Yatra has acquired corporate travel specialist Globe All India Services (Globe Travels) in a deal valued at just over $15 million. This acquisition significantly enhances Yatra’s presence in the corporate travel sector in India, adding approximately 360 corporate customers and bolstering its offerings in meetings, conferences, and exhibitions (MICE).
Globe Travels, with annual gross bookings of around $90 million, will bring additional expertise and customer base diversity to Yatra. The acquisition presents minimal overlap in customer bases, opening up substantial cross-selling opportunities, particularly in hotels and Yatra’s expense management platform. Additionally, Yatra plans to introduce its corporate self-booking platform to Globe Travels’ largely offline clientele, driving efficiency and digital adoption.
Dhruv Shringi, co-founder and CEO of Yatra, highlighted that the acquisition aligns with Yatra’s strategy to strengthen its position in key markets and verticals, further enhancing its corporate travel and MICE capabilities.
Despite a 5% year-over-year decline in revenue to $12.6 million for the quarter ending June 30, Yatra’s corporate travel segment has shown robust growth. The company also reported securing 34 new corporate customer accounts and is actively exploring further mergers and acquisitions to fortify its corporate travel segment.
