Gurgaon-based online travel portal Yatra has raised $45 million in Series C funding from Valiant Capital and existing investors Norwest Venture Partners and Intel Capital, reports Economic Times. This is the second big ticket investment deal in the online travel segment in India this week and tops the $40 million raised by Cleartrip on Monday.
Yatra intends to use the money to expand its travel and booking business through mergers and acquisitions and also grow its offline business, co-founder and CEO Dhruv Shringi told Economic Times. For Valiant, a San Francisco-based investment advisory firm, the investment is likely a pre-IPO deal with Yatra expected to go public soon.
Yatra was founded in 2006 by former Ebookers executives Shringi and Manish Amin. It was seeded by Norwest, Reliance Venture Asset Management and TV18. Incidentally, Reliance Venture is currently in the process of exiting several of its existing investments.
What others are saying about the deal
- Yatra receives Rs 200 crore funding to fuel growth (Business Standard)
- Yatra sells stake to raise more money (WSJ)
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[...] Yatra and Cleatrip, two of India’s leading online ticket-booking sites, raised a combined $85 million. While Yatra raised $45 million from venture capital investors Norwest Venture Partners and Intel [...]
[...] April. The online travel segment was the highest funded in terms of value invested. Cleartrip and Yatra together received $85 million from investors. Cleartrip raised $40 million from strategic investor [...]