Yatra Online, Inc. (NASDAQ: YTRA)

Yatra Online, Inc. is a leading full‑service online travel company operating primarily in India. The company provides a comprehensive suite of travel‑related services including domestic and international air ticketing, hotel and accommodation bookings, holiday packages, bus and rail tickets, taxi rentals, and ancillary offerings such as travel insurance, visa processing and activities. It serves both leisure and business travelers through its website, mobile applications, call centers and a network of travel agents. The platform enables users to search, compare prices, make reservations and manage itineraries across multiple travel modes.

Yatra Online generates revenue primarily from commissions and service fees earned on bookings made through its platform. Revenue streams include airline ticket commissions, hotel mark‑ups, fees from holiday packages, and charges for ancillary services such as bus and rail tickets, travel insurance and value‑added offerings. The company also derives income from its corporate travel and expense management solutions, its e‑cash loyalty program and advertising on its digital properties. Additionally, it receives fees from global distribution system providers for facilitating airline ticket sales and collects convenience fees on certain transactions.

The company operates through the following operational segments: Air Ticketing Business, Hotels and Packages Business (including MICE), and Other Services.

• Air Ticketing Business: This segment provides booking services for domestic and international flights, offering access to more than 400 airlines and earning revenue from commissions, service fees, and incentives paid by carriers. It also supplies real‑time fare information and enables customers to modify or cancel reservations.

• Hotels and Packages Business (including MICE): This segment sells standalone hotel rooms, holiday packages, and meeting‑incentive‑conference‑exhibition (MICE) travel, generating income from hotel mark‑ups, package mark‑ups, and related service fees. It also offers curated itineraries and dynamic pricing for leisure and corporate travelers.

• Other Services: This segment encompasses rail and bus ticketing, taxi rentals, travel insurance, visa processing, and a variety of activities such as tours, sightseeing, and events, providing ancillary revenue through commissions and service fees. It also supports corporate travel needs by offering ground transportation and activity bookings.

Yatra Online holds a strong position in the Indian online travel market, being recognized as the country’s largest independent corporate travel services provider and one of the top consumer online travel agencies. It competes with major players such as MakeMyTrip, Cleartrip and Ixigo, differentiating itself through a broad hotel inventory of over 80,000 properties, a robust technology platform that integrates multiple distribution channels, and a loyal customer base supported by its e‑cash loyalty program. The company’s scale in hotel linkages and its ability to offer end‑to‑end travel solutions give it a competitive edge in both leisure and corporate segments.

The company serves a diverse customer base that includes leisure travelers, business travelers, corporate clients, small and medium‑sized enterprises, and a network of approximately 55,000 travel agents across India. As of March 31 2025, it had facilitated travel for about 15.6 million travelers, maintained over 1,300 large corporate relationships, and had roughly seven million users enrolled in its e‑cash loyalty program. In addition, the platform records millions of monthly visits from individual consumers, reflecting strong engagement across its digital channels.