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Yatra Online
Dhruv Shringi co-founded Yatra Online, one of India's largest public travel platforms, managing over $1B in annual bookings for retail and corporate...
Yatra Online
Dhruv Shringi launched Yatra Online in 2006, capitalizing on the rapid expansion of Indian aviation following the entry of low-cost carriers. The company, headquartered in Mumbai with significant operations in Gurugram, listed on the Nasdaq in 2016 through a reverse merger with Terrapin 3 Acquisition Corporation, making it one of the few Indian online travel agencies to access US public markets. Yatra operates across two primary segments. The B2C business includes flight bookings, hotel reservations, rail ticketing, bus bookings, and holiday packages for individual travelers across India. The B2B corporate travel segment, Yatra for Business, provides expense management, booking tools, and travel policy compliance for Indian enterprises, competing directly with MakeMyTrip's corporate offering. Its hotel aggregation network spans over 100,000 properties in more than 1,400 Indian cities, with additional international inventory sourced through partnerships with global aggregators. Yatra completed a corporate restructuring in September 2023, merging its Indian operating entity into a listed Indian shell company to cement its primary listing on the National Stock Exchange of India and BSE. This move followed years of thining analyst coverage on Nasdaq and a strategic pivot toward its domestic investor base. The company had previously undergone consolidation when it merged with rival EbixCash's travel portfolio before that deal unwound. The firm's structural differentiator lies in its dual access to retail and corporate travel demand inside India, combined with a rare institutional memory of US public markets compliance. The Nasdaq-era governance structure, including public reporting standards and board oversight, persists in its operating DNA despite the relisting to Indian exchanges.
General information
Firm type
Asset Manager
Year founded
2006
AUM
Undisclosed
Location
Region
Asia
Country
India
City
Mumbai
Corporate office
Mumbai, India
Additional offices
Gurugram, India · New York, United States
Principals
Dhruv Shringi
Co-Founder and CEO
Sector focus
Frequently asked questions
Who runs investment decisions at Yatra Online?
Yatra Online, Inc. is an operating company — not an investment firm or family office — so it does not manage third-party capital or make allocative investment decisions in the traditional sense. Dhruv Shringi, as Co-Founder and CEO, leads all strategic and capital-allocation decisions including mergers, acquisitions, and geographic expansion. The board of directors, carried forward from the Nasdaq-listing era, retains governance oversight for material capital deployment.
Is Yatra Online a family office or a venture firm?
Yatra Online is neither. It is a publicly traded online travel agency with dual-market history — originally listed on Nasdaq in 2016 before migrating its primary listing to Indian exchanges in 2023. It operates as a consumer internet company generating revenue from travel bookings and corporate travel management fees. Any confusion may stem from family-office databases misclassifying founder-led public companies.
How does Yatra Online compete with MakeMyTrip in the Indian travel market?
MakeMyTrip holds the largest share of India's online travel market, but Yatra consistently occupies the second or third position depending on the metric. Yatra's corporate travel platform, Yatra for Business, is its primary differentiation — it targets mid-market and enterprise clients with integrated expense management tools that MakeMyTrip's corporate arm also covers. The broader competitive set includes Cleartrip (now owned by Flipkart/Walmart), ixigo, and Booking.com.
What was the structure of Yatra's reverse merger and Nasdaq listing?
Yatra listed on Nasdaq in December 2016 through a reverse merger with Terrapin 3 Acquisition Corporation, a special purpose acquisition company (SPAC) led by former Citigroup executive Sanjay Arora. The transaction valued Yatra at roughly $218 million at listing. This made Yatra the second Indian online travel agency to list in the US, after MakeMyTrip's 2010 Nasdaq debut.
Why did Yatra Online delist from Nasdaq and move to Indian exchanges?
Yatra completed its Indian market listing on the National Stock Exchange and BSE in September 2023 through a scheme of arrangement that merged its operating entity into a publicly listed Indian company. The shift allowed Yatra to pursue a more relevant domestic investor base after years of low trading volumes and limited US analyst coverage. Indian retail and institutional investors showed deeper understanding of the underlying travel demand story.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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