Yatra Online is India’s largest managed corporate travel platform and one of its biggest online travel agencies - a full-service digital travel company that handles everything from a single flight booking to a company’s entire travel programme. It was founded in 2005 by three former ebookers executives who saw the chance to simplify Indian travel, launched its website in 2006, and listed on NASDAQ in 2016 before completing an Indian IPO in 2023. The recurring idea behind the business is a balanced two-engine model: a sticky corporate travel engine that locks in recurring revenue from enterprises, and a consumer platform that benefits from the brand and supply built for those corporate clients - each feeding the other. # Business segments Three engines built around a shared hotel-supply backbone - a corporate travel cash cow with recurring revenue, a consumer platform at national scale, and a high-margin MICE business - each strengthened by the supply and technology the others generate. ## 1. Corporate travel: the recurring-revenue engine **India’s largest managed corporate travel provider, with over 1,300 large and mid-sized enterprises locked into a proprietary booking platform and churn below 3% a year.** - **A SaaS platform, not just a travel agent** - more than 70% of corporate bookings flow through Yatra’s self-booking tool, which plugs directly into client ERP and HR systems to automate approvals, enforce travel policy, and reconcile expenses. That integration makes switching painful, which is why customer retention runs above 97%. - **The client base is deep and diversifying** - one in four of India’s top 100 listed companies uses Yatra, along with three of the five largest Indian tech firms and three of the Big Four accounting firms. IT services once made up roughly a fifth of large corporate business; by FY26 that had fallen below 10% as consulting, pharma and automobile clients grew. - **New wins take months to ramp, giving visibility** - a new corporate client typically takes three to six months to go live and reach full booking volume, so today’s signings are tomorrow’s revenue. In FY26 alone, 163 new corporate customers were added with an annual billable value of about INR 9,568 million. - **Corporate travellers are worth more per ticket** - airlines value the corporate traveller because they spend roughly 50% more per ticket and book closer to departure, so Yatra earns yields about 1.5 times those of its consumer channel. Corporate clients also get access to “Yatra Special” fares that are on average 35-40% below normal fares. - **A vast addressable base still runs offline** - Yatra holds a 6% share of India’s 13,000 mid-to-large enterprises, and online penetration in corporate travel is estimated at less than 25%, meaning most of the market is still served by traditional offline players who are now shifting to digital. ## 2. Consumer travel: the brand engine at national scale **A one-stop leisure platform with roughly 15.6 million registered customers and the largest hotel listings of any Indian OTA - and four-fifths of its traffic comes direct, not through paid ads.** - **Direct traffic is the moat** - around 81% of visits come through direct and organic channels, reflecting strong brand recall and keeping customer acquisition costs low. The platform was ranked number one in YouGov’s Brand Movers for India in December 2024. - **Hotels are the differentiator** - Yatra lists approximately 80,000 properties across roughly 1,497 Indian cities, more than any other OTA in the country, plus access to over 2 million properties globally. That supply position makes it the “supplier of choice” for other travel players who need domestic hotel inventory. - **Loyalty programmes lock in repeat behaviour** - eCash, a proprietary rewards currency launched in 2014, lets customers earn and burn points across flights and hotels, acting as a cross-category loyalty scheme. Yatra Prime, a subscription launched in 2023, offers zero cancellation fees and exclusive deals on domestic flights. - **The booking flow is built to upsell** - a revamped domestic flight interface presents ancillary products - premium seats, extra baggage, travel insurance, carbon offsets - at the point of booking, lifting revenue per transaction. About 59% of business comes from repeat customers, with a booking success rate of 97.3%. - **Tier II and III cities are the growth frontier** - the company is deepening its presence in smaller cities through hyperlocal campaigns, a network of roughly 55,000 registered travel agents using a customised portal, and physical Yatra Stores. ## 3. MICE: the high-margin group-travel specialist **Corporate rewards and incentive trips with margins around 20%, weighted toward international destinations where the average transaction is three times the domestic equivalent.** - **Acquired scale, not just organic** - the September 2024 acquisition of Globe All India Services brought roughly 360 corporate customers and deep MICE capabilities; in the nine months after the deal, the combined entity ran over 600 trips for more than 80,000 travellers. - **International trips drive the economics** - the average international MICE transaction is three to three-and-a-half times the value of a domestic one, so the business is structurally geared toward higher-value bookings. - **Geopolitics is the wildcard** - the West Asia conflict disrupted MICE significantly in the fourth quarter of FY26, with many international group bookings cancelled or pushed out, showing the segment’s exposure to external shocks. # Hotel supply and API distribution: the shared backbone **The largest domestic hotel inventory of any Indian OTA, distributed to partners via API - a margin-accretive supply engine that feeds both the consumer and corporate businesses.** - **Inventory that others rely on** - with roughly 80,000 domestic hotel listings, Yatra acts as a “supplier of choice” for other industry players, both Indian and international, who source domestic hotel rooms through its API infrastructure. - **A network of 55,000 travel agents** - these agents use a customised portal to access Yatra’s hotel inventory, extending the company’s reach into underserved Tier II and Tier III markets without the cost of a physical presence. - **Cloud migration unlocked distribution** - moving to Google Cloud improved the company’s ability to distribute hotel content via API, making the supply backbone faster and more scalable for partners. # Group structure and partners **A NASDAQ-listed holding company with an Indian-listed operating entity, simplified through a six-subsidiary amalgamation in late 2025, and extended internationally through capital-light white-label partnerships.** - **Dual-listed, recently simplified** - Yatra Online, Inc. is the Cayman Islands holding company listed on NASDAQ; Yatra Online Limited is the Indian operating company listed on the BSE and NSE since September 2023. A composite scheme of amalgamation effective December 2025 folded six wholly owned subsidiaries into the Indian entity to cut duplication and streamline operations. - **Acquisitions built the corporate engine** - the corporate travel business was assembled through a series of buys: Travel Services International (2010), Travelguru and Magicrooms (2011), Air Travel Bureau (2017), and TCIL (2019), with Globe All India Services added in 2024 to strengthen MICE. - **International reach without international cost** - white-label partnerships in the UAE (DW Travels), the Middle East (Nirvana Travel & Tourism), and Africa (SabronTech) operate on per-transaction models, extending the corporate platform abroad without deploying capital.