Yatra has announced a US$23 million (INR140 crores) funding round led by new investors – IDG Ventures
Vertex Venture Management Pte. Ltd.
Yatra’s existing investors, including seed investor Norwest Venture Partners (NVP), also participated in this round. The fresh capital will be used to accelerate the company’s growth plans by enabling Yatra to further strengthen its leadership position in the domestic hotels and holidays business, strategically invest in mobile technology.
“Over the years Yatra.com has witnessed consistent growth and has created a strong brand for itself in the industry. We are focused on expanding our reach in the market and further diversifying our business by growing the hotels and holiday packages business. This new investment will enable us to enhance our mobile technology, and also strengthen our execution capabilities,” said Dhruv Shringi, co-founder and CEO of Yatra.com.
Sudhir Sethi, founder, chairman and managing director of IDG Ventures India Advisors, said, “The investment in Yatra represents our Fund II’s strategy of selective growth investments in market leading technology companies. We are delighted to lead this round in Yatra and partner with the existing investors.”
Citing similar opinion, Joo Hock Chua, managing director & chief investment officer of Vertex Venture Management, said, “Vertex’s investment thesis is to invest in great companies and build them into champions. Yatra is such a company with a trusted name and a dominant position in the domestic travel industry, helmed by a strong management team under the leadership of Dhruv. We are happy to join this strong investor group and be part of the winning team that will contribute to the ongoing success of Yatra.”