through our web and mobile app platforms and enhance our reach to cross-sell our entire product suite, including hotels, to this customer base,” he further added.
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Sunil Narain, Chairman and Chief Executive Officer, ATB said, “ATB has built a very strong presence over the last 30 years in the corporate travel space. We’re excited for ATB to join the Yatra family and for our teams to work together to further enhance the offerings we provide to our customers and partners by leveraging Yatra’s technology platform and large hotel network.”
Yatra has agreed to acquire all of the outstanding shares of ATB and assume its debt as per the report by Business Standard. The debt amount has not been disclosed. ATB specializes in corporate travel management, MICE operations, and leisure tourism. Air Travel Bureau Limited is a Public incorporated on 08 June 1962. It is classified as a Non-govt company and is registered at Registrar of Companies, Delhi. It has been in this business for 54 years with a pan-India presence through a team of over 700 travel experts.
Recently, one of India’s leading online travel firm MakeMyTrip raised $330 million in the latest round of funding led by its existing investors Naspers and Ctrip.
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